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Registered number: 13356177














ANDOKE BRANDS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
ANDOKE BRANDS LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
 
1
Notes to the Financial Statements
 
 
2 - 6


 
ANDOKE BRANDS LIMITED
REGISTERED NUMBER:13356177

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
-
800,891

Current assets
  

Stocks
  
-
481,122

Debtors: amounts falling due within one year
 6 
-
40,545

Cash at bank and in hand
  
173,861
102,778

  
173,861
624,445

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(173,860)
(1,600,898)

Net current assets/(liabilities)
  
 
 
1
 
 
(976,453)

  

Net assets/(liabilities)
  
1
(175,562)


Capital and reserves
  

Called up share capital 
 8 
1
1

Profit and loss account
  
-
(175,563)

  
1
(175,562)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J Stevens
Director

Date: 26 September 2024

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
ANDOKE BRANDS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Andoke Brands Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ryland House, 24A Ryland Road, Kentish Town, London, NW5 3EH. 
The principal activity of the company continued to be that of the retail and wholesale of consumer products until 31 October when the company ceased trading (note 2.2). 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

As of 31 October 2023, the Company’s trade, assets, and liabilities were hived up into One Retail Group Limited. All assets and liabilities were transferred at their carrying amounts under Merger Accounting. From this date onwards, the Company has ceased to trade and is no longer considered a going concern. Accordingly, the going concern basis of preparation is no longer appropriate and the financial statements have been prepared on a basis other than going concern. In the opinion of the directors there were no onerous contractual commitments or related closure costs at the statement of financial position date. 

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is £ Sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 2

 
ANDOKE BRANDS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlements discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer which is on dispatch. 

  
2.5

Intangible assets - Goodwill

Goodwill represents the excess of the cost of acquisition of businesses over the fair value of net assets required. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. 

 
2.6

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to sell, after making due allowance for obsolete and slow moving items. 

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at the transaction price, less any impairment. 

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price.

Page 3

 
ANDOKE BRANDS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from related parties.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


4.


Taxation

No liability to UK corporation tax arose for the year ended 31 December 2023 nor for the year ended 31 December 2022. 
All losses have been surrendered for group relief for no consideration.
Factors that may affect future tax changes
There were no factors that may affect future tax charges.


5.


Intangible assets




Goodwill

£





At 1 January 2023
1,016,864


Transfer
(1,016,864)



At 31 December 2023

-





At 1 January 2023
215,973


Charge for the year on owned assets
169,827


Transfer
(385,800)



At 31 December 2023

-



Net book value



At 31 December 2023
-



At 31 December 2022
800,891



Page 4

 
ANDOKE BRANDS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£

Trade debtors
-
235

Other debtors
-
40,011

Prepayments and accrued income
-
299

-
40,545



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
-
2,169

Amounts owed to group undertakings
173,860
1,587,263

Corporation tax
-
1,451

Other taxation and social security
-
3,793

Other creditors
-
1,203

Accruals and deferred income
-
5,019

173,860
1,600,898



8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1



9.


Related party transactions

The Company has taken advantage of the exemption under FRS102 33.1A Related Party Disclosures not
to disclose transactions entered into between two or more members of a group, provided that any
subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group.


10.


Controlling party

The ultimate parent and controlling company is 1RG Holdings Limited, a company registered in England and Wales.
The ultimate controlling party is J Stevens.

Page 5

 
ANDOKE BRANDS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 26 September 2024 by Stephen Iseman FCA (Senior Statutory Auditor) on behalf of Sopher + Co LLP.

 
Page 6