177 false false false false true false false false false false false true false false false false false false No description of principal activity 2022-12-30 Sage Accounts Production Advanced 2023 - FRS102_2023 29,629 387,609 1,336,089 591,082 1,927,171 208,576 313,931 522,507 1,404,664 1,127,513 xbrli:pure xbrli:shares iso4217:GBP 03862799 2022-12-30 2023-12-29 03862799 2023-12-29 03862799 2022-12-29 03862799 2021-12-30 2022-12-29 03862799 2022-12-29 03862799 2021-12-29 03862799 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-30 2023-12-29 03862799 core:LandBuildings core:LongLeaseholdAssets 2022-12-30 2023-12-29 03862799 core:PlantMachinery 2022-12-30 2023-12-29 03862799 core:FurnitureFittings 2022-12-30 2023-12-29 03862799 core:MotorVehicles 2022-12-30 2023-12-29 03862799 bus:RegisteredOffice 2022-12-30 2023-12-29 03862799 bus:OrdinaryShareClass1 2022-12-30 2023-12-29 03862799 bus:LeadAgentIfApplicable 2022-12-30 2023-12-29 03862799 bus:Director2 2022-12-30 2023-12-29 03862799 bus:Director5 2022-12-30 2023-12-29 03862799 bus:Director6 2022-12-30 2023-12-29 03862799 bus:Director3 2022-12-30 2023-12-29 03862799 bus:Director4 2022-12-30 2023-12-29 03862799 bus:Director3 2023-12-29 03862799 bus:Director4 2023-12-29 03862799 core:WithinOneYear 2023-12-29 03862799 core:WithinOneYear 2022-12-29 03862799 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-29 03862799 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-29 03862799 core:LandBuildings 2022-12-29 03862799 core:PlantMachinery 2022-12-29 03862799 core:FurnitureFittings 2022-12-29 03862799 core:MotorVehicles 2022-12-29 03862799 core:LandBuildings 2023-12-29 03862799 core:PlantMachinery 2023-12-29 03862799 core:FurnitureFittings 2023-12-29 03862799 core:MotorVehicles 2023-12-29 03862799 core:LandBuildings 2022-12-30 2023-12-29 03862799 core:AfterOneYear 2023-12-29 03862799 core:AfterOneYear 2022-12-29 03862799 core:RetainedEarningsAccumulatedLosses 2021-12-30 2022-12-29 03862799 core:ShareCapital 2022-12-30 2023-12-29 03862799 core:RetainedEarningsAccumulatedLosses 2022-12-30 2023-12-29 03862799 core:UKTax 2022-12-30 2023-12-29 03862799 core:UKTax 2021-12-30 2022-12-29 03862799 core:ShareCapital 2023-12-29 03862799 core:ShareCapital 2022-12-29 03862799 core:RetainedEarningsAccumulatedLosses 2023-12-29 03862799 core:RetainedEarningsAccumulatedLosses 2022-12-29 03862799 core:ShareCapital 2021-12-29 03862799 core:RetainedEarningsAccumulatedLosses 2021-12-29 03862799 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-29 03862799 core:LandBuildings 2022-12-29 03862799 core:PlantMachinery 2022-12-29 03862799 core:FurnitureFittings 2022-12-29 03862799 core:MotorVehicles 2022-12-29 03862799 bus:MediumEntities 2022-12-30 2023-12-29 03862799 bus:Audited 2022-12-30 2023-12-29 03862799 bus:Medium-sizedCompaniesRegimeForAccounts 2022-12-30 2023-12-29 03862799 bus:PrivateLimitedCompanyLtd 2022-12-30 2023-12-29 03862799 bus:FullAccounts 2022-12-30 2023-12-29 03862799 bus:OrdinaryShareClass1 2023-12-29 03862799 bus:OrdinaryShareClass1 2022-12-29 03862799 core:ComputerEquipment 2022-12-30 2023-12-29 03862799 core:ComputerEquipment 2022-12-29 03862799 core:ComputerEquipment 2023-12-29
COMPANY REGISTRATION NUMBER: 03862799
VINTAGE TRADING SOLUTIONS LTD.
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
29 December 2023
VINTAGE TRADING SOLUTIONS LTD.
FINANCIAL STATEMENTS
YEAR ENDED 29 DECEMBER 2023
CONTENTS
PAGES
Officers and professional advisers
1
Strategic report
2 to 3
Directors' report
4 to 5
Independent auditor's report to the members
6 to 9
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 to 21
VINTAGE TRADING SOLUTIONS LTD.
OFFICERS AND PROFESSIONAL ADVISERS
THE BOARD OF DIRECTORS
A Charman
H Hoogcarspel
G Te Lintelo
REGISTERED OFFICE
20-22 Bridge End
Leeds
LS1 4DJ
AUDITOR
Wine & Co
Chartered Accountants & statutory auditor
20-22 Bridge End
Leeds
LS1 4DJ
VINTAGE TRADING SOLUTIONS LTD.
STRATEGIC REPORT
YEAR ENDED 29 DECEMBER 2023
PRINCIPAL OBJECTIVES AND REVIEW OF THE BUSINESS
The Directors present the Company's Strategic Report for the period ending 29 December 2023.
PRINCIPAL ACTIVITIES
Vintage Trading Solutions Limited, trading under the brand name of Vintage Cash Cow, specializes in the trading and resale of vintage, antique, and pre-owned items. The company's primary activity involves providing a convenient, reliable, and efficient platform for customers to sell their vintage items, including collectibles, antiques, jewellery, and other valuable goods. By leveraging its expertise in the valuation and resale of these items, Vintage Cash Cow ensures that customers receive competitive offers while the company maximizes its inventory for profitable resale.
BUSINESS REVIEW
During the year ending December 2023, Vintage Trading Solutions Limited continued to expand its market presence and enhance its operational efficiency. The company's performance was marked by a steady increase in both customer acquisitions and overall sales volume. Key milestones achieved include: - Growth in Customer Base: The company experienced a significant growth in its customer base, driven by targeted marketing campaigns, strategic partnerships, and enhanced customer service initiatives. - Expansion of Product Categories: Vintage Cash Cow broadened its inventory by expanding into new product categories, including high-value collectibles and rare antiques, which contributed to increased revenue streams. - Operational Improvements: The company implemented several operational enhancements, including the adoption of advanced valuation tools, streamlined logistics, and improved inventory management systems. These changes have resulted in faster processing times, reduced costs, and higher customer satisfaction. - Sustainability Initiatives: In line with the growing emphasis on sustainability, the company has also undertaken initiatives to promote the recycling and repurposing of vintage goods, thereby reducing waste and promoting environmental responsibility.
FUTURE OUTLOOK
Looking ahead, Vintage Trading Solutions Limited aims to further consolidate its market position and explore new avenues for growth. The company plans to: - Digital Transformation: Invest in digital tools and technologies to improve the customer experience, enhance valuation accuracy, and optimize the sales process. - Geographic Expansion: Explore opportunities to expand its operations into new geographic markets, leveraging its brand strength and expertise to capture new customer segments. - Sustainability and ESG: Continue to prioritize sustainability by expanding its range of eco-friendly practices, including the promotion of circular economy principles within the vintage trading industry. - Partnerships and Collaborations: Forge new partnerships with industry leaders, auction houses, and online marketplaces to broaden its reach and increase the liquidity of its inventory.
PRINCIPAL RISKS AND UNCERTAINTIES
The company operates in a competitive market that is influenced by changing consumer preferences, economic conditions, and technological advancements. Key risks include: - Market Competition: The company faces competition from both traditional and online marketplaces, which could impact market share and profitability. - Economic Downturn: Economic challenges, such as inflation or recession, could reduce consumer spending on non-essential items, impacting sales. - Regulatory Changes: Changes in regulations, particularly around e-commerce and sustainability, could require the company to adapt its business practices, potentially incurring additional costs. To mitigate these risks, the company continuously monitors market trends, invests in innovation, and maintains a flexible business model that can adapt to changing conditions.
KEY FINANCIAL PERFORMANCE INDICATORS
The key financial performance indicators are considered to be those that communicate the financial performance of the company as a whole. These are turnover and gross margin. Turnover was £28,293,496 (2022: £15,004,919). Gross profit was 53.12% (2022: 53.76%). Gross profit margin is calculated as gross profit divided by turnover. The balance sheet shows that the company had net assets of £292k at the year end (2022: Net liability of £2,455k).
CONCLUSION
The Directors are confident that Vintage Trading Solutions Limited is well-positioned to navigate the challenges ahead and capitalize on new opportunities. The company's commitment to operational excellence, customer satisfaction, and sustainable practices will continue to drive its success in the coming years
This report was approved by the board of directors on 26 September 2024 and signed on behalf of the board by:
A Charman
Director
Registered office:
20-22 Bridge End
Leeds
LS1 4DJ
VINTAGE TRADING SOLUTIONS LTD.
DIRECTORS' REPORT
YEAR ENDED 29 DECEMBER 2023
The directors present their report and the financial statements of the company for the year ended 29 December 2023 .
DIRECTORS
The directors who served the company during the year were as follows:
A Charman
D A Weaver
(Resigned 16 November 2023)
E Veeneman
(Resigned 17 March 2023)
DIVIDENDS
The directors do not recommend the payment of a dividend.
FINANCIAL INSTRUMENTS
The company's principal financial instruments comprise bank balances, bank loans, trade creditors, trade debtors, and loans to the company. The main purpose of these instruments is to raise funds for the company's operation and to finance the company's operations.
Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the accounting instruments concerned is shown below.
In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of bank loans at floating rates of interest.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. AUDITOR
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 26 September 2024 and signed on behalf of the board by:
A Charman
Director
Registered office:
20-22 Bridge End
Leeds
LS1 4DJ
VINTAGE TRADING SOLUTIONS LTD.
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF VINTAGE TRADING SOLUTIONS LTD.
YEAR ENDED 29 DECEMBER 2023
OPINION
We have audited the financial statements of Vintage Trading Solutions Ltd. (the 'company') for the year ended 29 December 2023 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 29 December 2023 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
CONCLUSIONS RELATING TO GOING CONCERN
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
OTHER INFORMATION
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
RESPONSIBILITIES OF DIRECTORS
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Irregularities that result from fraud are inherently more difficult to detect than irregularities that result from error. We consider that our audit procedures are designed and carried out to give a reasonable expectation that material misstatements resulting from fraud would be discovered. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. USE OF OUR REPORT
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
JEFFREY WINE
(Senior Statutory Auditor)
For and on behalf of
Wine & Co
Chartered Accountants & statutory auditor
20-22 Bridge End
Leeds
LS1 4DJ
26 September 2024
VINTAGE TRADING SOLUTIONS LTD.
STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 29 DECEMBER 2023
2023
2022
Note
£
£
TURNOVER
4
28,293,496
15,004,919
Cost of sales
( 13,263,065)
( 6,938,166)
-------------
-------------
GROSS PROFIT
15,030,431
8,066,753
Distribution costs
( 8,625,228)
( 4,421,952)
Administrative expenses
( 6,054,619)
( 3,958,941)
Other operating income
5
6,699
-------------
------------
OPERATING PROFIT/(LOSS)
6
357,283
( 314,140)
Interest payable and similar expenses
10
( 328,450)
( 103,142)
-------------
------------
PROFIT/(LOSS) BEFORE TAXATION
28,833
( 417,282)
Tax on profit/(loss)
11
796
29,673
--------
---------
PROFIT/(LOSS) FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME
29,629
( 387,609)
--------
---------
All the activities of the company are from continuing operations.
VINTAGE TRADING SOLUTIONS LTD.
STATEMENT OF FINANCIAL POSITION
29 December 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Intangible assets
12
1,404,664
1,127,513
Tangible assets
13
1,760,055
385,352
------------
------------
3,164,719
1,512,865
CURRENT ASSETS
Stocks
14
525,624
640,911
Debtors
15
1,084,783
445,990
Cash at bank and in hand
1,018,641
1,064,765
------------
------------
2,629,048
2,151,666
CREDITORS: amounts falling due within one year
17
( 4,675,531)
( 5,701,127)
------------
------------
NET CURRENT LIABILITIES
( 2,046,483)
( 3,549,461)
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
1,118,236
( 2,036,596)
CREDITORS: amounts falling due after more than one year
18
( 826,109)
( 418,750)
------------
------------
NET ASSETS/(LIABILITIES)
292,127
( 2,455,346)
------------
------------
CAPITAL AND RESERVES
Called up share capital
20
2,717,944
100
Profit and loss account
( 2,425,817)
( 2,455,446)
------------
------------
SHAREHOLDERS FUNDS/(DEFICIT)
292,127
( 2,455,346)
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 26 September 2024 , and are signed on behalf of the board by:
A Charman
Director
Company registration number: 03862799
VINTAGE TRADING SOLUTIONS LTD.
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 29 DECEMBER 2023
Called up share capital
Profit and loss account
Total
£
£
£
AT 30 DECEMBER 2021
100
( 2,067,837)
( 2,067,737)
Loss for the year
( 387,609)
( 387,609)
----
------------
------------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
( 387,609)
( 387,609)
AT 29 DECEMBER 2022
100
( 2,455,446)
( 2,455,346)
Profit for the year
29,629
29,629
----
------------
------------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
29,629
29,629
Issue of shares
2,717,844
2,717,844
------------
----
------------
TOTAL INVESTMENTS BY AND DISTRIBUTIONS TO OWNERS
2,717,844
2,717,844
------------
------------
------------
AT 29 DECEMBER 2023
2,717,944
( 2,425,817)
292,127
------------
------------
------------
VINTAGE TRADING SOLUTIONS LTD.
STATEMENT OF CASH FLOWS
YEAR ENDED 29 DECEMBER 2023
2023
2022
Note
£
£
CASH FLOWS FROM OPERATING ACTIVITIES
Profit/(loss) for the financial year
29,629
( 387,609)
Adjustments for:
Depreciation of tangible assets
327,201
155,342
Amortisation of intangible assets
313,931
181,974
Interest payable and similar expenses
328,450
103,142
Loss on disposal of tangible assets
17,378
Tax on profit/(loss)
( 796)
( 29,673)
Accrued expenses
396,284
18,246
Other operating cash flow adjustment 1
(1)
Changes in:
Stocks
115,287
( 482,803)
Trade and other debtors
( 638,793)
30,161
Trade and other creditors
( 634,842)
1,041,825
---------
------------
Cash generated from operations
253,729
630,604
Interest paid
( 328,450)
( 103,142)
Tax received
796
29,573
---------
---------
Net cash (used in)/from operating activities
( 73,925)
557,035
---------
---------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of tangible assets
( 1,719,282)
( 253,703)
Purchase of intangible assets
( 591,082)
( 899,045)
------------
------------
Net cash used in investing activities
( 2,310,364)
( 1,152,748)
------------
------------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of ordinary shares
2,717,844
Proceeds from borrowings
530,975
207,997
Proceeds from loans from group undertakings
( 901,637)
1,215,171
------------
------------
Net cash from financing activities
2,347,182
1,423,168
------------
------------
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS
( 37,107)
827,455
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
1,040,879
213,424
------------
------------
CASH AND CASH EQUIVALENTS AT END OF YEAR
16
1,003,772
1,040,879
------------
------------
VINTAGE TRADING SOLUTIONS LTD.
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 29 DECEMBER 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 20-22 Bridge End, Leeds, LS1 4DJ.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements have been prepared on the going concern basis. The directors consider the going concern basis to be appropriate as they have confirmed their ongoing financial support of the company. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of goods supplied, exclusive of Value Added Tax.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Software development
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation to date.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property improvements
-
20% straight line
Website development
-
25% straight line
Fixtures & fittings
-
25% straight line
Motor vehicles
-
25% straight line
Office equipment
-
25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. TURNOVER
Turnover arises from:
2023
2022
£
£
Sale of goods
28,293,496
15,004,919
-------------
-------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. OTHER OPERATING INCOME
2023
2022
£
£
Other operating income
6,699
-------
----
6. OPERATING PROFIT/(LOSS)
Operating profit or loss is stated after charging/crediting:
2023
2022
£
£
Amortisation of intangible assets
313,931
181,974
Depreciation of tangible assets
327,201
155,342
Loss on disposal of tangible assets
17,378
Impairment of trade debtors
(14,767)
29,549
Foreign exchange differences
495
( 8,688)
---------
---------
7. AUDITOR'S REMUNERATION
2023
2022
£
£
Fees payable for the audit of the financial statements
30,000
--------
----
8. STAFF COSTS
The average number of persons employed by the company during the year, including the directors, amounted to:
2023
2022
No.
No.
Production staff
147
94
Administrative staff
21
127
Management staff
9
5
----
----
177
226
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2023
2022
£
£
Wages and salaries
6,361,566
3,486,505
Other pension costs
90,238
49,892
------------
------------
6,451,804
3,536,397
------------
------------
9. DIRECTORS' REMUNERATION
The directors' aggregate remuneration in respect of qualifying services was:
2023
2022
£
£
Remuneration
90,000
80,330
--------
--------
10. INTEREST PAYABLE AND SIMILAR EXPENSES
2023
2022
£
£
Interest on banks loans and overdrafts
3,745
1,034
Interest due to group undertakings
161,780
Other interest payable and similar charges
162,925
102,108
---------
---------
328,450
103,142
---------
---------
11. TAX ON PROFIT/(LOSS)
Major components of tax income
2023
2022
£
£
Current tax:
UK current tax income
( 796)
Adjustments in respect of prior periods
( 29,673)
----
--------
Total current tax
( 796)
( 29,673)
----
--------
----
--------
Tax on profit/(loss)
( 796)
( 29,673)
----
--------
Reconciliation of tax income
The tax assessed on the profit/(loss) on ordinary activities for the year is lower than (2022: lower than) the standard rate of corporation tax in the UK of 19 % (2022: 19 %).
2023
2022
£
£
Profit/(loss) on ordinary activities before taxation
28,833
( 417,282)
--------
---------
Profit/(loss) on ordinary activities by rate of tax
15,603
79,284
Effect of expenses not deductible for tax purposes
641,132
337,316
Effect of capital allowances and depreciation
( 657,531)
( 446,273)
---------
---------
Tax on profit/(loss)
( 796)
( 29,673)
---------
---------
12. INTANGIBLE ASSETS
Software development
£
Cost
At 30 December 2022
1,336,089
Additions
591,082
------------
At 29 December 2023
1,927,171
------------
Amortisation
At 30 December 2022
208,576
Charge for the year
313,931
------------
At 29 December 2023
522,507
------------
Carrying amount
At 29 December 2023
1,404,664
------------
At 29 December 2022
1,127,513
------------
13. TANGIBLE ASSETS
Leasehold property improve -ments
Website development
Fixtures and fittings
Motor vehicles
Office equipment
Total
£
£
£
£
£
£
Cost
At 30 Dec 2022
144,851
500,572
316,193
31,200
289,848
1,282,664
Additions
1,393,817
63,614
83,085
54,697
124,069
1,719,282
Disposals
( 53,594)
( 53,594)
------------
---------
---------
--------
---------
------------
At 29 Dec 2023
1,485,074
564,186
399,278
85,897
413,917
2,948,352
------------
---------
---------
--------
---------
------------
Depreciation
At 30 Dec 2022
73,943
447,055
232,138
8,425
135,751
897,312
Charge for the year
154,140
49,971
44,797
14,434
63,859
327,201
Disposals
( 36,216)
( 36,216)
------------
---------
---------
--------
---------
------------
At 29 Dec 2023
191,867
497,026
276,935
22,859
199,610
1,188,297
------------
---------
---------
--------
---------
------------
Carrying amount
At 29 Dec 2023
1,293,207
67,160
122,343
63,038
214,307
1,760,055
------------
---------
---------
--------
---------
------------
At 29 Dec 2022
70,908
53,517
84,055
22,775
154,097
385,352
------------
---------
---------
--------
---------
------------
14. STOCKS
2023
2022
£
£
Finished goods and goods for resale
525,624
640,911
---------
---------
15. DEBTORS
2023
2022
£
£
Trade debtors
173,386
318,755
Prepayments and accrued income
723,985
95,716
Corporation tax repayable
30,469
1
Other debtors
156,943
31,518
------------
---------
1,084,783
445,990
------------
---------
16. CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise the following:
2023
2022
£
£
Cash at bank and in hand
1,018,641
1,064,765
Bank overdrafts
( 14,869)
( 23,886)
------------
------------
1,003,772
1,040,879
------------
------------
17. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
14,869
33,886
Trade creditors
631,711
984,941
Amounts owed to group undertakings
3,053,105
3,954,742
Accruals and deferred income
444,595
48,311
Social security and other taxes
530,941
419,113
Director loan accounts
260,134
Other creditors
310
------------
------------
4,675,531
5,701,127
------------
------------
18. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
826,109
25,000
Other creditors
393,750
---------
---------
826,109
418,750
---------
---------
19. EMPLOYEE BENEFITS
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 90,238 (2022: £ 49,892 ).
20. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
2,717,944
2,717,944
100
100
------------
------------
----
----
21. ANALYSIS OF CHANGES IN NET DEBT
At 30 Dec 2022
Cash flows
At 29 Dec 2023
£
£
£
Cash at bank and in hand
1,064,765
(46,124)
1,018,641
Bank overdrafts
(23,886)
9,017
(14,869)
Debt due within one year
(4,224,876)
1,171,771
(3,053,105)
Debt due after one year
(25,000)
(801,109)
(826,109)
------------
------------
------------
( 3,208,997)
333,555
( 2,875,442)
------------
------------
------------