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Registration number: 14136770

Tilley's Holding Company Limited

Filleted Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 30 April 2024

 

Tilley's Holding Company Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

Tilley's Holding Company Limited

Company Information

Director

Mr BJ Tilley

Registered office

Unit 31 Phoenix Business Park
Telford Street
Newport
NP19 0LW

Accountants

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

 

Tilley's Holding Company Limited

(Registration number: 14136770)
Abridged Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,030

309

Investment property

5

55,079

73,438

Investments

6

101

101

 

58,210

73,848

Current assets

 

Debtors

41,932

14,442

Investments

107,000

107,000

Cash at bank and in hand

 

106,647

124,307

 

255,579

245,749

Creditors: Amounts falling due within one year

-

(533)

Net current assets

 

255,579

245,216

Total assets less current liabilities

 

313,789

319,064

Accruals and deferred income

 

(1,003)

(900)

Net assets

 

312,786

318,164

Capital and reserves

 

Called up share capital

7

101

101

Retained earnings

312,685

318,063

Shareholders' funds

 

312,786

318,164

 

Tilley's Holding Company Limited

(Registration number: 14136770)
Abridged Balance Sheet as at 30 April 2024

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 September 2024
 

.........................................

Mr BJ Tilley
Director

 

Tilley's Holding Company Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 31 Phoenix Business Park
Telford Street
Newport
NP19 0LW
Wales

These financial statements were authorised for issue by the director on 24 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% Straight line

 

Tilley's Holding Company Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. The director uses observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Tilley's Holding Company Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Tilley's Holding Company Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Office equipment
 £

Total
£

Cost or valuation

At 1 May 2023

926

926

Additions

3,936

3,936

At 30 April 2024

4,862

4,862

Depreciation

At 1 May 2023

617

617

Charge for the year

1,215

1,215

At 30 April 2024

1,832

1,832

Carrying amount

At 30 April 2024

3,030

3,030

At 30 April 2023

309

309

5

Investment properties

2024
£

At 1 May

73,438

Fair value adjustments

(18,359)

At 30 April

55,079

There has been no valuation of investment property by an independent valuer.

6

Investments

Subsidiaries
£

Total
£

Cost or valuation

At 1 May 2023

101

101

Carrying amount

At 30 April 2024

101

101

At 30 April 2023

101

101

 

Tilley's Holding Company Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Distinct IT Limited

Unit 32 Phoenix Business Park,Telford Street, Newport, South Wales, NP19 0LW

England and Wales

Ordinary shares

50%

50%

Subsidiary undertakings

Distinct IT Limited

The principal activity of Distinct IT Limited is that of the supply of computer products and services..

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

Ordinary B share of £1 each

1

1

1

1

 

101

101

101

101

 

Tilley's Holding Company Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

8

Related party transactions

Transactions with the director

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

Mr BJ Tilley

Advances and repaymentas

(532)

28,908

(884)

27,492

         
       

 

Other transactions with the director

During the year the company made unsecured, interest free, repayable on demand loans to the director. At the balance sheet date the amount owed to/(from) the company was £27,492 (2023: £(532)).

Summary of transactions with all subsidiaries

Distinct IT Limited
 
During the year the company made unsecured, interest free, repayable on demand loans to subsidiaries. At the balance sheet date the amount due from subsidiaries was £14,442 (2023 - £14,442).