Silverfin false false 31/03/2024 01/04/2023 31/03/2024 A L Lovat 22/11/2013 C A Lovat 22/11/2013 D J Lovat 31/12/2021 J Lovat 31/12/2021 S Miller 31/12/2021 02 October 2024 The principal activity of the Company during the financial year was that of sale and distribution of apparel and accessories. 02475744 2024-03-31 02475744 bus:Director1 2024-03-31 02475744 bus:Director2 2024-03-31 02475744 bus:Director3 2024-03-31 02475744 bus:Director4 2024-03-31 02475744 bus:Director5 2024-03-31 02475744 2023-03-31 02475744 core:CurrentFinancialInstruments 2024-03-31 02475744 core:CurrentFinancialInstruments 2023-03-31 02475744 core:Non-currentFinancialInstruments 2024-03-31 02475744 core:Non-currentFinancialInstruments 2023-03-31 02475744 core:ShareCapital 2024-03-31 02475744 core:ShareCapital 2023-03-31 02475744 core:RetainedEarningsAccumulatedLosses 2024-03-31 02475744 core:RetainedEarningsAccumulatedLosses 2023-03-31 02475744 core:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 02475744 core:PatentsTrademarksLicencesConcessionsSimilar 2024-03-31 02475744 core:PlantMachinery 2023-03-31 02475744 core:Vehicles 2023-03-31 02475744 core:FurnitureFittings 2023-03-31 02475744 core:ComputerEquipment 2023-03-31 02475744 core:PlantMachinery 2024-03-31 02475744 core:Vehicles 2024-03-31 02475744 core:FurnitureFittings 2024-03-31 02475744 core:ComputerEquipment 2024-03-31 02475744 bus:OrdinaryShareClass1 2024-03-31 02475744 2023-04-01 2024-03-31 02475744 bus:FilletedAccounts 2023-04-01 2024-03-31 02475744 bus:SmallEntities 2023-04-01 2024-03-31 02475744 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 02475744 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02475744 bus:Director1 2023-04-01 2024-03-31 02475744 bus:Director2 2023-04-01 2024-03-31 02475744 bus:Director3 2023-04-01 2024-03-31 02475744 bus:Director4 2023-04-01 2024-03-31 02475744 bus:Director5 2023-04-01 2024-03-31 02475744 core:PatentsTrademarksLicencesConcessionsSimilar core:TopRangeValue 2023-04-01 2024-03-31 02475744 core:PatentsTrademarksLicencesConcessionsSimilar 2023-04-01 2024-03-31 02475744 core:PlantMachinery 2023-04-01 2024-03-31 02475744 core:Vehicles 2023-04-01 2024-03-31 02475744 core:FurnitureFittings 2023-04-01 2024-03-31 02475744 core:ComputerEquipment 2023-04-01 2024-03-31 02475744 2022-04-01 2023-03-31 02475744 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 02475744 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 02475744 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 02475744 1 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 02475744 (England and Wales)

MARU SWIMWEAR LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

MARU SWIMWEAR LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

MARU SWIMWEAR LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
MARU SWIMWEAR LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 1,754 0
Tangible assets 4 9,182 50,991
10,936 50,991
Current assets
Stocks 254,614 303,742
Debtors 5 657,417 428,947
Cash at bank and in hand 15,874 22,943
927,905 755,632
Creditors: amounts falling due within one year 6 ( 312,458) ( 216,934)
Net current assets 615,447 538,698
Total assets less current liabilities 626,383 589,689
Creditors: amounts falling due after more than one year 7 0 ( 32,678)
Net assets 626,383 557,011
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 626,283 556,911
Total shareholder's funds 626,383 557,011

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Maru Swimwear Limited (registered number: 02475744) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

A L Lovat
Director

02 October 2024

MARU SWIMWEAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
MARU SWIMWEAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Maru Swimwear Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of the assumption depends upon the continued financial support of the company's bankers.

If the company were unable to continue in existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet values of assets to their recoverable amounts and to provide for any further liabilities that might arise.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents amounts receivable for goods supplied net of VAT.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyers (usually on dispatch of the goods).

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences 10 years straight line
Trademarks, patents and licences

Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments over a period of 10 years which is their estimated useful economic life. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Computer equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

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

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

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

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated .

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 5 5

3. Intangible assets

Trademarks, patents
and licences
Total
£ £
Cost
At 01 April 2023 0 0
Additions 1,830 1,830
At 31 March 2024 1,830 1,830
Accumulated amortisation
At 01 April 2023 0 0
Charge for the financial year 76 76
At 31 March 2024 76 76
Net book value
At 31 March 2024 1,754 1,754
At 31 March 2023 0 0

4. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 April 2023 109,505 51,250 3,529 62,203 226,487
Disposals 0 ( 51,250) 0 0 ( 51,250)
At 31 March 2024 109,505 0 3,529 62,203 175,237
Accumulated depreciation
At 01 April 2023 97,365 12,875 3,053 62,203 175,496
Charge for the financial year 3,035 799 399 0 4,233
Disposals 0 ( 13,674) 0 0 ( 13,674)
At 31 March 2024 100,400 0 3,452 62,203 166,055
Net book value
At 31 March 2024 9,105 0 77 0 9,182
At 31 March 2023 12,140 38,375 476 0 50,991

5. Debtors

2024 2023
£ £
Trade debtors 275,075 171,861
Amounts owed by group undertakings 382,241 256,984
Prepayments 101 102
657,417 428,947

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 15,020 7,088
Amounts owed to group undertakings 191,873 147,892
Amounts owed to directors 44,226 0
Accruals 24,491 15,251
Other taxation and social security 34,848 35,488
Obligations under finance leases and hire purchase contracts 2,000 11,215
312,458 216,934

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 0 32,678

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Financial commitments

Commitments

Capital commitments are as follows:

2024 2023
£ £
Contracted for but not provided for:
Finance leases entered into 2,000 43,892

10. Related party transactions

Other related party transactions

2024 2023
£ £
Amounts owed to related parties (191,873) (147,892)
Amounts owed by related parties 0 68,984
Amounts owed by entities with control, joint control or significant influence over the company 382,241 188,000

During the year, the company incurred a management charge of £100,000 (2023: £100,000) and rent of £51,892 (2023: £8,649) to a related party.

11. Ultimate controlling party

Parent Company:

OPROGROUP Limited
35 Ballards Lane, London, United Kingdom, N3 1XW

The company is controlled by A Lovat.