REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 31 January 2024 |
for |
80s Casual Classics Ltd |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 31 January 2024 |
for |
80s Casual Classics Ltd |
80s Casual Classics Ltd (Registered number: 06922118) |
Contents of the Financial Statements |
for the Year Ended 31 January 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Statement of Financial Position | 10 |
Statement of Changes in Equity | 11 |
Statement of Cash Flows | 12 |
Notes to the Statement of Cash Flows | 13 |
Notes to the Financial Statements | 14 |
80s Casual Classics Ltd |
Company Information |
for the Year Ended 31 January 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants |
The Granary |
Crowhill Farm |
Ravensden Road |
Wilden, Bedford |
MK44 2QS |
80s Casual Classics Ltd (Registered number: 06922118) |
Strategic Report |
for the Year Ended 31 January 2024 |
The directors present their strategic report for the year ended 31 January 2024. |
REVIEW OF BUSINESS |
As shown in the company's profit and loss account, there has been an increase in turnover over the prior 12 month period which has resulted in a gross profit of £6,592,360 (2023 - £6,067,045) and a profit on ordinary activities before tax of £3,475,145 (2023 - £3,389,806). |
This year has proven to be another year with the company maintaining its customer loyalty with much exclusivity across many brands making the 80s Casual Classics shopping experience a unique online shopping destination. This along with increased engagement through social media has ensured the continued profitability of the business and avoid price sensitive competition. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Any business undertaking will involve some risk with many factors common to any business regardless of what sector it operates in. However, the Directors consider that certain risks and uncertainties are more specific to the Company and the fashion retail sector in which it operates. These risks and uncertainties include the following: |
Market risk |
The company regularly reviews market and industry events, monitors publications and social media to ensure adequate provision is made to mitigate any potential exposure to risk, together with monitoring seasonal weather variations. |
In addition, the location and influence of competitors both in physical retail and online digital platforms are monitored closely. |
Supply risk |
The ability to access, and the dependance on, key brands together with potential delays in product delivery due to product sourcing and timing of deliveries. To manage this risk, the company maintains a close relationship with suppliers and key brands. |
Liquidity risk |
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The company ensures that there are adequate funds available to meet its operational requirements. |
The Directors continue to endeavour to manage these risks and uncertainties to the extent possible within the business. |
ON BEHALF OF THE BOARD: |
80s Casual Classics Ltd (Registered number: 06922118) |
Report of the Directors |
for the Year Ended 31 January 2024 |
The directors present their report with the financial statements of the company for the year ended 31 January 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of online and store retailer of retro and original clothing. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 January 2024 will be £ |
FUTURE DEVELOPMENTS |
The Company's focus this year will be on expanding on the best-selling exclusive ranges where 80s casual classics remains the leading destination as an online business. Look to open some select strategic retail stores and further build stronger relationships with suppliers. |
DIRECTORS |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 of 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 judgements 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, GREGORY WILDMAN, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
80s Casual Classics Ltd |
Opinion |
We have audited the financial statements of 80s Casual Classics Ltd (the 'company') for the year ended 31 January 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, 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 Financial Reporting Standard 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 31 January 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | 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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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 this gives rise to a material misstatement in the financial statements themselves. 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors 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 Report of the Directors. |
We have nothing to report in respect of the following matters where 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. |
Report of the Independent Auditors to the Members of |
80s Casual Classics Ltd |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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. |
Report of the Independent Auditors to the Members of |
80s Casual Classics Ltd |
Auditors' 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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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: |
We obtained an understanding of the legal and regulatory frameworks within which the company operates focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations in this context were the Companies Act 2006. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statements. |
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the Company's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the company for fraud. The laws and regulations we considered in this context for the UK operations were General Data Protection Regulation (GDPR), Anti-fraud, bribery and corruption legislation, Environmental protection legislation, Health and safety legislation, Taxation legislation and Employment legislation. |
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of management and inspection of regulatory and legal correspondence, if any. |
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure and management bias in accounting estimates. |
Our audit procedures to respond to these risks, performed by the engagement team, included: |
- Enquiries of management, and the Directors about their own identification and assessment of the risks of the irregularities, reviewing accounting estimates for biases and reviewing regulatory correspondence; |
- Performing audit work over the risk of management override of controls, including test of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; |
- Reviewing financial statement disclosures and testing to supporting documentation to access compliance with applicable laws and regulations; |
- We have confirmed the income recognition basis is appropriate, tested a sample of income transactions to confirm completeness, tested a sample of journals to confirm they were appropriate and reviewed areas of judgment for indicators of management bias to address these risks. |
Owing to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation, even though we have properly planned and performed our audit in accordance with auditing standards. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
80s Casual Classics Ltd |
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 a Report of the Auditors 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. |
for and on behalf of |
Statutory Auditors |
Chartered Accountants |
The Granary |
Crowhill Farm |
Ravensden Road |
Wilden, Bedford |
MK44 2QS |
80s Casual Classics Ltd (Registered number: 06922118) |
Income Statement |
for the Year Ended 31 January 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 5 |
Interest receivable and similar income | 7 |
3,475,145 | 3,389,823 |
Interest payable and similar expenses | 8 |
PROFIT BEFORE TAXATION |
Tax on profit | 9 |
PROFIT FOR THE FINANCIAL YEAR |
80s Casual Classics Ltd (Registered number: 06922118) |
Other Comprehensive Income |
for the Year Ended 31 January 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
80s Casual Classics Ltd (Registered number: 06922118) |
Statement of Financial Position |
31 January 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Stocks | 13 |
Debtors | 14 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 17 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
80s Casual Classics Ltd (Registered number: 06922118) |
Statement of Changes in Equity |
for the Year Ended 31 January 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 February 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 January 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 January 2024 |
80s Casual Classics Ltd (Registered number: 06922118) |
Statement of Cash Flows |
for the Year Ended 31 January 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Purchase of fixed asset investments | (100,000 | ) | - |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Equity dividends paid | ( |
) |
Net cash from financing activities | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year | 2 | 10,284,299 |
Cash and cash equivalents at end of year | 2 | 5,734,602 | 12,388,211 |
80s Casual Classics Ltd (Registered number: 06922118) |
Notes to the Statement of Cash Flows |
for the Year Ended 31 January 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.1.24 | 31.1.23 |
£ | £ |
Profit before taxation |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) |
Finance costs | - | 17 |
Finance income | (61,945 | ) | (27,768 | ) |
3,458,802 | 3,405,119 |
Decrease/(increase) in stocks | ( |
) |
(Increase)/decrease in trade and other debtors | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 January 2024 |
31.1.24 | 1.2.23 |
£ | £ |
Cash and cash equivalents | 5,734,602 | 12,388,211 |
Year ended 31 January 2023 |
31.1.23 | 1.2.22 |
£ | £ |
Cash and cash equivalents | 12,388,211 | 10,284,299 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.2.23 | Cash flow | At 31.1.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 12,388,211 | (6,653,609 | ) | 5,734,602 |
12,388,211 | ( |
) | 5,734,602 |
Total | 12,388,211 | (6,653,609 | ) | 5,734,602 |
80s Casual Classics Ltd (Registered number: 06922118) |
Notes to the Financial Statements |
for the Year Ended 31 January 2024 |
1. | STATUTORY INFORMATION |
80s Casual Classics Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
Sale of goods |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on receipt of goods, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measure reliably. |
Tangible fixed assets |
Tangible fixed assets are included at cost less depreciation and impairment. Depreciation has been computed to write off the cost of tangible fixed assets over their expected useful lives as follows: |
Capitalised dilapidations - straight line over the life of the lease |
Plant & machinery - 20% reducing balance |
Fixtures & fittings - 20% reducing balance |
Computer equipment - 25% reducing balance |
Investments in subsidiaries |
Investments in subsidiaries are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. |
Other Investments |
Other investments are recorded at fair value through profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Net realisable value is based on the estimated selling price less any further costs expected to be incurred to completion and disposal. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
80s Casual Classics Ltd (Registered number: 06922118) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operated a defined contribution pension scheme for the benefits of its employees. The pension cost charged for the period represents contributions payable by the company to the scheme and amounts to £77,812 (2023 - £57,239). |
At the balance sheet date the company had unpaid pension liabilities of £4,278 (2023 - £43,127). |
Provisions |
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. |
Cash and cash equivalents |
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. For the purpose of the cash flow, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts. |
Short-term debtors and creditors |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from the impairment are recognised in the income statement in other operating expenses.rest method. |
Judgements and estimation uncertainty |
Management estimation is required to determine the amount of stock provision based upon the average percentages of bulk buy and early settlement discounts to ensure that stock is correctly valued at the lower of cost and net realisable value. |
Management estimation is require to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies. Further details are contained in note 17. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
31.1.24 | 31.1.23 |
£ | £ |
United Kingdom |
Europe |
Other | 590,224 | 437,575 |
80s Casual Classics Ltd (Registered number: 06922118) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
4. | EMPLOYEES AND DIRECTORS |
31.1.24 | 31.1.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.1.24 | 31.1.23 |
Warehouse staff | 20 | 15 |
Office staff | 10 | 11 |
Management staff | 8 | 8 |
Store staff | 10 | 4 |
31.1.24 | 31.1.23 |
£ | £ |
Directors' remuneration |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director for the year ended 31 January 2024 is as follows: |
31.1.24 |
£ |
Emoluments etc |
Messrs Cowgill and Greenhalgh received no remuneration from the Company, these fees being borne by the Parent Company, until their resignation from the company on the sale by JD Sports Fashion PLC. |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.1.24 | 31.1.23 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) |
6. | AUDITORS' REMUNERATION |
31.1.24 | 31.1.23 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
31,833 |
8,600 |
Auditors' remuneration for non audit work |
7. | INTEREST RECEIVABLE AND SIMILAR INCOME |
31.1.24 | 31.1.23 |
£ | £ |
Deposit account interest |
80s Casual Classics Ltd (Registered number: 06922118) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.1.24 | 31.1.23 |
£ | £ |
HMRC late payment interest |
9. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.1.24 | 31.1.23 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
31.1.24 | 31.1.23 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes | ( |
) |
Depreciation in excess of capital allowances |
Change in tax rates | - | 6,762 |
Total tax charge | 831,095 | 661,938 |
10. | DIVIDENDS |
31.1.24 | 31.1.23 |
£ | £ |
Ordinary shares of £1 each |
Interim | 10,009,730 | - |
80s Casual Classics Ltd (Registered number: 06922118) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
11. | TANGIBLE FIXED ASSETS |
Fixtures |
Capitalised | Plant and | and | Computer |
dilapidation's | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 February 2023 |
Additions |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
12. | FIXED ASSET INVESTMENTS |
Other |
investments |
Shares in | other |
group | than |
undertakings | loans | Totals |
£ | £ | £ |
COST |
At 1 February 2023 | 1 |
Additions | 100,000 |
At 31 January 2024 | 100,001 |
NET BOOK VALUE |
At 31 January 2024 | 100,001 |
At 31 January 2023 | 1 |
The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Registered office: 2 Triumph Way, Kempston, Bedford, MK42 7QB |
Nature of business: |
% |
Class of shares: | holding |
31.1.24 | 31.1.23 |
£ | £ |
Aggregate capital and reserves |
The company is exempt from preparing consolidated accounts due to owning 100% of the non-trading subsidiary. |
13. | STOCKS |
31.1.24 | 31.1.23 |
£ | £ |
Stocks |
80s Casual Classics Ltd (Registered number: 06922118) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
VAT |
Other creditors |
Pension liability |
Accrued expenses |
16. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.1.24 | 31.1.23 |
£ | £ |
Within one year |
Between one and five years |
Operating leases recognised in the profit and loss account during the year as an expense was £142,524 (2023 - £134,719). |
17. | PROVISIONS FOR LIABILITIES |
31.1.24 | 31.1.23 |
£ | £ |
Deferred tax | 28,916 | 25,256 |
Lease Dilapidation's | 85,000 | 85,000 |
Deferred |
tax |
£ |
Balance at 1 February 2023 |
Change in tax rate |
Accelerated capital allowances | 3,660 |
Balance at 31 January 2024 |
The net reversal of expected deferred tax liabilities expected to occur in the next 12 months is £1,729. |
At the balance sheet date the company had a £28,915 deferred tax liability (2023 - £25,256) relating to accelerated capital allowances. |
80s Casual Classics Ltd (Registered number: 06922118) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.1.24 | 31.1.23 |
value: | £ | £ |
Ordinary A | 1p | 15 | 15 |
Ordinary B | 1p | 7 | 7 |
22 | 22 |
The A ordinary shares have attached to them full voting rights. The holders of the A ordinary shares shall be entitled, in priority to any payment by way of dividend to the holders of any other class of share, to receive preferred dividends in an aggregate amount equal to the surplus net cash (preference dividend). Save for the preference dividend, any dividend declared shall be paid pari passu on the A ordinary shares and the B ordinary shares as if they were the same class. On a return of capital (including on winding up), the assets of the company available for distribution to its members shall be distributed: (a) first in paying to the A ordinary share an amount equal to the surplus net cash, to the extent not previously distributed by way of dividend; (b) second in paying to each member, an amount equal to the issue price of each share held; and (c) thereafter in distributing any surplus assets amongst the A ordinary shares and the B ordinary shares as if they constituted one class and pro rata to the number of shares held. The A ordinary shares do not confer any rights of redemption. |
The B ordinary shares have attached to them full voting rights. Save for the preference dividend (which shall only be paid on the A ordinary shares), any dividend declared shall be paid pari passu on the A ordinary |
shares and the B ordinary shares as if they were the same class. On a return of capital (including on winding up), the assets of the company available for distribution to its members shall be distributed: (a) first in |
paying to the a ordinary share an amount equal to the surplus net cash, to the extent not previously distributed by way of dividend; (b) second in paying to each member, an amount equal to the issue price of each share held; and (c) thereafter in distributing any surplus assets amongst the A ordinary shares and the B ordinary shares as if they constituted one class and pro rata to the number of shares held. the B ordinary shares do not confer any rights of redemption. |
19. | ULTIMATE PARENT COMPANY |
Until 26 May 2023, the company was a 70% owned subsidiary undertaking of JD Sports Fashion Plc, which is the smallest group in which the company was a member and for which group financial statements are drawn up. JD Sports Fashion Plc is registered in England. Copies of the consolidated financial statements of JD Sports Fashion Plc are available to the public and can be obtained from the Company Secretary, Edinburgh House, Hollinsbrook Way, Pilsworth, Bury, BL9 8RR or at www.jdplc.com. |
After 26 May 2023, the company is now 100% owned by Mr N Primett. |
20. | CONTINGENT LIABILITIES |
It is inevitable that commercial claims and disputes may arise from time to time during the course of the Company's business. If the risk of a financial outflow arising from one of these disputes is more than remote but not probable or cannot be measured reliably then the Company will disclose this matter as a contingent liability. If the risk of a financial outflow is considered probable and can be measured reliably then the Company would make provision for this matter. |
Further, the activities of the Company are overseen by a number of regulators and, whilst the Company strives to ensure full compliance with all its regulatory obligations, periodic reviews are inevitable which may result in a financial penalty. If the risk of a financial penalty arising from one of these reviews is more than remote but not probable or cannot be measured reliably then the Company will disclose this matter as a contingent liability. If the risk of a financial penalty is considered probable and can be measured reliably then the Company would make a provision for this matter. |
80s Casual Classics Ltd (Registered number: 06922118) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
21. | RELATED PARTY DISCLOSURES |
In the financial year on 26 May 2023, JD Sports Fashion PLC sold its 70% of the share capital of the Company. |
In the period up to 26 May 2023 the company made purchases of £496,582 from Focus International Ltd, another group company. (Year to 31 January 2023 - £630,628). |
Pentland Group Holdings Limited owns 51.9% of the ordinary share capital of JD Sports Fashion plc |
In the period up to 26 May 2023 the company made purchases of £64,114 from companies owned by Pentland Group Holdings Limited (Year to 31 January 2023 - £234,776). |
22. | ULTIMATE CONTROLLING PARTY |
Until 26 May 2023, the ultimate parent undertaking was Pentland Group Holdings Limited (a company registered in Jersey). R S Rubin and his close family are considered the ultimate controlling party by virtue of their control of Pentland Group Holdings Limited. Consolidated financial statements will be prepared by Pentland Group Holdings Limited, which is the parent undertaking of the largest group of undertakings to consolidate these financial statements for the year ended 31 January 2024. The consolidated financial statements of Pentland Group Holdings Limited can be obtained from the company's registered office at 26 New Street, St Helier, Jersey, JE2 3RA. |
23. | KEY MANAGEMENT PERSONNEL |
All employees who have authority and responsibility for planning, directing and controlling the activities of the company are considered to be key management personnel. Total salary in respect of these individuals is £325,332 (2023 - £261,392), total remuneration in respect of these individuals is £332,293 (2023 - £267,905). |