Company registration number 04781065 (England and Wales)
SINGLETON TRADING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
SINGLETON TRADING LIMITED
COMPANY INFORMATION
Directors
Mr A Lazarus
Mr M Sivner
Company number
04781065
Registered office
Singleton House
315 Bury Old Road
Manchester
M25 1JA
Auditor
Lopian Gross Barnett & Co
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
SINGLETON TRADING LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 23
SINGLETON TRADING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
Business review
The year proved to be challenging, however management are pleased with the performance this year with turnover increasing 2.55% from £33,247,134 to £34,096,411. The results have also been improved substantially due to an increase in gross profit percentage from 10.09% to 21.52%.
Principal risks and uncertainties
Foreign Exchange Risk
The Company continues to trade in foreign currencies, utilising a mix of forward contacts and other instruments in order to always protect its margin from any significant foreign exchange fluctuations.
Financial Risks
Financial risks are managed through strict internal management controls, along with accurate and timely management information and KPI reporting.
Future developments
The directors are actively seeking to increase turnover whilst maintaining or even increasing profit margins where possible.
Key performance indicators
The key performance indicators are turnover, gross profit margin and net profit before taxation.
Mr A Lazarus
Director
9 October 2024
SINGLETON TRADING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company continued to be that of the import/export and wholesale of toys and accessories.
Results and dividends
The loss for the year, after taxation, amounted to £438,371 (2022 - £3,068,753)
During the year the directors declared dividends of £100,000 (2022: £960,000).
Ordinary dividends were paid amounting to £100,000. The directors do not recommend payment of a final dividend.
Directors
The directors who served during the year were:
Mr A Lazarus
Mr M Sivner
Auditor
The auditor, Lopian Gross Barnett & Co, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of details of the principal risks.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr A Lazarus
Director
9 October 2024
SINGLETON TRADING LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
The directors are responsible for preparing the annual 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 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.
SINGLETON TRADING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SINGLETON TRADING LIMITED
- 4 -
Opinion
We have audited the financial statements of Singleton Trading Limited (the 'company') for the year ended 31 December 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 December 2023 and of its loss 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.
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.
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 contained within the annual report. 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. 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 course of 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 our 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.
SINGLETON TRADING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SINGLETON TRADING LIMITED (CONTINUED)
- 5 -
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 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, 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:
SINGLETON TRADING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SINGLETON TRADING LIMITED (CONTINUED)
- 6 -
Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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.
Jonathan Brodie FCA
Senior Statutory Auditor
For and on behalf of Lopian Gross Barnett & Co
9 October 2024
Chartered Accountants
Statutory Auditor
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
SINGLETON TRADING LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
34,096,411
33,247,134
Cost of sales
(26,759,020)
(29,893,830)
Gross profit
7,337,391
3,353,304
Distribution costs
(1,381,924)
(1,169,762)
Administrative expenses
(5,908,545)
(5,484,494)
Operating profit/(loss)
4
46,922
(3,300,952)
Interest receivable and similar income
8
38,424
Interest payable and similar expenses
9
(654,673)
(499,352)
Loss before taxation
(569,327)
(3,800,304)
Tax on loss
10
130,956
731,551
Loss for the financial year
(438,371)
(3,068,753)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
SINGLETON TRADING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
£
£
Loss for the year
(438,371)
(3,068,753)
Other comprehensive income
-
-
Total comprehensive income for the year
(438,371)
(3,068,753)
SINGLETON TRADING LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
13
273,814
372,387
Current assets
Stocks
14
7,817,863
13,846,677
Debtors
15
14,212,812
12,616,365
22,030,675
26,463,042
Creditors: amounts falling due within one year
16
(13,160,379)
(17,129,373)
Net current assets
8,870,296
9,333,669
Total assets less current liabilities
9,144,110
9,706,056
Provisions for liabilities
Deferred tax liability
19
56,748
80,323
(56,748)
(80,323)
Net assets
9,087,362
9,625,733
Capital and reserves
Called up share capital
21
300
300
Profit and loss reserves
9,087,062
9,625,433
Total equity
9,087,362
9,625,733
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 9 October 2024 and are signed on its behalf by:
Mr A Lazarus
Director
Company registration number 04781065 (England and Wales)
SINGLETON TRADING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
300
13,654,186
13,654,486
Year ended 31 December 2022:
Loss and total comprehensive income
-
(3,068,753)
(3,068,753)
Dividends
11
-
(960,000)
(960,000)
Balance at 31 December 2022
300
9,625,433
9,625,733
Year ended 31 December 2023:
Loss and total comprehensive income
-
(438,371)
(438,371)
Dividends
11
-
(100,000)
(100,000)
Balance at 31 December 2023
300
9,087,062
9,087,362
SINGLETON TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
1
Accounting policies
Company information
Singleton Trading Limited is a private company limited by shares incorporated in England and Wales. The registered office is Singleton House, 315 Bury Old Road, Manchester, M25 1JA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Almar Holdings Limited. These consolidated financial statements are available from its registered office,
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the 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 measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
SINGLETON TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% reducing balance basis
Fixtures and fittings
20% reducing balance basis
Computers
20% reducing balance basis
Motor vehicles
25% reducing balance basis
Office equipment
20% reducing balance basis
Other fixed assets
20% reducing balance basis
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.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
SINGLETON TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
1.7
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 current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
SINGLETON TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
SINGLETON TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
SINGLETON TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
Analysis of turnover by country of destination:
2023
2022
£
£
Turnover analysed by class of business
Sales of toys and accessories
34,096,411
33,247,134
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
22,343,072
26,470,991
Rest of Europe
10,262,889
5,401,582
Rest of the world
1,490,450
1,374,561
34,096,411
33,247,134
2023
2022
£
£
Other revenue
Interest income
38,424
-
4
Operating profit/(loss)
2023
2022
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Exchange gains
(1,296,985)
(2,072,639)
Fees payable to the company's auditor for the audit of the company's financial statements
30,000
30,000
Depreciation of owned tangible fixed assets
62,802
65,065
Loss on disposal of tangible fixed assets
10,771
-
Impairment of stocks recognised or reversed
756,813
5,710,813
Operating lease charges
1,250,313
1,262,336
SINGLETON TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
30,000
30,000
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
64
74
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
1,651,276
1,252,239
Social security costs
194,739
193,105
Pension costs
91,964
133,231
1,937,979
1,578,575
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
36,000
52,000
Company pension contributions to defined contribution schemes
-
40,000
36,000
92,000
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
38,424
SINGLETON TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
246,979
145,951
Other interest on financial liabilities
402,740
336,122
649,719
482,073
Other finance costs:
Interest on finance leases and hire purchase contracts
4,954
2,382
Other interest
14,897
654,673
499,352
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
(590,598)
Adjustments in respect of prior periods
(475)
Total current tax
(475)
(590,598)
Deferred tax
Origination and reversal of timing differences
(23,575)
27,063
Previously unrecognised tax loss, tax credit or timing difference
(106,906)
(168,016)
Total deferred tax
(130,481)
(140,953)
Total tax credit
(130,956)
(731,551)
SINGLETON TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Taxation
(Continued)
- 19 -
The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Loss before taxation
(569,327)
(3,800,304)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
(142,332)
(722,058)
Tax effect of expenses that are not deductible in determining taxable profit
14,048
1,514
Unutilised tax losses carried forward
106,906
127,693
Adjustments in respect of prior years
(475)
Depreciation on assets not qualifying for tax allowances
14,632
2,253
Deferred taxation - over/(under) provisions
(130,481)
(140,953)
Charitable donations lost relief
6,746
Taxation credit for the year
(130,956)
(731,551)
11
Dividends
2023
2022
£
£
Interim paid
100,000
960,000
12
Impairments
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
2023
2022
Notes
£
£
In respect of:
Stocks
14
756,813
5,710,813
Recognised in:
Cost of sales
756,813
5,710,813
SINGLETON TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
13
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Office equipment
Other fixed assets
Total
£
£
£
£
£
£
£
Cost
At 1 January 2023
88,658
645,488
241,711
132,153
70,516
457,983
1,636,509
Disposals
(59,950)
(59,950)
At 31 December 2023
88,658
645,488
241,711
72,203
70,516
457,983
1,576,559
Depreciation and impairment
At 1 January 2023
76,338
601,876
200,889
41,890
57,845
285,284
1,264,122
Depreciation charged in the year
2,464
8,722
8,375
19,973
2,534
20,734
62,802
Eliminated in respect of disposals
(24,179)
(24,179)
At 31 December 2023
78,802
610,598
209,264
37,684
60,379
306,018
1,302,745
Carrying amount
At 31 December 2023
9,856
34,890
32,447
34,519
10,137
151,965
273,814
At 31 December 2022
12,320
43,612
40,822
90,263
12,671
172,699
372,387
SINGLETON TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
14
Stocks
2023
2022
£
£
Finished goods and goods for resale
7,817,863
13,846,677
15
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
4,864,559
3,461,902
Corporation tax recoverable
590,598
Amounts owed by group undertakings
6,551,646
5,624,506
Other debtors
329,035
234,867
Prepayments and accrued income
2,192,650
2,536,476
13,937,890
12,448,349
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 19)
274,922
168,016
Total debtors
14,212,812
12,616,365
16
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
17
6,693,037
9,614,932
Obligations under finance leases
18
24,168
81,109
Trade creditors
2,430,626
2,496,719
Corporation tax
720,038
Other taxation and social security
664,551
421,028
Other creditors
2,741,113
3,294,434
Accruals and deferred income
606,884
501,113
13,160,379
17,129,373
SINGLETON TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
17
Loans and overdrafts
2023
2022
£
£
Bank loans
6,527,801
8,076,516
Bank overdrafts
165,236
1,538,416
6,693,037
9,614,932
Payable within one year
6,693,037
9,614,932
The bank loan and overdrafts above are secured by a guarantee and fixed and floating charge over all of the assets held by the company.
The proceeds of factored debts (invoice discounting facility), included within loans above, are secured over the debtors to which they relate.
18
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
In two to five years
24,168
81,109
Finance lease payments represent rentals payable by the company for motor vehicles. The hire purchase liabilities included therein are secured against the assets related to the hire purchase liability.
19
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Balances:
£
£
£
£
Accelerated capital allowances
56,748
80,323
-
-
Tax losses
-
-
274,922
168,016
56,748
80,323
274,922
168,016
2023
Movements in the year:
£
Asset at 1 January 2023
(87,693)
Credit to profit or loss
(130,481)
Asset at 31 December 2023
(218,174)
SINGLETON TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
91,964
133,231
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
21
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
300
300
300
300
22
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
1,032,268
Between two and five years
1,834,469
1,032,268
1,834,469
23
Related party transactions
The company is exempt under FRS102, section 1.12, from the requirement to disclose transactions with other group companies.
24
Ultimate controlling party
The immediate parent company is Lazner Holdings Limited and the ultimate parent company is Almar Holdings Limited. The company is also the largest and smallest group into which the company is consolidated.
The ultimate parent company prepares consolidated accounts which are available from the company's registered office.
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.100Mr A LazarusMr M Sivnerfalsefalse047810652023-01-012023-12-3104781065bus:Director12023-01-012023-12-3104781065bus:Director22023-01-012023-12-3104781065bus:RegisteredOffice2023-01-012023-12-31047810652023-12-31047810652022-01-012022-12-3104781065core:RetainedEarningsAccumulatedLosses2022-01-012022-12-3104781065core:RetainedEarningsAccumulatedLosses2023-01-012023-12-31047810652022-12-3104781065core:PlantMachinery2023-12-3104781065core:FurnitureFittings2023-12-3104781065core:ComputerEquipment2023-12-3104781065core:MotorVehicles2023-12-3104781065core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-12-3104781065core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2023-12-3104781065core:PlantMachinery2022-12-3104781065core:FurnitureFittings2022-12-3104781065core:ComputerEquipment2022-12-3104781065core:MotorVehicles2022-12-3104781065core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-12-3104781065core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2022-12-3104781065core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3104781065core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3104781065core:CurrentFinancialInstruments2023-12-3104781065core:CurrentFinancialInstruments2022-12-3104781065core:ShareCapital2023-12-3104781065core:ShareCapital2022-12-3104781065core:RetainedEarningsAccumulatedLosses2023-12-3104781065core:RetainedEarningsAccumulatedLosses2022-12-3104781065core:ShareCapital2021-12-3104781065core:RetainedEarningsAccumulatedLosses2021-12-3104781065core:PlantMachinery2023-01-012023-12-3104781065core:FurnitureFittings2023-01-012023-12-3104781065core:ComputerEquipment2023-01-012023-12-3104781065core:MotorVehicles2023-01-012023-12-3104781065core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-01-012023-12-3104781065core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2023-01-012023-12-310478106512023-01-012023-12-310478106512022-01-012022-12-3104781065core:UKTax2023-01-012023-12-3104781065core:UKTax2022-01-012022-12-310478106522023-01-012023-12-310478106522022-01-012022-12-310478106532023-01-012023-12-310478106532022-01-012022-12-3104781065core:PlantMachinery2022-12-3104781065core:FurnitureFittings2022-12-3104781065core:ComputerEquipment2022-12-3104781065core:MotorVehicles2022-12-3104781065core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-12-3104781065core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2022-12-31047810652022-12-3104781065core:Non-currentFinancialInstruments2023-12-3104781065core:Non-currentFinancialInstruments2022-12-3104781065core:BetweenTwoFiveYears2023-12-3104781065core:BetweenTwoFiveYears2022-12-3104781065core:WithinOneYear2023-12-3104781065core:WithinOneYear2022-12-3104781065bus:PrivateLimitedCompanyLtd2023-01-012023-12-3104781065bus:FRS1022023-01-012023-12-3104781065bus:Audited2023-01-012023-12-3104781065bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP