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REGISTERED NUMBER: 07619081 (England and Wales)







Strategic Report, Report of the Director and

Financial Statements

for the Year Ended 31 October 2023

for

Tiger Lily Garments Ltd

Tiger Lily Garments Ltd (Registered number: 07619081)

Contents of the Financial Statements
for the Year Ended 31 October 2023










Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Statement of Cash Flows 11

Notes to the Statement of Cash Flows 12

Notes to the Financial Statements 13


Tiger Lily Garments Ltd

Company Information
for the Year Ended 31 October 2023







DIRECTOR: Mr A Suhail





REGISTERED OFFICE: Unit 3, 77 Newton Street
Manchester
Lancashire
M1 1EX





REGISTERED NUMBER: 07619081 (England and Wales)





AUDITORS: Lindley Adams Limited Chartered Accountants
Statutory Auditor
28 Prescott Street
Halifax
West Yorkshire
HX1 2LG

Tiger Lily Garments Ltd (Registered number: 07619081)

Strategic Report
for the Year Ended 31 October 2023


The director presents his strategic report for the year ended 31 October 2023.

REVIEW OF BUSINESS
The trading results for the year and the Company's financial position at the period-end are shown in the attached financial statements.

PRINCIPAL RISKS AND UNCERTAINTIES
Management continually monitor and assess the risks of the business and aim to eliminate these risks whenever viable to do so. The principle risks and uncertainties facing the business are as follows:

Economic Downturn
The company operates with relatively low fixed costs and maintains cash reserves to protect itself from any difficult period.

Reliance on Key Customers
The company places heavy reliance on a small customer base which in the context of falling high-street profits could lead to significant loss in revenue. Relationships with company and its customers are deep rooted and remain mutually beneficial throughout changing market conditions.

Movements in Foreign Exchange
Several suppliers to the Company are based oversees which generates a foreign exchange risk, they are typically paid in Euros or US Dollars.

ON BEHALF OF THE BOARD:





Mr A Suhail - Director


31 July 2024

Tiger Lily Garments Ltd (Registered number: 07619081)

Report of the Director
for the Year Ended 31 October 2023


The director presents his report with the financial statements of the company for the year ended 31 October 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of Fashion Retail.

DIVIDENDS
A final dividend of £1,002,489.00 was issued to the holding company, New Black Holding Limited, in the year ending 31 October 2023.

FUTURE DEVELOPMENTS
The directors are not expecting to make any significant changes to the nature of the business in the near future.

DIRECTOR
Mr A Suhail held office during the whole of the period from 1 November 2022 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Lindley Adams Limited Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr A Suhail - Director


31 July 2024

Report of the Independent Auditors to the Members of
Tiger Lily Garments Ltd


Qualified Opinion
We have audited the financial statements of Tiger Lily Garments Ltd (the 'company') for the year ended 31 October 2023 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, except for the matters described in the basis for qualified opinion section the financial statements:
- Give a true and fair view of the company's affairs as at 31 October 2023 and of its profit for the period 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 Qualified 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. We were unable to satisfy ourselves that debtors and creditors for the year ended 31 October 2023 were correctly stated or that stock is accurately valued at 31 October 2023. We were unable to determine whether any further adjustments are needed in these contexts.

Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.

Other Information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Tiger Lily Garments Ltd


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 Director.


Except for matters referred to in the basis for our qualified opinion, 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
- adequate returns 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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Director.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Tiger Lily Garments 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:

As part of our audit, we determined a level for materiality and assessed the risk of material misstatement in the financial statements. Based on our understanding of the company and discussions with the management, we gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates
.
We identified the laws and regulations which we considered to have a direct effect on the financial statements and
considered that the most significant are the Companies Act 2006, Financial Reporting Standards and UK tax legislation.

The engagement partner assessed that the engagement team had the appropriate competence and capabilities to
identify or recognise non-compliance with the laws and regulations.

We enquired with management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations including fraud. We also designed specific appropriate audit
procedures including:

- Agreeing financial statement disclosures to supporting documentation.
- Analytical procedures to identify any unusual or unexpected relationships.
- Testing appropriateness of journal entries.
- Review of accounting estimates for potential bias.
- Enquire with management as to actual and potential litigation and claims.
- Review of correspondence.

We are not aware of any actual or suspected non-compliance with laws and regulations, and we are not responsible for preventing or detecting non-compliance with all laws and regulations. The primary responsibility for the prevention and detection of fraud rests with management and those charged with governance.
There are inherent limitations in audit procedures and there is an unavoidable risk that we may not have detected
material misstatements within the financial statements, even though the audit is properly planned and performed in
accordance with ISA's UK. The further removed non-compliance with laws and regulations are from the events and
transactions reflected in the financial statements, the less likely we are to become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk due to error as fraud may involve a deliberate concealment or collusion.

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.

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.




David Charles Adams (Senior Statutory Auditor)
for and on behalf of Lindley Adams Limited Chartered Accountants
Statutory Auditor
28 Prescott Street
Halifax
West Yorkshire
HX1 2LG

31 July 2024

Tiger Lily Garments Ltd (Registered number: 07619081)

Income Statement
for the Year Ended 31 October 2023

Period
28.10.21
Year Ended to
31.10.23 31.10.22
Notes £    £   

TURNOVER 12,926,326 16,745,213

Cost of sales (12,146,116 ) (15,746,661 )
GROSS PROFIT 780,210 998,552

Administrative expenses (752,798 ) (1,130,699 )
OPERATING PROFIT/(LOSS) 4 27,412 (132,147 )

Interest receivable and similar income 1,099 -
PROFIT/(LOSS) BEFORE TAXATION 28,511 (132,147 )

Tax on profit/(loss) 5 (209 ) 22,859
PROFIT/(LOSS) FOR THE FINANCIAL YEAR 28,302 (109,288 )

Tiger Lily Garments Ltd (Registered number: 07619081)

Other Comprehensive Income
for the Year Ended 31 October 2023

Period
28.10.21
Year Ended to
31.10.23 31.10.22
Notes £    £   

PROFIT/(LOSS) FOR THE YEAR 28,302 (109,288 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

28,302
Prior year adjustment (108,621 )
TOTAL COMPREHENSIVE INCOME SINCE
LAST ANNUAL REPORT

(217,909

)

Tiger Lily Garments Ltd (Registered number: 07619081)

Statement of Financial Position
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 2,860 6,915

CURRENT ASSETS
Stocks 10 217,691 451,879
Debtors 11 4,020,620 5,653,660
Cash at bank and in hand 346,287 814,906
4,584,598 6,920,445
CREDITORS
Amounts falling due within one year 12 3,765,895 5,131,610
NET CURRENT ASSETS 818,703 1,788,835
TOTAL ASSETS LESS CURRENT
LIABILITIES

821,563

1,795,750

CAPITAL AND RESERVES
Called up share capital 13 1 1
Retained earnings 14 821,562 1,795,749
SHAREHOLDERS' FUNDS 821,563 1,795,750

The financial statements were approved by the director and authorised for issue on 31 July 2024 and were signed by:





Mr A Suhail - Director


Tiger Lily Garments Ltd (Registered number: 07619081)

Statement of Changes in Equity
for the Year Ended 31 October 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 28 October 2021 1 8,012,569 8,012,570
Prior year adjustment - (108,621 ) (108,621 )
As restated 1 7,903,948 7,903,949

Changes in equity
Dividends - (5,998,911 ) (5,998,911 )
Total comprehensive income - (109,288 ) (109,288 )
Balance at 31 October 2022 1 1,795,749 1,795,750

Changes in equity
Dividends - (1,002,489 ) (1,002,489 )
Total comprehensive income - 28,302 28,302
Balance at 31 October 2023 1 821,562 821,563

Tiger Lily Garments Ltd (Registered number: 07619081)

Statement of Cash Flows
for the Year Ended 31 October 2023

Period
28.10.21
Year Ended to
31.10.23 31.10.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 612,840 (1,112,351 )
Tax paid (134,891 ) (9,293 )
Net cash from operating activities 477,949 (1,121,644 )

Cash flows from investing activities
Interest received 1,099 -
Net cash from investing activities 1,099 -

Cash flows from financing activities
Amount introduced by directors 58,443 172,857
Amount withdrawn by directors (3,621 ) (50,000 )
Equity dividends paid (1,002,489 ) (5,998,911 )
Net cash from financing activities (947,667 ) (5,876,054 )

Decrease in cash and cash equivalents (468,619 ) (6,997,698 )
Cash and cash equivalents at beginning
of year

2

814,906

7,812,604

Cash and cash equivalents at end of year 2 346,287 814,906

Tiger Lily Garments Ltd (Registered number: 07619081)

Notes to the Statement of Cash Flows
for the Year Ended 31 October 2023


1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period
28.10.21
Year Ended to
31.10.23 31.10.22
£    £   
Profit/(loss) before taxation 28,511 (132,147 )
Depreciation charges 4,055 5,885
(Decrease)/increase in other cash items - (86,815 )
prior year adjustment - 108,621
Finance income (1,099 ) -
31,467 (104,456 )
Decrease/(increase) in stocks 234,188 (39,096 )
Decrease/(increase) in trade and other debtors 1,578,218 (2,047,686 )
(Decrease)/increase in trade and other creditors (1,231,033 ) 1,078,887
Cash generated from operations 612,840 (1,112,351 )

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 October 2023
31.10.23 1.11.22
£    £   
Cash and cash equivalents 346,287 814,906
Period ended 31 October 2022
31.10.22 28.10.21
£    £   
Cash and cash equivalents 814,906 7,812,604


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.22 Cash flow At 31.10.23
£    £    £   
Net cash
Cash at bank and in hand 814,906 (468,619 ) 346,287
814,906 (468,619 ) 346,287
Total 814,906 (468,619 ) 346,287

Tiger Lily Garments Ltd (Registered number: 07619081)

Notes to the Financial Statements
for the Year Ended 31 October 2023


1. STATUTORY INFORMATION

Tiger Lily Garments Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and equipment - 10% on cost
Computer equipment - 10% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Tiger Lily Garments Ltd (Registered number: 07619081)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Loan interest
Interest on loans are recognised at the time of receipt.

3. EMPLOYEES AND DIRECTORS
Period
28.10.21
Year Ended to
31.10.23 31.10.22
£    £   
Wages and salaries 336,537 439,720
Social security costs 25,170 32,641
Other pension costs 5,298 19,988
367,005 492,349

The average number of employees during the year was as follows:
Period
28.10.21
Year Ended to
31.10.23 31.10.22

Staff 17 19

Period
28.10.21
Year Ended to
31.10.23 31.10.22
£    £   
Directors' remuneration 19,833 75,000

4. OPERATING PROFIT/(LOSS)

The operating profit (2022 - operating loss) is stated after charging/(crediting):

Period
28.10.21
Year Ended to
31.10.23 31.10.22
£    £   
Other operating leases 47,128 97,054
Depreciation - owned assets 4,055 5,885
Auditors' remuneration 12,000 1,130
Foreign exchange differences (14,787 ) 218,255

Tiger Lily Garments Ltd (Registered number: 07619081)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


5. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
Period
28.10.21
Year Ended to
31.10.23 31.10.22
£    £   
Current tax:
UK corporation tax 209 -

Deferred tax - (22,859 )
Tax on profit/(loss) 209 (22,859 )

6. DIVIDENDS
Period
28.10.21
Year Ended to
31.10.23 31.10.22
£    £   
ORDINARY share of £1
Final 1,002,489 5,998,911

7. PRIOR YEAR ADJUSTMENT

Adjustment was made in 2022 in respect of non-payable debtors and liabilities recognised before 31 October 2019.

8. PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately to those of the Company to an independently administered fund. The pension cost during the year was £5,737 (2022 - £21,864) and represents contributions payable by the Company. Contributions totalling £2,522 (2022 - £16,177) were outstanding at the year end.

9. TANGIBLE FIXED ASSETS
Fixtures
and Computer
equipment equipment Totals
£    £    £   
COST
At 1 November 2022
and 31 October 2023 40,164 18,688 58,852
DEPRECIATION
At 1 November 2022 33,288 18,649 51,937
Charge for year 4,016 39 4,055
At 31 October 2023 37,304 18,688 55,992
NET BOOK VALUE
At 31 October 2023 2,860 - 2,860
At 31 October 2022 6,876 39 6,915

Tiger Lily Garments Ltd (Registered number: 07619081)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


9. TANGIBLE FIXED ASSETS - continued

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

10. STOCKS
31.10.23 31.10.22
£    £   
Stocks 217,691 451,879

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 2,893,057 3,487,069
Loans Due 243,470 584,470
New Black Investment 502,420 500,500
New Black Holdings 56,734 702,489
Red River Investment 190 -
Directors' current accounts - 54,822
Prepayments 324,749 324,310
4,020,620 5,653,660

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade creditors 2,074,870 2,845,955
Tax 34,382 169,064
Social security and other taxes 9,486 66,021
VAT 1,625,584 1,715,504
Other creditors 9,573 19,436
Other Creditors Accruals 12,000 315,630
3,765,895 5,131,610

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.23 31.10.22
value: £    £   
1 ORDINARY £1 1 1

14. RESERVES
Retained
earnings
£   

At 1 November 2022 1,795,749
Profit for the year 28,302
Dividends (1,002,489 )
At 31 October 2023 821,562

Tiger Lily Garments Ltd (Registered number: 07619081)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


15. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31 October 2023 and the period ended 31 October 2022:

31.10.23 31.10.22
£    £   
Mr A Suhail
Balance outstanding at start of year 54,822 177,679
Amounts advanced 3,621 50,000
Amounts repaid (58,443 ) (172,857 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 54,822

16. ULTIMATE CONTROLLING PARTY

The company which is a wholly owned subsidiary of New Black Holding Limited is ultimately controlled by Anjum Suhail as a result of his 100% ownership of the shareholding of New Black Holding Limited.