Company Registration No. 09274747 (England and Wales)
THOM SWEENEY RETAIL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
THOM SWEENEY RETAIL LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
THOM SWEENEY RETAIL LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
3
128,784
128,210
Tangible assets
4
700,555
823,315
Investments
5
7,853
7,853
837,192
959,378
Current assets
Stocks
4,327,058
2,023,012
Debtors
7
2,023,949
1,224,571
Cash at bank and in hand
1,088,566
248,236
7,439,573
3,495,819
Creditors: amounts falling due within one year
8
(3,631,772)
(2,293,105)
Net current assets
3,807,801
1,202,714
Total assets less current liabilities
4,644,993
2,162,092
Creditors: amounts falling due after more than one year
9
(316,667)
(516,667)
Provisions for liabilities
(161,365)
(180,178)
Net assets
4,166,961
1,465,247
Capital and reserves
Called up share capital
10
133
122
Share premium account
4,905,367
2,005,337
Profit and loss reserves
(738,539)
(540,212)
Total equity
4,166,961
1,465,247
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
THOM SWEENEY RETAIL LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 October 2024 and are signed on its behalf by:
Mr Luke Henry Sweeney
Director
Company Registration No. 09274747
THOM SWEENEY RETAIL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Thom Sweeney Retail Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 24c Old Burlington Street, London, United Kingdom, W1S 3AU.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods sold in the normal course of business, and is shown net of VAT.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the 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.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Website
20% straight line
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Over the period of lease
Plant and equipment
20% straight line
Fixtures and fittings
20% straight line
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.
THOM SWEENEY RETAIL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.
1.7
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.
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.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
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.
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.
THOM SWEENEY RETAIL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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.
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.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
1.11
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.
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.
1.12
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
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.
THOM SWEENEY RETAIL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.15
Government grants
Government grants, which includes amount received under the Coronavirus Job Retention Scheme, are recognised at the fair value of the grant received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. the income recognised in the other income on a systematic basis over the periods in which the associated costs are incurred, using the accrual model.
1.16
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
18
17
3
Intangible fixed assets
Website
£
Cost
At 1 January 2023
160,154
Additions
35,557
At 31 December 2023
195,711
Amortisation and impairment
At 1 January 2023
31,944
Amortisation charged for the year
34,983
At 31 December 2023
66,927
Carrying amount
At 31 December 2023
128,784
At 31 December 2022
128,210
THOM SWEENEY RETAIL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
854,354
331,367
1,185,721
Additions
8,735
22,809
31,544
At 31 December 2023
863,089
354,176
1,217,265
Depreciation and impairment
At 1 January 2023
211,632
150,774
362,406
Depreciation charged in the year
91,159
63,145
154,304
At 31 December 2023
302,791
213,919
516,710
Carrying amount
At 31 December 2023
560,298
140,257
700,555
At 31 December 2022
642,722
180,593
823,315
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
7,853
7,853
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2023 & 31 December 2023
7,853
Carrying amount
At 31 December 2023
7,853
At 31 December 2022
7,853
6
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Thom Sweeney Broadway Inc
362 West Broadway, New York, NY 10013, USA
Ordinary
100.00
THOM SWEENEY RETAIL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
433,372
589,066
Corporation tax recoverable
105,935
29,480
Amounts owed by group undertakings
540,560
225,251
Other debtors
790,060
324,655
Prepayments and accrued income
154,022
56,119
2,023,949
1,224,571
Included within other debtors as at 31 December 2023 is an amount due from a director of £192,170 (2022: £87,349) and it is repayable on demand.
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
745,579
590,148
Other borrowings
33,503
Trade creditors
1,337,832
531,743
Corporation tax
35,377
69,131
Other taxation and social security
316,304
696,818
Other creditors
102,798
272,839
Accruals and deferred income
1,093,882
98,923
3,631,772
2,293,105
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
316,667
516,667
The bank loans and overdrafts are secured by way of a fixed and floating charge over all assets of the company.
THOM SWEENEY RETAIL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.1p each
88,680
91,250
88
91
Deferred shares of 0.1p each
500
500
1
1
89,180
91,750
89
92
2023
2022
2023
2022
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of 0.1p each
44,291
30,000
44
30
Preference shares classified as equity
44
30
Total equity share capital
133
122
During the year, 11,721 Preference shares of 0.1p each were issued for an aggregate consideration of £2,900,041.
On 26 January 2023, 2,570 Ordinary shares of 0.1p each were re-designated into Preference shares.
11
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
1,260,000
1,470,000
12
Prior period adjustment
The restatement in the prior year is due to reduction of closing stock by £762,186. The adjustment arose as a result of the review of incorrect prior year stock closing position.
Changes to the balance sheet
As previously reported
Adjustment at 1 Jan 2022
Adjustment at 31 Dec 2022
As restated at 31 Dec 2022
£
£
£
£
Current assets
Stocks
2,785,198
149,251
(911,437)
2,023,012
Debtors due within one year
1,224,571
(95,552)
95,552
1,224,571
Creditors due within one year
Loans and overdrafts
(623,651)
(2,363)
2,363
(623,651)
Other creditors
(903,505)
(58,768)
58,768
(903,505)
Net assets
2,227,433
(7,432)
(754,754)
1,465,247
THOM SWEENEY RETAIL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Prior period adjustment
As previously reported
Adjustment at 1 Jan 2022
Adjustment at 31 Dec 2022
As restated at 31 Dec 2022
(Continued)
- 10 -
Capital and reserves
Profit and loss
221,974
(7,432)
(754,754)
(540,212)
2023-12-312023-01-01false14 October 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityMr Thomas WhiddettMr Luke SweeneyLloyd Marshall DorfmanMr Daniel AttiaMr Jake William Hogarth Irwinfalsefalse092747472023-01-012023-12-31092747472023-12-31092747472022-12-3109274747core:IntangibleAssetsOtherThanGoodwill2023-12-3109274747core:IntangibleAssetsOtherThanGoodwill2022-12-3109274747core:LandBuildings2023-12-3109274747core:OtherPropertyPlantEquipment2023-12-3109274747core:LandBuildings2022-12-3109274747core:OtherPropertyPlantEquipment2022-12-3109274747core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3109274747core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3109274747core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3109274747core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3109274747core:ShareCapital2023-12-3109274747core:ShareCapital2022-12-3109274747core:SharePremium2023-12-3109274747core:SharePremium2022-12-3109274747core:RetainedEarningsAccumulatedLosses2023-12-3109274747core:RetainedEarningsAccumulatedLosses2022-12-3109274747core:ShareCapitalOrdinaryShares2023-12-3109274747core:ShareCapitalOrdinaryShares2022-12-3109274747bus:Director22023-01-012023-12-3109274747core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3109274747core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-01-012023-12-3109274747core:LandBuildingscore:LongLeaseholdAssets2023-01-012023-12-3109274747core:PlantMachinery2023-01-012023-12-3109274747core:FurnitureFittings2023-01-012023-12-31092747472022-01-012022-12-3109274747core:IntangibleAssetsOtherThanGoodwill2022-12-3109274747core:LandBuildings2022-12-3109274747core:OtherPropertyPlantEquipment2022-12-31092747472022-12-3109274747core:LandBuildings2023-01-012023-12-3109274747core:OtherPropertyPlantEquipment2023-01-012023-12-310927474712023-01-012023-12-3109274747core:CurrentFinancialInstruments2023-12-3109274747core:CurrentFinancialInstruments2022-12-3109274747core:Non-currentFinancialInstruments2023-12-3109274747core:Non-currentFinancialInstruments2022-12-3109274747bus:PrivateLimitedCompanyLtd2023-01-012023-12-3109274747bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3109274747bus:FRS1022023-01-012023-12-3109274747bus:AuditExemptWithAccountantsReport2023-01-012023-12-3109274747bus:Director12023-01-012023-12-3109274747bus:Director32023-01-012023-12-3109274747bus:Director42023-01-012023-12-3109274747bus:Director52023-01-012023-12-3109274747bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP