REGISTERED NUMBER: 12611302 (England and Wales) |
Group Strategic Report, |
Report of the Director and |
Consolidated Financial Statements |
for the Period 31 October 2022 to 31 October 2023 |
for |
New Black Holding Limited |
REGISTERED NUMBER: 12611302 (England and Wales) |
Group Strategic Report, |
Report of the Director and |
Consolidated Financial Statements |
for the Period 31 October 2022 to 31 October 2023 |
for |
New Black Holding Limited |
New Black Holding Limited (Registered number: 12611302) |
Contents of the Consolidated Financial Statements |
for the Period 31 October 2022 to 31 October 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 3 |
Report of the Independent Auditors | 4 |
Consolidated Income Statement | 7 |
Consolidated Other Comprehensive Income | 8 |
Consolidated Statement of Financial Position | 9 |
Company Statement of Financial Position | 10 |
Consolidated Statement of Changes in Equity | 11 |
Company Statement of Changes in Equity | 12 |
Consolidated Statement of Cash Flows | 13 |
Notes to the Consolidated Statement of Cash Flows | 14 |
Notes to the Consolidated Financial Statements | 15 |
New Black Holding Limited |
Company Information |
for the Period 31 October 2022 to 31 October 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
Halifax |
West Yorkshire |
HX1 2LG |
New Black Holding Limited (Registered number: 12611302) |
Group Strategic Report |
for the Period 31 October 2022 to 31 October 2023 |
New Black Holding Limited is an investment holding company. The principal activities of the trading subsidiaries of the group continue to be the manufacture and sale of clothing garments in the United Kingdom. |
REVIEW OF BUSINESS |
We consider that our key financial performance indicators are those which communicate the financial performance and strength of the group as a whole, these being turnover, gross margin and return on capital employed. |
The gross profit margin for the group is 6.0% with a subsequent profit before tax of £45,080 |
The return on capital employed is 1.4%. Return on capital employed is calculated as profit before interest and taxation divided by capital employed, which constitutes total assets less current liabilities. |
PRINCIPAL RISKS AND UNCERTAINTIES |
As for many other businesses of our size, the business environment in which we operate continues to be challenging. The market in which the organisation operates in is influenced by public spending within the UK garment industry and continued spending in developing economies to manufacture and import garments. |
With these risks and uncertainties in mind the group is aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control. |
ON BEHALF OF THE BOARD: |
New Black Holding Limited (Registered number: 12611302) |
Report of the Director |
for the Period 31 October 2022 to 31 October 2023 |
The director presents his report with the financial statements of the company and the group for the period 31 October 2022 to 31 October 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the period under review was that of a holding company. |
DIVIDENDS |
An interim dividend of £6500000 per share on the Ordinary A £1 shares was paid on 31 October 2023. The director recommends that no final dividend be paid on these shares. |
No interim dividend was paid on the Ordinary £1 shares. The director recommends that no final dividend be paid on these shares. |
The total distribution of dividends for the period ended 31 October 2023 will be £ 6,500,000 . |
DIRECTOR |
DISCLOSURE IN THE STRATEGIC REPORT |
The business review and other mandatory disclosures which the directors consider to be of strategic importance are disclosed in the strategic report. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group'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: |
Report of the Independent Auditors to the Members of |
New Black Holding Limited |
Qualified Opinion |
We have audited the financial statements of New Black Holding Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 October 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated 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 group's and the parent 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 Group 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 Group 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 Group 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 |
New Black Holding Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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. |
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 group's and the parent 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 group or the parent company or to cease operations, or has no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
New Black Holding Limited |
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. |
for and on behalf of |
Statutory Auditor |
Halifax |
West Yorkshire |
HX1 2LG |
New Black Holding Limited (Registered number: 12611302) |
Consolidated |
Income Statement |
for the Period 31 October 2022 to 31 October 2023 |
Period |
31.10.22 |
to | Year Ended |
31.10.23 | 30.10.22 |
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 | (761,229 | ) | (1,137,202 | ) |
OPERATING PROFIT/(LOSS) | 4 | 18,981 | (138,650 | ) |
Interest receivable and similar income | 26,099 | - |
45,080 | (138,650 | ) |
Interest payable and similar expenses | 5 | - | (3 | ) |
PROFIT/(LOSS) BEFORE TAXATION | 45,080 | (138,653 | ) |
Tax on profit/(loss) | 6 | (3,776 | ) | 22,859 |
PROFIT/(LOSS) FOR THE FINANCIAL PERIOD |
( |
) |
Profit/(loss) attributable to: |
Owners of the parent | 42,500 | (115,794 | ) |
Non-controlling interests | (1,196 | ) | - |
41,304 | (115,794 | ) |
New Black Holding Limited (Registered number: 12611302) |
Consolidated |
Other Comprehensive Income |
for the Period 31 October 2022 to 31 October 2023 |
Period |
31.10.22 |
to | Year Ended |
31.10.23 | 30.10.22 |
Notes | £ | £ |
PROFIT/(LOSS) FOR THE PERIOD | 41,304 | (115,794 | ) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
41,304 |
Prior year adjustment | (108,621 | ) |
TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT |
(224,415 |
) |
Total comprehensive income attributable to: |
Owners of the parent | 42,475 | (224,415 | ) |
Non-controlling interests | (1,171 | ) | - |
41,304 | (224,415 | ) |
New Black Holding Limited (Registered number: 12611302) |
Consolidated Statement of Financial Position |
31 October 2023 |
31.10.23 | 30.10.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 | 2,860 | 6,915 |
Investments | 10 | - | - |
2,860 | 6,915 |
CURRENT ASSETS |
Stocks | 11 | 217,691 | 451,879 |
Debtors | 12 | 4,868,305 | 5,800,663 |
Cash at bank and in hand | 3,346,486 | 6,666,210 |
8,432,482 | 12,918,752 |
CREDITORS |
Amounts falling due within one year | 13 | 7,105,855 | 5,137,510 |
NET CURRENT ASSETS | 1,326,627 | 7,781,242 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
1,329,487 |
7,788,157 |
CAPITAL AND RESERVES |
Called up share capital | 14 | 3 | 2 |
Retained earnings | 15 | 1,330,655 | 7,788,155 |
SHAREHOLDERS' FUNDS | 1,330,658 | 7,788,157 |
NON-CONTROLLING INTERESTS | 16 | (1,171 | ) | - |
TOTAL EQUITY | 1,329,487 | 7,788,157 |
The financial statements were approved by the director and authorised for issue on 31 July 2024 and were signed by: |
A Suhail - Director |
New Black Holding Limited (Registered number: 12611302) |
Company Statement of Financial Position |
31 October 2023 |
31.10.23 | 30.10.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Debtors | 12 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Retained earnings | 15 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 1,017,694 | 5,994,988 |
The financial statements were approved by the director and authorised for issue on |
New Black Holding Limited (Registered number: 12611302) |
Consolidated Statement of Changes in Equity |
for the Period 31 October 2022 to 31 October 2023 |
Called up |
share | Retained | Non-controlling | Total |
capital | earnings | Total | interests | equity |
£ | £ | £ | £ | £ |
Balance at 31 October 2021 | - | 8,012,570 | 8,012,570 | - | 8,012,570 |
Prior year adjustment | - | (108,621 | ) | (108,621 | ) | - | (108,621 | ) |
As restated | - | 7,903,949 | 7,903,949 | - | 7,903,949 |
Changes in equity |
Issue of share capital | 2 | - | 2 | - | 2 |
Total comprehensive income | - | (115,794 | ) | (115,794 | ) | - | (115,794 | ) |
Balance at 30 October 2022 | 2 | 7,788,155 | 7,788,157 | - | 7,788,157 |
Changes in equity |
Issue of share capital | 1 | - | 1 | - | 1 |
Dividends | - | (6,500,000 | ) | (6,500,000 | ) | - | (6,500,000 | ) |
Total comprehensive income | - | 42,500 | 42,500 | (1,171 | ) | 41,329 |
Balance at 31 October 2023 | 3 | 1,330,655 | 1,330,658 | (1,171 | ) | 1,329,487 |
New Black Holding Limited (Registered number: 12611302) |
Company Statement of Changes in Equity |
for the Period 31 October 2022 to 31 October 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 31 October 2021 |
Changes in equity |
Issue of share capital | - |
Total comprehensive income | - |
Balance at 30 October 2022 |
Changes in equity |
Issue of share capital | - |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 October 2023 |
New Black Holding Limited (Registered number: 12611302) |
Consolidated Statement of Cash Flows |
for the Period 31 October 2022 to 31 October 2023 |
Period |
31.10.22 |
to | Year Ended |
31.10.23 | 30.10.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 3,440,443 | 375,379 |
Interest paid | - | (3 | ) |
Tax paid | (134,892 | ) | 169,064 |
Net cash from operating activities | 3,305,551 | 544,440 |
Cash flows from investing activities |
Dividends received | - | 5,998,911 |
Interest received | 26,099 | - |
Net cash from investing activities | 26,099 | 5,998,911 |
Cash flows from financing activities |
Amount introduced by directors | 58,443 | (50,000 | ) |
Amount withdrawn by directors | (209,818 | ) | 172,858 |
Share issue | 1 | 1 |
Equity dividends paid | (6,500,000 | ) | - |
Net cash from financing activities | (6,651,374 | ) | 122,859 |
(Decrease)/increase in cash and cash equivalents | (3,319,724 | ) | 6,666,210 |
Cash and cash equivalents at beginning of period |
2 |
6,666,210 |
- |
Cash and cash equivalents at end of period |
2 |
3,346,486 |
6,666,210 |
New Black Holding Limited (Registered number: 12611302) |
Notes to the Consolidated Statement of Cash Flows |
for the Period 31 October 2022 to 31 October 2023 |
1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
31.10.22 |
to | Year Ended |
31.10.23 | 30.10.22 |
£ | £ |
Profit/(loss) before taxation | 45,080 | (138,653 | ) |
Depreciation charges | 4,055 | 5,885 |
Increase/(decrease) in other cash items | - | 1,737,418 |
Finance costs | - | 3 |
Finance income | (26,099 | ) | - |
23,036 | 1,604,653 |
Decrease/(increase) in stocks | 234,188 | (451,879 | ) |
Decrease/(increase) in trade and other debtors | 1,134,384 | (5,745,841 | ) |
Increase in trade and other creditors | 2,048,835 | 4,968,446 |
Cash generated from operations | 3,440,443 | 375,379 |
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: |
Period ended 31 October 2023 |
31.10.23 | 31.10.22 |
£ | £ |
Cash and cash equivalents | 3,346,486 | 6,666,210 |
Year ended 30 October 2022 |
30.10.22 | 31.10.21 |
£ | £ |
Cash and cash equivalents | 6,666,210 | - |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 31.10.22 | Cash flow | At 31.10.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 6,666,210 | (3,319,724 | ) | 3,346,486 |
6,666,210 | (3,319,724 | ) | 3,346,486 |
Total | 6,666,210 | (3,319,724 | ) | 3,346,486 |
New Black Holding Limited (Registered number: 12611302) |
Notes to the Consolidated Financial Statements |
for the Period 31 October 2022 to 31 October 2023 |
1. | STATUTORY INFORMATION |
New Black Holding Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The financial statements consolidate the financial statements of New Black Holding Limited and all of its subsidiary undertakings. |
The results of subsidiaries acquired or disposed of during the period are included from or to the date that control passes. |
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
The turnover and profit before taxation are attributable to the one principal activity of the group being the sale and manufacture of garments. Turnover for the group to the year ended 30 October 2022 is £16,745,213. |
Tangible fixed assets |
Fixtures and equipment | - |
Computer equipment | - |
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 period comprises current and deferred tax. Tax is recognised in the Consolidated 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 period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
New Black Holding Limited (Registered number: 12611302) |
Notes to the Consolidated Financial Statements - continued |
for the Period 31 October 2022 to 31 October 2023 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
Period |
31.10.22 |
to | Year Ended |
31.10.23 | 30.10.22 |
£ | £ |
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 period was as follows: |
Period |
31.10.22 |
to | Year Ended |
31.10.23 | 30.10.22 |
Director | 1 | 1 |
Employees | 16 | 19 |
Period |
31.10.22 |
to | Year Ended |
31.10.23 | 30.10.22 |
£ | £ |
Director's remuneration | 19,833 | 75,000 |
4. | OPERATING PROFIT/(LOSS) |
The operating profit (2022 - operating loss) is stated after charging/(crediting): |
Period |
31.10.22 |
to | Year Ended |
31.10.23 | 30.10.22 |
£ | £ |
Other operating leases | 47,128 | 97,054 |
Depreciation - owned assets | 4,055 | 5,885 |
Auditors' remuneration | 19,428 | 7,030 |
Foreign exchange differences | (14,787 | ) | 218,255 |
New Black Holding Limited (Registered number: 12611302) |
Notes to the Consolidated Financial Statements - continued |
for the Period 31 October 2022 to 31 October 2023 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
31.10.22 |
to | Year Ended |
31.10.23 | 30.10.22 |
£ | £ |
Bank interest | - | 3 |
6. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the period was as follows: |
Period |
31.10.22 |
to | Year Ended |
31.10.23 | 30.10.22 |
£ | £ |
Current tax: |
UK corporation tax | 3,776 | - |
Deferred tax | - | (22,859 | ) |
Tax on profit/(loss) | 3,776 | (22,859 | ) |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
8. | DIVIDENDS |
Dividends totalling £6,500,000 (2022 - .Nil)) were paid by the holding company for the year ended 31st October 2023 |
9. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
and | Computer |
equipment | equipment | Totals |
£ | £ | £ |
COST |
At 31 October 2022 |
and 31 October 2023 | 40,164 | 18,688 | 58,852 |
DEPRECIATION |
At 31 October 2022 | 33,288 | 18,649 | 51,937 |
Charge for period | 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 30 October 2022 | 6,876 | 39 | 6,915 |
New Black Holding Limited (Registered number: 12611302) |
Notes to the Consolidated Financial Statements - continued |
for the Period 31 October 2022 to 31 October 2023 |
10. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 31 October 2022 |
Additions |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 30 October 2022 |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 77 Newton Street, Manchester, United Kingdom, M1 1EX |
Nature of business: |
% |
Class of shares: | holding |
31.10.23 | 30.10.22 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the period/year | ( |
) | ( |
) |
Registered office: 77 Newton Street, Manchester, United Kingdom, M1 1EX |
Nature of business: |
% |
Class of shares: | holding |
31.10.23 | 30.10.22 |
£ | £ |
Aggregate capital and reserves |
Loss for the period/year | ( |
) | ( |
) |
11. | STOCKS |
Group |
31.10.23 | 30.10.22 |
£ | £ |
Stocks | 217,691 | 451,879 |
New Black Holding Limited (Registered number: 12611302) |
Notes to the Consolidated Financial Statements - continued |
for the Period 31 October 2022 to 31 October 2023 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.10.23 | 30.10.22 | 31.10.23 | 30.10.22 |
£ | £ | £ | £ |
Trade debtors | 2,893,057 | 3,487,069 |
Other debtors | 1 | 2 |
Loans Due | 1,393,460 | 1,934,460 | - | - |
Red River | 190 | - | - | - |
Directors' current accounts | 206,222 | 54,822 | 56,195 | - |
Tax | 50,626 | - |
Prepayments | 324,749 | 324,310 |
4,868,305 | 5,800,663 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.10.23 | 30.10.22 | 31.10.23 | 30.10.22 |
£ | £ | £ | £ |
Trade creditors | 2,079,105 | 2,845,955 |
Tax | 88,574 | 169,064 |
Social security and other taxes | 9,486 | 66,021 |
VAT | 1,625,584 | 1,715,504 | - | - |
Other creditors | 3,284,473 | 19,436 |
Accruals | 18,633 | 321,530 | 4,233 | 3,500 |
7,105,855 | 5,137,510 |
14. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.10.23 | 30.10.22 |
value: | £ | £ |
Ordinary | £1 | 2 | 2 |
Ordinary A | £1 | 1 | - |
3 | 2 |
1 Ordinary A share of £1 was allotted and fully paid for |
15. | RESERVES |
Group |
Retained |
earnings |
£ |
At 31 October 2022 | 7,788,155 |
Profit for the period | 42,500 |
Dividends | (6,500,000 | ) |
At 31 October 2023 | 1,330,655 |
New Black Holding Limited (Registered number: 12611302) |
Notes to the Consolidated Financial Statements - continued |
for the Period 31 October 2022 to 31 October 2023 |
15. | RESERVES - continued |
Company |
Retained |
earnings |
£ |
At 31 October 2022 |
Profit for the period |
Dividends | ( |
) |
At 31 October 2023 |
16. | NON-CONTROLLING INTERESTS |
New Black Investment Limited is owned 75% by New Black Holding Ltd and 25% by another party. The non controlling interest is recognised in the income statement and statement of financial position at 25%. |
17. | 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. |
18. | RELATED PARTY DISCLOSURES |
Entities with control, joint control or significant influence over the entity |
31.10.23 | 30.10.22 |
£ | £ |
Amount due from related party | 856,221 | 850,101 |
Amount due to related party | 3,331,634 | 702,489 |
19. | ULTIMATE CONTROLLING PARTY |
The controlling party of the group is Anjum Suhail due to his shareholdings in New Black Holding Limited. |