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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: A Suhail





REGISTERED OFFICE: 77 Newton Street
Manchester
M1 1EX





REGISTERED NUMBER: 12611302 (England and Wales)





AUDITORS: Lindley Adams Limited Chartered Accountants
Statutory Auditor
28 Prescott Street
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:





A Suhail - Director


31 July 2024

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
A Suhail held office during the whole of the period from 31 October 2022 to the date of this report.

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:





A Suhail - Director


31 July 2024

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.




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

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

41,304

(115,794

)
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 76 1
76 1

CURRENT ASSETS
Debtors 12 856,222 850,103
Cash at bank 3,000,056 5,850,876
3,856,278 6,700,979
CREDITORS
Amounts falling due within one year 13 3,343,668 705,989
NET CURRENT ASSETS 512,610 5,994,990
TOTAL ASSETS LESS CURRENT
LIABILITIES

512,686

5,994,991

CAPITAL AND RESERVES
Called up share capital 14 3 2
Retained earnings 15 512,683 5,994,989
SHAREHOLDERS' FUNDS 512,686 5,994,991

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 31 July 2024 and were signed by:





A Suhail - Director


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 - 1 1

Changes in equity
Issue of share capital 2 - 2
Total comprehensive income - 5,994,988 5,994,988
Balance at 30 October 2022 2 5,994,989 5,994,991

Changes in equity
Issue of share capital 1 - 1
Dividends - (6,500,000 ) (6,500,000 )
Total comprehensive income - 1,017,694 1,017,694
Balance at 31 October 2023 3 512,683 512,686

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General 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.

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
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 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
17 20

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 1
Additions 75
At 31 October 2023 76
NET BOOK VALUE
At 31 October 2023 76
At 30 October 2022 1

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

New Black Investment Ltd
Registered office: 77 Newton Street, Manchester, United Kingdom, M1 1EX
Nature of business: Investment Company
%
Class of shares: holding
Ordinary £1 75.00
31.10.23 30.10.22
£    £   
Aggregate capital and reserves (4,786 ) (2,582 )
Loss for the period/year (2,204 ) (2,582 )

Tiger Lily Garments Ltd
Registered office: 77 Newton Street, Manchester, United Kingdom, M1 1EX
Nature of business: Garment Trading & Supplier of Garments
%
Class of shares: holding
Ordinary £1 100.00
31.10.23 30.10.22
£    £   
Aggregate capital and reserves 595,457 1,795,749
Loss for the period/year (77,804 ) (109,288 )


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 2 800,027 850,103
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 5,800,663 856,222 850,103

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 4,234 -
Tax 88,574 169,064 3,567 -
Social security and other taxes 9,486 66,021 - -
VAT 1,625,584 1,715,504 - -
Other creditors 3,284,473 19,436 3,331,634 702,489
Accruals 18,633 321,530 4,233 3,500
7,105,855 5,137,510 3,343,668 705,989

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.23 30.10.22
value: £    £   
2 Ordinary £1 2 2
1 Ordinary A £1 1 -
3 2

1 Ordinary A share of £1 was allotted and fully paid for cash at par during the period.

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 5,994,989
Profit for the period 1,017,694
Dividends (6,500,000 )
At 31 October 2023 512,683


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.