Company registration number 04074935 (England and Wales)
HOMESCAPES EUROPA LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
HOMESCAPES EUROPA LIMITED
COMPANY INFORMATION
Directors
Mrs J Avasthi
Mr V Avasthi
Company number
04074935
Registered office
Unit 1
Corngreaves Industrial Estate
Central Avenue
Cradley Heath
West Midlands
B64 7BY
Auditor
Sumer Auditco Limited
The Beehive
Beehive Ring Road
London Gatwick Airport
Gatwick
United Kingdom
RH6 0PA
HOMESCAPES EUROPA LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 30
HOMESCAPES EUROPA LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -

The directors present the strategic report for the year ended 31 January 2024.

Review of the business

The business has seen a decrease in turnover during the financial year, as a result of the general downturn in economic activity across the retail sector linked to an increase in interest rates. Despite this, the business has maintained its gross profit margin by successfully navigating carriage and freight costs and an improved purchasing strategy.

 

In the previous year, the group opened a new German subsidiary which will continue to assist in accommodating some of the challenges faced by importing and exporting businesses post Brexit.

Considerable costs have been incurred during the financial period in supporting this new European activity and these have been treated as exceptional costs within these accounts.

The operating profit before exceptional items is higher in the current year compared to the comparative period which indicates a consistent trading performance of the company.

The directors are confident that the investment in this new European Subsidiary will contribute to improved trading results in the forthcoming accounting period.

Principal risks and uncertainties

The group's operations expose it to a variety of financial risks that include the effects of changes in market prices, credit risk and interest rate risk. The group has in place a risk management programme that seeks to limit adverse effects on the financial performance of the company. Given the size of the group, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the group's financial department. The group does not use derivative financial instruments and as such no hedge accounting is applied.

 

Foreign currency volatility

As much of our product is imported, we are vulnerable to significant currency fluctuations.

 

Freight, energy, and general cost of goods

Whilst successful in adapting to vastly increased freight costs through the year, these remain significantly higher than pre-2020. Increased energy and raw material costs continue to drive the price of finished goods higher. The consumer is beginning to see the impact and, if they continue to rise, could alter purchasing habits. This combination represents the biggest threat and will put increasing pressure on margins for the foreseeable future.

Key performance indicators

The directors consider the key performance indicators of the company to be:

 

(i) Turnover: This is a customer driven group, turnover is a key indicator of being in more customer homes. The turnover has decreased in the current year.

(ii) Inventory: The group delivers immediately to the customers, this is possible only with good stocking levels. The levels for key categories are healthy.

(iii) Customer Engagement: The group continues to enjoy very high trust from customers with ratings over 4.8/5.

(iv) Current Ratio: A current ratio of 3.68 (2023: 4.22), being the ratio of current assets to current liabilities, Management consider this to be a positive indicator in the ability of the business to meet its short term obligations.

On behalf of the board

Mr V Avasthi
Director
23 October 2024
HOMESCAPES EUROPA LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 January 2024.

Principal activities

The principal activity of the company and group continued to be that of importing, wholesaling and retailing of household textiles and furnishings.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £150,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mrs J Avasthi
Mr V Avasthi
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

HOMESCAPES EUROPA LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
On behalf of the board
Mr V Avasthi
Director
23 October 2024
HOMESCAPES EUROPA LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HOMESCAPES EUROPA LIMITED
- 4 -
Opinion

We have audited the financial statements of Homescapes Europa Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

HOMESCAPES EUROPA LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HOMESCAPES EUROPA LIMITED
- 5 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Irregularities, including fraud are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Based on our understanding of the company and the industry in which it operates, we identified that principal risks of non-compliance with laws and regulations related to breaches of the Sale of Goods Act 1979 and employment laws, and we considered the extent to which non-compliance might have a material effect on the financial statements. Additionally, we considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks related to posting journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates and significant one-off or unusual transactions. Audit procedures performed by the engagement team included:

 

- Discussions with management and those charged with governance including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

- Evaluation and testing of the operating effectiveness of management's entity level controls designed to prevent and detect irregularities;

- Performing testing on month-end adjustments;

- Incorporating unpredictability into the nature, timing and/or extent of our testing;

- Challenging assumptions and judgements made by management in their significant accounting estimates;

- Identifying and testing journal entries, in particular any journal entries posted by infrequent users or senior management or posted with descriptions indicating a higher level of risk.

HOMESCAPES EUROPA LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HOMESCAPES EUROPA LIMITED
- 6 -

Whilst our audit did not identify any significant matters relating to the detection of irregularities including fraud, and despite the audit being planned and conducted in accordance with ISAs (UK), there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity would likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Mr Alan Edward Jones FCCA (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited
23 October 2024
Chartered Accountants
Statutory Auditor
The Beehive
Beehive Ring Road
London Gatwick Airport
Gatwick
United Kingdom
RH6 0PA
HOMESCAPES EUROPA LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
14,994,008
12,279,155
Cost of sales
(12,449,342)
(9,810,359)
Gross profit
2,544,666
2,468,796
Administrative expenses
(2,759,799)
(2,199,595)
Other operating income
9,802
199
Operating (loss)/profit
5
(205,331)
269,400
Interest receivable and similar income
8
327
782
Interest payable and similar expenses
9
(13,388)
(13,478)
Amounts written off investments
10
2,964
(10,535)
(Loss)/profit before taxation
(215,428)
246,169
Tax on (loss)/profit
11
43,994
(69,573)
(Loss)/profit for the financial year
(171,434)
176,596
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
HOMESCAPES EUROPA LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
2024
2023
£
£
(Loss)/profit for the year
(171,434)
176,596
Other comprehensive income
-
-
Total comprehensive income for the year
(171,434)
176,596
Total comprehensive income for the year is all attributable to the owners of the parent company.
HOMESCAPES EUROPA LIMITED
GROUP BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
310,460
348,341
Current assets
Stocks
17
4,151,956
3,979,044
Debtors
18
1,089,494
915,089
Investments
19
251,460
248,496
Cash at bank and in hand
826,490
1,269,346
6,319,400
6,411,975
Creditors: amounts falling due within one year
20
(1,717,446)
(1,517,656)
Net current assets
4,601,954
4,894,319
Total assets less current liabilities
4,912,414
5,242,660
Creditors: amounts falling due after more than one year
21
-
(1,282)
Provisions for liabilities
Deferred tax liability
24
68,128
75,658
(68,128)
(75,658)
Net assets
4,844,286
5,165,720
Capital and reserves
Called up share capital
26
1,000
1,000
Profit and loss reserves
4,843,286
5,164,720
Total equity
4,844,286
5,165,720

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 23 October 2024 and are signed on its behalf by:
23 October 2024
Mr V Avasthi
Director
Company registration number 04074935 (England and Wales)
HOMESCAPES EUROPA LIMITED
COMPANY BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
310,460
348,341
Investments
14
22,028
22,028
332,488
370,369
Current assets
Stocks
17
4,151,956
3,979,044
Debtors
18
1,071,725
911,309
Investments
19
251,460
248,496
Cash at bank and in hand
778,892
1,268,037
6,254,033
6,406,886
Creditors: amounts falling due within one year
20
(1,706,481)
(1,550,421)
Net current assets
4,547,552
4,856,465
Total assets less current liabilities
4,880,040
5,226,834
Creditors: amounts falling due after more than one year
21
-
(1,282)
Provisions for liabilities
Deferred tax liability
24
68,128
75,658
(68,128)
(75,658)
Net assets
4,811,912
5,149,894
Capital and reserves
Called up share capital
26
1,000
1,000
Profit and loss reserves
4,810,912
5,148,894
Total equity
4,811,912
5,149,894

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company's profit for the year was £160,770 (2022 - £641,254 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 23 October 2024 and are signed on its behalf by:
23 October 2024
Mr V Avasthi
Director
Company registration number 04074935 (England and Wales)
HOMESCAPES EUROPA LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 February 2022
1,000
5,138,124
5,139,124
Year ended 31 January 2023:
Profit and total comprehensive income
-
176,596
176,596
Dividends
12
-
(150,000)
(150,000)
Balance at 31 January 2023
1,000
5,164,720
5,165,720
Year ended 31 January 2024:
Loss and total comprehensive income
-
(171,434)
(171,434)
Dividends
12
-
(150,000)
(150,000)
Balance at 31 January 2024
1,000
4,843,286
4,844,286
HOMESCAPES EUROPA LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 February 2022
1,000
5,138,124
5,139,124
Year ended 31 January 2023:
Profit and total comprehensive income for the year
-
160,770
160,770
Dividends
12
-
(150,000)
(150,000)
Balance at 31 January 2023
1,000
5,148,894
5,149,894
Year ended 31 January 2024:
Profit and total comprehensive income
-
(187,982)
(187,982)
Dividends
12
-
(150,000)
(150,000)
Balance at 31 January 2024
1,000
4,810,912
4,811,912
HOMESCAPES EUROPA LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
29
(36,278)
294,392
Interest paid
(13,388)
(13,478)
Income taxes paid
(61,568)
(40,292)
Net cash (outflow)/inflow from operating activities
(111,234)
240,622
Investing activities
Purchase of tangible fixed assets
(48,399)
(31,037)
Repayment of loans
(14,288)
(64,460)
Interest received
327
782
Net cash used in investing activities
(62,360)
(94,715)
Financing activities
Proceeds from new bank loans
-
294,429
Repayment of bank loans
(116,898)
-
Payment of finance leases obligations
(2,364)
(10,658)
Dividends paid to equity shareholders
(150,000)
(150,000)
Net cash (used in)/generated from financing activities
(269,262)
133,771
Net (decrease)/increase in cash and cash equivalents
(442,856)
279,678
Cash and cash equivalents at beginning of year
1,269,346
989,668
Cash and cash equivalents at end of year
826,490
1,269,346
HOMESCAPES EUROPA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 14 -
1
Accounting policies
Company information

Homescapes Europa Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 1, Corngreaves Industrial Estate, Central Avenue, Cradley Heath, West Midlands, B64 7BY.

 

The group consists of Homescapes Europa Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

HOMESCAPES EUROPA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Homescapes Europa Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 January 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

HOMESCAPES EUROPA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 16 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
10 - 20% on cost
Computers
33% on cost
Motor vehicles
20% on cost
Improvements to property
10 - 20% on cost

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 recognised in the profit and loss account.

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

HOMESCAPES EUROPA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 17 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

HOMESCAPES EUROPA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 18 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

HOMESCAPES EUROPA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 19 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
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 group’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 if, and only if, there is 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.

HOMESCAPES EUROPA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 20 -
1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.17
Foreign exchange

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.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

HOMESCAPES EUROPA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 21 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
9,568,348
8,340,015
Europe
5,425,660
3,939,140
14,994,008
12,279,155
2024
2023
£
£
Other revenue
Interest income
327
782
4
Exceptional item
2024
2023
£
£
Expenditure
Exceptional item
745,727
425,167
745,727
425,167

The exceptional items represents costs incurred in the set up and support of the new German subsidiary totalling £469,774, along with £217,653 of unexpected advertising recharges from a customer and £58,300 of one off logistics costs.

5
Operating (loss)/profit
2024
2023
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(49,388)
55,943
Fees payable to the group's auditor for the audit of the group's financial statements
8,000
8,000
Depreciation of owned tangible fixed assets
86,280
92,658
Operating lease charges
245,430
252,721
HOMESCAPES EUROPA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 22 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Distribution
35
34
31
30
Admin & Finance
3
3
3
3
Technical Support
1
1
1
1
Management
1
1
1
1
Total
40
39
36
35

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,025,710
2,558,302
2,896,868
2,509,134
Social security costs
86,752
61,588
56,133
50,274
Pension costs
127,866
93,043
127,866
92,837
3,240,328
2,712,933
3,080,867
2,652,245
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
24,000
24,000
Company pension contributions to defined contribution schemes
113,679
80,346
137,679
104,346
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
327
782
HOMESCAPES EUROPA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 23 -
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
13,149
11,994
Interest on finance leases and hire purchase contracts
239
1,484
Total finance costs
13,388
13,478
10
Amounts written off investments
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Gain/(loss) on financial assets held at fair value through profit or loss
2,964
(10,535)
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(36,464)
54,518
Foreign current tax on profits for the current period
-
0
6,780
Total current tax
(36,464)
61,298
Deferred tax
Origination and reversal of timing differences
(7,530)
8,275
Total tax (credit)/charge
(43,994)
69,573

The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
(Loss)/profit before taxation
(215,428)
246,169
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(53,857)
46,772
Tax effect of expenses that are not deductible in determining taxable profit
577
2,102
Effect of change in corporation tax rate
10,967
-
Permanent capital allowances in excess of depreciation
9,917
9,939
Effect of overseas tax rates
(4,068)
2,485
Deferred tax adjustments in respect of prior years
(7,530)
8,275
Taxation (credit)/charge
(43,994)
69,573
HOMESCAPES EUROPA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 24 -
12
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
37,500
37,500
Interim paid
112,500
112,500
150,000
150,000
13
Tangible fixed assets
Group
Fixtures and fittings
Computers
Motor vehicles
Improvements to property
Total
£
£
£
£
£
Cost
At 1 February 2023
639,976
32,363
130,574
96,053
898,966
Additions
337
3,072
44,990
-
0
48,399
At 31 January 2024
640,313
35,435
175,564
96,053
947,365
Depreciation and impairment
At 1 February 2023
364,294
24,127
111,861
50,343
550,625
Depreciation charged in the year
57,158
6,033
13,484
9,605
86,280
At 31 January 2024
421,452
30,160
125,345
59,948
636,905
Carrying amount
At 31 January 2024
218,861
5,275
50,219
36,105
310,460
At 31 January 2023
275,682
8,236
18,713
45,710
348,341
HOMESCAPES EUROPA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
13
Tangible fixed assets
(Continued)
- 25 -
Company
Fixtures and fittings
Computers
Motor vehicles
Improvements to property
Total
£
£
£
£
£
Cost
At 1 February 2023
639,976
32,363
130,574
96,053
898,966
Additions
337
3,072
44,990
-
0
48,399
At 31 January 2024
640,313
35,435
175,564
96,053
947,365
Depreciation and impairment
At 1 February 2023
364,294
24,127
111,861
50,343
550,625
Depreciation charged in the year
57,158
6,033
13,484
9,605
86,280
At 31 January 2024
421,452
30,160
125,345
59,948
636,905
Carrying amount
At 31 January 2024
218,861
5,275
50,219
36,105
310,460
At 31 January 2023
275,682
8,236
18,713
45,710
348,341
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
22,028
22,028
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 February 2023 and 31 January 2024
22,028
Carrying amount
At 31 January 2024
22,028
At 31 January 2023
22,028
15
Subsidiaries

Details of the company's subsidiaries at 31 January 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Homescapes GmbH
Germany
Ordinary
100.00
HOMESCAPES EUROPA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 26 -
16
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
251,460
248,496
251,460
248,496
17
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
4,151,956
3,979,044
4,151,956
3,979,044
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
489,790
309,995
472,021
307,728
Corporation tax recoverable
65,376
25,465
65,376
23,952
Amounts owed by undertakings in which the company has a participating interest
331,227
412,267
331,227
412,267
Other debtors
152,445
138,157
152,445
138,157
Prepayments and accrued income
50,656
29,205
50,656
29,205
1,089,494
915,089
1,071,725
911,309

Amounts owed by related parties and group undertakings do no bear interest and are repayable on demand.

19
Current asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Unlisted investments
251,460
248,496
251,460
248,496
HOMESCAPES EUROPA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 27 -
20
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
22
177,531
294,429
177,531
294,429
Obligations under finance leases
23
1,282
2,364
1,282
2,364
Trade creditors
1,212,822
891,241
1,183,153
880,852
Amounts owed to group undertakings
-
0
-
0
19,443
56,167
Corporation tax payable
-
0
58,121
-
0
54,518
Other taxation and social security
262,353
196,020
262,353
191,744
Other creditors
46,917
55,204
46,917
52,590
Accruals and deferred income
16,541
20,277
15,802
17,757
1,717,446
1,517,656
1,706,481
1,550,421

Amounts owed to related parties and group undertakings do no bear interest and are repayable on demand.

21
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
23
-
0
1,282
-
0
1,282
22
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
177,531
294,429
177,531
294,429
Payable within one year
177,531
294,429
177,531
294,429

The bank loan outstanding represents a short term loan in favour of HSBC, secured on the goods value imported.

 

On the 18th April 2013, a fixed and floating charge was created secured against all assets of the company in favour of HSBC Bank plc.

HOMESCAPES EUROPA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 28 -
23
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
1,282
2,364
1,282
2,364
In two to five years
-
0
1,282
-
0
1,282
1,282
3,646
1,282
3,646
24
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
68,128
75,658
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
68,128
75,658
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 February 2023
75,658
75,658
Credit to profit or loss
(7,530)
(7,530)
Liability at 31 January 2024
68,128
68,128

A deferred tax provision has arisen as a result of accelerated capital allowances.

25
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
127,866
93,043
HOMESCAPES EUROPA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
25
Retirement benefit schemes
(Continued)
- 29 -

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

26
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
27
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
473,088
474,968
473,088
474,968
Between two and five years
730,846
1,150,438
730,846
1,150,438
In over five years
536,976
715,968
536,976
715,968
1,740,910
2,341,374
1,740,910
2,341,374
28
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Group
Other related parties
-
441,446
-
971,849

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Other related parties
-
412,267
HOMESCAPES EUROPA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 30 -
29
Cash (absorbed by)/generated from group operations
2024
2023
£
£
(Loss)/profit for the year after tax
(171,434)
176,596
Adjustments for:
Taxation (credited)/charged
(43,994)
69,573
Finance costs
13,388
13,478
Investment income
(327)
(782)
Depreciation and impairment of tangible fixed assets
86,280
92,658
Other gains and losses
(2,964)
10,535
Movements in working capital:
Increase in stocks
(172,912)
(8,902)
Increase in debtors
(120,206)
(30,984)
Increase/(decrease) in creditors
375,891
(27,780)
Cash (absorbed by)/generated from operations
(36,278)
294,392
30
Analysis of changes in net funds - group
1 February 2023
Cash flows
31 January 2024
£
£
£
Cash at bank and in hand
1,269,346
(442,856)
826,490
Borrowings excluding overdrafts
(294,429)
116,898
(177,531)
Obligations under finance leases
(3,646)
2,364
(1,282)
971,271
(323,594)
647,677
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