Turtle Doves ( Not Just Gloves ) Limited 07101023 false 2023-02-01 2024-01-28 2024-01-28 The principal activity of the company is the manufacture and sale of recycled fingerless gloves and other accessories. Digita Accounts Production Advanced 6.30.9574.0 true true 07101023 2023-02-01 2024-01-28 07101023 2024-01-28 07101023 bus:Director11 2024-01-28 07101023 bus:Director12 2024-01-28 07101023 bus:Director13 1 2024-01-28 07101023 bus:Director2 2024-01-28 07101023 bus:Director5 2024-01-28 07101023 bus:OrdinaryShareClass1 2024-01-28 07101023 bus:OrdinaryShareClass2 2024-01-28 07101023 core:AcceleratedTaxDepreciationDeferredTax 2024-01-28 07101023 core:ProvisionsDeferredTax 2024-01-28 07101023 core:TaxLossesCarry-forwardsDeferredTax 2024-01-28 07101023 core:RetainedEarningsAccumulatedLosses 2024-01-28 07101023 core:ShareCapital 2024-01-28 07101023 core:FinanceLeases core:CurrentFinancialInstruments 2024-01-28 07101023 core:FinanceLeases core:Non-currentFinancialInstruments 2024-01-28 07101023 core:CurrentFinancialInstruments 2024-01-28 07101023 core:Non-currentFinancialInstruments 2024-01-28 07101023 core:Goodwill 2024-01-28 07101023 core:PatentsTrademarksLicencesConcessionsSimilar 2024-01-28 07101023 core:BetweenFourFiveYears 2024-01-28 07101023 core:BetweenOneTwoYears 2024-01-28 07101023 core:BetweenThreeFourYears 2024-01-28 07101023 core:BetweenTwoThreeYears 2024-01-28 07101023 core:WithinOneYear 2024-01-28 07101023 core:OwnedOrFreeholdAssets 2024-01-28 07101023 core:Right-of-useAssets 2024-01-28 07101023 core:Buildings core:Right-of-useAssets 2024-01-28 07101023 core:FurnitureFittingsToolsEquipment core:OwnedOrFreeholdAssets 2024-01-28 07101023 core:LandBuildings core:OwnedOrFreeholdAssets 2024-01-28 07101023 core:MotorVehicles core:OwnedOrFreeholdAssets 2024-01-28 07101023 core:OtherPropertyPlantEquipment core:OwnedOrFreeholdAssets 2024-01-28 07101023 bus:FRS101 2023-02-01 2024-01-28 07101023 bus:Audited 2023-02-01 2024-01-28 07101023 bus:FullAccounts 2023-02-01 2024-01-28 07101023 bus:RegisteredOffice 2023-02-01 2024-01-28 07101023 bus:Director1 2023-02-01 2024-01-28 07101023 bus:Director11 2023-02-01 2024-01-28 07101023 bus:Director12 2023-02-01 2024-01-28 07101023 bus:Director13 2023-02-01 2024-01-28 07101023 bus:Director13 1 2023-02-01 2024-01-28 07101023 bus:Director2 2023-02-01 2024-01-28 07101023 bus:Director3 2023-02-01 2024-01-28 07101023 bus:Director4 2023-02-01 2024-01-28 07101023 bus:Director5 2023-02-01 2024-01-28 07101023 bus:Director6 2023-02-01 2024-01-28 07101023 bus:Director7 2023-02-01 2024-01-28 07101023 bus:Director9 2023-02-01 2024-01-28 07101023 bus:OrdinaryShareClass1 2023-02-01 2024-01-28 07101023 bus:OrdinaryShareClass2 2023-02-01 2024-01-28 07101023 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-28 07101023 core:RetainedEarningsAccumulatedLosses 2023-02-01 2024-01-28 07101023 core:ShareCapital 2023-02-01 2024-01-28 07101023 countries:RestEuropeOutsideUK 2023-02-01 2024-01-28 07101023 countries:RestWorldOutsideUK 2023-02-01 2024-01-28 07101023 countries:UnitedKingdom 2023-02-01 2024-01-28 07101023 core:Goodwill 2023-02-01 2024-01-28 07101023 core:PatentsTrademarksLicencesConcessionsSimilar 2023-02-01 2024-01-28 07101023 core:OwnedOrFreeholdAssets 2023-02-01 2024-01-28 07101023 core:Right-of-useAssets 2023-02-01 2024-01-28 07101023 core:Buildings core:Right-of-useAssets 2023-02-01 2024-01-28 07101023 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-28 07101023 core:FurnitureFittingsToolsEquipment core:OwnedOrFreeholdAssets 2023-02-01 2024-01-28 07101023 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-01 2024-01-28 07101023 core:LeaseholdImprovements 2023-02-01 2024-01-28 07101023 core:MotorVehicles 2023-02-01 2024-01-28 07101023 core:MotorVehicles core:OwnedOrFreeholdAssets 2023-02-01 2024-01-28 07101023 core:OtherPropertyPlantEquipment 2023-02-01 2024-01-28 07101023 core:OtherPropertyPlantEquipment core:OwnedOrFreeholdAssets 2023-02-01 2024-01-28 07101023 core:UKTax 2023-02-01 2024-01-28 07101023 1 2023-02-01 2024-01-28 07101023 countries:EnglandWales 2023-02-01 2024-01-28 07101023 2023-01-31 07101023 bus:Director13 1 2023-01-31 07101023 core:RetainedEarningsAccumulatedLosses 2023-01-31 07101023 core:ShareCapital 2023-01-31 07101023 core:Goodwill 2023-01-31 07101023 core:PatentsTrademarksLicencesConcessionsSimilar 2023-01-31 07101023 core:OwnedOrFreeholdAssets 2023-01-31 07101023 core:Right-of-useAssets 2023-01-31 07101023 core:Buildings core:Right-of-useAssets 2023-01-31 07101023 core:FurnitureFittingsToolsEquipment core:OwnedOrFreeholdAssets 2023-01-31 07101023 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-31 07101023 core:MotorVehicles core:OwnedOrFreeholdAssets 2023-01-31 07101023 core:OtherPropertyPlantEquipment core:OwnedOrFreeholdAssets 2023-01-31 07101023 2022-04-01 2023-01-31 07101023 2023-01-31 07101023 bus:Director13 1 2023-01-31 07101023 bus:OrdinaryShareClass1 2023-01-31 07101023 bus:OrdinaryShareClass2 2023-01-31 07101023 core:AcceleratedTaxDepreciationDeferredTax 2023-01-31 07101023 core:ProvisionsDeferredTax 2023-01-31 07101023 core:TaxLossesCarry-forwardsDeferredTax 2023-01-31 07101023 core:FinanceLeases core:CurrentFinancialInstruments 2023-01-31 07101023 core:FinanceLeases core:Non-currentFinancialInstruments 2023-01-31 07101023 core:CurrentFinancialInstruments 2023-01-31 07101023 core:Non-currentFinancialInstruments 2023-01-31 07101023 core:Goodwill 2023-01-31 07101023 core:PatentsTrademarksLicencesConcessionsSimilar 2023-01-31 07101023 core:BetweenFourFiveYears 2023-01-31 07101023 core:BetweenOneTwoYears 2023-01-31 07101023 core:BetweenThreeFourYears 2023-01-31 07101023 core:BetweenTwoThreeYears 2023-01-31 07101023 core:WithinOneYear 2023-01-31 07101023 core:OwnedOrFreeholdAssets 2023-01-31 07101023 core:Right-of-useAssets 2023-01-31 07101023 core:Buildings core:Right-of-useAssets 2023-01-31 07101023 core:FurnitureFittingsToolsEquipment core:OwnedOrFreeholdAssets 2023-01-31 07101023 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-31 07101023 core:MotorVehicles core:OwnedOrFreeholdAssets 2023-01-31 07101023 core:OtherPropertyPlantEquipment core:OwnedOrFreeholdAssets 2023-01-31 07101023 bus:Director13 1 2022-04-01 2023-01-31 07101023 core:RetainedEarningsAccumulatedLosses 2022-04-01 2023-01-31 07101023 core:ShareCapital 2022-04-01 2023-01-31 07101023 countries:RestEuropeOutsideUK 2022-04-01 2023-01-31 07101023 countries:RestWorldOutsideUK 2022-04-01 2023-01-31 07101023 countries:UnitedKingdom 2022-04-01 2023-01-31 07101023 core:Goodwill 2022-04-01 2023-01-31 07101023 core:PatentsTrademarksLicencesConcessionsSimilar 2022-04-01 2023-01-31 07101023 core:OwnedOrFreeholdAssets 2022-04-01 2023-01-31 07101023 core:Right-of-useAssets 2022-04-01 2023-01-31 07101023 core:Buildings core:Right-of-useAssets 2022-04-01 2023-01-31 07101023 core:FurnitureFittingsToolsEquipment core:OwnedOrFreeholdAssets 2022-04-01 2023-01-31 07101023 core:LandBuildings core:OwnedOrFreeholdAssets 2022-04-01 2023-01-31 07101023 core:MotorVehicles core:OwnedOrFreeholdAssets 2022-04-01 2023-01-31 07101023 core:OtherPropertyPlantEquipment core:OwnedOrFreeholdAssets 2022-04-01 2023-01-31 07101023 core:UKTax 2022-04-01 2023-01-31 07101023 2022-03-31 07101023 bus:Director13 1 2022-03-31 07101023 core:RetainedEarningsAccumulatedLosses 2022-03-31 07101023 core:ShareCapital 2022-03-31 07101023 core:Goodwill 2022-03-31 07101023 core:PatentsTrademarksLicencesConcessionsSimilar 2022-03-31 07101023 core:OwnedOrFreeholdAssets 2022-03-31 07101023 core:Right-of-useAssets 2022-03-31 07101023 core:Buildings core:Right-of-useAssets 2022-03-31 07101023 core:FurnitureFittingsToolsEquipment core:OwnedOrFreeholdAssets 2022-03-31 07101023 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 07101023 core:MotorVehicles core:OwnedOrFreeholdAssets 2022-03-31 07101023 core:OtherPropertyPlantEquipment core:OwnedOrFreeholdAssets 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07101023

Turtle Doves ( Not Just Gloves ) Limited

Annual Report and Financial Statements
Period from 1 February 2023 to 28 January 2024

Registration number: 07101023

 

Turtle Doves ( Not Just Gloves ) Limited

Contents

Company Information

1

Directors' Report

2 to 3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Income Statement

8

Statement of Comprehensive Income

9

Statement of Financial Position

10 to 11

Statement of Changes in Equity

12

Notes to the Financial Statements

13 to 29

 

Turtle Doves ( Not Just Gloves ) Limited

Company Information

Directors

Mr N R Whitworth

Mr H T Bergs

Mr J Williams

Mr S G Mackenzie

Mr B L M Barnett

Mrs K A Whitworth

Ms A Fadeeva

Mr T Sarucan

Registered office

Units 2&2a Indian Queens Industrial Estate
Indian Queens
St. Columb
England
TR9 6TF

Auditors

PKF Francis Clark
Unit 18, 23 Melville Building East
Royal William Yard
Plymouth
Devon
PL1 3GW

 

Turtle Doves ( Not Just Gloves ) Limited

Directors' Report for the Period from 1 February 2023 to 28 January 2024

The Directors present their report and the financial statements for the period from 1 February 2023 to 28 January 2024.

Directors' of the Company

The Directors, who held office during the period, were as follows:

Mr N R Whitworth

Mr G R Holbrook (resigned 9 April 2024)

Mr H T Bergs

Mr J Williams

Mr L E Harlow (resigned 22 May 2023)

Mr S G Mackenzie

Mr B L M Barnett

Mrs K A Whitworth

Ms A Fadeeva (appointed 22 May 2023)

The following Director was appointed after the period end:

Mr T Sarucan (appointed 30 January 2024)

Principal activity

The principal activity of the Company is the manufacture and sale of recycled fingerless gloves and other accessories.

Dividends
The Directors do not recommend the payment of a dividend (2023: £Nil).

Political contributions
The Company made no political donations or incurred no political expenditure during the period (2023: £Nil).

Charitable donations
During the period the Company made no significant charitable donations (2023: £Nil).

Going concern

The Directors have carefully considered the Company’s financial position, liquidity and future cash-flow requirements of the Company. Accordingly based on the forecasts the Directors have prepared for the Company and Group, they have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and they believe it is appropriate to apply the going concern basis of accounting in preparing the financial statements. The Group remain profitable as a whole and there has been reassurances received from the Directors of the Group companies that support would be forthcoming if needed by the Company.

 

Turtle Doves ( Not Just Gloves ) Limited

Directors' Report for the Period from 1 February 2023 to 28 January 2024

Important non adjusting events after the financial period

On 26 March 2024, it was announced to staff at Turtle Doves (Not Just Gloves) Limited the decision to relocate the Company's operations from Shrewsbury to its parent company, Refined Brands Limited’s, head office and production factory, located in Cornwall. This move is part of a strategic initiative aimed at consolidating operations, optimising production capabilities, and enhancing overall business efficiency.

The relocation has taken place in the time following the announcement to staff up to the date of the signing of these financial statements and has involved the transfer of all operational activities, including administrative functions and production processes, to the Cornwall facility. This process was substantially completed by the end of July 2024 and the majority of the Company’s staff had left the business by 5th July 2024, with a handful continuing in employment in a transitional role. This relocation is anticipated to result in improved operational synergies and cost efficiencies.

As this event occurred after the balance sheet date and no formal decision had been made, nor announcement made by the end of the financial period, it is considered a non-adjusting event for financial reporting purposes. Consequently, the financial statements for the period ended 28 January 2024 have not been adjusted to reflect any impact of this relocation.

Disclosure of information to the auditors

Each Director has taken steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Company's auditor is aware of that information. The Directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Small companies provision statement

This report has been prepared in accordance with the special provisions of section 381 of the the Companies Act 2006 relating to small companies. The Directors have taken exemption under the regime not to disclose the strategic report.

Approved by the board on 28 October 2024 and signed on its behalf by:
 

.........................................
Mr J Williams
Director

 

Turtle Doves ( Not Just Gloves ) Limited

Statement of Directors' Responsibilities

The Directors acknowledge their responsibilities 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 Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 101 'Reduced Disclosure Framework' ('FRS 101'). 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 of the profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether FRS 101 has been followed, subject to any material departures disclosed and explained in the financial statements; and

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 transactions and disclose with reasonable accuracy at any time the financial position of the 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 Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

 

Turtle Doves ( Not Just Gloves ) Limited

Independent Auditor's Report to the Members of Turtle Doves ( Not Just Gloves ) Limited

Opinion

We have audited the financial statements of Turtle Doves ( Not Just Gloves ) Limited (the 'Company') for the period from 1 February 2023 to 28 January 2024, which comprise the Income Statement, Statement of Comprehensive Income, Statement of Financial Position , Statement of Changes in Equity, and 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 101 'Reduced Disclosure Framework', in accordance with the provisions applicable to companies subject to the small companies regime.

In our opinion the financial statements:

give a true and fair view of the state of the Company's affairs as at 28 January 2024 and of its loss 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 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 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 the provisions available for small entities, in the circumstances set out in note 26 to the financial statements, 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 Company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Turtle Doves ( Not Just Gloves ) Limited

Independent Auditor's Report to the Members of Turtle Doves ( Not Just Gloves ) Limited

We have nothing to report in this regard.

Opinion on other matter 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 Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

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

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of Directors’ remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit; or

the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.

Responsibilities of Directors

As explained more fully in the Statement of Directors' Responsibilities, set out on page 4, 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 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 Company or to cease operations, or have no realistic alternative but to do so.

Auditor 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.

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

 

Turtle Doves ( Not Just Gloves ) Limited

Independent Auditor's Report to the Members of Turtle Doves ( Not Just Gloves ) Limited

We considered those laws and regulations that have a direct impact on the preparation of the financial statements, including, but not limited to the reporting framework (FRS101 and Companies Act 2006) and the relevant tax compliance regulations in the UK.

As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the entity’s ability to continue operating and the risk of material misstatement to the accounts. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:
• Reviewing legal and professional costs to identify legal costs in respect of non compliance;
• Making enquiries with management whether there have been any known instances, allegations or suspicions of fraud or non-compliance with laws and regulations;
• Review of tax compliance; and
• Reviewing board minutes where available.

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 were related to fraudulent financial reporting. Our procedures involved the following;
• Substantive testing of sales occurrence;
• Reviewing nominal journal entries for reasonableness;
• Reviewing significant accounting estimates for bias; and
• Reviewing inventories for evidence of impairment.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission or misrepresentation.

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

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 an auditor’s report 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.

......................................
James Barrett (Senior Statutory Auditor)
For and on behalf of PKF Francis Clark, Statutory Auditor

Unit 18, 23 Melville Building East
Royal William Yard
Plymouth
Devon
PL1 3GW

29 October 2024

 

Turtle Doves ( Not Just Gloves ) Limited

Income Statement

Period from 1 February 2023 to 28 January 2024

Note

2024
£

10 months
2023
£

Turnover

4

4,154,539

3,874,767

Cost of sales

 

(2,984,525)

(3,091,622)

Gross profit

 

1,170,014

783,145

Administrative expenses

 

(1,224,039)

(744,366)

Operating (loss)/profit

5

(54,025)

38,779

Interest receivable and similar income

6

3,491

485

Interest payable and similar expenses

7

(50,788)

(100,089)

 

(47,297)

(99,604)

Loss before tax

 

(101,322)

(60,825)

Tax on loss

11

21,667

5,396

Loss for the period

 

(79,655)

(55,429)

The above results were derived from continuing operations.

 

Turtle Doves ( Not Just Gloves ) Limited

Statement of Comprehensive Income

Period from 1 February 2023 to 28 January 2024

2024
£

2023
£

Loss for the period

(79,655)

(55,429)

Total comprehensive loss for the period

(79,655)

(55,429)

 

Turtle Doves ( Not Just Gloves ) Limited

Statement of Financial Position

28 January 2024

Note

28 January
2024
£

31 January
2023
£

Assets

Non-current assets

 

Property, plant and equipment

13

121,947

96,891

Right of use assets

14

115,761

148,164

Intangible assets

12

4,269

6,024

 

241,977

251,079

Current assets

 

Inventories

15

524,611

670,257

Trade and other receivables

16

426,619

266,671

Cash and cash equivalents

17

884,255

677,986

 

1,835,485

1,614,914

Total assets

 

2,077,462

1,865,993

Equity and liabilities

Equity

 

Called up share capital

21

100

100

Retained earnings

 

367,512

447,167

 

367,612

447,267

Non-current liabilities

 

Loans and borrowings

19

85,011

118,071

Deferred tax liabilities

11

24,343

15,170

Amounts due to related parties

19

578,108

578,108

 

687,462

711,349

Current liabilities

 

Trade and other payables

18

989,328

665,870

Loans and borrowings

19

33,060

32,133

Income tax liability

 

-

9,374

 

1,022,388

707,377

Total liabilities

 

1,709,850

1,418,726

Total equity and liabilities

 

2,077,462

1,865,993

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

 

Turtle Doves ( Not Just Gloves ) Limited

Statement of Financial Position

28 January 2024

Approved by the board and authorised for use on 28 October 2024 and signed on its behalf by:

.........................................

Mr J Williams

Director

Company registration number: 07101023

 

Turtle Doves ( Not Just Gloves ) Limited

Statement of Changes in Equity

Period from 1 February 2023 to 28 January 2024

Share capital
£

Retained earnings
£

Total
£

At 1 February 2023

100

447,167

447,267

Loss for the period

-

(79,655)

(79,655)

Total comprehensive loss

-

(79,655)

(79,655)

At 28 January 2024

100

367,512

367,612

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

100

502,596

502,696

Loss for the period

-

(55,429)

(55,429)

Total comprehensive loss

-

(55,429)

(55,429)

At 31 January 2023

100

447,167

447,267

 

Turtle Doves ( Not Just Gloves ) Limited

Notes to the Financial Statements

Period from 1 February 2023 to 28 January 2024

1

General information

The Company is a private company limited by share capital, incorporated and domiciled in England and Wales.

The address of its registered office is:
Units 2&2a Indian Queens Industrial Estate
Indian Queens
St. Columb
England
TR9 6TF

These financial statements were authorised for issue by the board on 28 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.

Basis of preparation

These financial statements were prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework.

Summary of disclosure exemptions
The Company has taken advantage of the following disclosure exemptions:
(1) Cash flow statement
(2) Key management personnel remuneration
(3) Transactions with parent company and wholly owned subsidiaries
(4) Applicable financial instrument and fair value disclosure
(5) Impact of new IFRS standards that have been issued but are not yet effective.

Going concern

The Directors have carefully considered the Company’s financial position, liquidity and future cash-flow requirements of the Company. Accordingly based on the forecasts the Directors have prepared for the Company and Group, they have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and they believe it is appropriate to apply the going concern basis of accounting in preparing the financial statements. The Group remain profitable as a whole and there has been reassurances received from the Directors of the Group companies that support would be forthcoming if needed by the Company.

 

Turtle Doves ( Not Just Gloves ) Limited

Notes to the Financial Statements

Period from 1 February 2023 to 28 January 2024

Changes in accounting policy

None of the standards, interpretations and amendments effective for the first time from 1 February 2023 have had a material effect on the financial statements.

Revenue recognition

Recognition

The Company earns revenue from the sale of goods. Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the Company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.

Revenue is recognised at point of dispatch for the sale of goods. There are no contracts whose performance obligations are satisfied over time. Contracts with customers do not contain a financing component or an element of variable consideration. The Company does not offer an option to purchase a warranty.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Property, Plant and Equipment

Property, plant and equipment is stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

 

Turtle Doves ( Not Just Gloves ) Limited

Notes to the Financial Statements

Period from 1 February 2023 to 28 January 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold Iand and buildings

2% Straight Line

Fixtures, fittings & equipment

25% Straight line - 33% Reducing balance

Motor vehicles

20% Straight Line

Other property, plant and equipment

15% Straight line - 25% Reducing balance

Right-of-use asset
Right-of-use assets consist of a lease for a property under IFRS16. These assets are depreciated over the shorter of the lease term and the useful life of the underlying asset. Depreciation starts at the commencement date of the lease and has been charged at 14-17% straight line.

Intangible assets

Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses.

Trademarks, licences (including software) and are recognised at cost.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Amortisation method and rate

Goodwill

10% Straight line

Trademark

10% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.

Trade receivables

Trade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets.

Trade and other receivables where payment is due within one year do not constitute a financing transaction and are recorded at the undiscounted amount expected to be received, less attributable transaction costs. Any subsequent impairment is recognised as an expense in profit or loss. All trade and other receivables are subsequently measured at amortised cost, net of impairment. A provision for the impairment of trade receivables is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

 

Turtle Doves ( Not Just Gloves ) Limited

Notes to the Financial Statements

Period from 1 February 2023 to 28 January 2024

Inventories

Inventories and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs incurred in the manufacture of inventories.

Trade payables

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.

Trade payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

At inception of the contract, the Company assesses whether a contract is, or contains, a lease. It recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee. The right-of-use assets and the lease liabilities are presented as separate line items in the statement of financial position.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate. It is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.

The right-of-use assets comprise the initial measurement of the corresponding lease liability, plus lease payments made on or before the commencement day, less any lease incentives received and plus any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a separate entity and has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

 

Turtle Doves ( Not Just Gloves ) Limited

Notes to the Financial Statements

Period from 1 February 2023 to 28 January 2024

Financial instruments

Initial recognition

Financial assets and financial liabilities comprise all assets and liabilities reflected in the statement of financial position, although excluding property, plant and equipment, investment properties, intangible assets, deferred tax assets, prepayments, deferred tax liabilities and employee benefits plan.

The Company recognises financial assets and financial liabilities in the statement of financial position when, and only when, the Company becomes party to the contractual provisions of the financial instrument.

Financial assets are initially recognised at fair value. Financial liabilities are initially recognised at fair value, representing the proceeds received net of premiums, discounts and transaction costs that are directly attributable to the financial liability.

Subsequent to initial measurement, financial assets and financial liabilities are measured at either amortised cost or fair value.

Derecognition

Financial assets

The Company derecognises a financial asset when;
- the contractual rights to the cash flows from the financial asset expire;
- it transfers the right to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred; or
- the Company neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.

On derecognition of a financial asset, the difference between the carrying amount of the asset and the sum of the consideration received is recognised as a gain or loss in the profit or loss.

Financial liabilities

The Company derecognises a financial liability when its contractual obligations are discharged, cancelled, or expire.

3

Critical accounting judgements and key sources of estimation uncertainty

Stock provision
The Directors judge whether any impairment is required of the period end inventories balance on a line by line basis. This is informed by both historical sales and actual sales between the balance sheet date and the date of approval of the financial statements. The carrying value of the provision at period
end is £Nil (2023 - £27,500).

 

Turtle Doves ( Not Just Gloves ) Limited

Notes to the Financial Statements

Period from 1 February 2023 to 28 January 2024

Right of use asset and liability
The lease liability and right of use asset is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate. The discount rate is a key accounting estimate due to the fact that a small difference in the discount rate used will have a significant impact on the present value of the lease liability and right of use asset initially recognised and the subsequent finance charges.

4

Turnover

The analysis of the Company's turnover for the period from continuing operations is as follows:

2024
£

2023
£

Sale of goods

4,154,539

3,874,767

The analysis of the Company's turnover for the period by market is as follows:

2024
£

2023
£

UK

3,950,012

3,642,281

Europe

82,670

92,994

Rest of world

121,857

139,492

4,154,539

3,874,767

5

Operating (loss)/profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

92,576

53,958

Amortisation expense

1,755

1,348

(Profit)/loss on disposal of Property, Plant and Equipment

(373)

7,944

6

Interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

3,491

485

 

Turtle Doves ( Not Just Gloves ) Limited

Notes to the Financial Statements

Period from 1 February 2023 to 28 January 2024

7

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

-

95,822

Interest on right of use liabilities

3,367

4,267

Interest expense on group loans

47,421

-

50,788

100,089

8

Staff costs

The aggregate payroll costs (including Directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

1,124,518

1,030,614

Social security costs

91,212

77,230

Pension costs, defined contribution scheme

49,953

27,318

1,265,683

1,135,162

The average number of persons employed by the Company (including Directors) during the period, analysed by category was as follows:

2024
No.

2023
No.

Production

22

37

Administration and support

10

11

Sales

7

2

Marketing

2

2

Distribution

8

10

49

62

9

Directors' remuneration

The Directors' remuneration for the period was as follows:

2024
£

2023
£

Remuneration

91,495

42,267

10

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

13,460

11,690

 

Turtle Doves ( Not Just Gloves ) Limited

Notes to the Financial Statements

Period from 1 February 2023 to 28 January 2024


 

11

Income tax

Tax charged/(credited) in the income statement

2024
£

2023
£

Current taxation

UK corporation tax adjustment to prior periods

(30,840)

-

Deferred taxation

Arising from origination and reversal of temporary differences

9,173

(5,396)

Tax receipt in the income statement

(21,667)

(5,396)

The tax on profit before tax for the period is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 23.99% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Loss before tax

(101,322)

(60,825)

Corporation tax at standard rate

(24,312)

(11,557)

Decrease in current tax from adjustment for prior periods

(30,840)

-

Increase from effect of expenses not deductible in determining taxable profit (tax loss)

374

2,092

Increase arising from group relief tax reconciliation

32,635

3,394

Deferred tax credit from unrecognised temporary difference from a prior period

-

(3,142)

Deferred tax expense relating to changes in tax rates or laws

369

3,817

Other tax effects for reconciliation between accounting profit and tax expense

107

-

Total tax credit

(21,667)

(5,396)

 

Turtle Doves ( Not Just Gloves ) Limited

Notes to the Financial Statements

Period from 1 February 2023 to 28 January 2024

Deferred tax

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Net deferred tax
£

Accelerated tax depreciation

-

(29,860)

(29,860)

Provisions

928

-

928

Tax losses carry-forwards

4,589

-

4,589

5,517

(29,860)

(24,343)

2023

Asset
£

Liability
£

Net deferred tax
£

Accelerated tax depreciation

-

(23,576)

(23,576)

Provisions

2,945

-

2,945

Tax losses carry-forwards

5,461

-

5,461

8,406

(23,576)

(15,170)

 

Turtle Doves ( Not Just Gloves ) Limited

Notes to the Financial Statements

Period from 1 February 2023 to 28 January 2024

12

Intangible assets

Goodwill
£

Trademarks, patents and licenses
£

Total
£

Cost or valuation

At 1 April 2022

10,500

5,667

16,167

Additions

-

1,370

1,370

At 31 January 2023

10,500

7,037

17,537

At 1 February 2023

10,500

7,037

17,537

At 28 January 2024

10,500

7,037

17,537

Amortisation

At 1 April 2022

7,350

2,815

10,165

Amortisation charge

875

473

1,348

At 31 January 2023

8,225

3,288

11,513

At 1 February 2023

8,225

3,288

11,513

Amortisation charge

1,050

705

1,755

At 28 January 2024

9,275

3,993

13,268

Carrying amount

At 28 January 2024

1,225

3,044

4,269

At 31 January 2023

2,275

3,749

6,024

At 1 April 2022

3,150

2,852

6,002

Amortisation expense is included in administrative expenses.

 

Turtle Doves ( Not Just Gloves ) Limited

Notes to the Financial Statements

Period from 1 February 2023 to 28 January 2024

13

Property, Plant and Equipment

Leasehold land and buildings
£

Furniture, fittings and equipment
£

Motor vehicles
£

Other property, plant and equipment
£

Total
£

Cost or valuation

At 1 April 2022

19,554

153,296

16,246

45,678

234,774

Additions

3,556

11,938

-

5,045

20,539

Disposals

(2,343)

(8,912)

-

-

(11,255)

At 31 January 2023

20,767

156,322

16,246

50,723

244,058

At 1 February 2023

20,767

156,322

16,246

50,723

244,058

Additions

-

19,205

-

66,961

86,166

Disposals

-

(2,475)

-

-

(2,475)

At 28 January 2024

20,767

173,052

16,246

117,684

327,749

Depreciation

At 1 April 2022

391

72,313

16,246

37,581

126,531

Charge for period

387

19,420

-

4,140

23,947

Eliminated on disposal

(35)

(3,276)

-

-

(3,311)

At 31 January 2023

743

88,457

16,246

41,721

147,167

At 1 February 2023

743

88,457

16,246

41,721

147,167

Charge for the period

415

25,077

-

34,681

60,173

Eliminated on disposal

-

(1,538)

-

-

(1,538)

At 28 January 2024

1,158

111,996

16,246

76,402

205,802

Carrying amount

At 28 January 2024

19,609

61,056

-

41,282

121,947

At 31 January 2023

20,024

67,865

-

9,002

96,891

At 1 April 2022

19,163

80,983

-

8,097

108,243

 

Turtle Doves ( Not Just Gloves ) Limited

Notes to the Financial Statements

Period from 1 February 2023 to 28 January 2024

14

Right of use assets

Property
£

Total
£

Cost or valuation

At 1 April 2022

195,921

195,921

At 31 January 2023

195,921

195,921

At 1 February 2023

195,921

195,921

At 28 January 2024

195,921

195,921

Depreciation

At 1 April 2022

17,746

17,746

Charge for period

30,011

30,011

At 31 January 2023

47,757

47,757

At 1 February 2023

47,757

47,757

Charge for the period

32,403

32,403

At 28 January 2024

80,160

80,160

Carrying amount

At 28 January 2024

115,761

115,761

At 31 January 2023

148,164

148,164

15

Inventories

28 January
2024
£

31 January
2023
£

Raw materials and consumables

288,393

192,881

Work in progress

25,451

228,792

Finished goods and goods for resale

210,767

248,584

524,611

670,257

The cost of inventories recognised as an expense in the period amounted to £1,100,783 (2023 - £1,151,089). This is included within cost of sales.

The amount of write-down of inventories recognised as an expense in the period is £Nil (2023 - £27,500). This is included within cost of sales.

 

Turtle Doves ( Not Just Gloves ) Limited

Notes to the Financial Statements

Period from 1 February 2023 to 28 January 2024

16

Trade and other receivables

Trade and other receivables falling due within one year

28 January
2024
£

31 January
2023
£

Trade receivables

279,206

127,042

Receivables from related parties

23,780

28,845

Prepayments

85,889

59,036

Other receivables

37,744

51,748

426,619

266,671

The majority of customers pay for goods in advance. No interest is charged on outstanding trade receivables. The Company does not hold any collateral. The carrying amount of trade and other receivables approximates the fair value.

17

Cash and cash equivalents

28 January
2024
£

31 January
2023
£

Cash on hand

1,644

937

Cash at bank

882,611

677,049

884,255

677,986

 

Turtle Doves ( Not Just Gloves ) Limited

Notes to the Financial Statements

Period from 1 February 2023 to 28 January 2024

18

Trade and other payables

28 January
2024
£

31 January
2023
£

Trade payables

306,354

154,925

Accrued expenses

98,414

42,141

Amounts due to related parties

153,607

-

Social security and other taxes

425,248

407,560

Outstanding defined contribution pension costs

5,705

10,668

Other payables

-

50,576

989,328

665,870

Trade payables and accruals comprise amounts outstanding for trade purchases and ongoing costs. The average credit period for trade purchases is 30-60 days. No interest is charged on overdue amounts.

The Company has have a debenture with HSBC UK Bank Plc dated 09/01/2023 incorporating a fixed and floating charge over all assets. The floating charge covers all the property or undertaking of the Company. A fixed charge and floating charge (floating charge covers all the property or undertaking of the Company) dated 17/09/2022 was registered in favour of Kvika Banki hf.

The carrying amount of the trade and other payables approximates the fair value.

19

Loans and borrowings

28 January
2024
£

31 January
2023
£

Non-current loans and borrowings

Right of use leases

85,011

118,071

Amounts due to related parties

578,108

578,108

663,119

696,179

The amounts due to related parties are repayable 17/09/2032. 6% interest is charged on outstanding balances payable on the final repayment date.

28 January
2024
£

31 January
2023
£

Current loans and borrowings

Right of use leases

33,060

32,133

 

Turtle Doves ( Not Just Gloves ) Limited

Notes to the Financial Statements

Period from 1 February 2023 to 28 January 2024

20

Leases

Lease liabilities maturity analysis

A maturity analysis of lease liabilities based on undiscounted gross cash flow is reported in the table below:

28 January
2024
£

31 January
2023
£

Less than one year

35,500

35,500

2 years

35,500

35,500

3 years

35,500

35,500

4 years

16,000

35,500

5 years

-

16,000

Total lease liabilities (undiscounted)

122,500

158,000

Total cash outflows related to leases

Total cash outflows related to leases are presented in the table below:

Analysed as

28 January
2024
£

31 January
2023
£

Current lease liabilities

33,060

32,133

Non -current lease liabilities

85,011

118,071

Interest

4,429

7,796

Total cash outflow

122,500

158,000

21

Share capital

Allotted, called up and fully paid shares

 

28 January
2024

31 January
2023

 

No.

£

No.

£

Ordinary A of £1 each

65

65

65

65

Ordinary B of £1 each

35

35

35

35

 

100

100

100

100

 

Turtle Doves ( Not Just Gloves ) Limited

Notes to the Financial Statements

Period from 1 February 2023 to 28 January 2024

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. All ordinary shares rank equally with regard to the Company's residual assets.

22

Pension and other schemes

Defined contribution pension scheme

The Company operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the Company to the scheme and amounted to £49,953 (2023 - £27,318).

Contributions totalling £5,705 (2023 - £10,668) were payable to the scheme at the end of the period and are included in payables.

23

Related party transactions

The Company has taken advantage of the exemption from disclosing related party transactions with the parent company and the other wholly owned subsidiaries.

Transactions with Directors

Loans, transactions and guarantees with Directors

2024

At 1 February 2023
£

Advances to Directors
£

Repayments by Director
£

At 28 January 2024
£

Director 1

Director's loan account

(27,776)

(2,873)

30,649

-

         

The loan account is provided interest free and is repayable on demand.

       

 

2023

At 1 April 2022
£

Advances to Directors
£

Repayments by Director
£

At 31 January 2023
£

Director 1

Director's loan account

(179,999)

(59,433)

211,656

(27,776)

         

       

 

Turtle Doves ( Not Just Gloves ) Limited

Notes to the Financial Statements

Period from 1 February 2023 to 28 January 2024

24

Parent and ultimate parent undertaking

Relationship between entity and parents

The parent of the largest group in which these financial statements are consolidated is Refined Brands Limited, incorporated in England and Wales.

The address of Refined Brands Limited is:
Units 2 & 2a Indian Queens Industrial Estate, Indian Queens, St. Columb, England, TR9 6TF

A copy of the accounts of Refined Brands Limited is available on request from the registered address.

25

Non adjusting events after the financial period

On 26 March 2024, it was announced to staff at Turtle Doves (Not Just Gloves) Limited the decision to relocate the Company's operations from Shrewsbury to its parent company, Refined Brands Limited’s, head office and production factory, located in Cornwall. This move is part of a strategic initiative aimed at consolidating operations, optimising production capabilities, and enhancing overall business efficiency.

The relocation has taken place in the time following the announcement to staff up to the date of the signing of these financial statements and has involved the transfer of all operational activities, including administrative functions and production processes, to the Cornwall facility. This process was substantially completed by the end of July 2024 and the majority of the Company’s staff had left the business by 5th July 2024, with a handful continuing in employment in a transitional role. This relocation is anticipated to result in improved operational synergies and cost efficiencies.

As this event occurred after the balance sheet date and no formal decision had been made, nor announcement made by the end of the financial period, it is considered a non-adjusting event for financial reporting purposes. Consequently, the financial statements for the period ended 28 January 2024 have not been adjusted to reflect any impact of this relocation.

26

Application of new and revised standards

The following new and amended Standards and Interpretations have been issued and are effective for the current financial period of the Company. The following changes were in effect from 1 January 2023:

• Disclosure of Accounting policies (Amendments to IAS 1 and IFRS Practice Statement 2)
• Definition of Accounting Estimates (Amendments to IAS 8)
• Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12)
• International Tax Reform-Pillar Two Model Rules (Amendments to IAS 12)
• IFRS 17 Insurance Contracts

There are no other relevant standards or amendments issued that are first effective for the annual period beginning 1 February 2023.

No changes arose from the application of these standards.