Company registration number 11595800 (England and Wales)
Onebeyond Retail Limited
Annual report and financial statements
For the year ended 31 January 2024
Onebeyond Retail Limited
Company information
Directors
Mr C J Edwards
Mr C Edwards
Company number
11595800
Registered office
2 Athena Way
Hoyland
Barnsley
England
S74 0FQ
Auditor
DJH Audit Limited
The Exchange
5 Bank Street
Bury
BL9 0DN
Onebeyond Retail Limited
Contents
Page
Strategic report
1 - 3
Directors' report
4 - 7
Independent auditor's report
8 - 10
Statement of comprehensive income
11
Statement of financial position
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 26
Onebeyond Retail Limited
Strategic report
For the year ended 31 January 2024
- 1 -

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

 

The company’s strategy is to create excellent value for its customers, achieving this by competitive low prices, product quality, wide variety, and innovation.

 

The company continues to monitor the current store portfolio, with a target of improving footfall and increasing the average transaction value per customer. This will be achieved by continuously improving the customer experience and product range.

Review of the business

One Beyond operates as a discount retailer within England, Scotland, and Wales. During the year, the company invested in a project to replace all exterior store signage, to ensure consistent branding across all stores.

 

The period ending 31 January 2024 was a successful year for One Beyond, with an increase in both turnover and profitability versus 2023.

 

Store income increased by 22% in the year to £125.7m (2023: £102.9m). The company further expanded its portfolio ending the year with 115 stores, thus adding a further 20 during the year. The additional stores generated a further £19.1m of revenue. During the year, One Beyond achieved a major milestone in opening its 100th store, in Kings Lynn, a significant accomplishment for a relatively new company.

 

Existing outlets also performed strongly, with a 4% improvement in year-on-year sales. The company is consistently reviewing and expanding its product offering, whilst maintaining competitive pricing. This is to ensure that customers are provided with excellent range and value for money, which is imperative in times where the cost of living is increasing rapidly.

 

Total employment costs increased by 35% in the year. Whilst much of this is attributable to business expansion, the increase in the National Minimum Wage had an inevitable impact on overheads.

 

By year end, One Beyond employed nearly 1,900 members of staff, many of whom are from areas of higher unemployment and low incomes. In the second half of 2023, the company has opened several stores on former Wilko sites, providing employment opportunities to those effected by the unfortunate demise of Wilkos.

 

One Beyond was able to successfully mitigate any long-term effects from the energy crisis by hedging its procurement strategy and maximising the benefit from the Government’s relief scheme. The company continued to place short-term contracts whilst the market softened and has only now begun to enter long-term deals now that the market has stabilised.

 

Foreign exchange rates improved, with the value of sterling against the dollar strengthening compared to 2023, helping to improve product margins. The business manages currency fluctuations by using a mix of forward contracts and spot prices.

Onebeyond Retail Limited
Strategic report (continued)
For the year ended 31 January 2024
- 2 -
Principal risks and uncertainties

Economic

The principal risk facing the company is managing the impact of rising costs in a highly competitive environment. External factors and global events have continued to increase inflation in the UK.

 

Multi-pricing is embedded across all stores, to give the business the flexibility required to maintain excellent customer value whilst protecting from inflation. The rising costs are managed by utilising a wide range of suppliers, both domestically and overseas to ensure that products are sourced at the lowest possible cost. The performance of all products is closely monitored, reviewing any product lines that fail to perform in line with expectations.

 

Foreign Exchange

The company is exposed to foreign exchange rate risk. All stores are located within the UK and sales are conducted in sterling. However, a significant proportion of stock is purchased in US dollars, exposing the company to movements in the rate.

 

This is mitigated by constantly reviewing currency markets, using a combination of forward contracts and spot prices, to protect the business from fluctuations.

Key performance indicators

During the year, the key performance indicators were:

 

S172 Statement

The directors of the company act in a responsible manner to promote its long-term success. The aim is to offer great value for its customers, whilst continuing to grow the number of retail outlets.

 

Our Employees

Our employees are vital to the successful running of the business, through their dedication, experience and skill. In order to support this, the company offers ongoing training and routinely updates its employees regarding best business practices.

 

The business is fully committed as an equal opportunities employer and makes every effort to ensure that it has a diverse workforce, with a zero-tolerance approach to any form of discrimination.

Our Customers and Suppliers

Customer satisfaction is essential to the success of One Beyond. To support this, the company has a vastly experienced buying team that can source a wide range of high-quality products at affordable prices, ensuring the customer receives great value for money.

 

The company directly trades with responsible, accredited suppliers. Any own brand goods are subject to rigorous factory testing to ensure that the products are in line with the quality required.

Our Community

The business works closely with a local charity, which provides support and investment in research to help children living with cancer. One Beyond has donation boxes at all stores, which are passed directly to the charity, and donates excess stock.

 

The company has provided jobs to nearly 1,900 members of staff. Many of our stores are located in socially deprived areas, giving employment opportunities where they will not otherwise exist.

Onebeyond Retail Limited
Strategic report (continued)
For the year ended 31 January 2024
- 3 -
Our Environment

The business recognises that it has an obligation to minimise its impact on the environment. The transport fleet consists of fuel efficient, Ultra Low Emission Zone compliant vehicles. Distribution routes are reviewed to ensure that each vehicle maximises its load, reducing overall mileage in delivering to stores.

 

Following on from the recommendations from last year’s ESOS survey, the One Beyond has introduced real-time monitoring software. This is designed to track and identify excess electricity usage, which should reduce the business’ overall carbon footprint.

 

The infrastructure on new stores acquired is routinely upgraded replacing lighting with energy efficient LEDs and fitting auto sensors.

 

As a business, we are committed to having a more sustainable supply chain. We are working closely with our suppliers to reduce the use of plastic packaging for our products. Alternative packaging is being introduced wherever possible and is constantly monitored.

On behalf of the board

Mr C Edwards
Director
30 October 2024
Onebeyond Retail Limited
Directors' report
For the year ended 31 January 2024
- 4 -

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

Principal activities

The principal activity of the company continued to be that of a discount retailer within England, Scotland and Wales.

Results and dividends

The results for the year are set out on page 11.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

Mr C J Edwards
Mr C Edwards
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Financial instruments

The company operates a treasury function which is responsible for managing the liquidity, interest and foreign currency risks associated with the company’s activities.

 

The company’s principal financial instruments include derivative financial instruments, the purpose of which is to manage currency risks and interest rate risks arising from the company’s activities, and bank overdrafts, loans and corporate bonds, the main purpose of which is to raise finance for the company’s operations. In addition, the company has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from its operations. Derivative transactions which the company enters into principally comprise forward exchange contracts. In accordance with company’s treasury policy, derivative instruments are not entered into for speculative purposes.

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

The company’s principal foreign currency exposures arise from trading with overseas companies. Company policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling. This hedging activity involves the use of foreign exchange forward contracts.

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Onebeyond Retail Limited
Directors' report (continued)
For the year ended 31 January 2024
- 5 -
Employee involvement

The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

 

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Energy and carbon report

The company set out their energy consumption and emissions for the financial year.

2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
12,648,101
10,985,265
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
26.00
36.00
- Fuel consumed for owned transport
1,390.00
1,191.00
1,416.00
1,227.00
Scope 2 - indirect emissions
- Electricity purchased
1,377.00
1,125.00
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
2.00
4.00
Total gross emissions
2,795.00
2,356.00
Intensity ratio
Tonnes CO2e per employee
131
144
Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.

Intensity measurement

The chosen intensity measurement ratio is the total emissions in metric kilograms CO2e per retail bay, which the comapny believes is the most reflective way to compare it’s CO2 emissions.

Onebeyond Retail Limited
Directors' report (continued)
For the year ended 31 January 2024
- 6 -
Measures taken to improve energy efficiency

The main source of carbon emissions remains the use of electricity for store lighting, air-conditioning and refrigeration. The store CO2 emissions per retail bay has reduced by 7% compared to the last financial year and has continued to show a year-on-year improvement.

 

This has been achieved by:

 

Following on from the recommendations from last year’s Energy Savings Opportunity Scheme (ESOS) survey, the business has:

 

Carbon emissions per retail bay from transport activities have decreased compared to last year by 12%. However, there are further opportunities to reduce fuel and carbon consumption by improved transport monitoring and planning, which will:

Targets

Based on an Energy Savings Opportunity Scheme (ESOS) survey undertaken in 2023, the business is targeting a 5% year on year reduction in CO¬2 emissions as follows,

 

Base year - 128Kg of CO2e per Retail Bay

2023 - 122kg of CO2e per Retail Bay

2024 - 116Kg of CO2e per Retail Bay

2025 - 110Kg of CO2e per Retail Bay

 

The chosen base year is the year ending January 2022, which is the second year of reporting.

Onebeyond Retail Limited
Directors' report (continued)
For the year ended 31 January 2024
- 7 -
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 company and of the profit or loss of the company 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 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.

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 company’s auditor 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 company’s auditor is aware of that information.

On behalf of the board
Mr C Edwards
Director
30 October 2024
Onebeyond Retail Limited
Independent auditor's report
To the members of Onebeyond Retail Limited
- 8 -
Opinion

We have audited the financial statements of Onebeyond Retail Limited (the 'company') for the year ended 31 January 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the 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 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 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.

Onebeyond Retail Limited
Independent auditor's report (continued)
To the members of Onebeyond Retail Limited
- 9 -

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its 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 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'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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

Onebeyond Retail Limited
Independent auditor's report (continued)
To the members of Onebeyond Retail Limited
- 10 -

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

To address the risk of fraud through management bias and override of controls, we:

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

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.

Richard Bell
Senior Statutory Auditor
For and on behalf of DJH Audit Limited
30 October 2024
Accountants
Statutory Auditor
The Exchange
5 Bank Street
Bury
BL9 0DN
Onebeyond Retail Limited
Statement of comprehensive income
For the year ended 31 January 2024
- 11 -
2024
2023
Notes
£
£
Turnover
3
125,723,281
103,469,271
Cost of sales
(80,520,274)
(68,506,341)
Gross profit
45,203,007
34,962,930
Administrative expenses
(43,076,330)
(33,551,673)
Other operating income
146,641
252,409
Operating profit
4
2,273,318
1,663,666
Interest payable and similar expenses
7
(133,333)
(41,116)
Profit before taxation
2,139,985
1,622,550
Tax on profit
8
(652,249)
(256,728)
Profit for the financial year
1,487,736
1,365,822

The income statement has been prepared on the basis that all operations are continuing operations.

Onebeyond Retail Limited
Statement of financial position
As at 31 January 2024
31 January 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
5,471,117
3,468,116
Current assets
Stocks
10
24,066,629
20,408,454
Debtors
11
2,148,949
2,293,421
Cash at bank and in hand
2,012,726
1,936,394
28,228,304
24,638,269
Creditors: amounts falling due within one year
12
(22,273,648)
(21,505,929)
Net current assets
5,954,656
3,132,340
Total assets less current liabilities
11,425,773
6,600,456
Creditors: amounts falling due after more than one year
13
(4,521,679)
(1,781,137)
Provisions for liabilities
Deferred tax liability
14
1,130,900
533,861
(1,130,900)
(533,861)
Net assets
5,773,194
4,285,458
Capital and reserves
Called up share capital
16
100
100
Profit and loss reserves
5,773,094
4,285,358
Total equity
5,773,194
4,285,458
The financial statements were approved by the board of directors and authorised for issue on 30 October 2024 and are signed on its behalf by:
Mr C Edwards
Director
Company registration number 11595800 (England and Wales)
Onebeyond Retail Limited
Statement of changes in equity
For the year ended 31 January 2024
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 February 2022
100
2,919,536
2,919,636
Year ended 31 January 2023:
Profit and total comprehensive income
-
1,365,822
1,365,822
Balance at 31 January 2023
100
4,285,358
4,285,458
Year ended 31 January 2024:
Profit and total comprehensive income
-
1,487,736
1,487,736
Balance at 31 January 2024
100
5,773,094
5,773,194
Onebeyond Retail Limited
Statement of cash flows
For the year ended 31 January 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
19
3,994,665
1,765,113
Interest paid
(133,333)
(41,116)
Income taxes paid
(126,333)
(276,427)
Net cash inflow from operating activities
3,734,999
1,447,570
Investing activities
Purchase of tangible fixed assets
(3,612,001)
(1,833,487)
Net cash used in investing activities
(3,612,001)
(1,833,487)
Financing activities
Repayment of borrowings
(46,666)
(40,000)
Net cash used in financing activities
(46,666)
(40,000)
Net increase/(decrease) in cash and cash equivalents
76,332
(425,917)
Cash and cash equivalents at beginning of year
1,936,394
2,362,311
Cash and cash equivalents at end of year
2,012,726
1,936,394
Onebeyond Retail Limited
Notes to the financial statements
For the year ended 31 January 2024
- 15 -
1
Accounting policies
Company information

Onebeyond Retail Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Athena Way, Hoyland, Barnsley, England, S74 0FQ.

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.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company 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.

1.3
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 despatch 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.

1.4
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.

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:

Leasehold land and buildings
20% straight line
Plant and equipment
20% straight line
Fixtures and fittings
20% straight line
Computers
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Onebeyond Retail Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies
(Continued)
- 16 -
1.5
Impairment of fixed assets

At each reporting period end date, the company 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.

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.

1.6
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.

1.7
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.

Onebeyond Retail Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies
(Continued)
- 17 -
1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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 company 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 company after deducting all of its liabilities.

Onebeyond Retail Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies
(Continued)
- 18 -
Basic financial liabilities

Basic financial liabilities, including creditors 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company 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 company.

1.10
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 income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Onebeyond Retail Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies
(Continued)
- 19 -
1.11
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.

1.12
Retirement benefits

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

1.13
Leases

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

1.14
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

Onebeyond Retail Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 20 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stock

Management estimates the net realisable values of stock, taking into account the most reliable evidence available at each reporting date. Stock is calculated by performing a roll back of actual value counted at a later date. The directors must ascertain that the stock value have been properly calculated and reflect the true recoverable stock value as at the period end.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Store income
125,713,266
103,446,974
Other income
10,015
22,297
125,723,281
103,469,271
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
125,723,281
103,469,271
2024
2023
£
£
Other revenue
Grants received
-
142,291
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(462,644)
714,002
Government grants
-
(142,291)
Depreciation of owned tangible fixed assets
1,493,207
974,357
Loss on disposal of tangible fixed assets
115,793
29,800
Operating lease charges
8,439,569
6,181,197
Onebeyond Retail Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
- 21 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
40,000
31,500
6
Employees

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

2024
2023
Number
Number
Stores
1,441
1,177
Warehouse
152
111
Head Office
29
25
Total
1,622
1,313

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
25,288,084
18,752,645
Social security costs
1,594,970
1,238,455
Pension costs
322,473
235,073
27,205,527
20,226,173
7
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
133,333
41,116
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
51,490
122,613
Adjustments in respect of prior periods
3,720
(71)
Total current tax
55,210
122,542
Onebeyond Retail Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
8
Taxation
2024
2023
£
£
(Continued)
- 22 -
Deferred tax
Origination and reversal of timing differences
597,039
134,186
Total tax charge
652,249
256,728

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

2024
2023
£
£
Profit before taxation
2,139,985
1,622,550
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
534,996
308,285
Tax effect of expenses that are not deductible in determining taxable profit
15
244
Tax effect of income not taxable in determining taxable profit
(11,459)
(10,561)
Effect of change in corporation tax rate
2,078
31,751
Depreciation on assets not qualifying for tax allowances
92,442
-
0
Other permanent differences
-
0
(74,812)
Under/(over) provided in prior years
3,720
(71)
Deferred tax adjustments in respect of prior years
31,891
-
0
Deferred tax not recognised
-
0
1,892
Enhanced capital allowances
(1,434)
-
0
Taxation charge for the year
652,249
256,728
Onebeyond Retail Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
- 23 -
9
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 February 2023
653,176
1,263,247
3,242,505
764,314
5,923,242
Additions
389,656
854,555
1,656,539
711,251
3,612,001
Disposals
(40,208)
-
0
(182,499)
(2,300)
(225,007)
At 31 January 2024
1,002,624
2,117,802
4,716,545
1,473,265
9,310,236
Depreciation and impairment
At 1 February 2023
314,874
622,205
1,169,126
348,921
2,455,126
Depreciation charged in the year
158,151
329,638
791,004
214,414
1,493,207
Eliminated in respect of disposals
(20,887)
-
0
(87,775)
(552)
(109,214)
At 31 January 2024
452,138
951,843
1,872,355
562,783
3,839,119
Carrying amount
At 31 January 2024
550,486
1,165,959
2,844,190
910,482
5,471,117
At 31 January 2023
338,302
641,042
2,073,379
415,393
3,468,116
10
Stocks
2024
2023
£
£
Finished goods and goods for resale
24,066,629
20,408,454
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
439,131
677,006
Other debtors
33,480
192,514
Prepayments and accrued income
1,676,338
1,423,901
2,148,949
2,293,421
Onebeyond Retail Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
- 24 -
12
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
16,210,485
15,858,198
Corporation tax
51,490
122,613
Other taxation and social security
992,909
876,024
Other creditors
1,490,204
2,904,083
Accruals and deferred income
3,528,560
1,745,011
22,273,648
21,505,929

The directors loan account, included within other creditors, is secured by a fixed and floating charge.

13
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Other borrowings
3,049,938
1,050,000
Other creditors
1,471,741
731,137
4,521,679
1,781,137
14
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
1,130,900
533,861
2024
Movements in the year:
£
Liability at 1 February 2023
533,861
Charge to profit or loss
597,039
Liability at 31 January 2024
1,130,900
Onebeyond Retail Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
- 25 -
15
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
322,473
235,073

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The company operates a defined contribution pension scheme for all qualifying employees, the amount outstanding at the balance sheet date is £18,264 (2023 - £12,762). The assets of the scheme are held separately from those of the company in an independently administered fund.

16
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
17
Operating lease commitments
Lessee

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

2024
2023
£
£
Within one year
5,656,007
5,558,236
Between two and five years
19,195,676
14,303,143
In over five years
9,761,703
6,180,628
34,613,386
26,042,007
18
Related party transactions
Transactions with related parties

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

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Other related parties
7,252,172
8,060,729
30,794,339
35,663,196
Onebeyond Retail Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
18
Related party transactions
(Continued)
- 26 -
2024
2023
Amounts due to related parties
£
£
Other related parties
6,340,798
7,711,833

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Other related parties
108,285
385,699
19
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
1,487,736
1,365,822
Adjustments for:
Taxation charged
652,249
256,728
Finance costs
133,333
41,116
Loss on disposal of tangible fixed assets
115,793
29,800
Depreciation and impairment of tangible fixed assets
1,493,207
974,357
Movements in working capital:
Increase in stocks
(3,658,175)
(7,485,072)
Decrease in debtors
144,472
212,659
Increase in creditors
3,626,050
6,369,703
Cash generated from operations
3,994,665
1,765,113
20
Analysis of changes in net funds
1 February 2023
Cash flows
31 January 2024
£
£
£
Cash at bank and in hand
1,936,394
76,332
2,012,726
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