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REGISTERED NUMBER: 01069599 (England and Wales)















ROBINSON WEBSTER (HOLDINGS) LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD

29 JANUARY 2023 TO 27 JANUARY 2024






ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 29 JANUARY 2023 TO 27 JANUARY 2024




Page

Company Information 1

Group Strategic Report 2 to 3

Report of the Directors 4 to 6

Report of the Independent Auditors 7 to 10

Consolidated Statement of Comprehensive Income 11

Consolidated Statement of Financial Position 12

Company Statement of Financial Position 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Notes to the Consolidated Financial Statements 16 to 29


ROBINSON WEBSTER (HOLDINGS) LIMITED

COMPANY INFORMATION
FOR THE PERIOD 29 JANUARY 2023 TO 27 JANUARY 2024







DIRECTORS: C Greener
S M Thew





REGISTERED OFFICE: 3 Water Lane
Richmond
Surrey
TW9 1TJ





REGISTERED NUMBER: 01069599 (England and Wales)





AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
14 All Saints Street
Stamford
Lincolnshire
PE9 2PA

ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599)

GROUP STRATEGIC REPORT
FOR THE PERIOD 29 JANUARY 2023 TO 27 JANUARY 2024

The Directors present the strategic report for the 52-week (2023: 52 weeks) period ended 27th January 2024.

The controlling shareholder is Mountain Berg Holdings Ltd.

Business Review

Robinson Webster (Holdings) Limited ('RWHL') is the trading company for the operations of the Jigsaw brand. Jigsaw designs and retails high quality women's clothing and accessories which are sold exclusively under the Jigsaw brand.

The Jigsaw brand was established in 1970 and has now been delivering inspired British style for over 50 years.

The group delivered an EBITDA of £0.7m (2023: £3.6m). Profitability was impacted as the business invested in brand marketing and people to drive growth which did not generate a return to the levels expected. Against a challenging economic backdrop, with the increased cost of living and inflation impacting consumer confidence, Jigsaw recorded LFL sales growth of 2.3% which was a disappointing result and work is underway to deliver improvements.

Our store estate remains profitable and continues to perform well, with our customers valuing the high levels of personalised service delivered in our physical retail locations. Our stores remain at the heart of the business and aim to play a key role in local communities, bringing customers and local people together through tailored events. We continued to invest in our store portfolio, with new openings in Battersea Power Station and Edinburgh, whilst upgrading and refurbishing our existing estate.

In 2023 we launched the Jigsaw Foundation for the Creative Arts, which pushes Jigsaw beyond fashion and builds relationships and networks within art and culture communities across the UK. Through sponsorship and support, Jigsaw is establishing itself as a true supporter of the arts in all their forms.

Product collaborations with Collagerie and Roksanda helped build brand reach. We relaunched our international business online, with customers reacting well and strong press coverage across the US, Australia and Ireland. International expansion remains a key area of potential future growth.

In August 2023 Beth Butterwick announced her intention to step down as CEO and in November 2023, at the end of the third quarter of the year being reported, Hash Ladha took her place as CEO. At the beginning of the current financial year, against a continuing challenging market, he set about clarifying the proposition and refreshing the Leadership Team and encouraging results of his initiatives have begun to appear in Autumn 2024. He has also restructured key areas of the business to ensure the cost base is aligned to the business objectives.

Key Performance Indicators

The group's key performance indicators include revenue, like-for-like revenue and channel and category gross margin. The Board also monitors adjusted EBITDA (defined as earnings before interest, tax, depreciation, amortisation, impairments and exceptional items), stock cover and e-commerce and customer data metrics. We seek to be an exemplary employer and we monitor employee engagement via an annual Pulse Survey benchmarked against industry, as well as tracking attrition rates, length of service and external employee reviews. We have commenced work to add KPIs related to our ambition to reduce our environmental impact.

Outlook and Strategic Review

Jigsaw’s rich heritage, its distinctive range handwriting and its focus on quality and creativity have created a unique proposition and a loyal customer base

Since the year end the focus has been on setting the business up for success by refreshing the leadership team; by deepening our understanding of our customers’ needs; by bringing more rigour to the “triangle” of design, product development and merchandising; and by addressing costs in the business. The results of these actions will take some time to feed through but at the time of writing (Autumn 2024) we are seeing encouraging green shoots.












ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599)

GROUP STRATEGIC REPORT
FOR THE PERIOD 29 JANUARY 2023 TO 27 JANUARY 2024


Section 172 Statement

The Directors set out their statement of compliance with s172 (1) of the Companies Act 2006 which should be read in conjunction with the rest of the annual report.

The Board ensures that decisions are always taken for the long term, and collectively aims to uphold the highest standards of conduct. Similarly, it acknowledges that the group's employees, suppliers and customers are their most important assets, and the business can only grow and prosper over the long term if it understands, respects, and responds to their views and needs, as well as those of other stakeholders.

The Board has identified the following stakeholder groups with whom engagement is fundamental to the group's ongoing success:

Shareholder: The key issues of concern to shareholders are return on investment, business performance and sustainability. The business engages with its shareholders in various ways including meetings, annual report, management accounts and regular announcements.

Employees: The group's people are central to our success and we are committed to providing a working environment that promotes our employee's wellbeing whilst facilitating their performance. The key issues of concern to employees are health and safety, engagement & development and diversity & inclusion. The group engages with this stakeholder group in various ways including surveys, health & safety programmes, training, business updates and meetings.

Customers: The key issues of concern to customers are health and safety, products, value for money, availability of products, impact on environment and customer relations. The business engages with this stakeholder group in various ways including customer surveys, labelling, social media, customer and consumer feedback.

Suppliers: The key issues of concern with suppliers are our payment policies, responsible sourcing and supply chain sustainability. The group engages in various ways including meetings, training, email and audits.

Communities and the environment: The key areas of concern with regards the group's relations with communities and the environment are climate change mitigation and adaptation and natural resources.

Government: The group is impacted by changes in the law and public policy. The key issues of concern in relation to the government are regulatory changes, climate and environmental related matters and support for businesses and workers. The business engages in various ways including meetings, email, web portals and applications to participate in government schemes.

The Group's companies strive to maintain a reputation for the highest standards of business conduct.

PRINCIPAL RISKS AND UNCERTAINTIES
Jigsaw is a well-established brand, with a loyal following and distinct identity. The group's business revolves around fashion and its success depends substantially on its ability to produce and sell ranges which are attractive and affordable. Whilst the group focuses on achieving this through experienced in-house design teams and buyers, it is not possible to predict the reaction from potential customers to each season's new collection with absolute certainty.

As well as the micro-risks related to the company's ability to win business from customers against competing brands, there are macroeconomic risks related to consumer demand impacted by general economic conditions and confidence, which has become more apparent following the Covid pandemic and the potential for a recession in future periods.

The group is reliant on production overseas and therefore exposed to exchange rate volatility between Sterling and the Euro, Hong Kong Dollar and United States Dollar. This volatility directly impacts the group's cost of sales. Jigsaw buys hedging contracts where appropriate.

ON BEHALF OF THE BOARD:





S M Thew - Director


29 October 2024

ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599)

REPORT OF THE DIRECTORS
FOR THE PERIOD 29 JANUARY 2023 TO 27 JANUARY 2024

The directors present their report with the financial statements of the company and the group for the period 29 January 2023 to 27 January 2024.

DIVIDENDS
The consolidated statement of comprehensive income shows a loss before taxation for the period of £3.6m (2023: £0.8m profit). On 27 January 2024, the group had net liabilities of £9.9m (2023: £6.4m).

No dividends were declared or paid in the period (2023: £nil).

DIRECTORS
The directors shown below have held office during the whole of the period from 29 January 2023 to the date of this report.

C Greener
S M Thew

Financial risk management

The group's operations expose it to a variety of risks that include credit risk, liquidity risk and interest rate risk. These risks are managed on a group basis and the directors contribute to the management of these risks as follows:

The key risk is macroeconomic uncertainty; the Covid pandemic and the war in Ukraine have a global impact and therefore what this means for a consumer facing business, consumer confidence, demand and supply chain.

Credit risk is reduced by being a point of sales cash business. The group only invest cash deposits with reputable UK financial institutions, and by regularly reviewing the recoverability of monies owed by group companies and third parties and making provisions against such debtors if deemed necessary.

Liquidity and interest rate risks are managed by the directors' close monitoring of working capital requirements through preparation and review of budgets and short and long-term cash flow forecasts ensuring that there are sufficient funds to manage its operations. Bank facilities are managed in the UK on a group basis.

Treasury risks exist in the form of exposure to fluctuations in the value of the Hong Kong Dollar, US Dollar and Euro, against Sterling, which have a direct impact on gross margin. This foreign exchange risk is managed through arrangements to purchase currency at agreed forward rates.

Employee involvement

Group employment policies respect the individual and offer career opportunities regardless of gender, race or religion. Full and fair consideration is given to the opportunities for training and development of people with disabilities according to their skills and capacity. The group is also committed to providing employees with information on matters of concern to them on a regular basis, so that the views of employees can be taken into account when making decisions that are likely to affect their interests.

Disabled persons

The group's policy is to recruit disabled workers for those vacancies that they are able to fill. All necessary assistance with initial training courses is given. Once employed, a career plan is developed so as to ensure suitable opportunities for each disabled person. Arrangements are made, wherever possible, for retraining employees who become disabled, to enable them to perform work identified as appropriate to their aptitudes and abilities.


ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599)

REPORT OF THE DIRECTORS
FOR THE PERIOD 29 JANUARY 2023 TO 27 JANUARY 2024

Slavery and Human Trafficking statement

At Jigsaw, our philosophy is underpinned by 'Style & Truth': a set of values that allows us to focus on everything that matters. We create products that are made with integrity and finished to the highest standards, with beautiful materials that will last for a lifetime. This means that we value relationships with the people who help us make our collections and we work closely with them to ensure the same principles are applied throughout our supply chain.

When we begin a relationship with a supplier, we do so based on our sourcing principles: we meet all suppliers at Jigsaw head office in London or in the country of the manufacturer; all suppliers are required to complete factory profile documents; and all suppliers must sign an agreement of compliance to our principles and responsible sourcing code of conduct. All new suppliers are approved by our Creative Director and Head of Sourcing. We require suppliers to engage with one of our approved audit partners and to become a member of SEDEX (a-not-for-profit membership organisation dedicated to driving improvements in global supply chains) within one year of initial orders. The production, buying and design team visit suppliers on a regular basis to continue to build a strong working partnership.

The Jigsaw code of conduct sets out our policy on supply chain labour and environmental standards and is based on the Ethical Trading Initiative's (ETI) base code. Key principles include employment is freely chosen, child labour shall not be used, living wages are paid, and no harsh or inhumane treatment is allowed.

Directors' indemnities

As permitted by the Articles of association, the directors have the benefit of an indemnity which is a qualifying third-party indemnity provision as defined by Section 234 of Companies Act 2006. The indemnity was in force throughout the last financial period and is currently in force. The group also purchased and maintained throughout the financial period Directors' and Officers' liability insurance in respect of its directors.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained
in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599)

REPORT OF THE DIRECTORS
FOR THE PERIOD 29 JANUARY 2023 TO 27 JANUARY 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





S M Thew - Director


29 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ROBINSON WEBSTER (HOLDINGS) LIMITED

Opinion
We have audited the financial statements of Robinson Webster (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 27 January 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company 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, 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:
-give a true and fair view of the state of the group's and of the parent company affairs as at 27 January 2024 and of the group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ROBINSON WEBSTER (HOLDINGS) LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ROBINSON WEBSTER (HOLDINGS) LIMITED


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

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

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with directors and other management obtained as part of the work required by auditing standards. We have also discussed with the directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements such as depreciation of tangible fixed assets, as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in the preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods used by management to make those estimates, re-performing the calculation, and reviewing the outcome of prior year estimates.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations, Employment law and Environmental regulations.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. This inspection included a review of the external food safety audits conducted within the year for any evidence of non-compliance, in addition to an assessment of the company’s employment and health and safety controls. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ROBINSON WEBSTER (HOLDINGS) LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Alistair Main BFP FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
14 All Saints Street
Stamford
Lincolnshire
PE9 2PA

29 October 2024

ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD 29 JANUARY 2023 TO 27 JANUARY 2024

Period Period
29.1.23 to 27.1.24 30.1.22 to 28.1.23
Notes £'000 £'000 £'000 £'000

REVENUE 3 57,495 56,779

Cost of sales 20,737 20,461
GROSS PROFIT 36,758 36,318

Administrative expenses 37,866 34,813
37,866 34,813
(1,108 ) 1,505

Other operating income 174 427
OPERATING (LOSS)/PROFIT 6 (934 ) 1,932

Exceptional items 7 (422 ) 80
(1,356 ) 2,012


Interest payable and similar expenses 8 2,211 1,196
(LOSS)/PROFIT BEFORE TAXATION (3,567 ) 816

Tax on (loss)/profit 9 (27 ) 14
(LOSS)/PROFIT FOR THE FINANCIAL PERIOD (3,540 ) 802

OTHER COMPREHENSIVE INCOME
Foreign exchange differences (26 ) -
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME FOR THE
PERIOD, NET OF INCOME TAX

(26

)

-
TOTAL COMPREHENSIVE INCOME FOR THE
PERIOD

(3,566

)

802

(Loss)/profit attributable to:
Owners of the parent (3,540 ) 802

Total comprehensive income attributable to:
Owners of the parent (3,566 ) 802

ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
27 JANUARY 2024

2024 2023
Notes £'000 £'000 £'000 £'000
FIXED ASSETS
Intangible assets 11 267 169
Property, plant and equipment 12 5,288 5,099
Investments 13 - -
5,555 5,268

CURRENT ASSETS
Inventories 14 7,928 8,747
Debtors 15 3,659 4,536
Cash at bank and in hand 671 1,115
12,258 14,398
CREDITORS
Amounts falling due within one year 16 22,661 20,824
NET CURRENT LIABILITIES (10,403 ) (6,426 )
TOTAL ASSETS LESS CURRENT LIABILITIES (4,848 ) (1,158 )

CREDITORS
Amounts falling due after more than one year 17 (4,802 ) (4,700 )

PROVISIONS FOR LIABILITIES 21 (269 ) (495 )
NET LIABILITIES (9,919 ) (6,353 )

CAPITAL AND RESERVES
Called up share capital 22 6,157 6,157
Share premium 6,623 6,623
Retained earnings (22,699 ) (19,133 )
SHAREHOLDERS' FUNDS (9,919 ) (6,353 )

The financial statements were approved the Board of Directors and authorised for issue on 29 October 2024 and were signed on its behalf by:





S M Thew - Director


ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599)

COMPANY STATEMENT OF FINANCIAL POSITION
27 JANUARY 2024

2024 2023
Notes £'000 £'000 £'000 £'000
FIXED ASSETS
Intangible assets 11 267 169
Property, plant and equipment 12 5,286 5,097
Investments 13 - -
5,553 5,266

CURRENT ASSETS
Inventories 14 8,058 8,072
Debtors 15 3,627 4,532
Cash at bank and in hand 664 1,079
12,349 13,683
CREDITORS
Amounts falling due within one year 16 23,396 20,568
NET CURRENT LIABILITIES (11,047 ) (6,885 )
TOTAL ASSETS LESS CURRENT LIABILITIES (5,494 ) (1,619 )

CREDITORS
Amounts falling due after more than one year 17 (4,802 ) (4,700 )

PROVISIONS FOR LIABILITIES 21 (269 ) (495 )
NET LIABILITIES (10,565 ) (6,814 )

CAPITAL AND RESERVES
Called up share capital 22 6,157 6,157
Share premium 6,623 6,623
Retained earnings (23,345 ) (19,594 )
SHAREHOLDERS' FUNDS (10,565 ) (6,814 )

Company's (loss)/profit for the financial year (3,751 ) 29

The financial statements were approved the Board of Directors and authorised for issue on 29 October 2024 and were signed on its behalf by:





S M Thew - Director


ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 29 JANUARY 2023 TO 27 JANUARY 2024

Called up
share Retained Share Total
capital earnings premium equity
£'000 £'000 £'000 £'000
Balance at 30 January 2022 6,157 (19,935 ) 6,623 (7,155 )

Changes in equity
Total comprehensive income - 802 - 802
Balance at 28 January 2023 6,157 (19,133 ) 6,623 (6,353 )

Changes in equity
Total comprehensive income - (3,566 ) - (3,566 )
Balance at 27 January 2024 6,157 (22,699 ) 6,623 (9,919 )

ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 29 JANUARY 2023 TO 27 JANUARY 2024

Called up
share Retained Share Total
capital earnings premium equity
£'000 £'000 £'000 £'000
Balance at 30 January 2022 6,157 (19,623 ) 6,623 (6,843 )

Changes in equity
Total comprehensive income - 29 - 29
Balance at 28 January 2023 6,157 (19,594 ) 6,623 (6,814 )

Changes in equity
Total comprehensive income - (3,751 ) - (3,751 )
Balance at 27 January 2024 6,157 (23,345 ) 6,623 (10,565 )

ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 29 JANUARY 2023 TO 27 JANUARY 2024

1. GENERAL INFORMATION

Robinson Webster (Holdings) Limited ('RWHL') is a limited company incorporated in England & Wales under the Companies Act. The address of the registered office is given on the contents page and the nature of the group's operations and its principal activities are set out in the strategic report. The financial statements have been prepared in accordance with FRS 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland.

2. ACCOUNTING POLICIES

Basis of preparation
These financial statements are prepared under FRS 102.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgement in applying the group's accounting policies (see note 2).

Going concern
The financial statements have been prepared on a going concern basis which assumes that the group is able to meet its obligations as they fall due for the foreseeable future.

The group meets its day to day working capital requirements through its Secure Trust Bank (STB) facility.

The group has access to a £9m credit line ('Facility') from STB [that is guaranteed by Mountain Berg Limited] and a £0.5m receivables facility. The Facility was increased from £6m to £9m in March 2023 in order to fund business growth. Mountain Berg Ltd having confirmed their support for this Facility arrangement to remain in place. The Directors maintain a good ongoing dialogue with the bank to ensure the best and most efficient bank facilities to support the business needs.

The Facility is subject to a weekly assessment of short-term cash, trade, and operational expenditure; the related cash flows and forecasts of the group indicate that there is sufficient headroom on the Facility for the next 12 months and beyond.

The ultimate parent company, Mountain Berg Holdings Limited, is a financially secure group.

The group therefore continues to adopt the going concern basis in the financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions
Parent company disclosure exemptions
The ultimate parent company and controlling party is Mountain Berg Holdings Limited, a company registered in England and Wales, at the registered address of 10 St James's Place, London, United Kingdom, SW1A 1NP.

In preparing the financial statements of the group and parent company, advantage has been taken of the following disclosure exemptions available in FRS 102:

- No cash flow statement has been presented for the group and company
- No disclosure has been given for the aggregate remuneration of the key management personnel of the company as their remuneration is included in the totals for the group as a whole.

Consolidated financial statements of Mountain Berg Holdings Limited can be obtained from:

Companies House
Crown Way
Cardiff
CF14 3UZ

Basis of consolidation
The consolidated financial statements present the results of Robinson Webster (Holdings) Limited ("RWHL") and its subsidiaries ("the group") as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the statement of financial position, the acquirer's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are derecognised from the date control ceases.

ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 27 JANUARY 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover represents amounts receivable for goods and services provided to customers outside of the group, stated net of returns and value added and other sales taxes.

Retail revenue is recognised when the significant risks and rewards of ownership have been transferred to the buyer, which is typically at the point of sale. Web sales are recognised when goods are despatched.

Other income
Other operating income includes rental income and licensing income received it is recognised in the period in which it is earned.

Intangible assets
In the case of fixed assets this is the period over which they are depreciated, and in the case of current assets, the period over which they are sold or otherwise realised.

Costs of trademark investments are capitalised in the statement of financial position where the directors consider there to be an enduring benefit to the company. The cost of assets so acquired are amortised over the lesser of 20 years or the estimated useful life.

Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost less depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Freehold land is not depreciated.

Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:


Leasehold land and buildingsStraight line over the lease term
Refurbs, fixtures, fittings and equipment5-7 years
Motor vehicles4 years

The expected useful lives of the assets in the business are reassessed periodically to ensure that they remain appropriate.

Gains or losses on the disposal of fixed assets are accounted for within the statement of comprehensive income as the difference between proceeds and the net book value of the asset at the date of disposal.

Where group companies' websites are expected to generate future revenues in excess of the costs of developing those websites and all other capitalisation criteria are met, expenditure on the functionality of the website is capitalised and treated as a tangible fixed asset. Expenditure incurred on maintaining websites and expenditure incurred on developing websites used only for advertising and promotional purposes are written off as incurred.

Impairment of fixed assets
The carrying values of fixed assets are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable. If there are indicators of impairment, an exercise is undertaken to determine whether the carrying values are in excess of their recoverable amounts. Such a review is undertaken on cash generating units.

If the carrying value of a fixed asset exceeds the recoverable amount, a provision is recorded to reflect the asset at the lower amount. In assessing the recoverable amounts of fixed assets, the relevant future cash flows expected to arise from the continuing use of and disposal of the assets have been discounted to their present value using a market-determined discount rate.

Stock
Stock is valued at the lower of cost and net realisable value. Net realisable value is based on an estimated selling price less costs to sell. Cost is based on the cost of purchase on a standard cost basis. Where necessary, provisions are made for obsolete, slow moving and defective stock and shrinkage.

Current and deferred taxation
Tax on the profit or loss for the period comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity or other comprehensive income.

ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 27 JANUARY 2024

2. ACCOUNTING POLICIES - continued

Current tax is the expected tax payable or receivable on the taxable income or loss for the period, calculated using tax rates enacted or substantively enacted at the statement of financial position date in the countries where the company's subsidiaries operate and generate taxable income. Any adjustment to tax payable in respect of previous periods is also included.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

- Deferred tax is not recognised on timing differences relating to interests in subsidiaries, associates, branches and joint ventures where the group can control their reversal and such reversal is not considered probable in the foreseeable future.

A deferred tax liability or asset is recognised for the additional tax that will be paid or avoided in respect of assets and liabilities that are recognised in a business combination. The amount attributed to goodwill is adjusted by the amount of deferred tax recognised.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Deferred tax balances are not discounted.

Onerous lease provisions
Where the unavoidable cost of a lease exceeds the economic benefits expected to be received from that lease, a provision is made for the lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfil it.

Operating lease rentals
Rentals payable under operating leases are charged to the income statement on a straight-line basis over the lease term. Any operating lease incentives received are credited to the income statement on a straight-line basis over the lease term.

The group has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard to be continued to be credited over the shorter period to the first market rent review rather than the term of the lease.

Legal and professional costs incurred in the acquisition of leasehold properties are capitalised and written off over the initial period of the lease.

Pensions
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension costs are charged to the statement of comprehensive income in the period to which they relate. Differences between contributions payable in the period and contributions actually paid are shown as either accruals or prepayments in the statement of financial position.

ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 27 JANUARY 2024

2. ACCOUNTING POLICIES - continued

Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the statement of financial position date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the statement of financial position date.

Foreign currency translation
The trading transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the relevant dates. The exchange differences arising are therefore dealt with in the statement of comprehensive income.

Monetary assets and liabilities in foreign currency are translated at the exchange rate ruling at the statement of financial position date. The trading transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the relevant dates. The exchange differences arising are therefore dealt with in the statement of comprehensive income. Monetary assets and liabilities in foreign currency are translated at the exchange rate ruling at the statement of financial position date. On consolidation the assets and liabilities, and income and expenses of foreign operations which have a functional currency other than sterling are translated into sterling at the statement of financial position date. All resulting exchange differences are taken to reserves.

Prepayments and accrued income
Prepayments and accrued income comprise payments made in advance relating to the following period, and income relating to the current period which will not be invoiced until after the statement of financial position date.

Accruals and deferred income
Accruals and deferred income comprise expenses relating to the current period which will not be invoiced until after the statement of financial position date and income received in advance relating to the following period.

Financial assets
Financial assets are measured initially at fair value and subsequently at amortised cost less any impairment.

Financial liabilities
Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than its legal form.

Financial liabilities are initially measured at transaction price (including transaction costs) and subsequently held at amortised cost.

Reserves
The group and company's reserves are as follows:
- Called up share capital reserve represents the nominal value of the shares issued;
- The share premium account includes the premium on issue of equity shares, net of any issue costs; and
- The profit and loss account represent cumulative profits or losses, net of dividends paid and other adjustments.

ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 27 JANUARY 2024

2. ACCOUNTING POLICIES - continued

Judgements in applying accounting policies
In preparing these financial statements, the Directors have made the following judgements:

Stock provisioning (see note 14)
The group sells premium goods and is subject to changing consumer demands and fashion trends. As a result, it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the inventory, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials.

Tangible fixed assets (see note 12)
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Impairment of tangible fixed assets (see note 12)
Cash generating units to which fixed assets are allocated are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Impairment is recognised where the carrying value of the tangible assets allocated to a cash generating unit is less than the book value of the assets. Fixed assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that there is further impairment or whether impairment losses recognised in prior periods no longer exist or may have decreased.

Intercompany loans recoverability (see note 16)
In assessing the recoverability of amounts owed by group companies, the net assets of the companies are considered as well as the forecast future profitability in order to conclude on any necessary provisions within the company statement of financial position.

3. REVENUE

The revenue and loss (2023 - profit) before taxation are attributable to the one principal activity of the group.

An analysis of revenue by geographical market is given below:

Period Period
29.1.23 30.1.22
to to
27.1.24 28.1.23
£'000 £'000
United Kingdom 55,458 56,204
Europe 1,565 575
Rest of the world 472 -
57,495 56,779

4. EMPLOYEES AND DIRECTORS
Period Period
29.1.23 30.1.22
to to
27.1.24 28.1.23
£'000 £'000
Wages and salaries 12,906 11,326
Social security costs 1,035 984
Other pension costs 258 221
14,199 12,531

ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 27 JANUARY 2024

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the period was as follows:
Period Period
29.1.23 30.1.22
to to
27.1.24 28.1.23

Sales 418 363
Administration 201 191
619 554

5. DIRECTORS' EMOLUMENTS




2024


2023
£'000 £'000

Directors remuneration 165 165


Key management personnel are those individuals who have the authority and responsibility for planning, directing and controlling the activities of the group.

The additional key management personnel compensation has been disclosed as per the related parties note 25.

6. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging/(crediting):

Period Period
29.1.23 30.1.22
to to
27.1.24 28.1.23
£'000 £'000
Other operating leases 3,584 3,368
Depreciation - owned assets 1,570 1,616
Loss on disposal of fixed assets 157 -
Trademarks amortisation 31 13
Auditors' remuneration 47 49
Auditors' remuneration for non audit work 6 -
Foreign exchange differences (25 ) (96 )
Rents receivable (86 ) (24 )

ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 27 JANUARY 2024

7. EXCEPTIONAL ITEMS

2024 2023
£'000 £'000

Other exceptional items (54 ) (326 )
Exceptional CVA items 28 113
Corporate restructuring advice - (50 )
Business rates refunds 24 193
Office move 57
Exceptional staff costs (464 ) -
Group exceptional costs - 93
Impairment release 44 -
(422 ) 80

8. INTEREST PAYABLE AND SIMILAR EXPENSES
Period Period
29.1.23 30.1.22
to to
27.1.24 28.1.23
£'000 £'000
Bank interest 1,565 692
On other non-bank loans 646 504
2,211 1,196

9. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the period was as follows:
Period Period
29.1.23 30.1.22
to to
27.1.24 28.1.23
£'000 £'000
Current tax:
Foreign corporation tax (27 ) 14
Tax on (loss)/profit (27 ) 14

ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 27 JANUARY 2024

9. TAXATION - continued

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period Period
29.1.23 30.1.22
to to
27.1.24 28.1.23
£'000 £'000
(Loss)/profit before tax (3,567 ) 816
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19 %)

(892

)

155

Effects of:
Expenses not deductible for tax purposes 117 (184 )
Income not taxable for tax purposes - (66 )
Depreciation in excess of capital allowances 598 -
Utilisation of tax losses 177 95
Effect of differing tax rates in overseas territories asset (27 ) 14
Total tax (credit)/charge (27 ) 14

Tax effects relating to effects of other comprehensive income

29.1.23 to 27.1.24
Gross Tax Net
£'000 £'000 £'000
Foreign exchange differences (26 ) - (26 )

10. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


11. INTANGIBLE FIXED ASSETS

Group
Trademarks
£'000
COST
At 29 January 2023 853
Additions 129
At 27 January 2024 982
AMORTISATION
At 29 January 2023 684
Amortisation for period 31
At 27 January 2024 715
NET BOOK VALUE
At 27 January 2024 267
At 28 January 2023 169

ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 27 JANUARY 2024

11. INTANGIBLE FIXED ASSETS - continued

Company
Trademarks
£'000
COST
At 29 January 2023 853
Additions 129
At 27 January 2024 982
AMORTISATION
At 29 January 2023 684
Amortisation for period 31
At 27 January 2024 715
NET BOOK VALUE
At 27 January 2024 267
At 28 January 2023 169

12. PROPERTY, PLANT AND EQUIPMENT

Group
Leasehold Refurbs,
land and F&F and Motor
buildings equipment vehicles Totals
£'000 £'000 £'000 £'000
COST
At 29 January 2023 2,829 30,288 255 33,372
Additions - 1,827 145 1,972
Disposals (149 ) (1,107 ) (24 ) (1,280 )
Reversal of impairments - 44 - 44
At 27 January 2024 2,680 31,052 376 34,108
DEPRECIATION
At 29 January 2023 2,338 25,789 146 28,273
Charge for period 142 1,397 31 1,570
Eliminated on disposal (118 ) (894 ) (11 ) (1,023 )
At 27 January 2024 2,362 26,292 166 28,820
NET BOOK VALUE
At 27 January 2024 318 4,760 210 5,288
At 28 January 2023 491 4,499 109 5,099

ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 27 JANUARY 2024

12. PROPERTY, PLANT AND EQUIPMENT - continued

Company
Leasehold Refurbs,
land and F&F and Motor
buildings equipment vehicles Totals
£'000 £'000 £'000 £'000
COST
At 29 January 2023 2,829 30,131 255 33,215
Additions - 1,827 145 1,972
Disposals (149 ) (1,107 ) (24 ) (1,280 )
Reversal of impairments - 44 - 44
At 27 January 2024 2,680 30,895 376 33,951
DEPRECIATION
At 29 January 2023 2,338 25,634 146 28,118
Charge for period 142 1,397 31 1,570
Eliminated on disposal (118 ) (894 ) (11 ) (1,023 )
At 27 January 2024 2,362 26,137 166 28,665
NET BOOK VALUE
At 27 January 2024 318 4,758 210 5,286
At 28 January 2023 491 4,497 109 5,097

13. FIXED ASSET INVESTMENTS

The company has holdings in the share capital of the following company:

Company Registered office Shares held
Class %

Bonfine Limited
Unit 708, 7/F, 9 Wing Hong Street,
Cheung Sha Wan, Kowloon, Hong Kong.

Ordinary

100

A full listing of members is available at the company registered office.

All companies have a 27 January 2024 period end.

The principal activity of this undertaking for the last relevant financial period was garment trading.

14. STOCKS

Group Company
2024 2023 2024 2023
£'000 £'000 £'000 £'000
Raw materials 467 534 467 534
Finished goods 5,802 6,162 5,932 6,350
Finished goods in transit 1,659 2,051 1,659 1,188
7,928 8,747 8,058 8,072

ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 27 JANUARY 2024

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£'000 £'000 £'000 £'000
Trade debtors 1,945 2,456 1,945 2,456
Amounts owed by participating interests 22 35 22 35
Other debtors 250 89 245 96
Corporation tax recoverable 103 40 83 29
Prepayments and accrued income 1,339 1,916 1,332 1,916
3,659 4,536 3,627 4,532

A deferred tax asset has not been recognised in respect of the following balances in the financial statements on the grounds that in the directors' opinion, it is not probable that they will be recovered against deferred tax liabilities or future taxable profits.

The unprovided deferred tax is calculated at 25% (2023: 19%) and comprises:

2024 2023
£'000 £'000
Unused tax losses 7,598 6,067
Accelerated capital allowances (1,052 ) 1,447
Other timing differences 62 4,296
6,612 11,810

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£'000 £'000 £'000 £'000
Hire purchase contracts (see note 18) 66 - 66 -
Trade creditors 5,276 4,531 3,798 3,330
Amounts owed to group undertakings - - 2,248 1,821
Amounts owed to participating interests 1,366 857 1,366 857
Other taxes and social security 2,149 2,830 2,149 2,830
Other creditors 10,134 7,912 10,113 7,049
Accruals and deferred income 3,670 4,694 3,656 4,681
22,661 20,824 23,396 20,568

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2024 2023 2024 2023
£'000 £'000 £'000 £'000
Hire purchase contracts (see note 18) 102 - 102 -
Amounts owed to group undertakings 4,200 4,200 4,200 4,200
Amounts owed to participating interests 500 500 500 500
4,802 4,700 4,802 4,700

ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 27 JANUARY 2024

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£'000 £'000
Net obligations repayable:
Within one year 66 -
Between one and five years 102 -
168 -

Company
Hire purchase contracts
2024 2023
£'000 £'000
Net obligations repayable:
Within one year 66 -
Between one and five years 102 -
168 -

Group
Non-cancellable operating leases
2024 2023
£'000 £'000
Within one year 2,985 3,647
Between one and five years 6,148 9,456
In more than five years 32 416
9,165 13,519

Company
Non-cancellable operating leases
2024 2023
£'000 £'000
Within one year 2,963 3,619
Between one and five years 6,148 9,456
In more than five years 32 416
9,143 13,491

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£'000 £'000
Revolving credit facility 8,404 5,806

The revolving credit facility is secured through fixed and floating charges on the group's assets.

ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 27 JANUARY 2024

20. FINANCIAL INSTRUMENTS

Group Company
2024 2023 2024 2023
£'000 £'000 £'000 £'000
Financial assets
Financial assets measured at amortised cost 5,894 2,627 3,627 2,616
Financial liabilities
Financial liabilities measured at amortised cost 26,300 22,920 25,880 20,439
Financial assets measured at amortised cost comprise trade debtors, amounts owed from group undertakings and other debtors.

Financial liabilities measured at amortised cost comprise bank loans and overdrafts, trade creditors, other creditors, amounts owed to immediate parent, amounts owed to group undertakings and accruals.

Information regarding the group's exposure to and management of credit risk, liquidity risk, interest rate risk, and foreign exchange risk is included in the Directors' report.

The total interest income and interest expense for financial assets and financial liabilities that are not measured at fair value through profit or loss was £nil (2023: £nil) and £2,115,780 (2023: £1,196,000) respectively.

21. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£'000 £'000 £'000 £'000
Other provisions 269 495 269 495

Aggregate amounts 269 495 269 495

The provision for liabilities relates to the dilapidation provision.

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £'000 £'000
90,416 Ordinary £1 6,157 6,157

23. CONTROLLING PARTY

The ultimate parent company is Mountain Berg Holdings Limited.

David Ross is the ultimate owner of Robinson Webster (Holdings) Limited through Mountain Berg Holdings Limited.

24. CONTINGENT LIABILITIES

Group and company


2024 2023
£'000 £'000

Duty deferment guarantees - 350

ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 27 JANUARY 2024

25. RELATED PARTY TRANSACTIONS

The following other related party transactions occurred during the period:

During the period the group made payments of £787,342 (2023: £352,479) to a shareholder in relation to loan interest. The monitoring fee incurred was £239,944 (2023: £260,384).

During the period the group paid rent of £366,912 (2023: £333,957) to a company controlled by a director of the company.

During the period the company paid rent of £82,435 (2023: £78,903) for two properties (2023: two properties) which a shareholder of the company has an interest in. The balance outstanding at the period end was £16,245 (2023: £2,947).

During the period, the group purchased garments for HK$6,400,180 (2023: HK$4,209,68) from Yorktime International Ltd, a company controlled by the spouse of a director of Bonfine Limited.

During the period a total of key management personnel compensation of £695,000 (2023: £665,000) was paid.