Registered number:
FOR THE YEAR ENDED 31 JANUARY 2024
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
COMPANY INFORMATION
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
CONTENTS
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
The directors are pleased to present results to January 31st 2024 showing continued profit growth for the business and excellent strengthening of our balance sheet while maintaining investment in innovation.
We took the decision some years ago to invest strongly in product development and Intellectual Property creation. These product development investments have been significant over the previous years and we are excited they can realise significant sales and profit growth as new products come to market from FYE 25 onwards. Profit Before Tax increased over the previous year and from this report forward we will report on EBITDA and our Balance Sheet as measures of our Key Performance; EBITDA increased by 10.2%, rising from £531k to £585k. The company’s balance sheet asset positon increased by 78%, rising from £1.25m to £2.22m. Turnover for the year at £14.4m showed a slight fall from the £15.8m prior year figure to Jan 2023 reflecting the fact that the Jurassic World Dominion movie in the year to 2023 boosted sales of our Real FX Puppetronics™ item Baby Blue in that year – a Walmart Best Seller. Despite this inevitable slight dip (see commentary below), in the following year to January 2024 sales of RealFX Baby Blue Puppetronic™ remained strong. Following a hiatus caused by the Hollywood writers strikes and the subsequent delays in content coming to screens, there was an inevitable impact on the company’s core licensed branded product sales. Notably MGM’s Wednesday franchise 2nd Netflix series was pushed back more than 18 months, impacting forecast sales. However, the slate of content now coming down the line over the next 3 years from our partner licensed brands is extensive. Notable opportunities to be realised by our business include Disney Stitch and other Disney brands, Warner Bros. Harry Potter new innovative Wow! Stuff range, now agreed for launch in North America and EMEA, Universal Studios and Jurassic World new movie 2025 with global product rights in Puppetronics™. MGM’s Wednesday range with signature Wow! Stuff innovation will launch during 2025 after the delays aforementioned. The new NANO PODS factory pricing and packaging re-design is forecast to boost sales of this innovative collectible and has been listed by major USA big box stores for launch January 2025. The summary here is that 2023 was a good year, 2024 will be a stronger year and 2025 and 2026 will see more innovation from Wow! Stuff than ever. During the year we continued to invest in research and development and build on our reputation for innovation, winning many awards. These include a number of Gold Awards at the Outdoor Toy Awards, the Independent Toy Awards, Dads Choice and Blog-On awards and a Walmart Toy of the Year - plus finalist at the UK Licensing Awards. Having launched the concept with the award-winning RealFX Baby Blue product in the Universal Jurassic franchise, the industry trade media started to report that Wow! Stuff had spawned a new toy category; ‘Puppetronics’ – the title we had used to describe classic puppetry combined with electronics/animatronics. Creating a new product category enables the company to work with Licensors and Retailers to build out a range in a previously unexploited retail ‘white space’. The excitement of this new IP and category and our reputation for innovation is reflected in the conversations we are now having at the highest levels with the biggest franchise brands. The challenge remains that our business under-exploits the huge consumer opportunity that exists in North America and to that end the company will continue to look at either a ‘boots on the ground’ country manager and office, or a partnership with a major US/International toy company that has extensive distribution and marketing capability. We are constantly approached by fans of our brands who wish to purchase our items in their countries and we will address this during 2025.
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
Looking ahead, we continue to sign new licenses and work with existing Licensors in a way that will allow us to show our innovation to full potential, with “on brand and in universe products”. With much of the investments in innovation now set to come to market we anticipate an exciting time ahead and strong expansion of the company. We will launch our WWE range working off the back of the phenomenon that this Wrestling Entertainment franchise has become with our launch timed to coincide with the WWE global Netflix launch, January 2025. 2024 and 2025 will also see very exciting new launches in Puppetronics™ lines at varying price points. In the years ahead we will continue to work with Tier 1 Brand Licensors where we can add our signature innovation. The company will add at least 2 new global hit brands to our portfolio and further develop and invest in our flagship Real FX™ brand that collaborates with Tier 1 licensed brands to create halo toys that “look real, feel real and sound real”.
Building on work started in recent years, in addition to third party branded items we are taking our innovation strategy and applying it to newly created and wholly owned, non-licensed or co-created IP. We continue to work on exciting long-term innovations in the digital meets physical, and sustainability in toys areas using the skills of our world class scientists and product engineers that are at the heart of our wider New Product Development team. Once again, the directors pay tribute to our licensing partners, fellow collaborative toy companies and the hard work and dedication of all our staff, our “Wow! Stuffers”! Their hard work and fellowship continues to enable us to grow our business and to build the most innovative toys in the finest brands that elicit the all-important “WOW!” reaction from children young and old!
As we work towards January 2025 the principal issues the business is managing are:
a) We continue to watch the risks to global supply chains from conflicts including the war in Ukraine and attacks on shipping in the approaches to the Suez canal. We collaborate successfully with multiple partners to protect supply routes from Asia to get goods into the hands of customers on time. We have also broadened our sourcing locations to start to source some product outside of China to build greater resilience into our own sourcing and supply chain. b) Demand uncertainty in a world of inflationary, high cost of living pressures combined with high geopolitical turmoil, places challenges on all parts of the business including sales demand. However, we continue to see strong demand for our ranges and products in all geographies. We continue to innovate, and to refresh our ranges and grow and add new countries in which we trade. We continue to engineer our product price points to ensure we offer ranges that appeal to all pockets, and which combine with our core innovation to maintain strong value-for-money appeal. The strength of our new collectibles Pods range at one end of the price range is currently mirrored by strong demand for our higher priced Puppetronics items. We will continue to cultivate relationships with Licensors and sign new hit / Tier 1 licenses. c) We remain extremely focused on cost control. We continue to embrace the opportunities of a hybrid “home / office” working model. d) We also remain very focused on inventory management and optimisation and ensure we stock only proven high demand lines and to service confirmed demand forecasts for our large customers. e) We continue to manage exchange rates with a balanced portfolio of currencies ensuring we manage to a maximum naturally hedged position. We watch the exchange rate position closely and being a net dollar surplus producer and with a natural currency hedge to gross margin level, we remain well placed to deal with currency fluctuations.
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
This report was approved by the board on 25 October 2024 and signed on its behalf.
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
The directors present their report and the financial statements for the year ended 31 January 2024.
The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £969,065 (2023 - £268,986).
The directors who served during the year were:
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
The auditors, PKF Smith Cooper Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
We have audited the financial statements of China Industries Limited Trading as Wow! Stuff (the 'Company') for the year ended 31 January 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, 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).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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.
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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.
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF (CONTINUED)
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 Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Based on our understanding of the company and industry, key laws and regulations that we identified included:
∙Companies Act;
∙Tax Legislation; and
∙Health and Safety and Employment Legislation.
We identified that the principal risk of fraud or non-compliance with laws and regulations related to:
∙management bias in respect of accounting estimates and judgements made;
∙management override of controls; and
∙posting of unusual journals or transactions.
We focussed on those areas that could give rise to a material misstatement in the Company's financial statements. Our procedures included, but were not limited to:
∙Enquiry of management and those charged with governance/review of available correspondence around actual and potential litigation and claims, including instances of non-compliance with laws and regulations and fraud;
∙Reviewing minutes of meetings of those charged with governance, where available;
∙Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias, in particular stock provision.
It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF (CONTINUED)
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' 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 Auditors' 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.
for and on behalf of
Statutory Auditors
Cornerblock
2 Cornwall St
B3 2DX
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
REGISTERED NUMBER: 04989385
BALANCE SHEET
AS AT 31 JANUARY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 15 to 31 form part of these financial statements.
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2024
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
China Industries Limited is a private company, limited by shares, incorporated in the United Kingdom. The address of the registered office is given in the company information of these financial statements. The company's registration number is 04989385. The principal activity of the company continued to be the innovative design and supply of toys and gifts to major retailers and distributors.
The financial statements are prepared in Sterling which is the functional currency of the company. The financial statements level of rounding is to the nearest £1.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The directors have opted not to prepare consolidated financial statements as all of its subsidiaries are not material for the purpose of giving a true and fair view. The Company is therefore exempt from the requirement to prepare consolidated financial statements under section 402 of the Companies Act 2006.
The financial statements have been prepared on the going concern basis, the validity of which depends upon the ability of the company to meet its obligations as they fall due. The directors have reviewed the funding in place for the company and have taken into account the amounts of £1,237,523 (2023 - £1,278,071) which are included in creditors greater than one year where the timing of repayments is under the control of the board. In the light of the future trading indications, orders held, and the funding position of the company the directors consider the company to be a going concern.
Transactions in foreign currencies are translated into Sterling at the rate ruling on the date of the transaction. Exchange gains and losses are recognised in the Statement of Comprehensive Income.
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
Deferred development costs are reviewed annually, and where future benefits are deemed to have ceased or to be in doubt, the balance of any related development is written off to the Statement of Comprehensive Income.
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in Statement of Comprehensive Income.
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
Derivative financial instruments ("derivatives") are only used to manage risks arising from changes in foreign currency exchange rates relating to sales denominated in foreign currencies. In accordance with the foreign exchange policy, the company does not enter into derivatives for speculative purposes. Derivatives are stated at their fair value, being the estimated amount that the company would receive or pay to terminate the contracts at the balance sheet dated based on prevailing foreign currency exchange rates.
Changes in fair value of foreign currency derivatives which are designated and effective as hedges of future cash flows are recognised in equity in the cash flow hedge reserve, and subsequently transferred to the carrying amount of the hedged item or the statement of comprehensive income. Realised gains and losses on cash flow hedges are therefore recognised as turnover in the statement of comprehensive income in the same period as the hedged item. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument previously recognised in equity is retained in equity until the hedged transaction occurs. If the hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in equity is then transferred to the Statement of Comprehensive Income. Changes in fair value of derivatives which are ineffective or do not meet the criteria for hedge accounting in FRS 102 are recognised in the Statement of Comprehensive Income under turnover. Stock provision Stock is stated net of provisions for slow moving and obsolete stock, the calculation of which includes judgements. The directors review these periodically to ensure slow moving and obsolete stock is identified and provisions are appropriately calculated. Depreciation The charge in respect of periodic depreciation and amortisation is derived after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The useful lives of all assets are determined at the time the asset is acquired and reviewed at least annually for appropriateness by the directors.
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
The whole of the turnover is attributable to the one principal activity of the company.
Analysis of turnover by country of destination:
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
11.Taxation (continued)
The company has estimated losses of £2.9m (2023 - £2.6m) available for carry forward against future trading profits.
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Profit and loss account
HSBC Bank plc holds an unlimited multilateral guarantee between the company and all of its subsidiary companies. The company is therefore jointly and severally liable for the amount owed by its subsidiary companies to HSBC Bank plc. At the balance sheet date this amounted to £nil (2023 - £nil).
A group VAT registration is in force. The company is, therefore, jointly and severally liable for the amount of VAT owed by other members of the group. At the balance sheet date this amounted to £nil (2023 - £nil).
The company operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the company to the scheme and amounted to £44,491 (2023 - £50,150). Contributions totalling £5,858 (2023 - £5,369) were payable to the scheme at the end of the year and are included in creditors.
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
27.Other financial commitments
Total financial commitments to licensors at the balance sheet date were $433,649 (2023 - $556,861). This approximately translates to £341,725 (2023 - £449,807).
During the year the company advanced £201 (2023 - £nil) to a director and the director repaid £139 (2023 - £nil). At the balance sheet date, the amount due to the company was £37,480 (2023 - £37,418). The amount advanced is interest free and holds no conditions.
The company is controlled by the North family by virtue of their interest in the share capital of the company.
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