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REGISTERED NUMBER: 04136953 (England and Wales)















MORE (UK) LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024






MORE (UK) LIMITED (REGISTERED NUMBER: 04136953)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Statement of Income and Retained Earnings 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Cash Flow Statement 12

Notes to the Consolidated Cash Flow Statement 13

Notes to the Consolidated Financial Statements 14


MORE (UK) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: S J Cashmore
C A Cashmore





SECRETARY: C A Cashmore





REGISTERED OFFICE: Tong Road Business Park
Amberley Road
Leeds
West Yorkshire
LS12 4BF





REGISTERED NUMBER: 04136953 (England and Wales)





AUDITORS: DSC Accountants Ltd
Chartered Accountants
Statutory Auditors
Tattersall House
East Parade
Harrogate
North Yorkshire
HG1 5LT

MORE (UK) LIMITED (REGISTERED NUMBER: 04136953)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

The directors present their strategic report of the company and the group for the year ended 31 January 2024.

REVIEW OF BUSINESS
Turnover for the year ended 31 January 2024 was £13,949,410 which was a increase of £333,230 compared with last year (2023: £13,616,180). Operating profit for the year ended 31 January 2024 was £1,220,182 which is a decrease of £211,739 compared with the prior year (2023: £1,431,921).

PRINCIPAL RISKS AND UNCERTAINTIES
Liquidity risk
The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.

Credit risk
The principal credit risk arises from the group's trade debtors. In order to manage the risk, the group uses third party credit references and customer payment history to establish the correct credit limit for each customer. These credit limits are reviewed on a regular basis and take into account the most recent collection history and spend.

ON BEHALF OF THE BOARD:





S J Cashmore - Director


31 October 2024

MORE (UK) LIMITED (REGISTERED NUMBER: 04136953)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JANUARY 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 January 2024.

DIVIDENDS
Interim dividends per share were paid as follows:
3000 - 1 February 2023
500 - 1 May 2023
500 - 1 June 2023
1000 - 1 July 2023
500 - 1 October 2023
500 - 1 December 2023
6000

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 January 2024 will be £ 600,000 .

FUTURE DEVELOPMENTS
The directors remain confident that the business will continue to maintain profitability in the next financial year. The directors are not intending to make any significant changes to the nature of the business in the near future but remain watchful of any opportunities for growth.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report.

S J Cashmore
C A Cashmore

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;
- 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.

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

MORE (UK) LIMITED (REGISTERED NUMBER: 04136953)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JANUARY 2024


AUDITORS
The auditors, DSC Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S J Cashmore - Director


31 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MORE (UK) LIMITED

Qualified opinion
We have audited the financial statements of More (UK) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:
- give a true and fair view of the state of the company’s affairs as at 31 January 2024 and of the company’s profit for the year 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 qualified opinion
The group holds significant stock overseas and no stock take for this stock was undertaken. We were therefore unable to satisfy ourselves concerning the stock quantities and valuation of this stock. The overseas stock made up £1,635,855 (2023:£1,538,927) of the total £3,845,965 (2023: £4,995,938) included in the stock figure on the balance sheet and we were unable to determine if any adjustment to this amount was necessary.

Furthermore, the group became a medium sized company for the first time for the year ended 31 January 2024 and so was required to prepare group accounts. The solely owned subsidiary has not been previously audited and as such, we were unable to satisfy ourselves concerning the opening stock quantities which are included on the balance sheet at £537,139. We were unable to determine if any adjustment to this amount was necessary or whether there was any consequential effect on the cost of sales for the year ended 31 January 2024.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified 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.

Key audit matters
Except for the matter described in the basis for qualified opinion section, we have determined that there are no key audit matters to be communicated in our report.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MORE (UK) LIMITED


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.

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities and valuation of overseas stock, making up £1,635,855 (2023: £1,538,927) of the total £3,845,965 (2023: £4,995,938) stock figure held at 31 January 2024.
We were also unable to satisfy ourselves concerning the inventory quantities of £537,139 held at 31 January 2023 for the subsidiary company.

We have concluded that where the other information refers to the inventory balance or related balances such as cost of sales, it may be materially misstated for the same reason.

Opinions on other matters prescribed by the Companies Act 2006
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, 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.

Matters on which we are required to report by exception

Except for the matter described in the basis for qualified opinion section of our report, 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 Group Strategic Report of the Report of the Directors.

Arising solely from the limitation on the scope of our work relating to inventory, referred to above:
- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
- we were unable to determine whether adequate accounting records have been kept.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors’ remuneration specified by law are not made; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MORE (UK) LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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.

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 gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and the inspection of other regulatory and legal correspondence. We addressed the risk of management override of internal controls, including testing journals and estimates and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud and the completeness of incoming resources by testing from sales order. We did not identify any key audit matters relating to irregularities, including 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. 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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MORE (UK) 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.




Graham French (Senior Statutory Auditor)
for and on behalf of DSC Accountants Ltd
Chartered Accountants
Statutory Auditors
Tattersall House
East Parade
Harrogate
North Yorkshire
HG1 5LT

31 October 2024

MORE (UK) LIMITED (REGISTERED NUMBER: 04136953)

CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 JANUARY 2024

2024 2023
Notes £    £   

TURNOVER 13,949,410 13,616,180

Cost of sales 10,690,061 10,608,061
GROSS PROFIT 3,259,349 3,008,119

Administrative expenses 2,039,167 1,576,234
1,220,182 1,431,885

Other operating income - 36
OPERATING PROFIT 4 1,220,182 1,431,921

Interest receivable and similar income 8,156 269
1,228,338 1,432,190

Interest payable and similar expenses 5 28,913 13,280
PROFIT BEFORE TAXATION 1,199,425 1,418,910

Tax on profit 6 281,011 267,444
PROFIT FOR THE FINANCIAL YEAR 918,414 1,151,466

Retained earnings at beginning of year 4,205,501 3,354,035

Dividends 8 (600,000 ) (300,000 )

RETAINED EARNINGS FOR THE
GROUP AT END OF YEAR

4,523,915

4,205,501

Profit attributable to:
Owners of the parent 918,414 1,151,466

MORE (UK) LIMITED (REGISTERED NUMBER: 04136953)

CONSOLIDATED BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 15,000 30,000
Tangible assets 10 88,557 53,380
Investments 11 - -
103,557 83,380

CURRENT ASSETS
Stocks 12 3,670,965 4,995,938
Debtors 13 831,495 419,420
Cash at bank and in hand 1,224,170 809,850
5,726,630 6,225,208
CREDITORS
Amounts falling due within one year 14 1,210,718 1,943,896
NET CURRENT ASSETS 4,515,912 4,281,312
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,619,469

4,364,692

CREDITORS
Amounts falling due after more than one
year

15

95,454

159,091
NET ASSETS 4,524,015 4,205,601

CAPITAL AND RESERVES
Called up share capital 19 100 100
Retained earnings 20 4,523,915 4,205,501
SHAREHOLDERS' FUNDS 4,524,015 4,205,601

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2024 and were signed on its behalf by:





S J Cashmore - Director


MORE (UK) LIMITED (REGISTERED NUMBER: 04136953)

COMPANY BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 88,557 53,380
Investments 11 100 100
88,657 53,480

CURRENT ASSETS
Stocks 12 3,336,698 4,458,799
Debtors 13 1,037,283 851,768
Cash at bank and in hand 1,129,330 797,935
5,503,311 6,108,502
CREDITORS
Amounts falling due within one year 14 1,085,874 1,859,100
NET CURRENT ASSETS 4,417,437 4,249,402
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,506,094

4,302,882

CREDITORS
Amounts falling due after more than one
year

15

95,454

159,091
NET ASSETS 4,410,640 4,143,791

CAPITAL AND RESERVES
Called up share capital 19 100 100
Retained earnings 20 4,410,540 4,143,691
SHAREHOLDERS' FUNDS 4,410,640 4,143,791

Company's profit for the financial year 866,849 1,128,564

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2024 and were signed on its behalf by:





S J Cashmore - Director


MORE (UK) LIMITED (REGISTERED NUMBER: 04136953)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,597,811 1,713,319
Interest paid (28,165 ) (12,283 )
Interest element of hire purchase payments
paid

(748

)

(997

)
Tax paid (413,453 ) (166,531 )
Net cash from operating activities 1,155,445 1,533,508

Cash flows from investing activities
Purchase of tangible fixed assets (115,629 ) -
Sale of tangible fixed assets 64,000 -
Interest received 8,156 269
Net cash from investing activities (43,473 ) 269

Cash flows from financing activities
Loan repayments in year (63,637 ) (63,636 )
Capital repayments in year (12,417 ) (16,555 )
Amount introduced by directors - 5,452
Amount withdrawn by directors (21,598 ) -
Equity dividends paid (600,000 ) (300,000 )
Net cash from financing activities (697,652 ) (374,739 )

Increase in cash and cash equivalents 414,320 1,159,038
Cash and cash equivalents at beginning of
year

2

809,850

(349,188

)

Cash and cash equivalents at end of year 2 1,224,170 809,850

MORE (UK) LIMITED (REGISTERED NUMBER: 04136953)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2024 2023
£    £   
Profit before taxation 1,199,425 1,418,910
Depreciation charges 45,949 32,281
Profit on disposal of fixed assets (14,497 ) -
Finance costs 28,913 13,280
Finance income (8,156 ) (269 )
1,251,634 1,464,202
Decrease/(increase) in stocks 1,324,973 (648,107 )
(Increase)/decrease in trade and other debtors (404,111 ) 735,969
(Decrease)/increase in trade and other creditors (574,685 ) 161,255
Cash generated from operations 1,597,811 1,713,319

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 January 2024
31.1.24 1.2.23
£    £   
Cash and cash equivalents 1,224,170 809,850
Year ended 31 January 2023
31.1.23 1.2.22
£    £   
Cash and cash equivalents 809,850 9,687
Bank overdrafts - (358,875 )
809,850 (349,188 )


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.2.23 Cash flow At 31.1.24
£    £    £   
Net cash
Cash at bank and in hand 809,850 414,320 1,224,170
809,850 414,320 1,224,170
Debt
Finance leases (12,417 ) 12,417 -
Debts falling due within 1 year (63,636 ) - (63,636 )
Debts falling due after 1 year (159,091 ) 63,637 (95,454 )
(235,144 ) 76,054 (159,090 )
Total 574,706 490,374 1,065,080

MORE (UK) LIMITED (REGISTERED NUMBER: 04136953)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

More (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - 10% on cost
Fixtures and fittings - 33% on cost
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

MORE (UK) LIMITED (REGISTERED NUMBER: 04136953)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 981,857 860,646
Social security costs 74,118 67,932
Other pension costs 108,256 30,635
1,164,231 959,213

The average number of employees during the year was as follows:
2024 2023

Administration 30 28
Distribution 16 13
Sales 1 1
47 42

The average number of employees by undertakings that were proportionately consolidated during the year was 47 (2023 - 42 ) .

2024 2023
£    £   
Directors' remuneration 50,000 50,000

4. OPERATING PROFIT

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

2024 2023
£    £   
Depreciation - owned assets 30,949 780
Depreciation - assets on hire purchase contracts - 16,501
Profit on disposal of fixed assets (14,497 ) -
Patents and licences amortisation 15,000 15,000
Auditors' remuneration 22,000 6,750
Foreign exchange differences 18,264 (52,783 )

MORE (UK) LIMITED (REGISTERED NUMBER: 04136953)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 28,165 12,283
Hire purchase 748 997
28,913 13,280

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 288,975 273,453

Deferred tax (7,964 ) (6,009 )
Tax on profit 281,011 267,444

7. 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.


8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 600,000 300,000

9. INTANGIBLE FIXED ASSETS

Group
Patents
and
licences
£   
COST
At 1 February 2023
and 31 January 2024 75,000
AMORTISATION
At 1 February 2023 45,000
Amortisation for year 15,000
At 31 January 2024 60,000
NET BOOK VALUE
At 31 January 2024 15,000
At 31 January 2023 30,000

MORE (UK) LIMITED (REGISTERED NUMBER: 04136953)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Short and Motor
leasehold fittings vehicles Totals
£    £    £    £   
COST
At 1 February 2023 136,891 339,342 88,006 564,239
Additions - 15,138 100,491 115,629
Disposals - - (88,006 ) (88,006 )
At 31 January 2024 136,891 354,480 100,491 591,862
DEPRECIATION
At 1 February 2023 133,014 339,342 38,503 510,859
Charge for year 780 5,046 25,123 30,949
Eliminated on disposal - - (38,503 ) (38,503 )
At 31 January 2024 133,794 344,388 25,123 503,305
NET BOOK VALUE
At 31 January 2024 3,097 10,092 75,368 88,557
At 31 January 2023 3,877 - 49,503 53,380

The net book value of tangible fixed assets includes £NIL (2023 - £ 49,503 ) in respect of assets held under hire purchase contracts.

Company
Fixtures
Short and Motor
leasehold fittings vehicles Totals
£    £    £    £   
COST
At 1 February 2023 136,891 339,342 88,006 564,239
Additions - 15,138 100,491 115,629
Disposals - - (88,006 ) (88,006 )
At 31 January 2024 136,891 354,480 100,491 591,862
DEPRECIATION
At 1 February 2023 133,014 339,342 38,503 510,859
Charge for year 780 5,046 25,123 30,949
Eliminated on disposal - - (38,503 ) (38,503 )
At 31 January 2024 133,794 344,388 25,123 503,305
NET BOOK VALUE
At 31 January 2024 3,097 10,092 75,368 88,557
At 31 January 2023 3,877 - 49,503 53,380

The net book value of tangible fixed assets includes £NIL (2023 - £ 49,503 ) in respect of assets held under hire purchase contracts.

MORE (UK) LIMITED (REGISTERED NUMBER: 04136953)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 February 2023
and 31 January 2024 100
NET BOOK VALUE
At 31 January 2024 100
At 31 January 2023 100


12. STOCKS

Group Company
2024 2023 2024 2023
£    £    £    £   
Raw materials 1,635,855 1,538,927 1,635,855 1,538,927
Finished goods 2,035,110 3,457,011 1,700,843 2,919,872
3,670,965 4,995,938 3,336,698 4,458,799

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 708,299 332,530 595,582 245,529
Amounts owed by group undertakings - - 329,534 521,974
Deferred tax asset 25,908 17,944 15,783 17,944
Prepayments and accrued income 97,288 68,946 96,384 66,321
831,495 419,420 1,037,283 851,768

Deferred tax asset
Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 25,908 17,944 15,783 17,944

MORE (UK) LIMITED (REGISTERED NUMBER: 04136953)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 16) 63,636 63,636 63,636 63,636
Hire purchase contracts (see note 17) - 12,417 - 12,417
Trade creditors 659,700 1,033,162 651,479 1,019,375
Tax 148,975 273,453 133,620 265,706
Social security and other taxes 18,187 14,674 17,329 13,778
VAT 170,034 362,725 84,936 308,101
Directors' loan accounts 7,746 29,344 7,746 29,344
Accruals and deferred income 142,440 154,485 127,128 146,743
1,210,718 1,943,896 1,085,874 1,859,100

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

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 16) 95,454 159,091 95,454 159,091

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 63,636 63,636 63,636 63,636
Amounts falling due between one and two years:
Bank loans - 1-2 years 63,636 63,636 63,636 63,636
Amounts falling due between two and five years:
Bank loans - 2-5 years 31,818 95,455 31,818 95,455

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year - 12,417

MORE (UK) LIMITED (REGISTERED NUMBER: 04136953)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

17. LEASING AGREEMENTS - continued

Company
Hire purchase contracts
2024 2023
as restated
£    £   
Net obligations repayable:
Within one year - 12,417

18. SECURED DEBTS

The following secured debts are included within creditors:

Company
2024 2023
£    £   
Bank loans 159,090 222,727

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: as restated
£    £   
100 Ordinary £1 100 100

20. RESERVES

Group
Retained
earnings
£   

At 1 February 2023 4,205,501
Profit for the year 918,414
Dividends (600,000 )
At 31 January 2024 4,523,915

Company
Retained
earnings
£   

At 1 February 2023 4,143,691
Profit for the year 866,849
Dividends (600,000 )
At 31 January 2024 4,410,540