REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
Esselle Retail Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
Esselle Retail Limited |
Esselle Retail Limited (Registered number: 12671338) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Esselle Retail Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Hazlemere |
70 Chorley New Road |
Bolton |
Lancashire |
BL1 4BY |
Esselle Retail Limited (Registered number: 12671338) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 | ( |
) |
Tangible assets | 5 |
Investments | 6 |
( |
) |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Esselle Retail Limited (Registered number: 12671338) |
Balance Sheet - continued |
31 March 2024 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Esselle Retail Limited (Registered number: 12671338) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Esselle Retail Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measure reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on the dispatch of the goods. |
Negative goodwill |
The excess of the cost of the acquisition of the specific assets Arthouse Ltd detailed in note 12 compared with the fair value of the assets acquired, has been included in the accounts as negative goodwill. |
This excess, up to the fair value of non-monetary assets acquired, is recognised in the profit and loss account in the period in which the non-monetary assets are recovered. This will be within two years of the date of acquisition. |
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. |
Tangible fixed assets |
Leasehold property | - |
Office equipment | - |
Fixtures and fittings | - |
Computer equipment | - |
Investments in subsidiaries |
Esselle Retail Ltd is exempt from preparing group accounts as Esselle Retail Ltd and the group headed by it qualify as small under S383 of the Companies Act 2006. |
The investments in subsidiaries are measured at cost less impairment. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Esselle Retail Limited (Registered number: 12671338) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
Leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Exceptional items |
Any amounts that are shown as exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size. |
Going concern |
The directors are confident that sufficient financial resources will be available to the company in order for it to continue in operational existence for the foreseeable future. |
Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Esselle Retail Limited (Registered number: 12671338) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | INTANGIBLE FIXED ASSETS |
Patents |
Negative | and | Computer |
goodwill | licences | Trademarks | software | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2023 | ( |
) | ( |
) |
Additions |
At 31 March 2024 | ( |
) | ( |
) |
AMORTISATION |
At 1 April 2023 | ( |
) | ( |
) |
Amortisation for year |
Amounts released to the profit |
and loss account | (154,705 | ) | - | - | - | (154,705 | ) |
At 31 March 2024 | ( |
) | ( |
) |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 | ( |
) | ( |
) |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Leasehold | Office | and | Computer |
property | equipment | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Esselle Retail Limited (Registered number: 12671338) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Tax |
Prepayments |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | 357,022 | 249,916 |
Other creditors |
Rebates & customer support | 136,123 | 118,867 |
Associated company loan | - | 6,057 |
Directors' current accounts | 9,940 | 84,582 |
Accrued expenses |
Included within other creditors is £1,663,091 (2023 - £1,702,403) in respect of invoice financing, which is secured by a way of a debenture against all the assets of the company and personal guarantees given by the director. |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other creditors |
Other creditors falling due after more than one year are made up of £580,000 in respect of unsecured loans. Last year these were included within other creditors falling due within one year, and totalled £760,000. |
Esselle Retail Limited (Registered number: 12671338) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
10. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
11. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 18,073 | 24,760 |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Provided during year | ( |
) |
Balance at 31 March 2024 |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |