Company Registration No. 09102861 (England and Wales)
Baby Republic Limited
Unaudited accounts
for the year ended 31 March 2024
Baby Republic Limited
Unaudited accounts
Contents
Baby Republic Limited
Company Information
for the year ended 31 March 2024
Company Number
09102861 (England and Wales)
Registered Office
Unit 10 Chippenham Drive
Kingston
Milton Keynes
MK10 0BZ
United Kingdom
Accountants
Julie Wilmer Accountancy Services Ltd
Cherry Tree House
12A West Side Rise
Olney
Bucks
MK46 5HP
Baby Republic Limited
Statement of financial position
as at 31 March 2024
Tangible assets
23,679
18,861
Inventories
301,895
419,912
Cash at bank and in hand
154,116
128,606
Creditors: amounts falling due within one year
(215,722)
(168,336)
Net current assets
462,175
590,641
Total assets less current liabilities
485,855
609,503
Creditors: amounts falling due after more than one year
(463,672)
(471,249)
Provisions for liabilities
Deferred tax
(3,176)
(1,770)
Called up share capital
2
2
Profit and loss account
19,005
136,482
Shareholders' funds
19,007
136,484
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 2 October 2024 and were signed on its behalf by
L A Finch
Director
Company Registration No. 09102861
Baby Republic Limited
Notes to the Accounts
for the year ended 31 March 2024
Baby Republic Limited is a private company, limited by shares, registered in England and Wales, registration number 09102861. The registered office is Unit 10 Chippenham Drive, Kingston, Milton Keynes, MK10 0BZ, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
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 goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
The accounts are presented in £ sterling.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
over the length of the lease
Plant & machinery
over 4 years
Fixtures & fittings
over 4 years
Computer equipment
over 4 years
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Baby Republic Limited
Notes to the Accounts
for the year ended 31 March 2024
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
4
Intangible fixed assets
Goodwill
Goodwill is written off in equal annual instalments over its estimated economic life of five years.
Baby Republic Limited
Notes to the Accounts
for the year ended 31 March 2024
5
Tangible fixed assets
Land & buildings
Plant & machinery
Total
Cost or valuation
At cost
At cost
At 1 April 2023
1,060
35,741
36,801
Disposals
-
(6,873)
(6,873)
At 31 March 2024
1,060
43,061
44,121
At 1 April 2023
159
17,781
17,940
Charge for the year
212
8,844
9,056
On disposals
-
(6,554)
(6,554)
At 31 March 2024
371
20,071
20,442
At 31 March 2024
689
22,990
23,679
At 31 March 2023
901
17,960
18,861
Amounts falling due within one year
Trade debtors
47,347
2,369
Accrued income and prepayments
54,934
50,670
Other debtors
101,180
155,235
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
9,688
9,688
Trade creditors
62,704
30,530
Taxes and social security
26,200
37,875
Other creditors
11,609
21,015
The preference shares, which were issued on 6th December 2016 at par, are redeemable at par
by the holders or the Company on service of 30 days' written notice on the later of 15th November
2028 and the date on which the Company has sufficient distributable reserves.
The bank loan is under the Coronavirus Business Interruption loan scheme. It has a Government
backed guarantee. It is repayable within six years.
Baby Republic Limited
Notes to the Accounts
for the year ended 31 March 2024
8
Creditors: amounts falling due after more than one year
2024
2023
Non-equity preference shares
447,581
445,291
The preference shares, which were issued on 6th December 2016 at par, are redeemable at par
by the holders or the Company on service of 30 days' written notice on the later of 15th November
2028 and the date on which the Company has sufficient distributable reserves.
The bank loan is under the Coronavirus Business Interruption loan scheme. It has a Government
backed guarantee. It is repayable within six years.
9
Operating lease commitments
2024
2023
At 31 March 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
62,927
66,465
Later than one year and not later than five years
167,550
174,567
Later than five years
-
41,890
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Loan , interest at 2.25% repayable on demand
65,856
112,615
145,205
33,266
65,856
112,615
145,205
33,266
The loan account was repaid following the year end.
11
Average number of employees
During the year the average number of employees was 8 (2023: 7).