Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-292024-02-29962023-03-01Retail sale of clothing in specialised storesfalse91falsefalsefalse 04166713 2024-02-29 04166713 2023-03-01 2024-02-29 04166713 2022-03-01 2023-02-28 04166713 2023-02-28 04166713 2022-03-01 04166713 1 2023-03-01 2024-02-29 04166713 d:CompanySecretary1 2023-03-01 2024-02-29 04166713 d:Director1 2023-03-01 2024-02-29 04166713 d:Director2 2023-03-01 2024-02-29 04166713 d:Director3 2023-03-01 2024-02-29 04166713 d:Director4 2023-03-01 2024-02-29 04166713 d:Director4 2024-02-29 04166713 d:RegisteredOffice 2023-03-01 2024-02-29 04166713 e:Buildings 2023-03-01 2024-02-29 04166713 e:Buildings 2024-02-29 04166713 e:Buildings 2023-02-28 04166713 e:Buildings e:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 04166713 e:Buildings e:LongLeaseholdAssets 2023-03-01 2024-02-29 04166713 e:PlantMachinery 2023-03-01 2024-02-29 04166713 e:PlantMachinery 2024-02-29 04166713 e:PlantMachinery 2023-02-28 04166713 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 04166713 e:MotorVehicles 2023-03-01 2024-02-29 04166713 e:MotorVehicles 2024-02-29 04166713 e:MotorVehicles 2023-02-28 04166713 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 04166713 e:OtherPropertyPlantEquipment 2023-03-01 2024-02-29 04166713 e:OtherPropertyPlantEquipment 2024-02-29 04166713 e:OtherPropertyPlantEquipment 2023-02-28 04166713 e:OtherPropertyPlantEquipment e:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 04166713 e:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 04166713 e:CurrentFinancialInstruments 2024-02-29 04166713 e:CurrentFinancialInstruments 2023-02-28 04166713 e:CurrentFinancialInstruments e:WithinOneYear 2024-02-29 04166713 e:CurrentFinancialInstruments e:WithinOneYear 2023-02-28 04166713 e:ShareCapital 2023-03-01 2024-02-29 04166713 e:ShareCapital 2024-02-29 04166713 e:ShareCapital 2022-03-01 2023-02-28 04166713 e:ShareCapital 2023-02-28 04166713 e:ShareCapital 2022-03-01 04166713 e:RevaluationReserve 2023-03-01 2024-02-29 04166713 e:RevaluationReserve 2024-02-29 04166713 e:RevaluationReserve 1 2023-03-01 2024-02-29 04166713 e:RevaluationReserve 2022-03-01 2023-02-28 04166713 e:RevaluationReserve 2023-02-28 04166713 e:RevaluationReserve 2022-03-01 04166713 e:RetainedEarningsAccumulatedLosses 2023-03-01 2024-02-29 04166713 e:RetainedEarningsAccumulatedLosses 2024-02-29 04166713 e:RetainedEarningsAccumulatedLosses 1 2023-03-01 2024-02-29 04166713 e:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 04166713 e:AcceleratedTaxDepreciationDeferredTax 2024-02-29 04166713 e:AcceleratedTaxDepreciationDeferredTax 2023-02-28 04166713 e:TaxLossesCarry-forwardsDeferredTax 2024-02-29 04166713 e:TaxLossesCarry-forwardsDeferredTax 2023-02-28 04166713 e:RetirementBenefitObligationsDeferredTax 2024-02-29 04166713 e:RetirementBenefitObligationsDeferredTax 2023-02-28 04166713 d:OrdinaryShareClass1 2023-03-01 2024-02-29 04166713 d:OrdinaryShareClass1 2024-02-29 04166713 d:OrdinaryShareClass1 2023-02-28 04166713 d:OrdinaryShareClass2 2023-03-01 2024-02-29 04166713 d:OrdinaryShareClass2 2024-02-29 04166713 d:OrdinaryShareClass3 2023-03-01 2024-02-29 04166713 d:OrdinaryShareClass3 2024-02-29 04166713 d:FRS102 2023-03-01 2024-02-29 04166713 d:Audited 2023-03-01 2024-02-29 04166713 d:FullAccounts 2023-03-01 2024-02-29 04166713 d:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 04166713 e:HirePurchaseContracts e:WithinOneYear 2024-02-29 04166713 e:HirePurchaseContracts e:WithinOneYear 2023-02-28 04166713 e:HirePurchaseContracts e:BetweenOneFiveYears 2024-02-29 04166713 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-02-28 04166713 e:HirePurchaseContracts e:MoreThanFiveYears 2024-02-29 04166713 e:HirePurchaseContracts e:MoreThanFiveYears 2023-02-28 04166713 d:Consolidated 2024-02-29 04166713 d:ConsolidatedGroupCompanyAccounts 2023-03-01 2024-02-29 04166713 5 2023-03-01 2024-02-29 04166713 e:ShareCapital 1 2023-03-01 2024-02-29 04166713 f:PoundSterling 2023-03-01 2024-02-29 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: 04166713







ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
29 FEBRUARY 2024


BRORA LIMITED






































img6e9e.png                        

 


BRORA LIMITED
 


 
COMPANY INFORMATION


Directors
J M Cooper 
V L A Pilkington 
M P Taylor 
J M Pilkington (resigned 6 October 2023)




Company secretary
F J McArthur



Registered number
04166713



Registered office
Units 5 & 6 The Orbital Centre Cockerell Close
Gunnels Wood Road

Stevenage

Hertfordshire

SG1 2NB




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Richmond House

Walkern Road

Stevenage

Herts

SG1 3QP





 


BRORA LIMITED
 



CONTENTS



Page
Group strategic report
30
Directors' report
31 - 32
Independent auditors' report
33 - 36
Consolidated profit and loss account
37
Consolidated statement of comprehensive income
38
Consolidated statement of financial position
39
Company statement of financial position
40
Consolidated statement of changes in equity
41 - 42
Company statement of changes in equity
43 - 44
Consolidated statement of cash flows
45
Notes to the financial statements
46 - 60


 


BRORA LIMITED
 


 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

Introduction
 
Brora was established in 1993. The initial idea was to be the purveyor of the finest Scottish cashmere and woollens and to support Scottish mills. Thirty-one years later, the premise is the same however, Brora is now a fully fledged fashion brand for men, women, children and babies.
At Brora we have always been committed to making the highest quality designs, from the finest materials and delivering to our customers worldwide. 

Business review
 
Group sales declined by £0.15m, a 0.7% decrease compared to the previous financial year.
Gross margin decreased from 58.5% in 2023 to 55.9%, driven primarily by increased manufacturing and distribution costs. Our relationship with our manufacturing partners remans incredibly strong.
Costs were carefully controlled throughout the year, and despite unusual levels of economic cost pressures and high inflationary levels, our cost base only rose by 5.4% compared to 2023.
Operating profit remained strong at £1.57m.

Principal risks and uncertainties
 
The senior management team regularly review the risks throughout the business. We are satisfied that sufficient controls are in place and are reviewed regularly at board level.

Financial 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 EBITDA (defined as earnings before interest, tax, depreciation, amortisation, impairments and exceptional items) vs. forecast and prior periods.

 



This report was approved by the board on 28 November 2024 and signed on its behalf.



................................................
M P Taylor
Director

Page 30

 


BRORA LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

The directors present their report and the financial statements for the year ended 29 February 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 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 for the Group'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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £1,241,100 (2023 - £2,343,519).

Total distribution of dividends for the year will be £nil (2023 - £2,508,324).

Directors

The directors who served during the year were:

J M Cooper 
V L A Pilkington 
M P Taylor 
J M Pilkington (resigned 6 October 2023)

Future developments

At the time of writing, the group is trading ahead of expectations, driven by growth across our three divisions and with improved gross margin performance we anticipate a solid year.
Our store estate continues to perform well. Our personal considered in-store service together with our loyal customer base and quality designs gives us confidence to invest further in our portfolio.
Following the launch of our new website in 2023, and subsequent investment in digital marketing strategies, both domestic and international expansion remains a key area of potential growth.

Page 31

 


BRORA LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsMenzies LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
M P Taylor
Director

Date: 28 November 2024

Page 32

 


BRORA LIMITED
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRORA LIMITED

Opinion


We have audited the financial statements of Brora Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 29 February 2024, which comprise the Consolidated profit and loss account, the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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's affairs as at 29 February 2024 and of the Group'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 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 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.


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 or 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 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 reportOur 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.


Page 33

 


BRORA LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRORA LIMITED (CONTINUED)

Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


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 Directors' report.


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:


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 Directors' responsibilities statement set out on page 31, 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 is 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.


Page 34

 


BRORA LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRORA LIMITED (CONTINUED)

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 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 Group 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:
•The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including UK Companies Act, employment law, health and safety, pensions legislation and tax legislation.
•We understood how the Company is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures. We assessed the extent of compliance withthese legal and compliance procedures as part of our procedures on the related financial statement items.
•The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any issues in this area.
•We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud migh toccur. We identified the risk of override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed by the engagement team included:
•Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
•Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
•Challenging assumptions and judgments made by management in its significant accounting estimates; and
•Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
The assessment did not identify any issues in these areas.
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-complance. 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.


Page 35

 


BRORA LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRORA LIMITED (CONTINUED)

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 2006Our 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.





James Fox ACA FCCA (Senior statutory auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
Richmond House
Walkern Road
Stevenage
Herts
SG1 3QP

28 November 2024
Page 36

 


BRORA LIMITED
 


 
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024
2023
Note
£
£

  

Turnover
 4 
20,416,985
20,567,580

Cost of sales
  
(9,012,237)
(8,532,327)

Gross profit
  
11,404,748
12,035,253

Administrative expenses
  
(9,831,775)
(9,330,568)

Other operating income
  
920
133,877

Operating profit
  
1,573,893
2,838,562

Interest receivable and similar income
  
99,552
38,439

Interest payable and similar expenses
 8 
(4,319)
(10,475)

Profit before tax
  
1,669,126
2,866,526

Tax on profit
 9 
(428,026)
(523,007)

Profit for the financial year
  
1,241,100
2,343,519

Profit for the year attributable to:
  

Owners of the parent
  
1,241,100
2,343,519

  
1,241,100
2,343,519

The notes on pages 46 to 60 form part of these financial statements.

Page 37

 


BRORA LIMITED
 



CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024
2023
Note
£
£


Profit for the financial year

  

1,241,100
2,343,519

Other comprehensive income
  


EOT Contribution
  
(2,522,269)
-

Other comprehensive income for the year
  
(2,522,269)
-

Total comprehensive income for the year
  
(1,281,169)
2,343,519

Profit for the year attributable to:
  


Owners of the parent Company
  
1,241,100
2,343,519

  
1,241,100
2,343,519

The notes on pages 46 to 60 form part of these financial statements.

Page 38

 


BRORA LIMITED
REGISTERED NUMBER:04166713



CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
2,867,398
2,883,643

  
2,867,398
2,883,643

Current assets
  

Stocks
 14 
3,403,161
3,554,489

Debtors: amounts falling due within one year
 15 
433,488
606,483

Cash at bank and in hand
  
3,796,801
4,579,467

  
7,633,450
8,740,439

Creditors: amounts falling due within one year
 16 
(3,714,777)
(3,533,572)

Net current assets
  
 
 
3,918,673
 
 
5,206,867

Total assets less current liabilities
  
6,786,071
8,090,510

Provisions for liabilities
  

Deferred tax
 19 
(76,885)
(100,155)

  
 
 
(76,885)
 
 
(100,155)

Net assets
  
6,709,186
7,990,355


Capital and reserves
  

Called up share capital 
 20 
10,000
10,000

Revaluation reserve
  
1,270,690
1,270,690

Profit and loss account
  
5,428,496
6,709,665

  
6,709,186
7,990,355


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
M P Taylor
Director

Date: 28 November 2024

The notes on pages 46 to 60 form part of these financial statements.

Page 39

 


BRORA LIMITED
REGISTERED NUMBER:04166713



COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
2,867,398
2,883,643

  
2,867,398
2,883,643

Current assets
  

Stocks
 14 
3,272,986
3,442,974

Debtors: amounts falling due within one year
 15 
744,540
965,707

Cash at bank and in hand
  
3,474,261
4,165,614

  
7,491,787
8,574,295

Creditors: amounts falling due within one year
 16 
(3,682,684)
(3,503,437)

Net current assets
  
 
 
3,809,103
 
 
5,070,858

Total assets less current liabilities
  
6,676,501
7,954,501

  

Provisions for liabilities
  

Deferred taxation
 19 
(76,885)
(100,155)

  
 
 
(76,885)
 
 
(100,155)

Net assets excluding pension asset
  
6,599,616
7,854,346

Net assets
  
6,599,616
7,854,346


Capital and reserves
  

Called up share capital 
 20 
10,000
10,000

Revaluation reserve
  
1,270,690
1,270,690

Profit and loss account
  
5,318,926
6,573,656

  
6,599,616
7,854,346


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
M P Taylor
Director

Date: 28 November 2024

The notes on pages 46 to 60 form part of these financial statements.

Page 40

 


BRORA LIMITED
 



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 March 2023
10,000
1,270,690
6,709,665
7,990,355


Comprehensive income for the year

Profit for the year

-
-
1,241,100
1,241,100

EOT Contribution
-
-
(2,522,269)
(2,522,269)


Other comprehensive income for the year
-
-
(2,522,269)
(2,522,269)


Total comprehensive income for the year
-
-
(1,281,169)
(1,281,169)


Total transactions with owners
-
-
-
-


At 29 February 2024
10,000
1,270,690
5,428,496
6,709,186


The notes on pages 46 to 60 form part of these financial statements.

Page 41

 


BRORA LIMITED
 



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 March 2022
10,000
1,270,690
6,874,470
8,155,160


Comprehensive income for the year

Profit for the year
-
-
2,343,519
2,343,519
Total comprehensive income for the year
-
-
2,343,519
2,343,519


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(2,508,324)
(2,508,324)


Total transactions with owners
-
-
(2,508,324)
(2,508,324)


At 28 February 2023
10,000
1,270,690
6,709,665
7,990,355


The notes on pages 46 to 60 form part of these financial statements.

Page 42

 


BRORA LIMITED
 



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 March 2023
10,000
1,270,690
6,573,656
7,854,346


Comprehensive income for the year

Profit for the year

-
-
1,267,539
1,267,539

EOT contribution
-
-
(2,522,269)
(2,522,269)


Other comprehensive income for the year
-
-
(2,522,269)
(2,522,269)


Total comprehensive income for the year
-
-
(1,254,730)
(1,254,730)


Total transactions with owners
-
-
-
-


At 29 February 2024
10,000
1,270,690
5,318,926
6,599,616


The notes on pages 46 to 60 form part of these financial statements.

Page 43

 


BRORA LIMITED
 



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 March 2022
10,000
1,270,690
7,820,411
9,101,101


Comprehensive income for the year

Profit for the year
-
-
1,261,569
1,261,569
Total comprehensive income for the year
-
-
1,261,569
1,261,569


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(2,508,324)
(2,508,324)


Total transactions with owners
-
-
(2,508,324)
(2,508,324)


At 28 February 2023
10,000
1,270,690
6,573,656
7,854,346


The notes on pages 46 to 60 form part of these financial statements.

Page 44

 


BRORA LIMITED
 



CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 FEBRUARY 2024

29 February
28 February
2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,241,100
2,343,519

Adjustments for:

Depreciation of tangible assets
301,303
160,493

Taxation charge
428,026
469,816

Decrease/(increase) in stocks
151,328
(876,686)

Decrease/(increase) in debtors
172,995
(99,260)

Increase in creditors
362,579
375,123

Increase in provisions
-
100,155

Net fair value losses/(gains) recognised in P&L
-
(1,317,654)

Corporation tax (paid)
(632,670)
(743,675)

Net cash generated from operating activities

2,024,661
411,831


Cash flows from investing activities

Purchase of tangible fixed assets
(285,058)
(353,974)

Net cash from investing activities

(285,058)
(353,974)

Cash flows from financing activities

Dividends paid
-
(2,508,324)

Revaluation reserve
-
1,270,690

EOT contribution
(2,522,269)
-

Net cash used in financing activities
(2,522,269)
(1,237,634)

Net (decrease) in cash and cash equivalents
(782,666)
(1,179,777)

Cash and cash equivalents at beginning of year
4,579,467
5,759,244

Cash and cash equivalents at the end of year
3,796,801
4,579,467


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,796,801
4,579,467

3,796,801
4,579,467


The notes on pages 46 to 60 form part of these financial statements.

Page 45

 


BRORA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


Statutory information

Brora 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.
The presentation currency of the financial statements is the Pound Sterling (£).


2.


Statement of compliance

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

3.Accounting policies

 
3.1

Basis of preparation of financial statements

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.

  
3.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form 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 acquiree'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 deconsolidated from the date control ceases.

Page 46

 


BRORA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

3.Accounting policies (continued)

  
3.3

Significant judgements and estimates

In the application of the group's accounting policies, which are described below, management is required to make judgements estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
Useful Economic Life of Tangible Assets:
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets.
Inventory Provisioning:
The group distributes luxurious scottish cashmere, clothing and accessories and is subject to changing consumer demands and fashion trends. As a result it is necessary to consider the recoverability of the cost of inventory and the associated provisioning required. When calculating the inventory provision, management considers the nature and condition of the inventory, as well as applying assumptions around the anticipated sale ability of finished goods.

  
3.4

Foreign currency translation

Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 47

 


BRORA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

3.Accounting policies (continued)

 
3.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

  
3.6

Revenue recognition

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

 
3.7

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
3.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
3.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

Page 48

 


BRORA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

3.Accounting policies (continued)

 
3.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
3.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as shown below.

Depreciation is provided on the following basis:

Freehold property
-
4%
-  33% on cost and not depreciated
Long-term leasehold property
-
25%
-  33% on cost
Plant and machinery
-
25%
and 50% on cost
Motor vehicles
-
25%
reducing balance
Other fixed assets
-

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 profit or loss.

Page 49

 


BRORA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

3.Accounting policies (continued)

 
3.12

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
3.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
3.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

United Kingdom
18,342,351
17,988,794

Europe
690,106
602,239

Rest of the world incl USA
1,384,528
1,976,547

20,416,985
20,567,580


Page 50

 


BRORA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Hire of plant & machinery
16,696
26,512

Other operating lease rentals
2,577,755
2,829,322

Depreciation - owned assets
301,303
160,493

Auditors remuneration
23,812
20,625

Exchange differences
(8,075)
(246,576)


6.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£


Wages and salaries
2,978,970
2,776,937
2,816,539
2,624,524

Social security costs
264,481
280,486
249,509
264,269

Cost of defined contribution scheme
168,966
208,969
168,966
208,969

3,412,417
3,266,392
3,235,014
3,097,762


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Employees
100
95
96
91


7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
425,805
425,622

Directors' pension contribution to money purchase schemes
122,433
31,400

548,238
457,022


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of money purchase schemes.

The highest paid director received remuneration of £225,025 (2023 - £223,601).

Page 51

 


BRORA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

8.


Interest payable and similar expenses

2024
2023
£
£


Other interest payable
4,319
10,475

4,319
10,475


9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
451,296
469,816


451,296
469,816


Total current tax
451,296
469,816

Deferred tax


Origination and reversal of timing differences
(23,270)
53,191

Total deferred tax
(23,270)
53,191


Tax on profit
428,026
523,007


The tax assessed for the year is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 25% (2023 - 19%) as set out below:

2024
2023
£
£


Profit on ordinary activities before tax
1,669,126
2,866,526


Profit on ordinary activities multiplied by a standard rate of corporation tax in the UK of 25% (2023 - 19%)
417,282
544,640

Effects of:


Fixed asset differences
12,033
(56,464)

Expenses not deductible for tax purposes
5,207
(18,360)

Deferred tax
(3,813)
53,191

Change in tax rate
(2,683)
-

Total tax charge for the year
428,026
523,007

Page 52

 


BRORA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

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

Page 53

 


BRORA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

11.


Dividends

29 February
28 February
2024
2023
£
£


Final
-
2,508,324

-
2,508,324


12.


Tangible fixed assets

Group








Freehold property
Plant and machinery
Motor vehicles
Short leasehold
Total

£
£
£
£
£



Cost or valuation


At 1 March 2023
2,500,000
1,683,097
45,883
1,085,818
5,314,798


Additions
14,784
222,524
47,750
-
285,058


Disposals
-
(426,967)
-
(57,795)
(484,762)



At 29 February 2024

2,514,784
1,478,654
93,633
1,028,023
5,115,094



Depreciation


At 1 March 2023
-
1,397,297
-
1,033,858
2,431,155


Charge for the year on owned assets
27,364
220,570
23,408
29,961
301,303


Disposals
-
(426,967)
-
(57,795)
(484,762)



At 29 February 2024

27,364
1,190,900
23,408
1,006,024
2,247,696



Net book value



At 29 February 2024
2,487,420
287,754
70,225
21,999
2,867,398



At 28 February 2023
2,500,000
285,800
45,883
51,960
2,883,643


Page 54

 


BRORA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
Freehold land and buildings were valued on an open market basis on 28th February 2023 by Castle Surveyors Ltd.
 
Cost or valuation at 29 February 2024 is as follows:

Freehold property
£


At cost
1,764,830
At valuation:

in 2023
749,954



2,514,784

If the freehold property had not been included at valuation they would have been included under the historical cost convention as follows:

29 February
28 February
2024
2023
£
£

Group


Cost
1,764,830
1,750,046

Accumulated depreciation
595,064
567,700

Net book value
2,359,894
2,317,746

Page 55

 


BRORA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

           12.Tangible fixed assets (continued)


Company









Freehold property
Plant and machinery
Motor vehicles
Other fixed assets
Total

£
£
£
£
£

Cost or valuation


At 1 March 2023
2,500,000
1,683,097
45,883
1,085,818
5,314,798


Additions
14,784
222,524
47,750
-
285,058


Disposals
-
(426,967)
-
(57,795)
(484,762)



At 29 February 2024

2,514,784
1,478,654
93,633
1,028,023
5,115,094



Depreciation


At 1 March 2023
-
1,397,297
-
1,033,858
2,431,155


Charge for the year on owned assets
27,364
220,570
23,408
29,961
301,303


Disposals
-
(426,967)
-
(57,795)
(484,762)



At 29 February 2024

27,364
1,190,900
23,408
1,006,024
2,247,696



Net book value



At 29 February 2024
2,487,420
287,754
70,225
21,999
2,867,398



At 28 February 2023
2,500,000
285,800
45,883
51,960
2,883,643







Cost or valuation at 29 February 2024 is as follows:

Land and buildings
£


At cost
1,764,830
At valuation:

in 2023
749,954



 2,514,784

Page 56

 


BRORA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

13.


Fixed asset investments

The group or the company's investments at the Statement of financial position date in the share capital of companies 
include the following:
Subsidairy
Brora Inc
Registered office: 1204 Madison Avenue, New York, NY 10128, United States
Nature of business: Cashmere retail
                                                                                %
Class of shares:                                             holding
Ordinary                                                             100.00
This investment carries no value within the financial statements.  


14.


Stocks

Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£

Work in progress (goods to be sold)
356,100
440,473
356,100
440,473

Finished goods and goods for resale
3,047,061
3,114,016
2,916,886
3,002,501

3,403,161
3,554,489
3,272,986
3,442,974



15.


Debtors

Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£


Trade debtors
45,471
102,674
45,471
102,674

Amounts owed by group undertakings
-
-
311,486
360,599

Other debtors
51,308
7,767
51,308
7,767

Prepayments and accrued income
336,709
496,042
336,275
494,667

433,488
606,483
744,540
965,707


Page 57

 


BRORA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

16.


Creditors: Amounts falling due within one year

Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£

Trade creditors
2,148,829
1,612,753
2,140,929
1,613,283

Corporation tax
105,087
286,461
105,087
286,461

Other taxation and social security
702,470
796,351
699,179
788,712

Other creditors
385,235
248,013
374,070
234,917

Accruals and deferred income
373,156
589,994
363,419
580,064

3,714,777
3,533,572
3,682,684
3,503,437







Details of security provided:

Security has been provided to the group bankers by way of a fixed and floating charge over all assets of the group.


17.


Auditor's remuneration

Fees payable to the Company's auditor and its associates for the audit of the Company's annual financial statements were £17,000 (2023: £16,000)
Fees payable to the Company's auditors and its associates in respect of other non-audit services were £7,000 (2023: £6,500)


18.


Leasing agreements


Minimum lease payments fall due as follows:

Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£

Within one year
876,936
991,704
707,393
701,060

Between 1-5 years
898,754
1,497,313
898,754
1,327,770

Over 5 years
7,667
-
7,667
-

1,783,357
2,489,017
1,613,814
2,028,830

Page 58

 


BRORA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

19.


Deferred taxation


Group







2024


£






At beginning of year
(100,155)


Charged to profit or loss
23,270



At end of year
(76,885)

Company






2024


£






At beginning of year
(100,155)


Charged to profit or loss
23,270



At end of year
(76,885)

Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£

Fixed asset timing differences
(34,032)
(100,155)
(34,032)
(100,155)

Short term timing differences
5,069
-
5,069
-

Capital gains
(47,922)
-
(47,922)
-

(76,885)
(100,155)
(76,885)
(100,155)


20.


Share capital

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



1,999 (2023 - 10,000) Ordinary A shares of £1 each
1,999
10,000
5,001 (2023 - £nil) Ordinary B shares of £1 each
5,001
-
3,000 (2023 - £nil) Pilkington Family shares of £1 each
3,000
-

10,000

10,000

Page 59

 


BRORA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

20.Share capital (continued)



21.


Related party transactions

During the year the group paid a director a dividend of £nil (2023: £2,508,324).
The group paid £18,397 (2023: £20,430) to a director in respect of the provision of photographic services.
The group paid £nil (2023: £20,000) to directors in respect of the provision of consultancy and advisory services.
The group paid £72,761 (2023: £52,732) to close family members of a director for various services.


22.


Controlling party

There is no single controlling party.

Page 60