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REGISTERED NUMBER: 02481498 (England and Wales)













STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

TROTTERS (CHILDRENSWEAR & ACCESSORIES)
LIMITED

TROTTERS (CHILDRENSWEAR & ACCESSORIES)
LIMITED (REGISTERED NUMBER: 02481498)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Income and Retained Earnings 10

Balance Sheet 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


TROTTERS (CHILDRENSWEAR & ACCESSORIES)
LIMITED

COMPANY INFORMATION
for the Year Ended 30 June 2024







DIRECTORS: W A Hobhouse
N Lunney ACA
N S McGinley
R P Ross
B J M Langlands
S Mirman
J Murray Wells OBE





SECRETARY: R P Ross





REGISTERED OFFICE: 3 Gorst Road
London
NW10 6LA





REGISTERED NUMBER: 02481498 (England and Wales)





AUDITORS: Oury Clark Chartered Accountants
Statutory Auditors
Herschel House
58 Herschel Street
Slough
Berkshire
SL1 1PG

TROTTERS (CHILDRENSWEAR & ACCESSORIES)
LIMITED (REGISTERED NUMBER: 02481498)

STRATEGIC REPORT
for the Year Ended 30 June 2024

OVERVIEW
Trotters (Childrenswear & Accessories) Limited (the Company) was founded in 1990 with the opening of its first shop on King's Road in Chelsea. Today, the Company operates nine stores, including concessions in Harrods, Liberty of London, and Selfridges, alongside a strong online presence and partnerships with leading retail platforms worldwide. The Company has become a go-to brand for beautifully designed, high-quality children's clothing, footwear, and gifts, offering a unique in-store hairdressing service for children with the aim of creating childhood memories through every interaction.

REVIEW OF BUSINESS
Despite a challenging retail landscape, the Company has had another record year in terms of both sales and profit before tax. Sales increased from £18.4m to £19.0m (3.3%), driven by 21% growth from partners. During the year, the Company opened new concessions within Selfridges, both in the Trafford Centre and in London.

The Company was approached by Hasbro in 2022 to create an exclusive collaboration for Peppa Pig's birthday. This resulted in a limited edition range designed with Liberty fabrics, generating positive sales and introducing a new customer base to the Company.

Since the year-end, the Company has expanded its retail space, doubling the footage in Liberty of London, with plans to do the same in Selfridges London in early 2025. A new hairdressing service will also be launched in Selfridges London to further enhance the customer experience.

While costs rose, the Company managed its spend efficiently, allowing operating profit to remain relatively stable at 6.7%, compared to 6.8% last year. The Company benefitted from high interest rates, earning £100k, leading to a 7.3% profit before tax (up from 6.8%).

Net assets increased to £4.95m (a 0.5% increase), and cash balances remained strong, increasing by £388k (9.4%).

KEY PERFORMANCE INDICATORS (KPIS)
The Directors monitor the performance of the business on a regular basis using a number of key financial and other performance indicators.

2024 2023 Change %
Turnover £18,983,895 £18,383,094 3.3%
Gross profit £10,002,764 £9,740,747 2.7%
Adjusted EBITDA £1,548,474 £1,419,610 9%
Liquidity 3.0 3.0 -

PRINCIPAL RISKS AND UNCERTAINTIES
The retail landscape remains challenging. Like all retailers, the Company faces significant cost pressures, including the increase in employment taxes announced in the Autumn Budget and the rise in the London Living Wage. These costs, alongside other ongoing increases, exceed general price inflation. However, the Company remains in a strong financial position and is actively pursuing new opportunities for growth.

The Directors understand the need for robust risk management and continue to monitor risks on a regular basis so that they can react quickly to mitigate them. The main risks facing the company are as follows: -

Economic risks
High inflation and weak consumer confidence continue to impact the retail sector. Despite this, the Company's positioning as an aspirational children's brand helps mitigate these risks.

Management of Supply Chain
The Company is committed to reviewing and managing its suppliers to ensure their capacity to meet future growth.

Financial instrument risks
These are kept to a minimum, with a forward commitment to buy €1m at a rate of 1.18 at the year-end. Cash instrument risks are limited, and the Company has sufficient working capital to avoid liquidity risks. The exposure to currency fluctuations in Euros has been managed by increasing prices where necessary to protect margins.


TROTTERS (CHILDRENSWEAR & ACCESSORIES)
LIMITED (REGISTERED NUMBER: 02481498)

STRATEGIC REPORT
for the Year Ended 30 June 2024

OUTLOOK
The retail landscape remains challenging. The Company faces rising costs, including the increase in employment taxes announced in the Autumn Budget and the rise in the London Living Wage. These cost pressures, which exceed general price inflation, are being carefully managed. Despite these challenges, the Company remains committed to paying the London Living Wage to all employees, reflecting its dedication to supporting its workforce.

The Directors are confident in the Company's strong financial position and its ability to navigate the current environment. The Company continues to seek new opportunities for growth, including expanding its presence in key retail locations and strengthening its partnerships, while maintaining a focus on innovation and customer engagement.

ON BEHALF OF THE BOARD:





N Lunney ACA - Director


3 January 2025

TROTTERS (CHILDRENSWEAR & ACCESSORIES)
LIMITED (REGISTERED NUMBER: 02481498)

REPORT OF THE DIRECTORS
for the Year Ended 30 June 2024

The directors present their report with the financial statements of the company for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of retail and online sales of children's clothing and accessories.

DIVIDENDS
Interim dividends totalling £1,000,000 were paid in the year (2023 - £1,000,000). The directors do not recommend the payment of a final dividend (2023 - £nil).

FUTURE DEVELOPMENTS
A statement is included in the Strategic Report.

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

W A Hobhouse
N Lunney ACA
N S McGinley
R P Ross
B J M Langlands
S Mirman

Other changes in directors holding office are as follows:

E J Goodman - resigned 17 July 2023
J Murray Wells OBE - appointed 1 December 2023

FINANCIAL INSTRUMENTS
A statement is included in the Strategic Report.

THIRD-PARTY INDEMNITY INSURANCE
The Company has purchased and maintained throughout the financial year, at its expense, third-party indemnity insurance for the benefit of its directors. This insurance in respect of certain losses or liabilities which the directors may incur to third parties in the course of performing their duties.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

TROTTERS (CHILDRENSWEAR & ACCESSORIES)
LIMITED (REGISTERED NUMBER: 02481498)

REPORT OF THE DIRECTORS
for the Year Ended 30 June 2024


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 company'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 company's auditors are aware of that information.

AUDITORS
The auditors, Oury Clark Chartered Accountants, are deemed to be re-appointed under Section 487 (2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





N Lunney ACA - Director


3 January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TROTTERS (CHILDRENSWEAR & ACCESSORIES)
LIMITED

Opinion
We have audited the financial statements of Trotters (Childrenswear & Accessories) Limited (the 'company') for the year ended 30 June 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the 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 the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its 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 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 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 company's ability to continue as a going concern for a period of at least 12 months and 1 day 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 section of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, and the Strategic Report, 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 inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be misstated. If we identify such inconsistencies or apparent 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 misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions 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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TROTTERS (CHILDRENSWEAR & ACCESSORIES)
LIMITED


Matters on which we are required to report by exception
In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any matters in the Strategic Report or the Report of the Directors that are inconsistent with our overall view of the financial statements.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or 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
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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 company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TROTTERS (CHILDRENSWEAR & ACCESSORIES)
LIMITED


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.

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:

Identifying and assessing potential irregularities, including fraud
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
- Considering the nature of the industry, sector, control environment and current business activities, including
possible performance targets and subsequent remuneration;
- Enquiring of management concerning policies and procedures relating to:
1. Complying with laws and regulations and whether there were any instances of non compliance;
2. Mitigating, detecting and responding to fraud risk and whether there has been any actual or possible
instances of fraud.
- Discussing within the engagement team where necessary regarding how and where fraud may occur in the
financial statements along with the possible indicators of fraud. We identified the following areas most likely to
be susceptible to fraud:
1. Management override
2. Revenue recognition
3. Misappropriation of stock
- Discussing within the engagement team where necessary the legal and regulatory framework in which the
company operates and in particular those which would have an impact on the financial statements. The key laws
and regulations considered were the Companies Act 2006, UK tax legislation and UK employment law.

Audit response to the risks identified
As noted above, we identified management override, revenue recognition and misappropriation of stock as the matters that would most likely be susceptible to fraud. Our procedures to respond to these risks included the following:

-
Review of the nominal ledger and journals posted in the year to ensure there was no evidence of management
override;
- Review a sample of sales transactions to ensure sales are legitimate, recognised in the correct accounting period
and are in line with the applicable accounting standards;
- Detailed testing over the stock balances held at the year end and discussions with management.

Further, we also identified compliance with the Companies Act 2006, UK tax legislation and UK employment law as being key areas where there may be possible non-compliance. Our procedures to respond to these risks included the following:
- Review the financial statement disclosures with completion of a disclosure checklist and testing disclosures to
supporting documentation to assess compliance with the Companies Act 2006;
- Safeguard review of the accounts by a qualified accountant not associated with the audit team, and of the
corporation tax by a Chartered Tax Adviser, not associated with the audit team;
- Review the corporation tax return to ensure it complies with UK tax legislation.
- We have checked a sample of compliance with right to work checks and reviewed legal fees for indications of
material issues arising out of non-compliance with employment law.

The above matters and identified laws and regulations and potential fraud risks were communicated to all engagement team members and internal specialists where necessary, in order to enable the team to have the ability to identify such risks. The whole team remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TROTTERS (CHILDRENSWEAR & ACCESSORIES)
LIMITED

There are inherent limitations in the audit procedures described above and the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.

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.

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.




Emma Florentin-Lee (Senior Statutory Auditor)
for and on behalf of Oury Clark Chartered Accountants
Statutory Auditors
Herschel House
58 Herschel Street
Slough
Berkshire
SL1 1PG

6 January 2025

TROTTERS (CHILDRENSWEAR & ACCESSORIES)
LIMITED (REGISTERED NUMBER: 02481498)

STATEMENT OF INCOME AND
RETAINED EARNINGS
for the Year Ended 30 June 2024

30.6.24 30.6.23
Notes £    £   

TURNOVER 3 18,983,895 18,383,094

Cost of sales 8,981,131 8,642,347
GROSS PROFIT 10,002,764 9,740,747

Administrative expenses 8,721,955 8,499,475
OPERATING PROFIT 5 1,280,809 1,241,272

Interest receivable and similar income 99,730 -
PROFIT BEFORE TAXATION 1,380,539 1,241,272

Tax on profit 6 354,221 256,715
PROFIT FOR THE FINANCIAL YEAR 1,026,318 984,557

Retained earnings at beginning of year 4,909,685 4,925,128

Dividends 7 (1,000,000 ) (1,000,000 )

RETAINED EARNINGS AT END OF
YEAR

4,936,003

4,909,685

TROTTERS (CHILDRENSWEAR & ACCESSORIES)
LIMITED (REGISTERED NUMBER: 02481498)

BALANCE SHEET
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 40,959 46,132
Tangible assets 9 534,573 632,175
Investments 10 291 291
575,823 678,598

CURRENT ASSETS
Stocks 11 2,032,912 1,670,654
Debtors 12 791,468 926,792
Cash at bank and in hand 4,540,742 4,152,328
7,365,122 6,749,774
CREDITORS
Amounts falling due within one year 13 2,897,228 2,400,829
NET CURRENT ASSETS 4,467,894 4,348,945
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,043,717

5,027,543

PROVISIONS FOR LIABILITIES 17 93,714 103,858
NET ASSETS 4,950,003 4,923,685

CAPITAL AND RESERVES
Called up share capital 18 14,000 14,000
Retained earnings 19 4,936,003 4,909,685
SHAREHOLDERS' FUNDS 4,950,003 4,923,685

The financial statements were approved by the Board of Directors and authorised for issue on 3 January 2025 and were signed on its behalf by:





N Lunney ACA - Director


TROTTERS (CHILDRENSWEAR & ACCESSORIES)
LIMITED (REGISTERED NUMBER: 02481498)

CASH FLOW STATEMENT
for the Year Ended 30 June 2024

30.6.24 30.6.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,207,342 1,139,439
Tax paid (264,414 ) (169,821 )
Interest received 99,730 -
Net cash from operating activities 1,042,658 969,618

Cash flows from investing activities
Purchase of intangible fixed assets - (39,020 )
Purchase of tangible fixed assets (71,639 ) (140,161 )
Sale of tangible fixed assets 5,501 -
Net cash from investing activities (66,138 ) (179,181 )

Cash flows from financing activities
Amount introduced by directors 412,000 442,306
Movement in intercompany balances (106 ) 9,550
Equity dividends paid (1,000,000 ) (1,000,000 )
Net cash from financing activities (588,106 ) (548,144 )

Increase in cash and cash equivalents 388,414 242,293
Cash and cash equivalents at beginning of
year

2

4,152,328

3,910,035

Cash and cash equivalents at end of year 2 4,540,742 4,152,328

TROTTERS (CHILDRENSWEAR & ACCESSORIES)
LIMITED (REGISTERED NUMBER: 02481498)

NOTES TO THE CASH FLOW STATEMENT
for the Year Ended 30 June 2024

1. RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM
OPERATIONS

30.6.24 30.6.23
£    £   
Profit for the financial year 1,026,318 984,557
Depreciation charges 174,415 178,339
Profit on disposal of fixed assets (5,501 ) -
Finance income (99,730 ) -
Taxation 354,221 256,715
1,449,723 1,419,611
(Increase)/decrease in stocks (362,258 ) 167,576
Decrease/(increase) in trade and other debtors 135,323 (101,651 )
Decrease in trade and other creditors (15,446 ) (346,097 )
Cash generated from operations 1,207,342 1,139,439

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 30 June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 4,540,742 4,152,328
Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 4,152,328 3,910,035


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank and in hand 4,152,328 388,414 4,540,742
4,152,328 388,414 4,540,742
Total 4,152,328 388,414 4,540,742

TROTTERS (CHILDRENSWEAR & ACCESSORIES)
LIMITED (REGISTERED NUMBER: 02481498)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Trotters (Childrenswear & Accessories) 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 Company 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.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period in excess of twelve months and one day from the date of the audit report on these financial statements. Therefore, the directors continue to adopt the going concern basis in preparing the financial statements.

The Statement of Cash Flow has been prepared using the indirect method.

Preparation of consolidated financial statements
The company has taken advantage of the exemption from preparing consolidated financial statements contained in Section 402 of the Companies Act 2006 on the basis that its subsidiaries are excluded from consolidation on the grounds that their inclusion is not material for the purpose of giving a true and fair view.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

They key sources of estimation uncertainty in the current year are:

1. Depreciation and amortisation. Management are required to estimate the useful life of assets and the rate at which the value of the asset reduces.
2. Stock provision. Management are required to estimate the possible loss arising due to slow moving or damaged stock.

Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, excluding discounts, rebates, value added tax and other sales taxes. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Turnover from store sales is recognised when the sale is made. Turnover from hairdressing is recognised when the service is performed. Turnover from online sales is recognised upon delivery.

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 ten years.

Computer software is being amortised evenly over its estimated useful life of ten years.

TROTTERS (CHILDRENSWEAR & ACCESSORIES)
LIMITED (REGISTERED NUMBER: 02481498)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are initially measured at cost net of value added tax and are reviewed annually for signs of impairment. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful economic life:

Short leasehold-over remaining term of lease
Plant and machinery-straight line over 5 years
Fixtures and fittings-straight line over 10 years
Motor vehicles-straight line over 7 years

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less impairments.

Stocks
Stocks are goods held for resale and are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Stocks are measured on the FIFO basis.

Allowances are made for slow-moving or obsolete items of stock based on the season code of the stock. An additional allowance is made for stock held at online partner distribution centres, where an item is no longer advertised for sale and it is impractial to recover the stock for sale via internal channels.

Financial instruments
Basic financial instruments as covered by Section 11 of FRS 102 are measured at amortised cost.

Other financial instruments relate to forward currency contracts and are accounted for in accordance with Section 12 of FRS 102. Forward currency contracts are initially measured at fair value on the date the contract is entered into and are subsequently remeasured to their fair value through profit or loss at the end of each reporting period. The fair value of the financial asset or financial liability is determined by the differential between the exchange rate of the underlying asset at the balance sheet date and the price agreed in the forward currency contract.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

TROTTERS (CHILDRENSWEAR & ACCESSORIES)
LIMITED (REGISTERED NUMBER: 02481498)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Foreign currencies
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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

30.6.24 30.6.23
£    £   
United Kingdom 17,446,601 16,804,429
Rest of World 1,537,294 1,578,665
18,983,895 18,383,094

4. EMPLOYEES AND DIRECTORS
30.6.24 30.6.23
£    £   
Wages and salaries 4,308,726 4,021,648
Social security costs 386,132 360,535
Other pension costs 66,776 60,961
4,761,634 4,443,144

The average number of employees during the year was as follows:
30.6.24 30.6.23

Distribution Staff 16 18
Administrative Staff 32 32
Management Staff 5 5
Sales Staff 106 116
159 171

30.6.24 30.6.23
£    £   
Directors' remuneration 358,050 355,127
Directors' pension contributions to money purchase schemes 5,534 4,177

TROTTERS (CHILDRENSWEAR & ACCESSORIES)
LIMITED (REGISTERED NUMBER: 02481498)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2024

4. EMPLOYEES AND DIRECTORS - continued

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 2

Information regarding the highest paid director is as follows:
30.6.24 30.6.23
£    £   
Emoluments etc 180,000 131,325
Pension contributions to money purchase schemes 2,341 1,321

5. OPERATING PROFIT

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

30.6.24 30.6.23
£    £   
Depreciation - owned assets 169,241 174,593
Profit on disposal of fixed assets (5,501 ) -
Patents and licences amortisation 2,301 1,680
Computer software amortisation 2,872 2,065
Auditors' remuneration 52,750 44,000

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.6.24 30.6.23
£    £   
Current tax:
UK corporation tax 364,365 262,522

Deferred tax (10,144 ) (5,807 )
Tax on profit 354,221 256,715

UK corporation tax has been charged at 25% (2023 - 20.50%).

TROTTERS (CHILDRENSWEAR & ACCESSORIES)
LIMITED (REGISTERED NUMBER: 02481498)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2024

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

30.6.24 30.6.23
£    £   
Profit before tax 1,380,539 1,241,272
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 20.500%)

345,135

254,461

Effects of:
Expenses not deductible for tax purposes (2,072 ) 1,631
Depreciation in excess of capital allowances 21,302 6,430
Deferred taxation (10,144 ) (5,807 )
Total tax charge 354,221 256,715

The corporation tax rates that will be applicable to the Company in future periods are determined by the UK government and are subject to change based on legislation enacted by the government. As a result, the actual tax rates and the resulting tax liabilities for future periods may differ from the rates used in the preparation of the tax return and financial statements for the year ended 30 June 2024.

7. DIVIDENDS
30.6.24 30.6.23
£    £   
Ordinary shares of £0.005 each
Interim 1,000,000 1,000,000

8. INTANGIBLE FIXED ASSETS
Patents
and Computer
licences software Totals
£    £    £   
COST
At 1 July 2023
and 30 June 2024 23,015 28,715 51,730
AMORTISATION
At 1 July 2023 3,533 2,065 5,598
Amortisation for year 2,301 2,872 5,173
At 30 June 2024 5,834 4,937 10,771
NET BOOK VALUE
At 30 June 2024 17,181 23,778 40,959
At 30 June 2023 19,482 26,650 46,132

TROTTERS (CHILDRENSWEAR & ACCESSORIES)
LIMITED (REGISTERED NUMBER: 02481498)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2024

9. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 July 2023 276,967 310,886 777,486 90,205 1,455,544
Additions - 18,160 53,479 - 71,639
Disposals - - - (22,950 ) (22,950 )
At 30 June 2024 276,967 329,046 830,965 67,255 1,504,233
DEPRECIATION
At 1 July 2023 166,918 239,923 384,650 31,878 823,369
Charge for year 41,285 36,049 82,299 9,608 169,241
Eliminated on disposal - - - (22,950 ) (22,950 )
At 30 June 2024 208,203 275,972 466,949 18,536 969,660
NET BOOK VALUE
At 30 June 2024 68,764 53,074 364,016 48,719 534,573
At 30 June 2023 110,049 70,963 392,836 58,327 632,175

Tangible fixed assets

10. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 July 2023
and 30 June 2024 291
NET BOOK VALUE
At 30 June 2024 291
At 30 June 2023 291

The company's investments at the Balance Sheet date in the share capital of companies include the following:

The Chelsea Clothing Company Limited
Registered office: 3 Gorst Road, London, United Kingdom, NW10 6LA
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
30.6.24 30.6.23
£    £   
Aggregate capital and reserves (154 ) (154 )

TROTTERS (CHILDRENSWEAR & ACCESSORIES)
LIMITED (REGISTERED NUMBER: 02481498)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2024

10. FIXED ASSET INVESTMENTS - continued

The Original Sock Trading Company Limited
Registered office: 3 Gorst Road, London, United Kingdom, NW10 6LA
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
30.6.24 30.6.23
£    £   
Aggregate capital and reserves 2 2

Trotters Direct (Mail Order) Limited
Registered office: 3 Gorst Road, London, United Kingdom, NW10 6LA
Nature of business: Dormant
%
Class of shares: holding
Ordinary 80.00

30.06.2430.06.23
££
Aggregate capital and reserves --

Trotters Childrenswear Limited
Registered office: 3 Gorst Road, London, United Kingdom, NW10 6LA
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
30.6.24 30.6.23
£    £   
Aggregate capital and reserves (106 ) (106 )

Hampton Classics Footwear Limited
Registered office: 3 Gorst Road, London, United Kingdom, NW10 6LA
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
30.6.24 30.6.23
£    £   
Aggregate capital and reserves (1,700 ) (1,700 )

Trotters Childrenswear USA Limited
Registered office: 3 Gorst Road, London, United Kingdom, NW10 6LA
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
30.6.24 30.6.23
£    £   
Aggregate capital and reserves (1 ) (1 )

TROTTERS (CHILDRENSWEAR & ACCESSORIES)
LIMITED (REGISTERED NUMBER: 02481498)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2024

11. STOCKS
30.6.24 30.6.23
£    £   
Stocks 2,032,912 1,670,654

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 320,397 238,190
Amounts owed by group undertakings 944 944
Other debtors - 13,750
VAT 22,571 35,965
Prepayments and accrued income 447,556 637,943
791,468 926,792

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade creditors 1,241,381 1,167,480
Amounts owed to group undertakings - 106
Tax 364,365 264,414
Social security and other taxes 86,217 105,453
Other creditors 85,647 94,781
Directors' loan accounts 871,976 459,976
Accruals and deferred income 247,642 308,619
2,897,228 2,400,829

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.6.24 30.6.23
£    £   
Within one year 1,258,000 1,281,958
Between one and five years 3,197,000 3,794,500
In more than five years 3,823,167 4,483,667
8,278,167 9,560,125

15. SECURED DEBTS

A floating charge is held by R Ross and S Mirman as an obligation for the company to repay the directors loan account outstanding at any point in time.

16. FINANCIAL INSTRUMENTS

As at the balance sheet date the Company had entered into a forward currency contract to purchase €1 million at an exchange rate of 1.18 in September 2024. There was no such commitment as at 30 June 2023.

TROTTERS (CHILDRENSWEAR & ACCESSORIES)
LIMITED (REGISTERED NUMBER: 02481498)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2024

17. PROVISIONS FOR LIABILITIES
30.6.24 30.6.23
£    £   
Deferred tax 93,714 103,858

Deferred
tax
£   
Balance at 1 July 2023 103,858
Credit to Income Statement during year (10,144 )
Balance at 30 June 2024 93,714

A temporary taxable timing difference has arisen as a result of accelerated capital allowances which has given rise to the deferred tax liability.

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: £    £   
2,800,000 Ordinary £0.00 5 14,000 14,000

19. RESERVES
Retained
earnings
£   

At 1 July 2023 4,909,685
Profit for the year 1,026,318
Dividends (1,000,000 )
At 30 June 2024 4,936,003

20. OTHER FINANCIAL COMMITMENTS

As at the balance date the Company had made commitments to purchase stock totalling £3,326,244 (2023: £3,625,642) in the first half of the following financial year. These purchases will be funded out of the Company's working capital and through ongoing trading activities.

21. ULTIMATE CONTROLLING PARTY

In the opinion of the Directors, Mr R. P. Ross and Ms S. Mirman, who effectively control 75% (2022 - 75%) of the shares of Trotters (Childrenswear and Accessories) Limited, are the Company's ultimate controllers (2023 - Mr R. P. Ross and Ms S. Mirman).