Company registration number 02081017 (England and Wales)
CONNOLLY RETAIL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CONNOLLY RETAIL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
CONNOLLY RETAIL LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
31 March 2024
31 December 2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
2,426
8,162
Tangible assets
5
1,728,907
1,802,317
1,731,333
1,810,479
Current assets
Stocks
1,295,743
1,274,399
Debtors
6
155,608
103,631
Cash at bank and in hand
19,410
58,320
1,470,761
1,436,350
Creditors: amounts falling due within one year
7
(10,433,116)
(14,516,346)
Net current liabilities
(8,962,355)
(13,079,996)
Net liabilities
(7,231,022)
(11,269,517)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(7,231,122)
(11,269,617)
Total equity
(7,231,022)
(11,269,517)

For the financial Period ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 27 January 2025 and are signed on its behalf by:
Mrs Isabel Ettedgui
Director
Company registration number 02081017 (England and Wales)
CONNOLLY RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Connolly Retail Limited is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, Sheraton House, Lower Road, Chorleywood, Hertfordshire, WD3 5LH.

1.1
Reporting period

Following the post year end acquisition by the Globe-Trotter Group, the company extended it's year end to 31st March to align with the new group. As such the reporting period is 15 months compared to 2022 being 12 months.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention; the principal accounting policies adopted are set out below.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has, with group support, adequate resources to continue in operational existence for the foreseeable future. On this basis, and with the groups continued financial support, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.5
Intangible fixed assets other than goodwill

Intangible assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Software
20% straight line
Intangible fixed assets
5% straight line
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
2% straight line
Plant and machinery
20% straight line
Fixtures, fittings & equipment
20% straight line
CONNOLLY RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company only had financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

The deferred tax asset of £1,896,629 (2022: £2,704,708) arising from losses, has not been recognised on the grounds of prudence, as the director cannot foresee with any certainty in the short to medium term the timing of any potential utilisation of such losses.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

CONNOLLY RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 4 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

Stocks

Stocks are valued at the lower of cost and net realisable value. Net realisable value includes, where necessary, provisions for slow moving and obsolete stocks. At the balance sheet date there is a provision of £105,000 (2022: £130,000) included within the closing stock figure; no further stock provision was deemed necessary.

3
Employees

The average monthly number of persons (including directors) employed by the company during the Period was:

2024
2022
Number
Number
Total
15
15
4
Intangible fixed assets
Other
£
Cost
At 1 January 2023 and 31 March 2024
661,981
Amortisation and impairment
At 1 January 2023
653,819
Amortisation charged for the Period
5,736
At 31 March 2024
659,555
Carrying amount
At 31 March 2024
2,426
At 31 December 2022
8,162

Intangible fixed assets comprise costs of trademarks and licences.

The director considers the economic useful life of the trademarks to be no less than 20 years and amortisation is based on a useful economic life of 20 years.

 

CONNOLLY RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 5 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023 and 31 March 2024
2,041,028
757,845
2,798,873
Depreciation and impairment
At 1 January 2023
275,252
721,304
996,556
Depreciation charged in the Period
51,026
22,384
73,410
At 31 March 2024
326,278
743,688
1,069,966
Carrying amount
At 31 March 2024
1,714,750
14,157
1,728,907
At 31 December 2022
1,765,776
36,541
1,802,317
6
Debtors
2024
2022
Amounts falling due within one year:
£
£
Trade debtors
46,527
39,911
Other debtors
109,081
63,720
155,608
103,631
7
Creditors: amounts falling due within one year
2024
2022
£
£
Trade creditors
474,408
309,795
Taxation and social security
31,909
169,975
Other creditors
9,926,799
14,036,576
10,433,116
14,516,346

 

CONNOLLY RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 6 -
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2022
£
£
221,393
102,550
9
Events after the reporting date

After the year end the company was acquired by the Globe-Trotter Group Limited. As part of this transaction the loans from the director and from Genevieve Ettedgui were converted into deferred shares of £1.00 each.

 

 

10
Related party transactions

During the period the company operated from a property owned by it’s director Isabel Ettedgui, at a peppercorn rent, whereas the director believes the market value of the rent of the property to be £270,000.

 

At the balance sheet date the company owed Isabel Ettedgui £8,704,059 (2022: £12,705,669 ).

 

Genevieve Ettedgui was owed £1,159,294 (2022: £1,159,294) at the balance sheet date. This is an interest free loan to the company.

 

 

11
Controlling party

The immediate parent company is Connolly Retail Holdings Limited, and the ultimate parent is Globe-Trotter Group Limited.

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