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REGISTERED NUMBER: 06462732 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements

for the Period 30 January 2023 to 28 January 2024

for

123 Investments Limited

123 Investments Limited (Registered number: 06462732)






Contents of the Consolidated Financial Statements
for the Period 30 January 2023 to 28 January 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Statement of Profit or Loss 9

Consolidated Statement of Profit or Loss and
Other Comprehensive Income

10

Consolidated Statement of Financial Position 11

Company Statement of Financial Position 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Statement of Cash Flows 16

Notes to the Consolidated Statement of Cash
Flows

17

Notes to the Consolidated Financial Statements 18


123 Investments Limited

Company Information
for the Period 30 January 2023 to 28 January 2024







DIRECTORS: S A Buck
S J Pickering
B R Buck
Ms C R Buck





REGISTERED OFFICE: 34 Roundhay Road
Leeds
LS7 1AB





REGISTERED NUMBER: 06462732 (England and Wales)





AUDITORS: Wine & Co
20-22 Bridge End
Leeds
LS1 4DJ

123 Investments Limited (Registered number: 06462732)

Group Strategic Report
for the Period 30 January 2023 to 28 January 2024

The directors present the strategic report for 123 Investments Ltd for the financial year ending 28 January 2024. This report highlights the significant activities and events that have shaped the group's financial performance and strategic direction during the year. Notably, this year's financial statements have been prepared using IFRS, transitioning from UK GAAP, which will be reflected in the comparative figures and related disclosures.

Principal Activities:
The 123 Investments Ltd group continues to operate as a holding company for premium footwear. 123 Investments Ltd.'s ethos emphasises sustainability, quality, and innovative design, delivering value through multiple channels, including retail stores, online platforms, and third-party partnerships.

REVIEW OF BUSINESS
Performance Overview:
The group has delivered a robust performance amidst challenging macroeconomic conditions, achieving a revenue increase of 5.7% to £26.7 million from £25.3 million in 2023. Despite inflationary pressures and increased operational costs, gross profit improved to £14.0 million, reflecting the strength of the brand and its pricing strategy.

Strategic Developments:
Key strategic initiatives during the year included:
- Strengthening online sales through improved marketing strategies, which resulted in a 10% increase in digital conversion rates.
- Expanding partnerships with third-party platforms such as John Lewis and Next, contributing to a 54% growth in wholesale revenues.
- A focus on sustainability initiatives, which have been integrated into product development and supply chain processes.

SIGNIFICANT EVENTS
Sale of 123 Retail Ltd:
On 1 July 2024, the group sold its subsidiary, 123 Retail Ltd, a lease-holding entity with negative net assets. The sale resulted in a profit due to the liabilities exceeding the disposed assets.

This transaction has allowed the group to:
- Eliminate underperforming leases.
- Focus on profitable leases, with agreements successfully renegotiated with key landlords for continued operations in strategic locations.

Post sale, 123 Retail Ltd was placed into liquidation by its new owners.

Employee Transfers:
Since 2017, employees serving the group were employed by 123 Employees Ltd, a company outside the group structure. This entity was placed into liquidation post-year-end. Those employees that continue to work within our group were transferred under TUPE regulations to MIP Employees 1975 Ltd, a newly formed company that is part of the group, ensuring continuity and operational stability.

FINANCIAL PERFORMANCE
The group reported a profit before tax of £907k compared to £1.57m in 2023, primarily impacted by one-off restructuring costs and higher administrative expenses. Transitioning to IFRS has provided enhanced transparency and alignment with international standards, but this change has introduced additional complexities in financial reporting.


123 Investments Limited (Registered number: 06462732)

Group Strategic Report
for the Period 30 January 2023 to 28 January 2024

PRINCIPAL RISKS AND UNCERTAINTIES
1. Macroeconomic Environment: The retail sector continues to face challenges from inflation and fluctuating consumer confidence. The group mitigates this through prudent cost management and an emphasis on premium product quality.

2. Lease Management: The sale of 123 Retail Ltd has reduced exposure to unprofitable leases, though the group remains vigilant in managing property costs.

3. E-commerce and Technology: With growing reliance on online channels, cybersecurity and platform reliability are critical. Ongoing investments in IT infrastructure aims to address these risks.

4. International Factors: The group remains exposed changes in world events such as shipping challenges and sourcing in countries that may have challenges such as China. We mitigate this risk by continually reviewing countries of origin

OUTLOOK
The directors remain highly optimistic about the group's prospects, with plans to:
- Invest in international market entry by FY26.
- Further develop the online and third-party sales channels.
- Focus on sustainable practices to enhance brand equity and meet evolving consumer expectations.

ON BEHALF OF THE BOARD:





S A Buck - Director


29 January 2025

123 Investments Limited (Registered number: 06462732)

Report of the Directors
for the Period 30 January 2023 to 28 January 2024

The directors present their report with the financial statements of the company and the group for the period 30 January 2023 to 28 January 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the period under review was that of a holding company for premium footwear.

DIVIDENDS
No dividends will be distributed for the period ended 28 January 2024.

EVENTS SINCE THE END OF THE PERIOD
Information relating to events since the end of the period is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 30 January 2023 to the date of this report.

S A Buck
S J Pickering
B R Buck
Ms C R Buck

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 UK-adopted international accounting standards. 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 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

123 Investments Limited (Registered number: 06462732)

Report of the Directors
for the Period 30 January 2023 to 28 January 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 group'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 group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





S A Buck - Director


29 January 2025

Report of the Independent Auditors to the Members of
123 Investments Limited

Opinion
We have audited the financial statements of 123 Investments Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 28 January 2024 which comprise the Consolidated Statement of Profit or Loss, the Consolidated Statement of Profit or Loss and Other Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 International Financial Reporting Standards (IFRSs) as adopted by the UK.
_
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 28 January 2024 and of the group's profit for the period then ended;
-the group financial statements have been properly prepared in accordance with IFRSs as adopted by the UK;
-the parent company financial statements have been properly prepared in accordance with IFRSs as adopted by the UK and as applied in accordance with the provisions of the Companies Act 2006; and
-the financial statements 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 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 group's and 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.

Report of the Independent Auditors to the Members of
123 Investments Limited


Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, 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 materially inconsistent with the financial statements or our knowledge obtained in 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.

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 Group 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 Group Strategic Report and the Report of the Directors 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 Report of the Directors.

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 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 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 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.

Report of the Independent Auditors to the Members of
123 Investments 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities that result from fraud are inherently more difficult to detect than irregularities that result from error. We consider that our audit procedures are designed and carried out to give a reasonable expectation that material misstatements resulting from fraud would be discovered.

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.




JEFFREY WINE (Senior Statutory Auditor)
for and on behalf of Wine & Co
20-22 Bridge End
Leeds
LS1 4DJ

29 January 2025

123 Investments Limited (Registered number: 06462732)

Consolidated Statement of Profit or Loss
for the Period 30 January 2023 to 28 January 2024

Period
30.1.23
to Year Ended
28.1.24 29.1.23
Notes £    £   

CONTINUING OPERATIONS
Revenue 3 26,700,320 25,270,279

Cost of sales (12,694,083 ) (13,857,372 )
GROSS PROFIT 14,006,237 11,412,907

Other operating income 821,274 587,855
Distribution costs (1,379,086 ) (1,321,516 )
Administrative expenses (12,250,368 ) (8,933,686 )
OPERATING PROFIT 1,198,057 1,745,560

Finance costs 5 (291,122 ) (175,466 )
PROFIT BEFORE INCOME TAX 6 906,935 1,570,094

Income tax 7 (279,581 ) (259,450 )
PROFIT FOR THE PERIOD 627,354 1,310,644
Profit attributable to:
Owners of the parent 627,354 1,310,644

123 Investments Limited (Registered number: 06462732)

Consolidated Statement of Profit or Loss and Other Comprehensive Income
for the Period 30 January 2023 to 28 January 2024

Period
30.1.23
to Year Ended
28.1.24 29.1.23
£    £   

PROFIT FOR THE PERIOD 627,354 1,310,644

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD

627,354

1,310,644

Total comprehensive income attributable to:
Owners of the parent 627,354 1,310,644

123 Investments Limited (Registered number: 06462732)

Consolidated Statement of Financial Position
28 January 2024

28.1.24 29.1.23
Notes £    £   
ASSETS
NON-CURRENT ASSETS
Goodwill 9 45,002 60,002
Intangible assets 10 67,127 -
Property, plant and equipment 11 1,132,075 856,271
Investments 12 - -
1,244,204 916,273
CURRENT ASSETS
Inventories 13 4,032,473 2,439,888
Trade and other receivables 14 5,381,622 1,617,717
Cash and cash equivalents 15 1,635,154 236,732
Prepayments 775,896 352,463
11,825,145 4,646,800
TOTAL ASSETS 13,069,349 5,563,073
EQUITY
SHAREHOLDERS' EQUITY
Called up share capital 16 472 373
Retained earnings 17 1,357,060 729,706
TOTAL EQUITY 1,357,532 730,079
LIABILITIES
NON-CURRENT LIABILITIES
Contract liabilities 3 9,848 14,119
Deferred tax 20 147,975 151,112
157,823 165,231
CURRENT LIABILITIES
Trade and other payables 18 9,366,621 3,919,727
Contract liabilities 3 4,271 4,271
Financial liabilities - borrowings
Interest bearing loans and
borrowings

19

1,523,386

215,565
Tax payable 659,716 528,200
11,553,994 4,667,763
TOTAL LIABILITIES 11,711,817 4,832,994
TOTAL EQUITY AND LIABILITIES 13,069,349 5,563,073



123 Investments Limited (Registered number: 06462732)

Consolidated Statement of Financial Position - continued
28 January 2024

The financial statements were approved by the Board of Directors and authorised for issue on 29 January 2025 and were signed on its behalf by:





S A Buck - Director


123 Investments Limited (Registered number: 06462732)

Company Statement of Financial Position
28 January 2024

28.1.24 29.1.23
Notes £    £   
ASSETS
NON-CURRENT ASSETS
Goodwill 9 - -
Intangible assets 10 - -
Property, plant and equipment 11 - -
Investments 12 102 102
102 102
CURRENT ASSETS
Trade and other receivables 14 498,043 1,900
Cash and cash equivalents 15 1,169,521 2,398
1,667,564 4,298
TOTAL ASSETS 1,667,666 4,400
EQUITY
SHAREHOLDERS' EQUITY
Called up share capital 16 472 373
Retained earnings 17 (3,315,217 ) (3,264,320 )
TOTAL EQUITY (3,314,745 ) (3,263,947 )
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 18 4,982,411 3,268,347
TOTAL LIABILITIES 4,982,411 3,268,347
TOTAL EQUITY AND LIABILITIES 1,667,666 4,400



The financial statements were approved by the Board of Directors and authorised for issue on 29 January 2025 and were signed on its behalf by:





S A Buck - Director


123 Investments Limited (Registered number: 06462732)

Consolidated Statement of Changes in Equity
for the Period 30 January 2023 to 28 January 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 30 January 2022 373 (580,938 ) (580,565 )

Changes in equity
Total comprehensive income - 1,310,644 1,310,644
Balance at 29 January 2023 373 729,706 730,079

Changes in equity
Issue of share capital 99 - 99
Total comprehensive income - 627,354 627,354
Balance at 28 January 2024 472 1,357,060 1,357,532

123 Investments Limited (Registered number: 06462732)

Company Statement of Changes in Equity
for the Period 30 January 2023 to 28 January 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 30 January 2022 373 (3,194,237 ) (3,193,864 )

Changes in equity
Total comprehensive income - (70,083 ) (70,083 )
Balance at 29 January 2023 373 (3,264,320 ) (3,263,947 )

Changes in equity
Issue of share capital 99 - 99
Total comprehensive income - (50,897 ) (50,897 )
Balance at 28 January 2024 472 (3,315,217 ) (3,314,745 )

123 Investments Limited (Registered number: 06462732)

Consolidated Statement of Cash Flows
for the Period 30 January 2023 to 28 January 2024

Period
30.1.23
to Year Ended
28.1.24 29.1.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,320,264 654,684
Interest paid (289,240 ) (173,584 )
Lease interest paid (1,882 ) (1,882 )
Tax paid (151,202 ) 64,758
Net cash from operating activities 877,940 543,976

Cash flows from investing activities
Purchase of intangible fixed assets (75,864 ) -
Purchase of tangible fixed assets (711,574 ) (691,000 )
Net cash from investing activities (787,438 ) (691,000 )

Cash flows from financing activities
New loans in year 1,307,821 (257,364 )
Share issue 99 -
Net cash from financing activities 1,307,920 (257,364 )

Increase/(decrease) in cash and cash equivalents 1,398,422 (404,388 )
Cash and cash equivalents at
beginning of period

2

236,732

641,120

Cash and cash equivalents at end
of period

2

1,635,154

236,732

123 Investments Limited (Registered number: 06462732)

Notes to the Consolidated Statement of Cash Flows
for the Period 30 January 2023 to 28 January 2024

1. RECONCILIATION OF PROFIT BEFORE INCOME TAX TO CASH GENERATED FROM
OPERATIONS

Period
30.1.23
to Year Ended
28.1.24 29.1.23
£    £   
Profit before income tax 906,935 1,570,094
Depreciation charges 459,507 305,480
Finance costs 291,122 175,466
1,657,564 2,051,040
(Increase)/decrease in inventories (1,592,585 ) 129,692
Increase in trade and other receivables (4,187,338 ) (96,828 )
Increase/(decrease) in trade and other payables 5,446,894 (1,424,949 )
Decrease in contract liabilities (4,271 ) (4,271 )
Cash generated from operations 1,320,264 654,684

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Period ended 28 January 2024
28.1.24 30.1.23
£    £   
Cash and cash equivalents 1,635,154 236,732
Year ended 29 January 2023
29.1.23 30.1.22
£    £   
Cash and cash equivalents 236,732 641,120

123 Investments Limited (Registered number: 06462732)

Notes to the Consolidated Financial Statements
for the Period 30 January 2023 to 28 January 2024


1. STATUTORY INFORMATION

123 Investments 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.

2. ACCOUNTING POLICIES

Basis of preparation
These financial statements have been prepared in accordance with UK-adopted international accounting standards and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The financial statements have been prepared under the historical cost convention.

Revenue recognition
Turnover comprises revenue recognised by the company in respect of goods supplied, exclusive of Value Added Tax.

Cash and cash equivalents
Cash represents cash in hand and deposits held on demand with financial institutions. Cash equivalents are short-term, highly-liquid investments with original maturities of three months or less (as at their date of acquisition). Cash equivalents are readily convertible to known amounts of cash and subject to an insignificant risk of change in that cash value.

In the presentation of the Statement of Cash Flows, cash and cash equivalents also include bank overdrafts. Any such overdrafts are shown within borrowings under ‘current liabilities’ on the Statement of Financial Position.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold improvements - at varying rates on cost
Plant and machinery - 33% on cost
Fixtures and fittings - at varying rates on cost
Motor vehicles - at varying rates on cost
Computer equipment - at varying rates on cost

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the statement of financial position date.

Employee benefit costs
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to the income statement in the period to which they relate.

123 Investments Limited (Registered number: 06462732)

Notes to the Consolidated Financial Statements - continued
for the Period 30 January 2023 to 28 January 2024

3. REVENUE

Revenue from contracts with customers
Turnover arises from: Sales of goods £26,700,320

Contract balances
Period
30.1.23
to Year Ended
28.1.24 29.1.23
£    £   
Contract liabilities

Current
Contract liabilities 4,271 4,271
Non-current
Contract liabilities 9,848 14,119
14,119 18,390

4. EMPLOYEES AND DIRECTORS
Period
30.1.23
to Year Ended
28.1.24 29.1.23
£    £   
Wages and salaries 2,652,597 4,993,858
Social security costs 206,569 396,243
Other pension costs 45,045 76,656
2,904,211 5,466,757

The average number of employees during the period was as follows:
Period
30.1.23
to Year Ended
28.1.24 29.1.23

Production staff 226 196
Distribution staff 21 22
Administrative staff 61 58
308 276

Remuneration of the highest paid director in respect of qualifying services: £121,733

123 Investments Limited (Registered number: 06462732)

Notes to the Consolidated Financial Statements - continued
for the Period 30 January 2023 to 28 January 2024

5. NET FINANCE COSTS
Period
30.1.23
to Year Ended
28.1.24 29.1.23
£    £   
Finance costs:
Bank interest 10,850 -
Other interest payable 278,390 35,706
Invoice discounting interest - 137,878
Hire purchase 1,882 1,882
291,122 175,466

6. PROFIT BEFORE INCOME TAX

The profit before income tax is stated after charging/(crediting):
Period
30.1.23
to Year Ended
28.1.24 29.1.23
£    £   
Cost of inventories recognised as expense 12,694,083 13,857,372
Depreciation - owned assets 435,770 290,480
Development costs amortisation 8,737 -
Auditors' remuneration 53,600 34,550
Foreign exchange differences (14 ) (92 )

7. INCOME TAX

Analysis of tax expense
Period
30.1.23
to Year Ended
28.1.24 29.1.23
£    £   
Current tax:
Tax 283,683 203,578
Prior periods adjustments - 231
Corporation tax refund (965 ) (17,439 )
Total current tax 282,718 186,370

Deferred tax (3,137 ) 73,080
Total tax expense in consolidated statement of profit or loss 279,581 259,450

123 Investments Limited (Registered number: 06462732)

Notes to the Consolidated Financial Statements - continued
for the Period 30 January 2023 to 28 January 2024

8. LOSS OF PARENT COMPANY

As permitted by Section 408 of the Companies Act 2006, the income statement of the parent company is not presented as part of these financial statements. The parent company's loss for the financial year was £(50,897) (2023 - £(70,083)).


9. GOODWILL

Group
£   
COST
At 30 January 2023
and 28 January 2024 150,002
AMORTISATION
At 30 January 2023 90,000
Charge for period 15,000
At 28 January 2024 105,000
NET BOOK VALUE
At 28 January 2024 45,002
At 29 January 2023 60,002

10. INTANGIBLE ASSETS

Group
Development
costs
£   
COST
Additions 75,864
At 28 January 2024 75,864
AMORTISATION
Amortisation for period 8,737
At 28 January 2024 8,737
NET BOOK VALUE
At 28 January 2024 67,127

123 Investments Limited (Registered number: 06462732)

Notes to the Consolidated Financial Statements - continued
for the Period 30 January 2023 to 28 January 2024

11. PROPERTY, PLANT AND EQUIPMENT

Group
Fixtures
Leasehold Plant and and
improvements machinery fittings
£    £    £   
COST
At 30 January 2023 42,063 7,995 1,646,544
Additions 1,080 - 671,567
At 28 January 2024 43,143 7,995 2,318,111
DEPRECIATION
At 30 January 2023 31,229 7,995 873,727
Charge for period 9,952 - 387,835
At 28 January 2024 41,181 7,995 1,261,562
NET BOOK VALUE
At 28 January 2024 1,962 - 1,056,549
At 29 January 2023 10,834 - 772,817

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 30 January 2023 38,837 178,617 1,914,056
Additions - 38,927 711,574
At 28 January 2024 38,837 217,544 2,625,630
DEPRECIATION
At 30 January 2023 32,315 112,519 1,057,785
Charge for period 6,522 31,461 435,770
At 28 January 2024 38,837 143,980 1,493,555
NET BOOK VALUE
At 28 January 2024 - 73,564 1,132,075
At 29 January 2023 6,522 66,098 856,271

123 Investments Limited (Registered number: 06462732)

Notes to the Consolidated Financial Statements - continued
for the Period 30 January 2023 to 28 January 2024

12. INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 30 January 2023
and 28 January 2024 102
NET BOOK VALUE
At 28 January 2024 102
At 29 January 2023 102

13. INVENTORIES

Group
28.1.24 29.1.23
£    £   
Finished goods 4,032,473 2,439,888

14. TRADE AND OTHER RECEIVABLES

Group Company
28.1.24 29.1.23 28.1.24 29.1.23
£    £    £    £   
Current:
Trade debtors 1,481,377 496,295 - -
No description - (8,367 ) - -
Other debtors 812,523 689,691 477,943 400
Amounts due from related cos 3,087,722 440,098 20,100 1,500
5,381,622 1,617,717 498,043 1,900

15. CASH AND CASH EQUIVALENTS

Group Company
28.1.24 29.1.23 28.1.24 29.1.23
£    £    £    £   
Cash in hand 3,068 4,502 469 370
Bank deposit account 1,632,086 232,230 1,169,052 2,028
1,635,154 236,732 1,169,521 2,398

123 Investments Limited (Registered number: 06462732)

Notes to the Consolidated Financial Statements - continued
for the Period 30 January 2023 to 28 January 2024

16. CALLED UP SHARE CAPITAL

Issued, called up and fully paid

Ordinary shares of £1 each: £472

17. RESERVES

Group
Retained
earnings
£   

At 30 January 2023 729,706
Profit for the period 627,354
At 28 January 2024 1,357,060

Company
Retained
earnings
£   

At 30 January 2023 (3,264,320 )
Deficit for the period (50,897 )
At 28 January 2024 (3,315,217 )


18. TRADE AND OTHER PAYABLES

Group Company
28.1.24 29.1.23 28.1.24 29.1.23
£    £    £    £   
Current:
Trade creditors 5,483,345 862,854 3,168 3,600
Amounts owed to group undertakings - - 4,836,285 2,564,077
Social security and other taxes - 104,818 - -
Other creditors 1,214,911 1,242,620 - 618,338
Invoice discounting 187,354 196,859 - -
Accruals and deferred income 457,166 397,336 78,410 17,679
VAT 2,023,845 1,115,240 64,548 64,653
9,366,621 3,919,727 4,982,411 3,268,347

123 Investments Limited (Registered number: 06462732)

Notes to the Consolidated Financial Statements - continued
for the Period 30 January 2023 to 28 January 2024

19. FINANCIAL LIABILITIES - BORROWINGS

Group
28.1.24 29.1.23
£    £   
Current:
Bank loans 1,523,386 215,565

Terms and debt repayment schedule

Group

1 year or
less
£   
Bank loans 1,523,386

20. DEFERRED TAX

The deferred tax account consists of the tax effect of timing differences in respect of:

Group

Accelerated capital allowances £147,975 (2023: £151,112)

21. RELATED PARTY DISCLOSURES

During the year management charges totalling £3,414,771 were charged to group companies by 123 Employees Ltd, a company controlled by the director S A Buck.

During the year management charges totalling £476,705 were charged by group companies to 123 Employees Ltd.

22. EVENTS AFTER THE REPORTING PERIOD

Subsequent to the year end 123 Retail Limited, a company within the group, was placed into liquidation.