Company Registration No. 00895642 (England and Wales)
INTERNATIONAL CLOTHING DESIGNS (HOLDINGS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
INTERNATIONAL CLOTHING DESIGNS (HOLDINGS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
INTERNATIONAL CLOTHING DESIGNS (HOLDINGS) LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
39,115
42,584
Investment properties
4
3,466,202
3,466,202
Investments
5
1
1
3,505,318
3,508,787
Current assets
Debtors
6
13,637,793
13,858,811
Cash at bank and in hand
5,306
7,566
13,643,099
13,866,377
Creditors: amounts falling due within one year
7
(7,487,677)
(5,762,265)
Net current assets
6,155,422
8,104,112
Total assets less current liabilities
9,660,740
11,612,899
Creditors: amounts falling due after more than one year
8
(1,584,000)
Net assets
9,660,740
10,028,899
Capital and reserves
Called up share capital
10
4,464,998
4,464,998
Other reserves
467,775
467,775
Profit and loss reserves
4,727,967
5,096,126
Total equity
9,660,740
10,028,899
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
INTERNATIONAL CLOTHING DESIGNS (HOLDINGS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
N Fletcher
Director
Company Registration No. 00895642
INTERNATIONAL CLOTHING DESIGNS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
International Clothing Designs (Holdings) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 26-28 Conway Street, London, W1T 6BQ.
1.1
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, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
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.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
20% Straight Line
Computer equipment
33% Straight Line
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.
1.5
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
INTERNATIONAL CLOTHING DESIGNS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
1.8
Taxation
The tax expense represents the tax currently payable.
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.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
5
INTERNATIONAL CLOTHING DESIGNS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
3
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 May 2023 and 30 April 2024
591,686
Depreciation and impairment
At 1 May 2023
549,102
Depreciation charged in the year
3,469
At 30 April 2024
552,571
Carrying amount
At 30 April 2024
39,115
At 30 April 2023
42,584
4
Investment property
2024
£
Fair value
At 1 May 2023 and 30 April 2024
3,466,202
The fair value of the investment properties has been arrived at on the basis of a valuation made at 30 April 2024 by the directors of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Fixed asset investments
2024
2023
£
£
Investments
1
1
INTERNATIONAL CLOTHING DESIGNS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
5
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 May 2023 & 30 April 2024
1
Carrying amount
At 30 April 2024
1
At 30 April 2023
1
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
13,624,694
13,840,486
Prepayments and accrued income
13,099
18,325
13,637,793
13,858,811
Included within other debtors are amounts due from companies under common control amounting to £13,624,694 (2023: £13,830,486) which are interest free with no fixed repayment date.
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
9
1,584,000
127,282
Trade creditors
85,346
98,609
Corporation tax
24,061
Other taxation and social security
83,655
85,011
Other creditors
5,726,336
5,416,594
Accruals and deferred income
8,340
10,708
7,487,677
5,762,265
Also included within other creditors are amounts due to related entities totalling £4,943,249 (2023: £5,148,449) that are interest free with no fixed repayment date.
Included in other creditors is an amount of £783,086 (2023: £268,144) due to a director of the company and it is payable on demand.
INTERNATIONAL CLOTHING DESIGNS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
10
1,584,000
9
Loans and overdrafts
2024
2023
£
£
Bank loans
1,584,000
1,704,000
Bank overdrafts
7,282
1,584,000
1,711,282
Payable within one year
1,584,000
127,282
Payable after one year
1,584,000
The bank loan is fully repaid in July 2024 and all the charges over the company's assets are released.
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
9,998
9,998
9,998
9,998
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
4,455,000
4,455,000
4,455,000
4,455,000
Preference shares classified as equity
4,455,000
4,455,000
Total equity share capital
4,464,998
4,464,998