IRIS Accounts Production v24.3.2.46 03863099 Board of Directors 31.7.24 1.8.23 31.7.24 31.7.24 the design and manufacture of licensed apparel. true true false true true false false false true false Ordinary A-E 0.01000 0.01000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh038630992023-07-31038630992024-07-31038630992023-08-012024-07-31038630992022-07-31038630992022-08-012023-07-31038630992023-07-3103863099ns15:EnglandWales2023-08-012024-07-3103863099ns14:PoundSterling2023-08-012024-07-3103863099ns10:Director12023-08-012024-07-3103863099ns10:Consolidated2024-07-3103863099ns10:ConsolidatedGroupCompanyAccounts2023-08-012024-07-3103863099ns10:PrivateLimitedCompanyLtd2023-08-012024-07-3103863099ns10:Consolidatedns10:FRS1022023-08-012024-07-3103863099ns10:Consolidatedns10:Audited2023-08-012024-07-3103863099ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-08-012024-07-3103863099ns10:Medium-sizedCompaniesRegimeForAccounts2023-08-012024-07-3103863099ns10:Consolidatedns10:LargeCompaniesRegimeForDirectorsReport2023-08-012024-07-3103863099ns10:Consolidatedns10:LargeCompaniesRegimeForAccounts2023-08-012024-07-3103863099ns10:FullAccounts2023-08-012024-07-310386309912023-08-012024-07-3103863099ns10:OrdinaryShareClass12023-08-012024-07-310386309911ns10:OrdinaryShareClass12023-08-012024-07-3103863099ns10:Consolidated2023-08-012024-07-3103863099ns10:Director22023-08-012024-07-3103863099ns10:CompanySecretary12023-08-012024-07-3103863099ns10:RegisteredOffice2023-08-012024-07-3103863099ns10:Consolidated2022-08-012023-07-3103863099ns5:CurrentFinancialInstruments2024-07-3103863099ns5:CurrentFinancialInstruments2023-07-3103863099ns5:ShareCapital2024-07-3103863099ns5:ShareCapital2023-07-3103863099ns5:RetainedEarningsAccumulatedLosses2024-07-3103863099ns5:RetainedEarningsAccumulatedLosses2023-07-3103863099ns5:ShareCapital2022-07-3103863099ns5:RetainedEarningsAccumulatedLosses2022-07-3103863099ns5:RetainedEarningsAccumulatedLosses2022-08-012023-07-3103863099ns5:RetainedEarningsAccumulatedLosses2023-08-012024-07-3103863099ns5:NetGoodwill2023-08-012024-07-3103863099ns5:IntangibleAssetsOtherThanGoodwill2023-08-012024-07-3103863099ns5:PatentsTrademarksLicencesConcessionsSimilar2023-08-012024-07-3103863099ns5:ComputerSoftware2023-08-012024-07-3103863099ns5:LeaseholdImprovements2023-08-012024-07-3103863099ns5:PlantMachinery2023-08-012024-07-3103863099ns5:FurnitureFittings2023-08-012024-07-3103863099ns5:MotorVehicles2023-08-012024-07-3103863099ns5:ComputerEquipment2023-08-012024-07-3103863099ns5:CostValuation2023-07-3103863099ns5:DisposalsRepaymentsInvestments2024-07-3103863099ns5:CostValuation2024-07-3103863099ns5:WithinOneYearns5:CurrentFinancialInstruments2024-07-3103863099ns5:WithinOneYearns5:CurrentFinancialInstruments2023-07-3103863099ns10:OrdinaryShareClass12024-07-3103863099ns5:RetainedEarningsAccumulatedLosses2023-07-31
REGISTERED NUMBER: 03863099 (England and Wales)















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

FOR

B M FASHIONS (HOLDINGS) LIMITED

B M FASHIONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 03863099)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Consolidated Statement of Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


B M FASHIONS (HOLDINGS) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







Directors: M S Mattu
G S Mattu





Secretary: Mrs N K Mattu





Registered office: 11 St Georges Way
Leicester
Leicestershire
LE1 1SH





Registered number: 03863099 (England and Wales)





Auditors: Haines Watts Audit EM Limited
1 Merus Court
Meridian Business Park
Leicester
LE19 1RJ

B M FASHIONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 03863099)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

The directors present their strategic report of the company and the group for the year ended 31 July 2024.

Review of business
Sales and Profit were higher compared to last year. Gross margins improved but Administrative expenses increased during the period. The Balance Sheet remains strong.

Staff morale and well being continue to be at the forefront of management actions.


Key performance indicators

2024 2023
£ £
Turnover 191,960,041 183,478,208
Gross Profit 25,813,102 25,712,886
Net Assets 22,766,838 21,904,618

Principal risks and uncertainties
Our sourcing offices continue to work closely with all local manufacturing and logistics suppliers to ensure quality, compliance and delivery standards are maintained. The offices also ensure that local government and environmental standards are adhered to by all associated with our supply and delivery.

The reliance on overseas production means the company purchases and sells products in different currencies. In general both purchases and sales are in the same currency, thus minimising risk but exchange rate exposure, where it does arise, is limited by utilising systems which minimise risk.

Section 172(1) statement
Each director of the company continues to be mindful of their statutory duty to promote the success of the company for the benefit of the members as a whole and, in so doing having regard (amongst other matters) to those factors set out in sector 172( 1) (a)-(f) of the Companies Act 2006.

The company constantly liaises with suppliers, customers and Licensors to maintain close working relationships to monitor both current and future developments for the benefit of all parties.


B M FASHIONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 03863099)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

Streamlined energy and carbon reporting (secr)
Reporting period

1st August 2023 to 31st July 2024

The Group's main trading entity continues to be B.M. Fashions (UK) Ltd.

Global Licensing Ltd and Fashion-UK Germany both operate from office locations with shared energy facilities which give no facility to separate our proportion of energy consumption and carbon footprint.

At these sites staff are encouraged to save power as much as possible and use resources of heat and light as efficiently as possible.

The table below relates to B.M. Fashions (UK) Ltd.

Energy and Carbon calculation


Type of emission

Activity

kWh

tCO2e
% of
total

Scope 1 Natural gas 343,367 62.80 54.48
Vehicle fleet - - -

Scope 2 Electricity 234,424 48.54 42.11

Scope 3 Grey fleet 16,286 3.93 3.41

Total gross consumption and emissions 549,077 115.27 100%

Metric used - Employee headcount - 202.00
Intensity ratio -Tonnes of CO2e per employee headcount - 0.57

GHG emissions and energy consumption

This is the third year of SECR reporting for the company.

- B.M. Fashions (U.K.) Limited operate 5 company cars, none of which accrued business mileage during the data period.
- Natural gas consumption increased markedly from July 2023 to July 2024. This increase is due to gas consumption at the Loughborough site, occupied from 1/5/2023 onwards. The previous report captured just 3 months' gas consumption, 26,108 kWh. This report captures an entire year of increased consumption, 311,950 kWh. In addition, gas-powered units at this site (two gas powered drying machines (to cure print on garments), and five gas heaters used to heat the warehouse areas) are now fully operational.
- The net effect of the above was to increase tCO2e per employee from 0.45 to 0.57, despite an increase in staff
headcount from 146 to 202.

Intensity ratio

It was decided that the most meaningful intensity metric (i.e. one which would allow stakeholders to quantify B.M.Fashions (U.K.) Limited's environmental impact relative to a given amount of goods and/or services provided) would be one based on average employee headcount during the reporting period. The resulting intensity ratio of tCO2e peremployee will best illustrate improvements in real energy efficiency over time.

Efficiency narrative

The company continues to monitor its energy usage and take all necessary actions to minimise use and work as efficiently as possible.

Quantification and Reporting Methodology

The methodology used in this report is The GHG Protocol Corporate Accounting and Reporting Standard combined with 2013 UK Government Environmental Reporting Guidelines (updated March 2019). We have used the DESNZ
(Department for Energy Security & Net Zero) GHG conversion factors for Company Reporting and Chartered Institution of Building Services Engineers ('CIBSE') 2021 conversion factors where metered energy consumption was not available.

The energy efficiency narrative methodology has been created based on energy management best practice.


B M FASHIONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 03863099)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

Organisational boundary

We have defined the organisational boundary based upon operational control.

Third-party oversight

Based upon data and commentary provided by Company staff, this report was compiled by Auditel, an independent carbon consultancy.

Research and development
The group continues to invest in design and researching innovative ways to present products to our customers. This includes investing in new Licenses for our brand portfolio.

On behalf of the board:





M S Mattu - Director


27 February 2025

B M FASHIONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 03863099)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JULY 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 July 2024.

Dividends
The total distribution of dividends for the year ended 31 July 2024 was £4,420,809 (2023: £845,270).

Events since the end of the year
Information relating to events since the end of the year is given in the notes to the financial statements.

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

M S Mattu
G S Mattu

Financial instruments
The company utilises various financial instruments including loans, cash and various items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these is to raise finance for the group's operations. The existence of these financial instruments exposes the group to a number of financial risks, which are described in more detail in the Strategic Report.

Political donations and expenditure
No political donations were made during the year (2023: £nil).

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 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 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;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
- 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.

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 ought to have taken as a director in order to make himself aware of any relevant audit information
and to establish that the group's auditors are aware of that information.

B M FASHIONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 03863099)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JULY 2024


Auditors
The auditors, Haines Watts Audit EM Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





M S Mattu - Director


27 February 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
B M FASHIONS (HOLDINGS) LIMITED

Opinion
We have audited the financial statements of B M Fashions (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 July 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
B M FASHIONS (HOLDINGS) LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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.

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:

- Enquiry of management and those charged with governance around actual, potential or suspected litigation,
claims, non-compliance with applicable laws and regulations and fraud.
- Enquiry of entity staff in tax and compliance functions and external advisors to identify any instances of
noncompliance with laws and regulations.
- Performing audit work over the risk of management override, including testing of journal entries and other
adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal
course of business and reviewing accounting estimates for bias.
- Reviewing of financial statements disclosures and testing to supporting documentation to assess compliance
with applicable laws and regulations.
- Discussions with the engagement team in relation to how and where fraud might occur in the financial
statements and any potential indicators of fraud.
- Reviewing any minutes for meetings during the year.

Despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity likely to involve collusion, forgery, intentional
misrepresentations, or the override of internal controls.

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.




Shiran Wynter ACA (Senior Statutory Auditor)
for and on behalf of Haines Watts Audit EM Limited
1 Merus Court
Meridian Business Park
Leicester
LE19 1RJ

27 February 2025

B M FASHIONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 03863099)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 JULY 2024

2024 2023
Notes £ £

Turnover 4 191,960,041 183,478,208

Cost of sales 166,146,939 157,765,322
Gross profit 25,813,102 25,712,886

Administrative expenses 16,982,138 16,196,325
Operating profit 6 8,830,964 9,516,561

Interest receivable and similar income 85,669 50,271
8,916,633 9,566,832

Interest payable and similar expenses 8 672,005 620,934
Profit before taxation 8,244,628 8,945,898

Tax on profit 9 2,961,599 2,989,637
Profit for the financial year 5,283,029 5,956,261

Other comprehensive income - -
Total comprehensive income for the year 5,283,029 5,956,261

Profit attributable to:
Owners of the parent 5,283,029 5,956,261

Total comprehensive income attributable to:
Owners of the parent 5,283,029 5,956,311
Non-controlling interests - (50 )
5,283,029 5,956,261

B M FASHIONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 03863099)

CONSOLIDATED BALANCE SHEET
31 JULY 2024

2024 2023
Notes £ £
Fixed assets
Intangible assets 12 48,892 1,898
Tangible assets 13 1,577,409 1,676,742
Investments 14 - -
1,626,301 1,678,640

Current assets
Stocks 15 13,350,342 11,849,290
Debtors 16 48,708,933 44,137,890
Cash at bank and in hand 10,127,385 9,273,309
72,186,660 65,260,489
Creditors
Amounts falling due within one year 17 (50,804,691 ) (44,743,430 )
Net current assets 21,381,969 20,517,059
Total assets less current liabilities 23,008,270 22,195,699

Provisions for liabilities 20 (241,432 ) (291,081 )
Net assets 22,766,838 21,904,618

Capital and reserves
Called up share capital 21 1,000 1,000
Retained earnings 22 22,765,838 21,903,618
Shareholders' funds 22,766,838 21,904,618

The financial statements were approved by the Board of Directors and authorised for issue on 27 February 2025 and were signed on its behalf by:





M S Mattu - Director


B M FASHIONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 03863099)

COMPANY BALANCE SHEET
31 JULY 2024

2024 2023
Notes £ £
Fixed assets
Intangible assets 12 - -
Tangible assets 13 - -
Investments 14 135,055 948,534
135,055 948,534

Current assets
Debtors 16 1,861,511 208,889
Cash at bank 483,209 1,246,347
2,344,720 1,455,236
Creditors
Amounts falling due within one year 17 (961,716 ) (2,171,312 )
Net current assets/(liabilities) 1,383,004 (716,076 )
Total assets less current liabilities 1,518,059 232,458

Capital and reserves
Called up share capital 21 1,000 1,000
Retained earnings 22 1,517,059 231,458
Shareholders' funds 1,518,059 232,458

Company's profit for the financial year 5,706,410 1,061,240

The financial statements were approved by the Board of Directors and authorised for issue on 27 February 2025 and were signed on its behalf by:





M S Mattu - Director


B M FASHIONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 03863099)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024

Called up
share Retained Non-controlling Total
capital earnings Total interests equity
£ £ £ £ £
Balance at 1 August 2022 1,000 16,792,627 16,793,627 50 16,793,677

Changes in equity
Dividends - (845,270 ) (845,270 ) - (845,270 )
Total comprehensive income - 5,956,261 5,956,261 (50 ) 5,956,211
Balance at 31 July 2023 1,000 21,903,618 21,904,618 - 21,904,618

Changes in equity
Dividends - (4,420,809 ) (4,420,809 ) - (4,420,809 )
Total comprehensive income - 5,283,029 5,283,029 - 5,283,029
Balance at 31 July 2024 1,000 22,765,838 22,766,838 - 22,766,838

B M FASHIONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 03863099)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 August 2022 1,000 15,488 16,488

Changes in equity
Dividends - (845,270 ) (845,270 )
Total comprehensive income - 1,061,240 1,061,240
Balance at 31 July 2023 1,000 231,458 232,458

Changes in equity
Dividends - (4,420,809 ) (4,420,809 )
Total comprehensive income - 5,706,410 5,706,410
Balance at 31 July 2024 1,000 1,517,059 1,518,059

B M FASHIONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 03863099)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JULY 2024

2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 9,423,451 12,099,108
Interest paid (672,005 ) (620,934 )
Tax paid (2,596,961 ) (3,921,595 )
Net cash from operating activities 6,154,485 7,556,579

Cash flows from investing activities
Purchase of fixed assets (519,184 ) (786,763 )
Interest received 85,669 50,271
Net cash from investing activities (433,515 ) (736,492 )

Cash flows from financing activities
Movement in other borrowings (446,085 ) 2,495,698
Equity dividends paid (4,420,809 ) (845,270 )
Net cash from financing activities (4,866,894 ) 1,650,428

Increase in cash and cash equivalents 854,076 8,470,515
Cash and cash equivalents at beginning
of year

2

9,273,309

802,794

Cash and cash equivalents at end of year 2 10,127,385 9,273,309

B M FASHIONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 03863099)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JULY 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£ £
Profit before taxation 8,244,628 8,945,898
Depreciation charges 527,202 247,884
Loss on disposal of fixed assets 38,888 -
Amortisation charges 5,433 -
Finance costs 672,005 620,934
Finance income (85,669 ) (50,271 )
9,402,487 9,764,445
(Increase)/decrease in stocks (1,501,052 ) 7,709,972
(Increase)/decrease in trade and other debtors (4,571,043 ) 4,675,465
Increase/(decrease) in trade and other creditors 6,093,059 (10,050,774 )
Cash generated from operations 9,423,451 12,099,108

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 31 July 2024
31.7.24 1.8.23
£ £
Cash and cash equivalents 10,127,385 9,273,309
Year ended 31 July 2023
31.7.23 1.8.22
£ £
Cash and cash equivalents 9,273,309 2,711,996
Bank overdrafts - (1,909,202 )
9,273,309 802,794


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.8.23 Cash flow At 31.7.24
£ £ £
Net cash
Cash at bank and in hand 9,273,309 854,076 10,127,385
9,273,309 854,076 10,127,385
Total 9,273,309 854,076 10,127,385

B M FASHIONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 03863099)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1. STATUTORY INFORMATION

B M Fashions (Holdings) 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 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 reviewing the Group's forecasts and projections, the directors have a reasonable expectation that the Group has adequate resources and support to continue in operational existence for the foreseeable future. The Group therefore continues to adopt the going concern basis in preparing its financial information. The directors therefore believe the Group has the ability to continue as a going concern for the next 12 months.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

Functional and presentational currency
The company's functional and presentational currency is GBP.

Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 July 2024. A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full. Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.

B M FASHIONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 03863099)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

2. ACCOUNTING POLICIES - continued

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

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business, is being amortised evenly over its estimated useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - at varying rates on cost
Plant and machinery - 20% on cost and 20% on reducing balance
Fixtures and fittings - 25% on cost and 25% on reducing balance
Motor vehicles - 20% on cost
Equipment - 33% on cost, 33% on reducing balance and 25% on cost

Tangible fixed assets are initially recorded at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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.


B M FASHIONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 03863099)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

2. ACCOUNTING POLICIES - continued
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.

Exemptions for qualifying entities under frs102
The Company has taken advantage of the following exemptions:

(i) from preparing a statement of cash flows, on the basis that it is a qualifying entity and the consolidated statement of cash flows, included in these financial statements, includes the Company's cash flows; and

(ii) from the requirement to disclosure intra-group related party transactions, under FRS102 paragraph 33.7.

Foreign currencies
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non- monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Consolidated Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

B M FASHIONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 03863099)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

2. ACCOUNTING POLICIES - continued

Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Financial instruments
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value net of transaction costs and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Consolidated Statement of Comprehensive Income in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

B M FASHIONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 03863099)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

(i) Impairment of intangible assets and goodwill

The Group considers whether intangible assets and/or goodwill are impaired. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the cash generating units (CGUs). This requires estimation of the future cash flows from the CGUs and also selection of appropriate discount rates in order to calculate the net present value of those cash flows.

(ii) Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

(iii) Stocks provisioning

The Group continues to design and manufacture of licensed apparel and is exposed to changes in the market prices of clothing. As a result it is necessary to consider the recoverability of the cost of stocks and the associated provisioning required. When calculating the stocks provision, management considers the nature and condition of the stocks, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials.

(iv) Impairment of assets

The Group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

(v) Accruals

The Group provides for liabilities from customers in proportion to the risk they are exposed.

4. TURNOVER

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

In the opinion of the directors, the disclosure of turnover by geographical location would be seriously prejudicial to the interests of the reporting entity and therefore this information has not been disclosed.

5. EMPLOYEES AND DIRECTORS
2024 2023
£ £
Wages and salaries 8,683,669 8,278,703
Social security costs 1,248,246 803,734
Other pension costs 168,326 114,241
10,100,241 9,196,678

B M FASHIONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 03863099)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

5. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Production 122 126
Administration and support 40 53
Sales, marketing and distribution 69 37
Directors 2 2
233 218

2024 2023
£ £
Directors' remuneration 39,632 21,632

6. OPERATING PROFIT

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

2024 2023
£ £
Hire of plant and machinery 16,837 2,615
Other operating leases 437,679 383,475
Depreciation - owned assets 527,202 247,884
Loss on disposal of fixed assets 34,307 -
Goodwill amortisation 5,433 -
Auditors' remuneration 42,500 23,000
Auditors' remuneration for non audit work 12,500 8,500
Foreign exchange differences 34,151 (296,314 )

7. EXCEPTIONAL ITEMS
2024 2023
£ £
Close company debt write off - (1,941,022 )

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£ £
Bank interest (2,866 ) -
Other interest - 306,408
Interest payable 674,871 314,526
672,005 620,934

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£ £
Current tax:
UK corporation tax 3,011,249 2,858,859

Deferred tax (49,650 ) 130,778
Tax on profit 2,961,599 2,989,637

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

B M FASHIONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 03863099)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

9. 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:

2024 2023
£ £
Profit before tax 8,244,628 8,945,898
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 25 %)

2,061,157

2,236,475

Effects of:
Expenses not deductible for tax purposes 28,974 18,569
Capital allowances in excess of depreciation - (77,049 )
Depreciation in excess of capital allowances 36,399 -
Deferred tax movement (49,650 ) 130,778
Subject to overseas tax 876,587 862,151
Amortisation 1,358 -
Provisions 5,435 (53,846 )
Timing differences (7,238 ) 150
Group relief - 8
Change in tax rate - (127,599 )
Loss on disposal 8,577 -
Total tax charge 2,961,599 2,989,637

10. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

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.


11. DIVIDENDS

The total distribution of dividends for the year ended 31 July 2024 was £4,420,809 (2023: £845,270).

12. INTANGIBLE FIXED ASSETS

Group
Patents and Computer
Goodwill licences software Totals
£ £ £ £
Cost
At 1 August 2023 (8,398 ) 69,000 1,898 62,500
Additions 54,325 - - 54,325
Disposals 8,398 - (1,898 ) 6,500
At 31 July 2024 54,325 69,000 - 123,325
Amortisation
At 1 August 2023 (8,398 ) 69,000 - 60,602
Amortisation for year 5,433 - - 5,433
Eliminated on disposal 8,398 - - 8,398
At 31 July 2024 5,433 69,000 - 74,433
Net book value
At 31 July 2024 48,892 - - 48,892
At 31 July 2023 - - 1,898 1,898

B M FASHIONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 03863099)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

13. TANGIBLE FIXED ASSETS

Group
Freehold Improvements Plant and
land to property machinery
£ £ £
Cost
At 1 August 2023 232,970 226,477 779,589
Additions 3,135 - 135,345
Disposals - - (7,281 )
At 31 July 2024 236,105 226,477 907,653
Depreciation
At 1 August 2023 3,120 - 243,619
Charge for year 10,117 14,975 162,999
Eliminated on disposal - - (4,850 )
At 31 July 2024 13,237 14,975 401,768
Net book value
At 31 July 2024 222,868 211,502 505,885
At 31 July 2023 229,850 226,477 535,970

Fixtures
and Motor
fittings vehicles Equipment Totals
£ £ £ £
Cost
At 1 August 2023 376,508 106,012 931,686 2,653,242
Additions 132,807 2,540 191,032 464,859
Disposals (600 ) - (37,167 ) (45,048 )
At 31 July 2024 508,715 108,552 1,085,551 3,073,053
Depreciation
At 1 August 2023 238,747 65,595 425,419 976,500
Charge for year 65,849 22,548 250,714 527,202
Eliminated on disposal (6 ) - (3,202 ) (8,058 )
At 31 July 2024 304,590 88,143 672,931 1,495,644
Net book value
At 31 July 2024 204,125 20,409 412,620 1,577,409
At 31 July 2023 137,761 40,417 506,267 1,676,742

B M FASHIONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 03863099)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

14. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£
Cost
At 1 August 2023 948,534
Disposals (813,479 )
At 31 July 2024 135,055
Net book value
At 31 July 2024 135,055
At 31 July 2023 948,534

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

Subsidiaries

BM Fashions (UK) Limited
Registered office: England and Wales
Nature of business: Design and sale of licensed products.
%
Class of shares: holding
Ordinary 100.00

Global Licensing Limited
Registered office: England and Wales
Nature of business: Design and sale of licensed products.
%
Class of shares: holding
Ordinary 100.00

Fashion UK Germany GmbH
Registered office: Germany
Nature of business: Supply of licencing clothing.
%
Class of shares: holding
Ordinary 100.00

Ningbo Shi Yung Apparel & Accessories Co Limited
Registered office: China
Nature of business: Procurement and sale of licensed products.
%
Class of shares: holding
Ordinary 100.00

Fashion UK Recycling Ltd
Registered office: Egypt
Nature of business: Recycling waste fabric materials.
%
Class of shares: holding
Ordinary 100.00

Fashion UK Italy Srl
Registered office: Italy
Nature of business: Supply of licensing clothing
%
Class of shares: holding
Ordinary 100.00

B M FASHIONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 03863099)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

14. FIXED ASSET INVESTMENTS - continued

Fashion UK Iberica S L
Registered office: Spain
Nature of business: Supply of licensing clothing.
%
Class of shares: holding
Ordinary 100.00

Fashion UK Turkey Limited
Registered office: Turkey
Nature of business: Supply of licensing clothing
%
Class of shares: holding
Ordinary 100.00


15. STOCKS

Group
2024 2023
£ £
Stocks 13,350,342 11,849,290

A stock provision of £2,098,001 (2023: £4,333,115) was provided in the year due to slow-moving and obsolete stock.

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£ £ £ £
Trade debtors 37,960,810 36,281,893 - -
Amounts owed by group undertakings - - 769,011 187,057
Other debtors 7,172,310 4,378,284 1,092,500 21,832
Prepayments 3,575,813 3,477,713 - -
48,708,933 44,137,890 1,861,511 208,889

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£ £ £ £
Trade creditors 24,338,782 13,280,237 - -
Amounts owed to group undertakings - - 961,716 816,492
Tax 1,200,488 786,200 - -
Social security and other taxes 137,206 114,020 - -
VAT 442,407 467,915 - -
Other creditors 682,771 1,573,716 - 1,354,820
Other borrowings 7,384,587 7,830,672 - -
Accrued expenses 16,618,450 20,690,670 - -
50,804,691 44,743,430 961,716 2,171,312

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

B M FASHIONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 03863099)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

Group
Non-cancellable
operating leases
2024 2023
£ £
Within one year 212,335 195,750
Between one and five years 100,370 55,667
312,705 251,417

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£ £
Other borrowings 7,384,587 7,830,672

Overdrawn bank balances and similar funding is secured by way of fixed and floating charges over the company assets.

20. PROVISIONS FOR LIABILITIES

Group
2024 2023
£ £
Deferred tax 241,432 291,081

Group
Deferred tax
£
Balance at 1 August 2023 291,081
Credit to Statement of Comprehensive Income during year (49,649 )
Balance at 31 July 2024 241,432

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
100,002 Ordinary A-E £0.01 1,000 1,000
(2023 - 100,000
)

2 Ordinary A-E shares of £0.01 were issued during the year for cash of £ 280 .

22. RESERVES

Group
Retained
earnings
£

At 1 August 2023 21,903,618
Profit for the year 5,283,029
Dividends (4,420,809 )
At 31 July 2024 22,765,838

B M FASHIONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 03863099)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

22. RESERVES - continued

Company
Retained
earnings
£

At 1 August 2023 231,458
Profit for the year 5,706,410
Dividends (4,420,809 )
At 31 July 2024 1,517,059


23. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year the group was charged rent of £117,583 (2023: £108,333) by the close family of the directors for use of the business premises. At the year end the group owed the supplier £19,167 (2023: £33,250).

During the year the group incurred graphic design costs of £757,915 (2023: £665,451) from a company with shareholders in common.

During the year the group purchased goods totalling £543,241 (2023: £14,266) and made sales totalling £2,834,359 (2023: £3,573,436) with a company with a close family connection to the the shareholders. At the year end the customer owed the group £3,840,001 (2023: £3,167,105).

During the year, the group purchased goods totalling £60,341 (2023: £8,956) and sales totalling £1,923,484 (2023: £1,088,703) with a company with a close family connection to the shareholders. At the year end the customer owed the group £2,229,440 (2023: £1,052,914).

At the year end, the directors owed the group £732,026 (2023 - the group owed the directors £1,354,820) in the form of a director's loan account. The loan is interest free and has no fixed repayment terms.

During the year, a total of key management personnel compensation of £1,073,728 (2023: £1,051,496) was paid.

No other transactions with related parties were undertaken which are required to be disclosed under Financial Reporting Standard 102, 33.1A.

24. POST BALANCE SHEET EVENTS

On 15 November 2024, B.M.Fashions (U.K.) Limited acquired 100% of the share capital of Mattu Garments Private Limited, a company incorporated and registered in India, for a total consideration of £613,909.

25. ULTIMATE CONTROLLING PARTY

The directors do not consider there to be an ultimate controlling party in the current year.