Company registration number 08078905 (England and Wales)
CHILDSPLAY CLOTHING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CHILDSPLAY CLOTHING LIMITED
COMPANY INFORMATION
Directors
Mr N Singh
Mr J Singh
Secretary
Mr N Singh
Company number
08078905
Registered office
Unit 5 Orion Park
Messina Way
Dagenham
Essex
RM9 6FF
CHILDSPLAY CLOTHING LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 27
CHILDSPLAY CLOTHING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
Principle activities
Childsplay Clothing Limited is one of the most stylish independent children’s clothing retailers with a worldwide online presence. The company continues to source the most desirable brands, working with the most reputable designers and provides exclusive and beautiful items to attire children in exquisite clothing. Our core focus continues to be delivering a best-in-class service which Childsplay has become renowned for whilst always putting our customer first above all else.
Review of the business
There was an expectation that 2023 was going to be a tough year for us here in the Childsplay team following the challenge of 2022 and we were not wrong. That said the Directors are incredibly proud of the efforts everyone in the business put into ensuring we improved over our 2022 position. The cost increases which we anticipated in 2023 following our departure from NEXT Plc materialized as we found ourselves spending significant sums on getting the business autonomous once again.
We planned and implemented the return of all the logistics and warehousing operations back into our own facilities here in Essex and we recentralized the core business activities to our head office. This whole process has been a major success with many independent partners and brands commenting on how incredibly well we have coped taking this project on at the same time as managing turbulent trading conditions. The support from our partners has been amazing, where relationships have been strengthened and new opportunities identified.
During the transition we established a first-class customer service support team following our goal of becoming even more customer centric and understanding the need to continuously evolve within our marketplace. We have built a digital team that will lead the way on driving innovation and tech to the forefront of everything Childsplay does without forgetting the past values in what makes Childsplay a market leading brand in today’s luxury market. Our new state-of-the-art website utilizes a market-leading ecommerce platform and app that is second to none and brings with it a focus on agility and speed to market with beautifully designed visuals.
All of this of course comes with a cost but we managed to improve on our gross margin compared to 2022 and whilst we made a loss for the year it was less than that reported in the prior year, all of which demonstrates a planned and expected improvement year on year. As I prepare this report we are already aware that 2024 has been another challenging year due to the economic climate but we are anticipating the improvements to continue with our full focus on margins and costs.
I have said this before but we as Directors, remain confident in the principles that the business was founded on which we have embedded in the culture of the company established over the 30 years of trading. We pride ourselves on the solid relationships that have been established with the brands who we cherish and enjoy working alongside and we look forward to continuing the journey to bring the business back into profit in the coming year.
CHILDSPLAY CLOTHING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Principal risks and uncertainties
The main risks facing the company include the strength of the economy both in the UK and abroad, and the continuing impact of events in the wider international arena’s whilst managing the now imbedded additional costs associated with Brexit. Risks specific to the luxury fashion industry include dependance on key relationships with Luxury brands and seasonal nature of the industry.
Financial instruments
Treasury operations and financial Instruments
The company operates a treasury function which is responsible for managing the liquidity, interest and foreign currency risks associated with the company’s activities. The company manages interest rate risks arising from the company's activities, bank overdrafts and loans, the main purpose of which is to raise finance for the company's operations. The company has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from its operations.
Liquidity risk
The company manages its cash and borrowing requirements to maximize interest income and minimize interest expense whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
Interest rate risk
The company is exposed to fair value interest rate risk on its borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The company manages the mix of fixed and variable rate debt to reduce its exposure to changes in interest rates.
Foreign currency risk
The company's principal foreign currency exposures arise from trading with overseas companies. Company policy permits but does not demand that these exposures may be hedged to fix the cost in sterling. This hedging activity involves the use of foreign exchange forward contracts.
Credit risk
Investments in cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Development and performance
The directors reports a decrease in turnover by 6% to £23,055,038 (2022: £24,537,889) and an decrease in loss before tax by 25.86% to £2,246,167 (2022: £3,029,662) mainly due to slowing down resulting from consumers having to manage the daily burdens of higher energy costs, rising inflation and increased interest rates.
The Balance sheet shows that the Company's net assets at the year end have decreased to £8,931 (2022: £2,213,798).
Key performance indicators
The key performance indicators are as follows:
31/12/2023 31/12/2022
Turnover £23m £24.5m
Gross profit margin 13.63% 9.96%
Current asset ratio 0.97 1.38
CHILDSPLAY CLOTHING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Mr N Singh
Director
10 March 2025
CHILDSPLAY CLOTHING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company continued to be that of retail sale of children's clothing.
Results and dividends
The results for the year are set out on page 9.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr N Singh
Mr J Singh
Auditor
The auditor, Vision Consulting Accountants Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
CHILDSPLAY CLOTHING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr N Singh
Director
10 March 2025
CHILDSPLAY CLOTHING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHILDSPLAY CLOTHING LIMITED
- 6 -
Opinion
We have audited the financial statements of Childsplay Clothing Limited (the 'company') for the year ended 31 December 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss 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.
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
CHILDSPLAY CLOTHING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHILDSPLAY CLOTHING LIMITED (CONTINUED)
- 7 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of 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 directors' responsibilities statement, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 an auditor's report 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.
Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:
The nature of the industry and sector, control environment, business performance including the design of the policies and performance targets.
The results of our enquiries of management.
Any matters we identified having obtained and reviewed the entity’s documentation of their policies and procedures relating to compliance with regulations;
Identifying, evaluating and complying with laws and regulations such as companies act 2006 and whether management were aware of any instances of non-compliance.
Detecting and responding to the risks of fraud and whether management have knowledge of any actual, suspected or alleged fraud.
The entity's procedures to identify related party transactions.
The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations and
The matters discussed among the audit engagement team where fraud might occur in the financial statements and any potential indicators of fraud.
It is common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the entity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the entity’s ability to operate.
CHILDSPLAY CLOTHING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHILDSPLAY CLOTHING LIMITED (CONTINUED)
- 8 -
Audit response to risks identified
As a result of performing the above, our procedures to respond to risks identified included the following:
Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations having a direct effect on the financial statements.
Enquiring the management regarding related party disclosures and transactions outside the normal course of the business.
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments.
Assessing whether the judgments made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 an auditor's report 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.
Ghulam Alahi
Senior Statutory Auditor
For and on behalf of Vision Consulting Accountants Limited
10 March 2025
Chartered Accountants
Statutory Auditor
555-557 Cranbrook Road
Gants Hill
Ilford
Essex
England
IG2 6HE
CHILDSPLAY CLOTHING LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
23,055,038
24,537,899
Cost of sales
(19,912,160)
(22,093,415)
Gross profit
3,142,878
2,444,484
Administrative expenses
(5,794,939)
(5,268,701)
Release of provision
4
784,000
Operating loss
5
(1,868,061)
(2,824,217)
Interest receivable and similar income
8
261
Interest payable and similar expenses
9
(378,367)
(205,445)
Loss before taxation
(2,246,167)
(3,029,662)
Tax on loss
10
41,300
(386,835)
Loss for the financial year
(2,204,867)
(3,416,497)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
CHILDSPLAY CLOTHING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
£
£
Loss for the year
(2,204,867)
(3,416,497)
Other comprehensive income
-
-
Total comprehensive income for the year
(2,204,867)
(3,416,497)
CHILDSPLAY CLOTHING LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
11
294,605
70,125
Tangible assets
12
1,609,020
2,061,132
1,903,625
2,131,257
Current assets
Stocks
13
4,420,994
8,068,866
Debtors
14
2,927,404
3,168,535
Cash at bank and in hand
19,310
5,927
7,367,708
11,243,328
Creditors: amounts falling due within one year
15
(7,555,437)
(8,146,176)
Net current (liabilities)/assets
(187,729)
3,097,152
Total assets less current liabilities
1,715,896
5,228,409
Creditors: amounts falling due after more than one year
16
(1,555,566)
(2,119,661)
Provisions for liabilities
Provisions
18
135,615
874,436
Deferred tax liability
19
15,784
20,514
(151,399)
(894,950)
Net assets
8,931
2,213,798
Capital and reserves
Called up share capital
21
100
100
Profit and loss reserves
22
8,831
2,213,698
Total equity
8,931
2,213,798
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 10 March 2025 and are signed on its behalf by:
Mr N Singh
Director
Company registration number 08078905 (England and Wales)
CHILDSPLAY CLOTHING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
100
5,630,195
5,630,295
Year ended 31 December 2022:
Loss and total comprehensive income
-
(3,416,497)
(3,416,497)
Balance at 31 December 2022
100
2,213,698
2,213,798
Year ended 31 December 2023:
Loss and total comprehensive income
-
(2,204,867)
(2,204,867)
Balance at 31 December 2023
100
8,831
8,931
CHILDSPLAY CLOTHING LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
28
291,046
(386,201)
Interest paid
(378,367)
(205,445)
Income taxes paid
(25,185)
(698,386)
Net cash outflow from operating activities
(112,506)
(1,290,032)
Investing activities
Purchase of intangible assets
(329,552)
Purchase of tangible fixed assets
(41,047)
(14,987)
Proceeds from disposal of tangible fixed assets
500
Repayment of loans
(316,731)
Interest received
261
Net cash used in investing activities
(370,338)
(331,218)
Financing activities
Repayment of borrowings
7,747
Proceeds from new bank loans
1,500,000
Repayment of bank loans
(628,197)
(1,183,758)
Net cash (used in)/generated from financing activities
(620,450)
316,242
Net decrease in cash and cash equivalents
(1,103,294)
(1,305,008)
Cash and cash equivalents at beginning of year
(293,801)
1,011,207
Cash and cash equivalents at end of year
(1,397,095)
(293,801)
Relating to:
Cash at bank and in hand
19,310
5,927
Bank overdrafts included in creditors payable within one year
(1,416,405)
(299,728)
CHILDSPLAY CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
1
Accounting policies
Company information
Childsplay Clothing Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 5 Orion Park, Messina Way, Dagenham, Essex, RM9 6FF.
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.
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 certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
The directors acknowledge that the company has experienced challenges, but they have implemented measures to strengthen its financial position. As a result, the directors are confident in the company’s ability to continue operating and have adopted the going concern basis in preparing these financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 8 years.
1.5
Intangible fixed assets other than goodwill
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website development
36 to 60 months straight line
During the year, the amortisation of the new website developed and recognised was changed from 18 months to 36 months to 60 months. This change in accounting estimate decreased the amortisation cost in expenses and the increased the carrying amounts of intangible assets.
Had the previous estimate of amortisation been used, an additional amortisation expense of £36,544 would have been charged to the profit and loss statement and the carrying value of intangible assets would have been decreased by £36,544.
CHILDSPLAY CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Straight line over life of lease term
Fixtures and fittings
15% reducing balance
Computers
25%-33% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less cost to sell.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
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.
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.
CHILDSPLAY CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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.
Other financial liabilities
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
CHILDSPLAY CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.13
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
CHILDSPLAY CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.17
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Stock Provision
Included within these financial statements is a stock provision for old and slow moving stock that may or may not be sold. There is a degree of estimation involved in arriving at the percentage of cost to be written down so that stock is held at the lower of cost and estimated selling price less costs to sell. (see note 12)
Provision for sales returns
The directors have made a provision for sales made before the year end they may be returned after the year end. The provision is based on past experience of the level of returns received by the company. (See note 17)
Other provision
Included within other provision provided for in the prior year, there was an amount of £784,000 for the potential defrayal of l.T. costs. The amount has been reversed during the year and is classified as an exceptional item. The amount provided is the directors best estimate of the amount due. (See note 17)
Useful life of intangible fixed assets
The annual amortisation charge for intangible 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 re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments and economic utilisation. See note 1.5 for rate of amortisation used and note 11 for the carrying amount of these assets.
Useful life of tangible fixed 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 re-assessed 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. See note 1.6 for rate of depreciation used and note 12 for the carrying amount of these assets.
CHILDSPLAY CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sales of goods
23,055,038
24,537,899
2023
2022
£
£
Other revenue
Interest income
261
-
The directors have chosen not to disclose the geographical split of turnover in accordance with the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.
4
Exceptional item
2023
2022
£
£
Expenditure
Release of provision
(784,000)
-
Represents reversal of provision for I.T. costs.
5
Operating loss
2023
2022
Operating loss for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
51,507
(30,847)
Fees payable to the company's auditor for the audit of the company's financial statements
25,023
17,025
Depreciation of owned tangible fixed assets
493,159
490,422
(Profit)/loss on disposal of tangible fixed assets
-
2,331
Amortisation of intangible assets
104,520
63,670
Loss on disposal of intangible assets
552
-
Operating lease charges
381,300
346,680
CHILDSPLAY CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Sales
8
7
Admin
42
36
Total
50
43
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
1,502,798
1,206,922
Social security costs
159,094
119,283
Pension costs
30,224
21,876
1,692,116
1,348,081
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
17,688
17,688
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
261
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
261
CHILDSPLAY CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
369,686
197,945
Other finance costs:
Other interest
8,681
7,500
378,367
205,445
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
(36,570)
121,197
Adjustments in respect of prior periods
245,124
Total current tax
(36,570)
366,321
Deferred tax
Origination and reversal of timing differences
(4,730)
20,514
Total tax (credit)/charge
(41,300)
386,835
The actual (credit)/charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Loss before taxation
(2,246,167)
(3,029,662)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
(561,542)
(575,636)
Tax effect of expenses that are not deductible in determining taxable profit
930
3,939
Unutilised tax losses carried forward
464,309
482,558
Permanent capital allowances in excess of depreciation
6,830
19,713
Amortisation on assets not qualifying for tax allowances
89,473
67,999
Under/(over) provided in prior years
245,124
Other movements
(41,300)
143,138
Taxation (credit)/charge for the year
(41,300)
386,835
Finance No. 2 Bill 2021 became substantively enacted on 24 May 2021. As a result, deferred tax for timing differences that are forecast to unwind on or after 1 April 2023 will need to be re-measured and recognised at 25% if the company profits are expected to be in excess of £250,000 (or at the marginal rate if profits are expected to be between £50,000 and £250,000) with an adjustment recognised in the 2021 total tax charge
CHILDSPLAY CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
11
Intangible fixed assets
Goodwill
Website development
Total
£
£
£
Cost
At 1 January 2023
2,500,000
446,361
2,946,361
Additions
329,552
329,552
Disposals
(242,252)
(242,252)
At 31 December 2023
2,500,000
533,661
3,033,661
Amortisation and impairment
At 1 January 2023
2,500,000
376,236
2,876,236
Amortisation charged for the year
104,520
104,520
Disposals
(241,700)
(241,700)
At 31 December 2023
2,500,000
239,056
2,739,056
Carrying amount
At 31 December 2023
294,605
294,605
At 31 December 2022
70,125
70,125
12
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2023
2,965,532
1,038,084
144,722
4,148,338
Additions
20,404
20,643
41,047
At 31 December 2023
2,965,532
1,058,488
165,365
4,189,385
Depreciation and impairment
At 1 January 2023
1,342,765
630,341
114,100
2,087,206
Depreciation charged in the year
357,891
111,749
23,519
493,159
At 31 December 2023
1,700,656
742,090
137,619
2,580,365
Carrying amount
At 31 December 2023
1,264,876
316,398
27,746
1,609,020
At 31 December 2022
1,622,767
407,743
30,622
2,061,132
13
Stocks
2023
2022
£
£
Finished goods and goods for resale
4,420,994
8,068,866
CHILDSPLAY CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Stocks
(Continued)
- 23 -
The movement in the stock provision during the year resulted in an income of £338,408 (2022: expense of £400,124) to the profit and loss account for the year as a result of reversal of provision of slow moving stock lines.
14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
999,322
812,573
Corporation tax recoverable
264,130
190,308
Other debtors
1,496,849
1,642,440
Prepayments and accrued income
167,103
523,214
2,927,404
3,168,535
15
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
17
3,980,508
2,927,933
Other borrowings
17
227,924
220,177
Trade creditors
2,638,220
4,350,278
Corporation tax
269,625
257,558
Other taxation and social security
50,679
43,322
Other creditors
136,123
216,775
Accruals and deferred income
252,358
130,133
7,555,437
8,146,176
Bank loans and overdrafts are secured by a fixed and floating charge over the assets and revenues of the company.
16
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans
17
1,555,566
2,119,661
Bank loans are secured by a fixed and floating charge over the assets and revenues of the company.
CHILDSPLAY CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
17
Loans and overdrafts
2023
2022
£
£
Bank loans
4,119,669
4,747,866
Bank overdrafts
1,416,405
299,728
Other loans
227,924
220,177
5,763,998
5,267,771
Payable within one year
4,208,432
3,148,110
Payable after one year
1,555,566
2,119,661
Bank loans and overdrafts are secured by a fixed and floating charge over the assets and revenues of the company.
Bank loans carry an interest rate ranging from 5.9% to 9.15% and have maturity dates ranging from May 2024 to August 2026.
18
Provisions for liabilities
2023
2022
£
£
Sales return
72,540
27,361
Other provision
63,075
847,075
135,615
874,436
Movements on provisions:
Sales returns
Other provision
Total
£
£
£
At 1 January 2023
27,361
847,075
874,436
Additional provisions in the year
45,179
-
45,179
Reversal of provision
-
(784,000)
(784,000)
At 31 December 2023
72,540
63,075
135,615
CHILDSPLAY CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
19
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
15,784
20,514
2023
Movements in the year:
£
Liability at 1 January 2023
20,514
Credit to profit or loss
(4,730)
Liability at 31 December 2023
15,784
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
30,224
21,876
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
Contributions totalling £5,605 (2022: £5,456) were payable to the fund at the year end and are included in creditors.
21
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
100 Ordinary Shares of £1 each
100
100
100
100
The company has one class of ordinary shares which carry voting rights but no right to fixed income.
22
Profit and loss reserves
The profit and loss reserves are wholly distributable.
23
Financial commitments, guarantees and contingent liabilities
The company has a potential liability for dilapidations at the end of its lease term. A provision has not been recognised in the financial statements as a reliable estimate of this cannot be made. Any potential liability would not be payable for at least five years.
CHILDSPLAY CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
24
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
279,900
221,947
Between two and five years
699,750
987,702
979,650
1,209,649
25
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Other information
At the year end the company owed a net balance of £209,622 (2022: £321,816) to family members of the directors.
At the year end the company was owed a net balance of £780,064 (2022: £723,816 ) from other businesses in which the Directors have significant influence.
Close family members of the directors are on the payroll, during the year remuneration was reversed in respect of the family members and the net income of £139,462 resulting from this (2022 remuneration received: £53,999).
A personal guarantee has been provided as security over the bank loans in the company to the value of £1,000,000 (2022: £1,000,000) by a close family member to the directors.
26
Directors' transactions
Advances given to the directors do not carry any interest and are repayable on demand.
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director 1
-
491,702
98,539
(325,000)
265,241
Director 2
-
72,393
55,196
-
127,589
564,095
153,735
(325,000)
392,830
27
Ultimate controlling party
The ultimate controlling party is the director, N Singh, by virtue of his shareholding.
CHILDSPLAY CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
28
Cash generated from/(absorbed by) operations
2023
2022
£
£
Loss for the year after tax
(2,204,867)
(3,416,497)
Adjustments for:
Taxation (credited)/charged
(41,300)
386,835
Finance costs
378,367
205,445
Investment income
(261)
(Gain)/loss on disposal of tangible fixed assets
-
2,331
Loss on disposal of intangible assets
552
-
Amortisation and impairment of intangible assets
104,520
63,670
Depreciation and impairment of tangible fixed assets
493,159
490,422
Decrease in provisions
(738,821)
(45,562)
Movements in working capital:
Decrease in stocks
3,647,872
1,398,974
Decrease in debtors
314,953
1,152,693
Decrease in creditors
(1,663,128)
(624,512)
Cash generated from/(absorbed by) operations
291,046
(386,201)
29
Analysis of changes in net debt
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
5,927
13,383
19,310
Bank overdrafts
(299,728)
(1,116,677)
(1,416,405)
(293,801)
(1,103,294)
(1,397,095)
Borrowings excluding overdrafts
(4,968,043)
620,450
(4,347,593)
(5,261,844)
(482,844)
(5,744,688)
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