IRIS Accounts Production v24.2.0.383 06614398 Board of Directors Board of Directors 1.7.23 30.6.24 30.6.24 Medium entities online retail. true false true true false false false true false Auditors Opinion These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh066143982023-06-30066143982024-06-30066143982023-07-012024-06-30066143982022-06-30066143982022-07-012023-06-30066143982023-06-3006614398ns15:EnglandWales2023-07-012024-06-3006614398ns14:PoundSterling2023-07-012024-06-3006614398ns10:Director12023-07-012024-06-3006614398ns10:Director22023-07-012024-06-3006614398ns10:PrivateLimitedCompanyLtd2023-07-012024-06-3006614398ns10:MediumEntities2023-07-012024-06-3006614398ns10:Audited2023-07-012024-06-3006614398ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-07-012024-06-3006614398ns10:Medium-sizedCompaniesRegimeForAccounts2023-07-012024-06-3006614398ns10:FullAccounts2023-07-012024-06-300661439812023-07-012024-06-3006614398ns10:OrdinaryShareClass12023-07-012024-06-3006614398ns10:RegisteredOffice2023-07-012024-06-3006614398ns5:CurrentFinancialInstruments2024-06-3006614398ns5:CurrentFinancialInstruments2023-06-3006614398ns5:Non-currentFinancialInstruments2024-06-3006614398ns5:Non-currentFinancialInstruments2023-06-3006614398ns5:ShareCapital2024-06-3006614398ns5:ShareCapital2023-06-3006614398ns5:RetainedEarningsAccumulatedLosses2024-06-3006614398ns5:RetainedEarningsAccumulatedLosses2023-06-3006614398ns5:ShareCapital2022-06-3006614398ns5:RetainedEarningsAccumulatedLosses2022-06-3006614398ns5:RetainedEarningsAccumulatedLosses2022-07-012023-06-3006614398ns5:RetainedEarningsAccumulatedLosses2023-07-012024-06-3006614398ns5:IntangibleAssetsOtherThanGoodwill2023-07-012024-06-3006614398ns5:PatentsTrademarksLicencesConcessionsSimilar2023-07-012024-06-3006614398ns5:FurnitureFittings2023-07-012024-06-3006614398ns5:OwnedAssets2023-07-012024-06-3006614398ns5:OwnedAssets2022-07-012023-06-3006614398ns5:PatentsTrademarksLicencesConcessionsSimilar2022-07-012023-06-3006614398112023-07-012024-06-3006614398112022-07-012023-06-300661439812023-07-012024-06-300661439812022-07-012023-06-3006614398ns10:OrdinaryShareClass12022-07-012023-06-3006614398ns5:PatentsTrademarksLicencesConcessionsSimilar2023-06-3006614398ns5:PatentsTrademarksLicencesConcessionsSimilar2024-06-3006614398ns5:PatentsTrademarksLicencesConcessionsSimilar2023-06-3006614398ns5:FurnitureFittings2023-06-3006614398ns5:FurnitureFittings2024-06-3006614398ns5:FurnitureFittings2023-06-3006614398ns5:WithinOneYearns5:CurrentFinancialInstruments2024-06-3006614398ns5:WithinOneYearns5:CurrentFinancialInstruments2023-06-3006614398ns5:CurrentFinancialInstruments2023-07-012024-06-3006614398ns5:Non-currentFinancialInstruments2023-07-012024-06-3006614398ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-06-3006614398ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-06-3006614398ns5:DeferredTaxation2023-06-3006614398ns5:DeferredTaxation2023-07-012024-06-3006614398ns5:DeferredTaxation2024-06-3006614398ns10:OrdinaryShareClass12024-06-3006614398ns5:RetainedEarningsAccumulatedLosses2023-06-3006614398ns10:Director222023-06-3006614398ns10:Director222022-06-3006614398ns10:Director222023-07-012024-06-3006614398ns10:Director222022-07-012023-06-3006614398ns10:Director222024-06-3006614398ns10:Director222023-06-30066143981ns10:Director12023-06-30066143981ns10:Director12022-06-30066143981ns10:Director12023-07-012024-06-30066143981ns10:Director12022-07-012023-06-30066143981ns10:Director12024-06-30066143981ns10:Director12023-06-30
REGISTERED NUMBER: 06614398 (England and Wales)












STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

MRIAH LIMITED

MRIAH LIMITED (REGISTERED NUMBER: 06614398)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 6

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 16


MRIAH LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: A Hassan
M R Ison



REGISTERED OFFICE: 1 Pindar Road
Hoddesdon
Hertfordshire
EN11 0BZ



REGISTERED NUMBER: 06614398 (England and Wales)



AUDITORS: Affinia (Colchester)
The Octagon
Suite 2E, 2nd Floor
Middleborough
Colchester
Essex
CO1 1TG



BANK: HSBC Bank PLC
9 Market Place
Romford
Essex
RM1 3AF

MRIAH LIMITED (REGISTERED NUMBER: 06614398)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their strategic report for the year ended 30 June 2024.

REVIEW OF BUSINESS
Mriah Limited (''the company'') is an online retailer across various core product categories including footwear, home appliances and luggage.

The company operates under various own brands through dedicated brand websites and via strategic partnerships with several well-known online marketplaces, to bring its products to market.

The year under review saw maintained sales revenue; this was a result of;

- Increased sales of existing products, particularly those launched the year prior.
- Introducing new products to existing brands
- New brands introduced for key product categories
- Increased product availability to new geographical markets.

Despite this growth, there were cost pressures associated with the investments for the businesses future growth and volatility in the market, primarily around exchange rate fluctuations, inflationary pressures and global supply chain challenges.

Looking ahead, profit growth will be achieved in four ways, additions of new sales channels, additions of new geographic markets, additions of new products and cost optimisation.


MRIAH LIMITED (REGISTERED NUMBER: 06614398)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The financial year to 30 June 2024 was another year of unprecedented challenges which the business responded to exceptionally well.


USA - China Trade War

The current USA administration has introduced an additional 10% tariff on goods from China, the world's largest exporter, and has proposed million-dollar port entry fees for Chinese-built ships. The current USA administration has threatened to levy an additional 10% tariff on Chinese goods.
The business will continue to monitor the situation closely and is developing a three prong strategy to mitigate any risks;
1. Adjust pricing strategies to reflect tariff costs while remaining competitive against non-Chinese suppliers.
2. Supply chain cost optimisation through negotiating more competitive cost prices.
3. Supply Chain Reconfiguration, exploring production sites outside of China

Red Sea Crisis

The Red Sea is one of the world's most vital maritime trade routes, connecting the Mediterranean to the Indian Ocean via the Suez Canal. It facilitates nearly 12% of global trade and 30% of global container traffic. Recent attacks by the Houthi militants on merchant ships have forced major shipping companies to reroute around the Cape of Good Hope, leading to increased costs, supply chain delays, and security concerns. Shipping giants like Maersk and MSC have suspended operations in the Red Sea, forcing alternative routes. Detours around Africa increase transit time by 10-15 days, raising fuel and insurance costs. Monitoring transit times, shipping routes and working with suppliers to adjust productions and shipping schedules will help the business mitigate any disruption until a longer term political solution is found to mitigate the crisis

Inflation and the Cost of Living

Global energy prices have continued to soar as well as many essentials including food, contributing to a cost of living crisis within the UK and many countries the company operates within, affecting consumer confidence and levels of disposable income.

The business continues to monitor and develop its product ranges as well as closely monitor its pricing to ensure it remains competitive in the current climate.

At the time of writing this report, inflation has fallen to 3% in UK. To get inflation under control it has been widely publicised that there has been a reduction in consumer demand and spend, this is a situation the business will continue to monitor with stricter stock controls.

Stock Levels

The company operates in many seasonal lines which present significant stock holding challenges due to fluctuation in demand based on the level of seasonality of any one period. Not selling through all the stock due to reasons such as 'mild winters' results in additional storage costs and reduced liquidity of the business. The business uses historic trends and data to forecast demand and manage this risk and utilises more cost effective storage locations.

Interest rates

The Bank of England has in recent times has reduced the base rate of interest. the cost of borrowing still remains high in comparisons to recent years. The business manages this risk by exploring different facilities and providers of working capital, seeking to mitigate 3rd party providers and secure the best terms possible with suppliers whilst using robust forecasts with varying interest rates on the cost of borrowing as a sensitivity.




MRIAH LIMITED (REGISTERED NUMBER: 06614398)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024



Currency

The company purchases in both GBP and USD. The impact of exchange rate movements remains a key risk for the business. The business also sells in multiple currencies which produces a natural hedge within the company.

FINANCIAL REVIEW
During the year turnover decreased by £11,399,656 (32.2%). Gross profit decreased by £267,363 from £4,326,798 for 2023, with an increase in gross profit margin to 16.9% from 12.2% in 2023.

Administrative expenses increased, going from £2,586,581 to £3,119,383 for the period, primarily due to investments made in launching new products and entering new markets which have positioned the business well for significant future growth.

Profit before tax decreased from £1,484,770 to £603,044 for this financial period largely as result of the decrease in turnover and increased administration expense.

ON BEHALF OF THE BOARD:





A Hassan - Director


14 March 2025

MRIAH LIMITED (REGISTERED NUMBER: 06614398)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report with the financial statements of the company for the year ended 30 June 2024.

DIVIDENDS
An interim dividend of 163513.355 per share was paid on 30 June 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30 June 2024 will be £ 327,027 .

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

A Hassan
M R Ison

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 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.

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 company'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 company's auditors are aware of that information.

AUDITORS
The auditors, Affinia (Colchester), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A Hassan - Director


14 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MRIAH LIMITED

Qualified opinion
We have audited the financial statements of MRIAH Limited (the 'company') for the year ended 30 June 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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, except for the possible effects on the corresponding figures of the matter described in the basis for qualified opinion section of our report, the financial statements:

- give a true and fair view of the state of the company’s affairs as at 30 June 2024 and of the company’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 qualified opinion
We were not appointed as auditor of the company until after 30 June 2022 and thus did not observe the counting of physical inventories at the end of the year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 30 June 2022, which are included in the comparative information at £13,658,626, by using other audit procedures.

Consequently we were unable to determine whether there was any consequential effect on the costs of sales for the year ended 30 June 2023. Our audit opinion on the financial statements for the year ended 30 June 2023 was modified accordingly. Our opinion on the current year's financial statements is also modified because of the possible effect of this matter on the comparability of the current period's figures for cost of sales and related balances and the corresponding figures.

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 qualified 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.

Key audit matters
Except for the matter described in the basis for qualified opinion section, we have determined that there are no key audit matters to be communicated in our report.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MRIAH LIMITED


Other information
The directors are responsible for the other information. The other information comprises the information in the 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.

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.

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities of £13,658,626 held at 30 June 2022. We have concluded that where the other information refers to the inventory balance or related balances such as cost of sales, it may be materially misstated for the same reason.

Opinions on other matters prescribed by the Companies Act 2006
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the 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.

Matters on which we are required to report by exception
Except for the matter described in the basis for qualified opinion section of our report, 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.

Arising solely from the limitation on the scope of our work relating to inventory, referred to above:
- we have not obtained all the information and explanations that we considered necessary for the purpose of our
audit; and
- we were unable to determine whether adequate accounting records have been kept.

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:
- 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 directors’ remuneration specified by law are not made

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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MRIAH LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Our audit approach has assessed and tested a number of areas where we deemed there to be the greatest risk of a material error due to fraud or non compliance with key laws and we have obtained sufficient appropriate evidence as required, however we cannot guarantee these financial statements are free from such errors.

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.




Andrew Robert Graham Green (Senior Statutory Auditor)
for and on behalf of Affinia (Colchester)
The Octagon
Suite 2E, 2nd Floor
Middleborough
Colchester
Essex
CO1 1TG

14 March 2025

MRIAH LIMITED (REGISTERED NUMBER: 06614398)

INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   

TURNOVER 3 24,000,258 35,399,914

Cost of sales 19,940,823 31,073,116
GROSS PROFIT 4,059,435 4,326,798

Administrative expenses 3,119,382 2,586,581
940,053 1,740,217

Other operating income 18,450 33,200
OPERATING PROFIT 5 958,503 1,773,417

Interest receivable and similar income 13,100 10,325
971,603 1,783,742
Gain/loss on revaluation of investment
property

(15,000

)

135,809
956,603 1,919,551

Interest payable and similar expenses 6 353,559 434,781
PROFIT BEFORE TAXATION 603,044 1,484,770

Tax on profit 7 156,555 308,672
PROFIT FOR THE FINANCIAL YEAR 446,489 1,176,098

MRIAH LIMITED (REGISTERED NUMBER: 06614398)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 446,489 1,176,098


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

446,489

1,176,098

MRIAH LIMITED (REGISTERED NUMBER: 06614398)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 2,359 2,696
Tangible assets 10 22,096 20,365
Investment property 11 785,000 800,000
809,455 823,061

CURRENT ASSETS
Stocks 12 11,133,797 12,713,325
Debtors 13 2,600,078 2,794,853
Cash at bank 53,740 67,342
13,787,615 15,575,520
CREDITORS
Amounts falling due within one year 14 10,269,722 12,103,326
NET CURRENT ASSETS 3,517,893 3,472,194
TOTAL ASSETS LESS CURRENT LIABILITIES 4,327,348 4,295,255

CREDITORS
Amounts falling due after more than one
year

15

(419,683

)

(508,114

)

PROVISIONS FOR LIABILITIES 17 (39,062 ) (38,000 )
NET ASSETS 3,868,603 3,749,141

CAPITAL AND RESERVES
Called up share capital 18 2 2
Retained earnings 19 3,868,601 3,749,139
SHAREHOLDERS' FUNDS 3,868,603 3,749,141

The financial statements were approved by the Board of Directors and authorised for issue on 14 March 2025 and were signed on its behalf by:




A Hassan - Director



M R Ison - Director


MRIAH LIMITED (REGISTERED NUMBER: 06614398)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2022 2 2,573,041 2,573,043

Changes in equity
Total comprehensive income - 1,176,098 1,176,098
Balance at 30 June 2023 2 3,749,139 3,749,141

Changes in equity
Dividends - (327,027 ) (327,027 )
Total comprehensive income - 446,489 446,489
Balance at 30 June 2024 2 3,868,601 3,868,603

MRIAH LIMITED (REGISTERED NUMBER: 06614398)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (228,078 ) 3,307,034
Interest paid (353,559 ) (434,781 )
Tax paid (24,873 ) (171,377 )
Net cash from operating activities (606,510 ) 2,700,876

Cash flows from investing activities
Purchase of tangible fixed assets (7,360 ) (16,027 )
Interest received 13,100 10,325
Net cash from investing activities 5,740 (5,702 )

Cash flows from financing activities
New loans in year 1,668,000 449,000
Loan repayments in year (1,510,143 ) (1,502,109 )
Amounts owed by group undertaking 290,327 (643,800 )
Amount withdrawn by directors (166,836 ) (181,620 )
Equity dividends paid (327,027 ) -
Net cash from financing activities (45,679 ) (1,878,529 )

(Decrease)/increase in cash and cash equivalents (646,449 ) 816,645
Cash and cash equivalents at beginning of
year

2

(2,125,121

)

(2,941,766

)

Cash and cash equivalents at end of year 2 (2,771,570 ) (2,125,121 )

MRIAH LIMITED (REGISTERED NUMBER: 06614398)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2024 2023
£    £   
Profit before taxation 603,044 1,484,770
Depreciation charges 5,966 4,584
Loss/(gain) on revaluation of fixed assets 15,000 (135,809 )
Finance costs 353,559 434,781
Finance income (13,100 ) (10,325 )
964,469 1,778,001
Decrease in stocks 1,579,528 945,301
Decrease in trade and other debtors 71,284 135,869
(Decrease)/increase in trade and other creditors (2,843,359 ) 447,863
Cash generated from operations (228,078 ) 3,307,034

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 30 June 2024
30/6/24 1/7/23
£    £   
Cash and cash equivalents 53,740 67,342
Bank overdrafts (2,825,310 ) (2,192,463 )
(2,771,570 ) (2,125,121 )
Year ended 30 June 2023
30/6/23 1/7/22
£    £   
Cash and cash equivalents 67,342 3,241
Bank overdrafts (2,192,463 ) (2,945,007 )
(2,125,121 ) (2,941,766 )


MRIAH LIMITED (REGISTERED NUMBER: 06614398)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1/7/23 Cash flow At 30/6/24
£    £    £   
Net cash
Cash at bank 67,342 (13,602 ) 53,740
Bank overdrafts (2,192,463 ) (632,847 ) (2,825,310 )
(2,125,121 ) (646,449 ) (2,771,570 )
Debt
Debts falling due within 1 year (74,555 ) (246,288 ) (320,843 )
Debts falling due after 1 year (508,114 ) 88,431 (419,683 )
(582,669 ) (157,857 ) (740,526 )
Total (2,707,790 ) (804,306 ) (3,512,096 )

MRIAH LIMITED (REGISTERED NUMBER: 06614398)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

MRIAH 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 Company 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 Companies Act 2006.

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies are set out below.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

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

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.


MRIAH LIMITED (REGISTERED NUMBER: 06614398)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Foreign currencies
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.

3. TURNOVER

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

An analysis of turnover by geographical market for the year ended 30 June 2024 and 30 June 2023 is given below:

20242023
£   £   
United Kingdom15,336,96524,019,628
Europe5,751,4245,601,193
Rest of World 2,911,869 5,779,093
24,000,25835,399,914
Turnover represents sale of goods in entirety.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 414,019 366,444
Social security costs 35,202 29,549
Other pension costs 5,183 3,188
454,404 399,181

MRIAH LIMITED (REGISTERED NUMBER: 06614398)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

4. EMPLOYEES AND DIRECTORS - continued

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

Staff 12 12
Directors 2 2
14 14

2024 2023
£    £   
Directors' remuneration 48,000 48,000

5. OPERATING PROFIT

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

2024 2023
£    £   
Depreciation - owned assets 5,629 4,247
Patents and licences amortisation 337 337
Auditors' remuneration 19,200 18,000
Foreign exchange differences (25,974 ) (469,033 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 253,194 -
Bank loan interest 38,579 147,119
Other loan interest 26,108 283,971
Interest payable 35,678 3,691
353,559 434,781

7. 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 155,493 272,372

Deferred tax 1,062 36,300
Tax on profit 156,555 308,672

MRIAH LIMITED (REGISTERED NUMBER: 06614398)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

7. 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 603,044 1,484,770
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 20.495%)

150,761

304,304

Effects of:
Expenses not deductible for tax purposes 2,476 125
Capital allowances in excess of depreciation (507 ) (3,055 )
Utilisation of tax losses (987 ) (1,167 )
Gain/Loss on revaluation 3,750 (27,835 )
Deferred tax movement 1,062 36,300
Total tax charge 156,555 308,672

8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of 1 each
Interim 327,027 -

9. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 July 2023
and 30 June 2024 3,370
AMORTISATION
At 1 July 2023 674
Amortisation for year 337
At 30 June 2024 1,011
NET BOOK VALUE
At 30 June 2024 2,359
At 30 June 2023 2,696

MRIAH LIMITED (REGISTERED NUMBER: 06614398)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

10. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 July 2023 48,990
Additions 7,360
At 30 June 2024 56,350
DEPRECIATION
At 1 July 2023 28,625
Charge for year 5,629
At 30 June 2024 34,254
NET BOOK VALUE
At 30 June 2024 22,096
At 30 June 2023 20,365

11. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2023 800,000
Revaluations (15,000 )
At 30 June 2024 785,000
NET BOOK VALUE
At 30 June 2024 785,000
At 30 June 2023 800,000

Fair value at 30 June 2024 is represented by:
£   
Valuation in 2023 135,809
Valuation in 2024 (15,000 )
Cost 664,191
785,000

12. STOCKS
2024 2023
£    £   
Finished goods 11,133,797 12,713,325

MRIAH LIMITED (REGISTERED NUMBER: 06614398)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

13. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 354,061 259,247
Amounts owed by group undertakings 1,165,985 1,456,312
Other debtors 380,345 398,077
Prepayments and accrued income 25,267 173,633
1,925,658 2,287,269

Amounts falling due after more than one year:
Directors' loan accounts 674,420 507,584

Aggregate amounts 2,600,078 2,794,853

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 16) 3,146,153 2,267,018
Trade creditors 6,084,955 7,091,642
Tax 551,897 421,277
Social security and other taxes 10,496 7,608
VAT 204,238 2,121,223
Other creditors 211,176 11,833
Accruals and deferred income 60,807 182,725
10,269,722 12,103,326

The company has provided security for the following amounts included within bank loans and overdrafts:

£3,135,767 (2023: £2,257,184) is secured by way of a fixed and floating charge over the assets of the company.

£10,386 (2023: £9,834) is secured by way of a fixed charge over the freehold properties owned by the company, and a floating charge over the remaining assets.

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 16) 419,683 508,114

A total of £419,683 (2023: £508,114), included with bank loans and overdrafts over one year, is secured by way of a fixed charge over the freehold properties owed by the company, and a floating charge over the remaining assets.

MRIAH LIMITED (REGISTERED NUMBER: 06614398)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

16. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 2,825,310 2,192,463
Bank loans 320,843 74,555
3,146,153 2,267,018

Amounts falling due between one and two years:
Bank loans - 1-2 years 419,683 508,114

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 39,062 38,000

Deferred
tax
£   
Balance at 1 July 2023 38,000
Provided during year 1,062
Balance at 30 June 2024 39,062

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary 1 2 2

19. RESERVES
Retained
earnings
£   

At 1 July 2023 3,749,139
Profit for the year 446,489
Dividends (327,027 )
At 30 June 2024 3,868,601

MRIAH LIMITED (REGISTERED NUMBER: 06614398)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

20. ULTIMATE PARENT COMPANY

Bolt Shoes Holdings Limited is regarded by the directors as being the company's ultimate parent company.

The registered office of the ultimate holding company is:

1 Pindar Road
Hoddesdon
EN11 OBZ

21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2024 and 30 June 2023:

2024 2023
£    £   
M R Ison
Balance outstanding at start of year 252,304 162,187
Amounts advanced 103,835 90,117
Amounts repaid (20,357 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 335,782 252,304

A Hassan
Balance outstanding at start of year 255,280 163,777
Amounts advanced 103,810 91,503
Amounts repaid (20,453 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 338,637 255,280

22. RELATED PARTY TRANSACTIONS

At the year end, the company was owed £NIL (2023:£199,734) by its parent company and £NIL (2023:£605,593) by a fellow subsidiary company.

At the year end, the company was owed £1,165,985 (2023:£650,985) by a related company under common control.

During the year £NIL (2023:£441,708) sales were made to a related company, under control of one of the directors.