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REGISTERED NUMBER: 03508897 (England and Wales)















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

RUBIES MASQUERADE COMPANY (UK) LTD

RUBIES MASQUERADE COMPANY (UK) LTD (REGISTERED NUMBER: 03508897)






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




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Income Statement 7

Consolidated Other Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


RUBIES MASQUERADE COMPANY (UK) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: Mr M Beige
Mr H Beige
Mr P Warton





SECRETARY: Mrs J Davenport





REGISTERED OFFICE: DeskLodge House
2 Redcliffe Way
Bristol
BS1 6NL





REGISTERED NUMBER: 03508897 (England and Wales)





AUDITORS: Richardson Jones
Chartered Accountants &
Registered Auditors
Mercury House
19-21 Chapel Street
Marlow
Buckinghamshire
SL7 3HN

RUBIES MASQUERADE COMPANY (UK) LTD (REGISTERED NUMBER: 03508897)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their strategic report of the company and the group for the year ended 30 June 2024.

REVIEW OF BUSINESS
The results show a pre-tax profit of £36,000 (2023: £77,000 profit) for the year. These results are also stated after making amortisation charges in connection with subsidiary acquisitions of £107,000 (2023: £705,000). The group has net assets of £7,029,000 (2023:£7,104,000) at the balance sheet date.

The current economic climate continues to make for a challenging environment for Rubies UK and its customers. The company is continually reviewing its operations looking for ways to improve performance..

Research and development
The company continues to invest in Design and Quality Control resources both in the UK and overseas in order to develop a structure to keep pace with the increasing demands from major customers. The directors regard this investment as integral to the continuing success of the business.

Future outlook
The commercial environment in which the group operates is expected to continue to be a cause for concern in 2024/25 as the current economic climate continues. However, the directors are confident that the company will continue to improve its operating performance.

Key performance indicators ("KPIs")
Given the straightforward nature of the business, the group's directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the business.

Principal risks and uncertainties
The management of the business and the execution of the group's strategy are subject to a number of risks. The key business risks and uncertainties affecting the company are considered to relate to both the general economic conditions in the UK and the competition among its major high street customers, which may drive down prices, and continuing demand for higher manufacturing standards to meet EU legislation. These uncertainties are offset by the general growth of the market place in which the company operates, both in traditional and electronic retailing.

ON BEHALF OF THE BOARD:





Mr P Warton - Director


25 March 2025

RUBIES MASQUERADE COMPANY (UK) LTD (REGISTERED NUMBER: 03508897)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024

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

DIVIDENDS
No dividends will be distributed for the year ended 30 June 2024.

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

Mr M Beige
Mr H Beige

Other changes in directors holding office are as follows:

Mr P Warton - appointed 23 September 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Richardson Jones, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr P Warton - Director


25 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RUBIES MASQUERADE COMPANY (UK) LTD

Opinion
We have audited the financial statements of Rubies Masquerade Company (UK) Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 June 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RUBIES MASQUERADE COMPANY (UK) LTD


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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 the trading results of Rubies Deutschland GmbH 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, 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 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 three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

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

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

We gained an understanding of the legal and regulatory framework applicable to Rubies Masquerade Company (UK)
Limited and the fancy dress industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting
one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional
misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements,
including, but not limited to the E170 test, the Companies Act 2006 and UK tax legislation. Our procedures included:

- agreeing the financial statement disclosures to underlying supporting documentation
- enquiries with management
- understanding of management's internal controls designed to prevent and detect irregularities

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RUBIES MASQUERADE COMPANY (UK) LTD


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.




Christopher Jones (Senior Statutory Auditor)
for and on behalf of Richardson Jones
Chartered Accountants &
Registered Auditors
Mercury House
19-21 Chapel Street
Marlow
Buckinghamshire
SL7 3HN

25 March 2025

RUBIES MASQUERADE COMPANY (UK) LTD (REGISTERED NUMBER: 03508897)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

30.6.24 30.6.23
Notes £'000 £'000 £'000 £'000

TURNOVER 3 44,503 56,097

Cost of sales 26,169 36,474
GROSS PROFIT 18,334 19,623

Distribution costs 12,880 12,977
Administrative expenses 5,682 7,667
18,562 20,644
(228 ) (1,021 )

Other operating income 524 1,316
OPERATING PROFIT 5 296 295

Interest receivable and similar income 6 - 4
296 299
Amounts written off investments 7 1 -
295 299

Interest payable and similar expenses 8 293 178
PROFIT BEFORE TAXATION 2 121

Tax on profit 9 (34 ) 44
PROFIT FOR THE FINANCIAL YEAR 36 77
Profit attributable to:
Owners of the parent 36 77

RUBIES MASQUERADE COMPANY (UK) LTD (REGISTERED NUMBER: 03508897)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

30.6.24 30.6.23
Notes £'000 £'000

PROFIT FOR THE YEAR 36 77


OTHER COMPREHENSIVE INCOME
Foreign exchange differences (111 ) (27 )
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

(111

)

(27

)
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

(75

)

50

Total comprehensive income attributable to:
Owners of the parent (75 ) 50

RUBIES MASQUERADE COMPANY (UK) LTD (REGISTERED NUMBER: 03508897)

CONSOLIDATED BALANCE SHEET
30 JUNE 2024

30.6.24 30.6.23
Notes £'000 £'000 £'000 £'000
FIXED ASSETS
Intangible assets 11 215 373
Tangible assets 12 784 858
Investments 13 68 61
1,067 1,292

CURRENT ASSETS
Stocks 14 21,084 25,115
Debtors 15 13,181 14,528
Investments 16 19 20
Cash at bank and in hand 2,197 2,134
36,481 41,797
CREDITORS
Amounts falling due within one year 17 25,861 28,730
NET CURRENT ASSETS 10,620 13,067
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,687

14,359

CREDITORS
Amounts falling due after more than one
year

18

(3,296

)

(5,781

)

PROVISIONS FOR LIABILITIES 22 (1,362 ) (1,474 )
NET ASSETS 7,029 7,104

CAPITAL AND RESERVES
Called up share capital 23 11,050 11,050
Retained earnings 24 (4,021 ) (3,946 )
SHAREHOLDERS' FUNDS 7,029 7,104

The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2025 and were signed on its behalf by:





Mr P Warton - Director


RUBIES MASQUERADE COMPANY (UK) LTD (REGISTERED NUMBER: 03508897)

COMPANY BALANCE SHEET
30 JUNE 2024

30.6.24 30.6.23
Notes £'000 £'000 £'000 £'000
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 105 125
Investments 13 7,310 7,310
7,415 7,435

CURRENT ASSETS
Stocks 14 7,325 11,675
Debtors 15 7,082 7,101
Investments 16 19 20
Cash at bank 369 379
14,795 19,175
CREDITORS
Amounts falling due within one year 17 14,810 17,646
NET CURRENT (LIABILITIES)/ASSETS (15 ) 1,529
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,400

8,964

CREDITORS
Amounts falling due after more than one
year

18

2,343

4,155
NET ASSETS 5,057 4,809

CAPITAL AND RESERVES
Called up share capital 23 11,049 11,049
Retained earnings 24 (5,992 ) (6,240 )
SHAREHOLDERS' FUNDS 5,057 4,809

Company's profit for the financial year 248 133

The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2025 and were signed on its behalf by:





Mr P Warton - Director


RUBIES MASQUERADE COMPANY (UK) LTD (REGISTERED NUMBER: 03508897)

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

Called up
share Retained Non-controlling Total
capital earnings Total interests equity
£'000 £'000 £'000 £'000 £'000
Balance at 1 July 2022 11,050 (3,996 ) 7,054 - 7,054

Changes in equity
Total comprehensive income - 50 50 - 50
Balance at 30 June 2023 11,050 (3,946 ) 7,104 - 7,104

Changes in equity
Total comprehensive income - (75 ) (75 ) - (75 )
Balance at 30 June 2024 11,050 (4,021 ) 7,029 - 7,029

RUBIES MASQUERADE COMPANY (UK) LTD (REGISTERED NUMBER: 03508897)

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

Called up
share Retained Total
capital earnings equity
£'000 £'000 £'000
Balance at 1 July 2022 11,049 (6,373 ) 4,676

Changes in equity
Total comprehensive income - 133 133
Balance at 30 June 2023 11,049 (6,240 ) 4,809

Changes in equity
Total comprehensive income - 248 248
Balance at 30 June 2024 11,049 (5,992 ) 5,057

RUBIES MASQUERADE COMPANY (UK) LTD (REGISTERED NUMBER: 03508897)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

30.6.24 30.6.23
Notes £'000 £'000
Cash flows from operating activities
Cash generated from operations 1 7,048 (2,702 )
Interest paid (293 ) (178 )
Government grants 5 115
Tax paid/refunded (31 ) (178 )
Net cash from operating activities 6,729 (2,943 )

Cash flows from investing activities
Purchase of intangible fixed assets (115 ) (219 )
Purchase of tangible fixed assets (181 ) (172 )
Purchase of fixed asset investments (7 ) -
Sale of intangible fixed assets 41 -
Sale of tangible fixed assets 42 358
Reduce minority interest on acquisition - (318 )
Interest received - 4
Net cash from investing activities (220 ) (347 )

Cash flows from financing activities
New bank loans in year - 1,512
Loan repayments in year (663 ) -
Advanced/(repaid) re acquisitions (85 ) 85
Amount introduced by directors - (1 )
Amount withdrawn by directors (1,476 ) -
Foreign exchange on consolidation (111 ) (27 )
Loans from connected companies adv/repd (79 ) (1,171 )
Loans from group undertakings adv/repaid (3,924 ) (1,072 )
Loans to group undertakings adv/repaid (108 ) (99 )
Net cash from financing activities (6,446 ) (773 )

Increase/(decrease) in cash and cash equivalents 63 (4,063 )
Cash and cash equivalents at beginning
of year

2

2,134

6,197

Cash and cash equivalents at end of
year

2

2,197

2,134

RUBIES MASQUERADE COMPANY (UK) LTD (REGISTERED NUMBER: 03508897)

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

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

30.6.24 30.6.23
£'000 £'000
Profit before taxation 2 121
Depreciation charges 453 906
Profit on disposal of fixed assets (17 ) (18 )
Loss on revaluation of fixed assets 9 9
Increase/(decrease) in provisions (112 ) (270 )
Impairment of investments 1 -
Government grants (5 ) (115 )
Finance costs 293 178
Finance income - (4 )
624 807
Decrease/(increase) in stocks 4,031 (4,355 )
Decrease in trade and other debtors 1,713 2,727
Increase/(decrease) in trade and other creditors 680 (1,881 )
Cash generated from operations 7,048 (2,702 )

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
£'000 £'000
Cash and cash equivalents 2,197 2,134
Year ended 30 June 2023
30.6.23 1.7.22
£'000 £'000
Cash and cash equivalents 2,134 6,197


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.7.23 Cash flow At 30.6.24
£'000 £'000 £'000
Net cash
Cash at bank and in hand 2,134 63 2,197
2,134 63 2,197

Liquid resources
Current asset investments 20 (1 ) 19
20 (1 ) 19
Debt
Debts falling due within 1 year (5,086 ) (10 ) (5,096 )
Debts falling due after 1 year (1,626 ) 673 (953 )
(6,712 ) 663 (6,049 )
Total (4,558 ) 725 (3,833 )

RUBIES MASQUERADE COMPANY (UK) LTD (REGISTERED NUMBER: 03508897)

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

1. STATUTORY INFORMATION

Rubies Masquerade Company (UK) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 June each year. The results of the subsidiaries acquired or sold are consolidated for periods from or to the date on which control passed.

Business combinations are accounted for under the purchase method. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with those used by the group. All intra-group transactions, balances, income and expenses are eliminated on consolidation.

Turnover
The turnover and profit before taxation are attributable to the one principal activity of the group. Turnover is recognised based on the date on which good are desptached.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of businesses in 2019 and 2022, is being amortised over its estimated useful life of five years.

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 four years.

Development costs are being amortised evenly over their estimated useful life of five years.

Computer software is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - in accordance with the property and not provided
Short leasehold - in accordance with the property
Improvements to property - 10% on cost
Plant and machinery - 25% on reducing balance, 25% on cost, 10% on cost and Between 10% and 20% on cost
Fixtures and fittings - 25% on reducing balance and Between 10% and 20% on cost
Motor vehicles - 25% on cost and 25% on reducing balance
Office equipment - 50% on cost, 25% on cost and Between 10% and 20% on cost

Depreciation is provided on freehold property based on the difference between book value and estimated residual value, charged over the estimated useful life of the property. The directors are of the opinion that, having regard to estimated residual values and the estimated useful economic life, any depreciation involved either annual or cumulative, would not be material. The property is subject to an annual impairment review

Investments in subsidiaries
Investments in associate undertakings are recognised using the equity method.

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

RUBIES MASQUERADE COMPANY (UK) LTD (REGISTERED NUMBER: 03508897)

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

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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

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

Investments
Fixed asset investments are stated at cost less any provision for impairment in value. Impairment is measured by comparing the carrying value of the investment in the balance sheet with the company's share of net assets of the investment as at the balance sheet date. Factors such as profitability and other information available concerning the subsidiary are also considered.

3. TURNOVER

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

An analysis of turnover by geographical market is given below:

30.6.24 30.6.23
£'000 £'000
United Kingdom 15,453 22,501
Europe 28,456 33,134
Rest of world 594 462
44,503 56,097

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

4. EMPLOYEES AND DIRECTORS
30.6.24 30.6.23
£'000 £'000
Wages and salaries 7,438 8,718
Social security costs 839 930
Other pension costs 123 149
8,400 9,797

The average number of employees during the year was as follows:
30.6.24 30.6.23

Management and administration 44 46
Selling, distribution and design 161 165
205 211

The average number of employees by undertakings that were proportionately consolidated during the year was 106 (2023 - 97 ) .

30.6.24 30.6.23
£    £   
Directors' remuneration - 571,032

RUBIES MASQUERADE COMPANY (UK) LTD (REGISTERED NUMBER: 03508897)

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

5. OPERATING PROFIT

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

30.6.24 30.6.23
£'000 £'000
Hire of plant and machinery 14 15
Other operating leases 1,488 1,510
Depreciation - owned assets 225 182
Profit on disposal of fixed assets (17 ) (18 )
Goodwill amortisation 114 718
Development costs amortisation 110 6
Computer software amortisation 4 6
Auditors' remuneration 110 108
Other non- audit services 86 40
Foreign exchange differences (126 ) (122 )

6. INTEREST RECEIVABLE AND SIMILAR INCOME
30.6.24 30.6.23
£'000 £'000
Deposit account interest - 4

7. AMOUNTS WRITTEN OFF INVESTMENTS
30.6.24 30.6.23
£'000 £'000
Impairment of investments 1 -

8. INTEREST PAYABLE AND SIMILAR EXPENSES
30.6.24 30.6.23
£'000 £'000
Bank interest 7 15
Bank loan interest 286 163
293 178

9. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
30.6.24 30.6.23
£'000 £'000
Current tax:
UK corporation tax (34 ) 74

Deferred tax - (30 )
Tax on profit (34 ) 44

RUBIES MASQUERADE COMPANY (UK) LTD (REGISTERED NUMBER: 03508897)

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

9. TAXATION - continued

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

30.6.24 30.6.23
£'000 £'000
Profit before tax 2 121
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 37.524 %)

1

45

Effects of:
Expenses not deductible for tax purposes 26 105
Income not taxable for tax purposes (2 ) (25 )
Depreciation in excess of capital allowances 4 7
Utilisation of tax losses (69 ) (70 )
Losses carried forward 8 -
Deferred tax - (30 )

taxable
Chargeable gains - 16
Tax credits (2 ) (4 )
Total tax (credit)/charge (34 ) 44

Tax effects relating to effects of other comprehensive income

30.6.24
Gross Tax Net
£'000 £'000 £'000
Foreign exchange differences (111 ) - (111 )

30.6.23
Gross Tax Net
£'000 £'000 £'000
Foreign exchange differences (27 ) - (27 )

10. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


RUBIES MASQUERADE COMPANY (UK) LTD (REGISTERED NUMBER: 03508897)

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

11. INTANGIBLE FIXED ASSETS

Group
Patents
and Development Computer
Goodwill licences costs software Totals
£'000 £'000 £'000 £'000 £'000
COST
At 1 July 2023 6,223 16 71 82 6,392
Additions - - 111 4 115
Disposals (5 ) (14 ) - (54 ) (73 )
Exchange differences (2 ) - (1 ) (1 ) (4 )
At 30 June 2024 6,216 2 181 31 6,430
AMORTISATION
At 1 July 2023 5,894 2 71 52 6,019
Amortisation for year 114 - 110 4 228
Eliminated on disposal - - - (32 ) (32 )
Exchange differences (1 ) - - 1 -
At 30 June 2024 6,007 2 181 25 6,215
NET BOOK VALUE
At 30 June 2024 209 - - 6 215
At 30 June 2023 329 14 - 30 373

12. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold Short to Plant and
property leasehold property machinery
£'000 £'000 £'000 £'000
COST
At 1 July 2023 1,570 - 161 539
Additions 4 14 4 -
Disposals - - - (51 )
Exchange differences - - 7 (6 )
At 30 June 2024 1,574 14 172 482
DEPRECIATION
At 1 July 2023 1,052 - 124 473
Charge for year 57 12 10 17
Eliminated on disposal - - - (41 )
Exchange differences 2 - 7 (6 )
At 30 June 2024 1,111 12 141 443
NET BOOK VALUE
At 30 June 2024 463 2 31 39
At 30 June 2023 518 - 37 66

RUBIES MASQUERADE COMPANY (UK) LTD (REGISTERED NUMBER: 03508897)

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

12. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor Office
fittings vehicles equipment Totals
£'000 £'000 £'000 £'000
COST
At 1 July 2023 225 52 182 2,729
Additions 40 43 76 181
Disposals (12 ) (28 ) - (91 )
Exchange differences (30 ) - (3 ) (32 )
At 30 June 2024 223 67 255 2,787
DEPRECIATION
At 1 July 2023 92 13 117 1,871
Charge for year 49 10 70 225
Eliminated on disposal (12 ) (13 ) - (66 )
Exchange differences (27 ) - (3 ) (27 )
At 30 June 2024 102 10 184 2,003
NET BOOK VALUE
At 30 June 2024 121 57 71 784
At 30 June 2023 133 39 65 858

Company
Fixtures
Plant and and Office
machinery fittings equipment Totals
£'000 £'000 £'000 £'000
COST
At 1 July 2023 90 244 23 357
Additions - 6 12 18
At 30 June 2024 90 250 35 375
DEPRECIATION
At 1 July 2023 61 162 9 232
Charge for year 9 21 8 38
At 30 June 2024 70 183 17 270
NET BOOK VALUE
At 30 June 2024 20 67 18 105
At 30 June 2023 29 82 14 125

13. FIXED ASSET INVESTMENTS

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
£'000 £'000 £'000 £'000
Shares in group undertakings - - 7,310 7,310
Other investments not loans 68 61 - -
68 61 7,310 7,310

RUBIES MASQUERADE COMPANY (UK) LTD (REGISTERED NUMBER: 03508897)

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

13. FIXED ASSET INVESTMENTS - continued

Additional information is as follows:

Group
Shares in
group
undertakings
£'000
COST
At 1 July 2023 750
Disposals (750 )
At 30 June 2024 -
PROVISIONS
At 1 July 2023 750

Eliminated on disposal (750 )
At 30 June 2024 -
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

Investments (neither listed nor unlisted) were as follows:
30.6.24 30.6.23
£'000 £'000
Other 68 61
Company
Shares in
group
undertakings
£'000
COST
At 1 July 2023 26,696
Disposals (750 )
At 30 June 2024 25,946
PROVISIONS
At 1 July 2023 19,386

Eliminated on disposal (750 )
At 30 June 2024 18,636
NET BOOK VALUE
At 30 June 2024 7,310
At 30 June 2023 7,310

RUBIES MASQUERADE COMPANY (UK) LTD (REGISTERED NUMBER: 03508897)

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

13. FIXED ASSET INVESTMENTS - continued

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

Subsidiaries

Rubies Deutschland GmbH
Registered office: Hüttenstraße 47, D- 51469, Bergisch Gladbach, Germany.
Nature of business: Sale of fancy dress and associated items
%
Class of shares: holding
Ordinary 100.00

The amounts stated above are consolidated amounts for the company and its subsidiaries. The last accounts for this subsidiary were prepared for the period ended 31 March 2021. On 28 May 2021 the company went into administration.

Rubies France sas
Registered office: Les Grandes Varennes, 71340, Iguerande, France.
Nature of business: Sale of fancy dress and associated items
%
Class of shares: holding
Ordinary 99.99
30.6.24 30.6.23
£'000 £'000
Aggregate capital and reserves 5,576 5,466
Profit for the year 179 240

Rubies Spain sl
Registered office: Plaça Vella 16. 1º, 08221, Terrassa, Barcelona, Spain.
Nature of business: Sale of fancy dress and associated items
%
Class of shares: holding
Ordinary 100.00
30.6.24 30.6.23
£'000 £'000
Aggregate capital and reserves 3,575 3,930
Loss for the year (309 ) (151 )

Bristol Novelty Limited
Registered office: DeskLodge House, 2 Redcliffe Way, Bristol, BS1 6NL.
Nature of business: Sale of fancy dress and associated items
%
Class of shares: holding
Ordinary 100.00
30.6.24 30.6.23
£'000 £'000
Loss for the year - (5,994 )

IMC Toys Italia srl
Registered office: Via Aurelio Saffi 29, Milano, 20123, Italy.
Nature of business: Sale of fancy dress and associated items
%
Class of shares: holding
Ordinary 100.00
30.6.24 30.6.23
£'000 £'000
Aggregate capital and reserves 193 228
(Loss)/profit for the year (33 ) 40

RUBIES MASQUERADE COMPANY (UK) LTD (REGISTERED NUMBER: 03508897)

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

13. FIXED ASSET INVESTMENTS - continued

You Printed Limited
Registered office: Mercury House, 19-21 Chapel Street, Marlow, Buckinghamshire, SL7 3HN.
Nature of business: Manufacture, supply and retail of licenced images
%
Class of shares: holding
Ordinary 100.00
30.6.24 30.6.23
£'000 £'000
Loss for the year - (15 )

Rubies Netherlands
Registered office: Heldenseweg 25a, 6086PD NEER, Limburg, Netherlands
Nature of business: Sale of fancy dress and associated items
%
Class of shares: holding
Ordinary 100.00
30.6.24 30.6.23
£'000 £'000
Aggregate capital and reserves (670 ) (709 )
Profit for the year 32 48


14. STOCKS

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
£'000 £'000 £'000 £'000
Stock of goods for resale 21,084 25,115 7,325 11,675

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
£'000 £'000 £'000 £'000
Trade debtors 5,152 6,946 1,753 2,490
Other debtors 2,583 2,092 645 645
Amounts owed by group undertakings 233 125 2,080 1,944
Amounts owed by connected companies 199 6 199 118
Social security and other taxes 723 739 121 188
Corporation tax 252 187 - -
Prepayments and accrued income 4,039 4,433 2,284 1,716
13,181 14,528 7,082 7,101

16. CURRENT ASSET INVESTMENTS

Market value of listed investments at 30th June 2024 held by the group - £18,692 (2023 - £19,887) and by the company - £18,692 (2023 - £19,887).

RUBIES MASQUERADE COMPANY (UK) LTD (REGISTERED NUMBER: 03508897)

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

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
£'000 £'000 £'000 £'000
Bank loans and overdrafts (see note 19) 5,096 5,086 - -
Trade creditors 5,384 3,759 2,515 2,632
Social security and other taxes 820 1,202 87 229
Other creditors 825 829 114 128
Amounts owed to group undertakings 12,196 15,691 11,067 13,014
Amounts owed to connected companies 632 524 491 387
Loans from directors - 172 - -
Accruals and deferred income 908 1,467 536 1,256
25,861 28,730 14,810 17,646

18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
£'000 £'000 £'000 £'000
Bank loans (see note 19) 953 1,626 - -
Amounts owed to connected companies re
acquisition

-

85

-

85
Amounts owed to group undertakings 1,304 1,733 1,304 1,733
Loans from directors - 1,304 - 1,304
Amounts owed to connected companies 1,039 1,033 1,039 1,033
3,296 5,781 2,343 4,155

Amounts owed to group undertakings and the directors have no fixed repayment date, albeit payment is deferred for a period of at least one year from the balance sheet date.

19. LOANS

An analysis of the maturity of loans is given below:

Group
30.6.24 30.6.23
£'000 £'000
Amounts falling due within one year or on demand:
Bank loans 5,096 5,086
Amounts falling due between one and two years:
Bank loans - 1-2 years 525 662
Amounts falling due between two and five years:
Bank loans - 2-5 years 428 964

20. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

RUBIES MASQUERADE COMPANY (UK) LTD (REGISTERED NUMBER: 03508897)

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

Group
Non-cancellable operating leases
30.6.24 30.6.23
£'000 £'000
Within one year 519 829
Between one and five years - 630
519 1,459

Company
Non-cancellable operating leases
30.6.24 30.6.23
£'000 £'000
Within one year 503 189
Between one and five years - 628
503 817

21. SECURED DEBTS

The following secured debts are included within creditors:

Group
30.6.24 30.6.23
£'000 £'000
Bank loans 6,049 6,712

With regards to Rubies France sas, amounts due to the company's bankers are secured by a charge over the goodwill of that company and an irrevocable standby letter of credit from HSBC USA, N.A. Global Trade and Finance Receivables in the amount of US$3,000,000.

22. PROVISIONS FOR LIABILITIES

Group
30.6.24 30.6.23
£'000 £'000
Other provisions 1,362 1,474

Aggregate amounts 1,362 1,474

Group
Other
provisions
£'000
Balance at 1 July 2023 1,474
Provided during year 523
Unused amounts reversed during year (616 )
Exchange difference (19 )
Accelerated capital allowances
Balance at 30 June 2024 1,362

RUBIES MASQUERADE COMPANY (UK) LTD (REGISTERED NUMBER: 03508897)

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

23. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: £'000 £'000
11,039,246 Redeemable ordinary B shares £1 11,039 11,039

Allotted and issued:
Number: Class: Nominal 30.6.24 30.6.23
value: £'000 £'000
10,000 Ordinary A shares £1 2,127 10

Redeemable ordinary B shares are redeemable, at the option of the company only, by serving one month's notice, in an amount equal to the amount paid up on such shares. In this case, the directors are of the opinion, that in accordance with Financial Reporting Standard No 25 Financial Instruments, the shares are equity in nature.

The voting rights of 1 ordinary A share are equal to the voting rights of 30,000 redeemable ordinary B shares.

Redeemable ordinary B shares may not receive more than 49% of any dividend declared.

In the event of the company being wound up, 51% of the assets available would be distributed to the ordinary A shareholders and 49% to the redeemable ordinary B shareholders.

24. RESERVES

Group
Retained
earnings
£'000

At 1 July 2023 (3,946 )
Profit for the year 36
Exchange differences (111 )
At 30 June 2024 (4,021 )

Company
Retained
earnings
£'000

At 1 July 2023 (6,240 )
Profit for the year 248
At 30 June 2024 (5,992 )


RUBIES MASQUERADE COMPANY (UK) LTD (REGISTERED NUMBER: 03508897)

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

25. RELATED PARTY DISCLOSURES

During the year the group made the following transactions with other related companies:

Purchases Sales
30.06.24 30.06.23 30.06.24 30.06.23
£    £    £    £   
Parent company:
Rubies Enterprises Ltd 11,880 18,778 21 -

Other related companies:
Rubies II LLC * 274 236 308 114


Transactions made with subsidiaries of the above named companies are treated as having being transacted with their immediate parent, and hence are included within the above totals

At the year end, the group had the following balances with related companies:

Creditors Debtors
30.06.24 30.06.23 30.06.24 30.06.23
£    £    £    £   
Parent companies:
Rubies Enterprises Inc 13,586 17,435 98 -

Other related companies:
Rubies II LLC * 673 1,446 199 122

Balances with subsidiaries of the above named companies are treated as being due to/from their immediate parent, and hence are included within the above totals.

* Rubies II LLC is controlled by the directors of this company.

Directors:

At the year end the group owed the following amounts to its directors:

30.06.24 30.06.23
£    £   

M Beige - 792
H Beige - 854

These balances arise from amounts advanced to the company. The loans are unsecured and interest free and are due for repayment in more than one year.

26. ULTIMATE CONTROLLING PARTY

The company's immediate parent is Rubies Masquerade Co LLC, a company registered in the USA. The group accounts can be obtained at 1 Rubie Plaza, Richmond Hill, New York, NY 11418, USA. The company is ultimately controlled by its directors, M Beige and H Beige, by virtue of controlling interests held in the company's parent undertakings.