53 false false false false false false false false false false true false false true true true true true true true No description of principal activity 2023-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 48,974 48,826 37 48,863 111 148 188,988 225,977 414,965 414,965 188,988 xbrli:pure xbrli:shares iso4217:GBP 03332123 2023-05-01 2024-04-30 03332123 2024-04-30 03332123 2023-04-30 03332123 2022-05-01 2023-04-30 03332123 2023-04-30 03332123 2022-04-30 03332123 core:NetGoodwill 2023-05-01 2024-04-30 03332123 core:LandBuildings core:ShortLeaseholdAssets 2023-05-01 2024-04-30 03332123 core:PlantMachinery 2023-05-01 2024-04-30 03332123 core:FurnitureFittings 2023-05-01 2024-04-30 03332123 core:MotorVehicles 2023-05-01 2024-04-30 03332123 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 03332123 bus:Director3 2023-05-01 2024-04-30 03332123 core:NetGoodwill 2023-04-30 03332123 core:NetGoodwill 2024-04-30 03332123 core:LandBuildings 2023-04-30 03332123 core:PlantMachinery 2023-04-30 03332123 core:FurnitureFittings 2023-04-30 03332123 core:MotorVehicles 2023-04-30 03332123 core:LandBuildings 2024-04-30 03332123 core:PlantMachinery 2024-04-30 03332123 core:FurnitureFittings 2024-04-30 03332123 core:MotorVehicles 2024-04-30 03332123 core:LandBuildings 2023-05-01 2024-04-30 03332123 core:WithinOneYear 2024-04-30 03332123 core:WithinOneYear 2023-04-30 03332123 core:AfterOneYear 2024-04-30 03332123 core:AfterOneYear 2023-04-30 03332123 core:UKTax 2023-05-01 2024-04-30 03332123 core:UKTax 2022-05-01 2023-04-30 03332123 bus:AllOrdinaryShares 2023-05-01 2024-04-30 03332123 bus:AllOrdinaryShares 2022-05-01 2023-04-30 03332123 core:ShareCapital 2024-04-30 03332123 core:ShareCapital 2023-04-30 03332123 core:SharePremium 2024-04-30 03332123 core:SharePremium 2023-04-30 03332123 core:RetainedEarningsAccumulatedLosses 2024-04-30 03332123 core:RetainedEarningsAccumulatedLosses 2023-04-30 03332123 core:NetGoodwill 2023-04-30 03332123 core:CostValuation core:Non-currentFinancialInstruments 2023-04-30 03332123 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2024-04-30 03332123 core:CostValuation core:Non-currentFinancialInstruments 2024-04-30 03332123 core:Non-currentFinancialInstruments 2024-04-30 03332123 core:Non-currentFinancialInstruments 2023-04-30 03332123 core:LandBuildings 2023-04-30 03332123 core:PlantMachinery 2023-04-30 03332123 core:FurnitureFittings 2023-04-30 03332123 core:MotorVehicles 2023-04-30 03332123 bus:SmallEntities 2023-05-01 2024-04-30 03332123 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 03332123 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 03332123 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 03332123 bus:FullAccounts 2023-05-01 2024-04-30 03332123 bus:OrdinaryShareClass1 2024-04-30 03332123 bus:OrdinaryShareClass1 2023-04-30 03332123 core:AllAssociates 2023-05-01 2024-04-30
COMPANY REGISTRATION NUMBER: 03332123
Rochelle Clothing Company Limited
Filleted Unaudited Financial Statements
30 April 2024
Rochelle Clothing Company Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
7
111
148
Tangible assets
8
45,255
49,253
Investments
9
414,965
188,988
-----------
-----------
460,331
238,389
Current assets
Stocks
42,500
41,510
Debtors
10
823,552
634,123
Cash at bank and in hand
103,733
81,008
-----------
-----------
969,785
756,641
Creditors: amounts falling due within one year
11
304,883
205,908
-----------
-----------
Net current assets
664,902
550,733
---------------
-----------
Total assets less current liabilities
1,125,233
789,122
Creditors: amounts falling due after more than one year
12
10,890
10,324
Provisions
Taxation including deferred tax
( 11,314)
( 9,123)
---------------
-----------
Net assets
1,103,029
769,675
---------------
-----------
Rochelle Clothing Company Limited
Statement of Financial Position (continued)
30 April 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
13
10,000
10,000
Share premium account
14
25,995
25,995
Profit and loss account
14
1,067,034
733,680
---------------
-----------
Shareholders funds
1,103,029
769,675
---------------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30th April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 8 April 2025 , and are signed on behalf of the board by:
Mr Palvinder Singh Gill
Director
Company registration number: 03332123
Rochelle Clothing Company Limited
Notes to the Financial Statements
Year Ended 30th April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sandwell Business Park, Unit 7 Elm Court, Crystal Drive, Smethwick, Birmingham, B66 1RB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
(a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented. (c) No disclosure has been given for the aggregate remuneration of key management personnel.
Revenue recognition
The turnover shown in the Profit and Loss Account represents amounts derived from ordinary activities and is recognised at the point of despatch. The turnover is stated after deduction of trade discounts and is net of Value Added Tax.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Operating leases
Rentals paid under operating leases are charged to income as incurred.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% reducing balance
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
10% straight line
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are valued at the lower of cost and net realisable value. Cost is computed on a first in first out basis. Net realisable value is based on estimated selling price less the estimated cost of disposal.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 53 (2023: 46 ).
5. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
48,215
39,246
Adjustments in respect of prior periods
( 942)
227
----------
----------
Total current tax
47,273
39,473
----------
----------
Deferred tax:
Origination and reversal of timing differences
2,191
( 1,026)
----------
----------
Tax on profit
49,464
38,447
----------
----------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 19.49 %).
2024
2023
£
£
Profit on ordinary activities before taxation
412,818
97,029
-----------
----------
Profit on ordinary activities by rate of tax
103,205
18,914
Adjustment to tax charge in respect of prior periods
(944)
227
Effect of expenses not deductible for tax purposes
( 55,999)
18,650
Effect of capital allowances and depreciation
1,011
1,682
Deferred tax movement
2,191
( 1,026)
-----------
----------
Tax on profit
49,464
38,447
-----------
----------
6. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
30,000
66,000
----------
----------
7. Intangible assets
Goodwill
£
Cost
At 1st May 2023 and 30th April 2024
48,974
----------
Amortisation
At 1st May 2023
48,826
Charge for the year
37
----------
At 30th April 2024
48,863
----------
Carrying amount
At 30th April 2024
111
----------
At 30th April 2023
148
----------
8. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1st May 2023
40,443
79,612
37,510
5,000
162,565
Additions
5,239
5,239
----------
----------
----------
--------
-----------
At 30th April 2024
40,443
84,851
37,510
5,000
167,804
----------
----------
----------
--------
-----------
Depreciation
At 1st May 2023
39,206
43,639
25,586
4,881
113,312
Charge for the year
1,237
6,182
1,788
30
9,237
----------
----------
----------
--------
-----------
At 30th April 2024
40,443
49,821
27,374
4,911
122,549
----------
----------
----------
--------
-----------
Carrying amount
At 30th April 2024
35,030
10,136
89
45,255
----------
----------
----------
--------
-----------
At 30th April 2023
1,237
35,973
11,924
119
49,253
----------
----------
----------
--------
-----------
9. Investments
Other investments other than loans
£
Cost
At 1st May 2023
188,988
Revaluations
225,977
-----------
At 30th April 2024
414,965
-----------
Impairment
At 1st May 2023 and 30th April 2024
-----------
Carrying amount
At 30th April 2024
414,965
-----------
At 30th April 2023
188,988
-----------
Investments relate to Cypto Currency and is recorded at market value at the year end date.
10. Debtors
2024
2023
£
£
Trade debtors
46,499
9,356
Directors' loan account
381,834
Prepayments
5,440
Other debtors
777,053
237,493
-----------
-----------
823,552
634,123
-----------
-----------
11. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
18,859
21,327
Trade creditors
25,635
12,597
Corporation tax
77,215
39,246
Social security and other taxes
101,117
79,555
Directors' loan account
10,602
Accruals
6,963
6,950
Pension contributions
2,724
1,928
Other creditors
61,768
44,305
-----------
-----------
304,883
205,908
-----------
-----------
The bank overdraft is secured by a fixed and floating charge over all current and future assets of the company.
12. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
10,890
10,324
----------
----------
13. Called up share capital
Authorised share capital
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
10,000
10,000
10,000
10,000
----------
----------
----------
----------
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
10,000
10,000
10,000
10,000
----------
----------
----------
----------
14. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
15. Directors' advances, credits and guarantees
2024 2023
£ £
Balance B/Fwd (381,834) 62,771
Receipts 588,991 224,010
Payments (196,555) (668,615)
Balance C/Fwd 10,602 (381,834)
20242023
££
Balance B/Fwd(381,834)62,771
Receipts588,991224,010
Payments(196,555)(668,615)
Balance C/Fwd10,602(381,834)
The director's loan account was overdrawn during the year. The maximum amount it was overdrawn was £421,364,(2023 - £381,834). No interest was charged on the overdrawn balance.
16. Related party transactions
Controlling Party The company was equally owned between one of the directors and a close family member. As of 23rd June 2023, the company was acquired by Gill's Trading Co Ltd via share-for-share exchange. The premises from which the company operates, 7 Elm Court, Crystal Drive, was owned by one of the directors and their spouse. The property was purchased by a related company during the year; rent of £26,000(2023 - Nil) has been charged during the year. Dividend paid to directors Dividends paid during the year was £30,000, (2023-£66,000). Other One common director is also a director in another three companies. There are the following intercompany other debtor balances between these companies.
20242023
££
Parent Company490,000
Related company 174,39249,782
Related company 2450
Related company 3212,211187,711
20242023
££
Parent Company490,000
Related company 174,39249,782
Related company 2450
Related company 3212,211187,711
The above balances are included in the other debtors in note 11.