Silverfin false false 31/12/2024 01/06/2024 31/12/2024 P R Masters 09/05/2018 28 April 2025 The principal activity of the Company during the financial year was that of wholesale clothing and footwear. 11352182 2024-12-31 11352182 bus:Director1 2024-12-31 11352182 2024-05-31 11352182 core:CurrentFinancialInstruments 2024-12-31 11352182 core:CurrentFinancialInstruments 2024-05-31 11352182 core:ShareCapital 2024-12-31 11352182 core:ShareCapital 2024-05-31 11352182 core:RetainedEarningsAccumulatedLosses 2024-12-31 11352182 core:RetainedEarningsAccumulatedLosses 2024-05-31 11352182 core:Goodwill 2024-05-31 11352182 core:Goodwill 2024-12-31 11352182 core:LeaseholdImprovements 2024-05-31 11352182 core:PlantMachinery 2024-05-31 11352182 core:OfficeEquipment 2024-05-31 11352182 core:ComputerEquipment 2024-05-31 11352182 core:LeaseholdImprovements 2024-12-31 11352182 core:PlantMachinery 2024-12-31 11352182 core:OfficeEquipment 2024-12-31 11352182 core:ComputerEquipment 2024-12-31 11352182 core:CostValuation 2024-05-31 11352182 core:CostValuation 2024-12-31 11352182 bus:OrdinaryShareClass1 2024-12-31 11352182 2024-06-01 2024-12-31 11352182 bus:FilletedAccounts 2024-06-01 2024-12-31 11352182 bus:SmallEntities 2024-06-01 2024-12-31 11352182 bus:AuditExemptWithAccountantsReport 2024-06-01 2024-12-31 11352182 bus:PrivateLimitedCompanyLtd 2024-06-01 2024-12-31 11352182 bus:Director1 2024-06-01 2024-12-31 11352182 core:Goodwill core:TopRangeValue 2024-06-01 2024-12-31 11352182 core:Goodwill 2024-06-01 2024-12-31 11352182 core:LeaseholdImprovements 2024-06-01 2024-12-31 11352182 core:PlantMachinery 2024-06-01 2024-12-31 11352182 core:OfficeEquipment 2024-06-01 2024-12-31 11352182 core:ComputerEquipment 2024-06-01 2024-12-31 11352182 2023-06-01 2024-05-31 11352182 core:Subsidiary1 2024-06-01 2024-12-31 11352182 core:Subsidiary1 1 2024-06-01 2024-12-31 11352182 core:Subsidiary1 1 2023-06-01 2024-05-31 11352182 core:Subsidiary2 2024-06-01 2024-12-31 11352182 core:Subsidiary2 1 2024-06-01 2024-12-31 11352182 core:Subsidiary2 1 2023-06-01 2024-05-31 11352182 bus:OrdinaryShareClass1 2024-06-01 2024-12-31 11352182 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 11352182 1 2024-06-01 2024-12-31 iso4217:GBP xbrli:pure decimalUnit xbrli:shares

Company No: 11352182 (England and Wales)

Q BRANDS PLUS LIMITED

Unaudited Financial Statements
For the financial period from 01 June 2024 to 31 December 2024
Pages for filing with the registrar

Q BRANDS PLUS LIMITED

Unaudited Financial Statements

For the financial period from 01 June 2024 to 31 December 2024

Contents

Q BRANDS PLUS LIMITED

BALANCE SHEET

As at 31 December 2024
Q BRANDS PLUS LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 31.12.2024 31.05.2024
£ £
Fixed assets
Intangible assets 3 64,465 77,016
Tangible assets 4 225,926 253,661
Investments 5 87 87
290,478 330,764
Current assets
Stocks 6 1,852,912 1,807,262
Debtors 7 824,449 271,711
Cash at bank and in hand 33,323 35,487
2,710,684 2,114,460
Creditors: amounts falling due within one year 8 ( 2,870,442) ( 2,280,399)
Net current liabilities (159,758) (165,939)
Total assets less current liabilities 130,720 164,825
Provision for liabilities ( 36,889) ( 41,735)
Net assets 93,831 123,090
Capital and reserves
Called-up share capital 9 1 1
Profit and loss account 93,830 123,089
Total shareholder's funds 93,831 123,090

For the financial period ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Q Brands Plus Limited (registered number: 11352182) were approved and authorised for issue by the Director on 28 April 2025. They were signed on its behalf by:

P R Masters
Director
Q BRANDS PLUS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 June 2024 to 31 December 2024
Q BRANDS PLUS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 June 2024 to 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Q Brands Plus Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Indy House Lighterage Hill, Newham, Truro, TR1 2XR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption in section 399 of the Companies Act 2006 not to prepare consolidated accounts, because the group it heads qualifies as small. The financial statements present information about the Company as an individual entity only.

Reporting period length

The director has elected to shorten the current accounting period to 31 December 2024, therefore this accounting period covers 1 June 2024 to 31 December 2024. The comparative period is the year ended 31 May 2024.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 4 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 4 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Leasehold improvements 20 % reducing balance
Plant and machinery 20 % reducing balance
Office equipment 20 % reducing balance
Computer equipment 20 % reducing balance
Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

Period from
01.06.2024 to
31.12.2024
Year ended
31.05.2024
Number Number
Monthly average number of persons employed by the Company during the period, including the director 18 11

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 June 2024 86,064 86,064
At 31 December 2024 86,064 86,064
Accumulated amortisation
At 01 June 2024 9,048 9,048
Charge for the financial period 12,551 12,551
At 31 December 2024 21,599 21,599
Net book value
At 31 December 2024 64,465 64,465
At 31 May 2024 77,016 77,016

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Office equipment Computer equipment Total
£ £ £ £ £
Cost
At 01 June 2024 9,492 260,450 375 2,685 273,002
Additions 0 0 0 1,992 1,992
At 31 December 2024 9,492 260,450 375 4,677 274,994
Accumulated depreciation
At 01 June 2024 316 18,855 25 145 19,341
Charge for the financial period 1,071 28,186 41 429 29,727
At 31 December 2024 1,387 47,041 66 574 49,068
Net book value
At 31 December 2024 8,105 213,409 309 4,103 225,926
At 31 May 2024 9,176 241,595 350 2,540 253,661

5. Fixed asset investments

31.12.2024 31.05.2024
£ £
Subsidiary undertakings 87 87

Investments in subsidiaries

31.12.2024
£
Cost
At 01 June 2024 87
At 31 December 2024 87
Carrying value at 31 December 2024 87
Carrying value at 31 May 2024 87

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.12.2024
Ownership
31.05.2024
Held
Q Brands (Teamwear) Limited Indy House Lighteridge Hill, Newham, Truro, England, TR1 2XR Wholesale of clothing and footwear Ordinary 100.00% 100.00% Direct
Advantage Brand Licensing (Ireland) Limited William Bradley & Co, 20 South Mall, Cork, Ireland Wholesale of clothing and footwear Ordinary 100.00% 100.00% Direct

6. Stocks

31.12.2024 31.05.2024
£ £
Stocks 1,852,912 1,807,262

7. Debtors

31.12.2024 31.05.2024
£ £
Trade debtors 811,476 157,803
Other debtors 12,973 113,908
824,449 271,711

8. Creditors: amounts falling due within one year

31.12.2024 31.05.2024
£ £
Trade creditors 188,842 167,950
Amounts owed to Group undertakings 1 1
Taxation and social security 139,078 2,605
Other creditors 2,542,521 2,109,843
2,870,442 2,280,399

9. Called-up share capital

31.12.2024 31.05.2024
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

10. Related party transactions

Transactions with the entity's director

31.12.2024 31.05.2024
£ £
Balance outstanding brought forward 36,295 0
Amounts advanced 0 36,295
Amounts repaid (36,295) 0
Balance outstanding at year end 0 36,295

No interest is charged on this loan and it is repayable on demand.

11. Events after the Balance Sheet date

Since the balance sheet date there has been a refinance of the White Oak debt of £1,717,000 with new finance from the parent company, Elm Tree Estates Limited.