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COMPANY REGISTRATION NUMBER: 11504872
THE ROW UK HOLDINGS LTD
FINANCIAL STATEMENTS
31 December 2024
THE ROW UK HOLDINGS LTD
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Director's report
4
Independent auditor's report to the members
6
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14
THE ROW UK HOLDINGS LTD
OFFICERS AND PROFESSIONAL ADVISERS
Director
Miss S Lattmann
Registered office
30 Old Bailey
London
EC4M 7AU
Auditor
UHY Hacker Young (S.E.) Limited
Chartered accountants & statutory auditor
168 Church Road
Hove
East Sussex
BN3 2DL
THE ROW UK HOLDINGS LTD
STRATEGIC REPORT
YEAR ENDED 31 DECEMBER 2024
Review of the business
The principal activities of the business are the distribution in the United Kingdom and related activities of certain high-end clothing and other products produced, licensed or marketed by TR Apparel LLC, doing business as The Row ("The parent company"). The Director is satisfied with the performance for the year as set out in the financial statements in the following pages. Key financial highlights are as follows:
2024 2023
Turnover 22,007,165 11,591,362
Gross Profit 11,665,206 7,217,230
Gross Profit as proportion of turnover % 53 62
Operating Profit and Profit Before Taxation 5,557,076 3,931,349
Operating Profit and Profit Before Taxation % 25 34
Principle risks and uncertainties
The key risks to the company and mitigating measures are considered to be as follows: Natural Catastrophes The Company's sales are primarily transacted by customers coming into a retail store, selecting product that is on display and purchasing it. Natural disasters can damage the property and products, and it can cause business interruption and data loss. The Company mitigates the risk from natural disasters by securing appropriate insurance coverage for property and product loss as well as business interruption. Cyber Attacks Retail companies remain a prime target for hackers. Cyber attacks can create reputational risk and data theft and business interruption losses can also occur if ransomware or malware infects a company's computer system. The Company mitigates this risk from a network perspective, by conducting annual cyber attack penetration tests to secure the network. In addition, The Company's cybersecurity policy is included in the HR Employee Handbook, It conducts cybersecurity awareness training with all new hires and once a year with all existing employees.
This report was approved by the board of directors on 30 April 2025 and signed on behalf of the board by:
Miss S Lattmann
Director
Registered office:
30 Old Bailey
London
EC4M 7AU
THE ROW UK HOLDINGS LTD
DIRECTOR'S REPORT
YEAR ENDED 31 DECEMBER 2024
The director presents her report and the financial statements of the company for the year ended 31 December 2024 .
Principal activities
The principal activity of the company during the year was that of high end clothing retail.
Director
The director who served the company during the year was as follows:
Miss S Lattmann
Dividends
The directors do not recommend the payment of a final dividend.
Economic impact of global events
UK businesses are facing many uncertainties and challenges caused by political, economic, social, technological, legal and environmental factors. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working.
The director has carried out an assessment of the potential impact of these uncertainties on the business,including the impact of mitigation measures, and concluded that the greatest impact on the business is expected to be from the economic ripple effect on the global economy. The director has taken account of these potential impacts in their going concern assessment.
The company continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.
Director's responsibilities statement
The director is responsible for preparing the strategic report, director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies and then apply them consistently; - make judgments 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 director is 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. She is 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 30 April 2025 and signed on behalf of the board by:
Miss S Lattmann
Director
Registered office:
30 Old Bailey
London
EC4M 7AU
THE ROW UK HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ROW UK HOLDINGS LTD
YEAR ENDED 31 DECEMBER 2024
Opinion
We have audited the financial statements of The Row UK Holdings Ltd (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and the related notes, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.
Other matter
The financial statements of the Company for the year ended 31 December 2023 were audited by another auditor who expressed an unmodified opinion on those statements on 7 May 2024.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The director is responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of the director
As explained more fully in the director's responsibilities statement, the director is 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 director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a while are free from material misstatement, whether due to fraud or error; and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the company and the industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the acts by the company which were contrary to applicable laws and regulations including fraud and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to inflated revenue and profit. Audit procedures performed included: review of financial statement disclosures to underlying supporting documentation, review of correspondence with and reports to the regulators, review of correspondence with legal advisors, enquiries of management and in so far as they related to the financial statements, and testing of journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. 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. Also, 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. 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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
David Guest FCA
(Senior Statutory Auditor)
For and on behalf of
UHY Hacker Young (S.E.) Limited
Chartered accountants & statutory auditor
168 Church Road
Hove
East Sussex
BN3 2DL
1 May 2025
THE ROW UK HOLDINGS LTD
STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 31 DECEMBER 2024
2024
2023
Note
£
£
Turnover
4
22,007,165
11,591,362
Cost of sales
10,341,959
4,374,132
---------------
---------------
Gross profit
11,665,206
7,217,230
Administrative expenses
6,108,130
3,306,584
Other operating income
5
20,703
---------------
-------------
Operating profit
6
5,557,076
3,931,349
Other interest receivable and similar income
9
3,158
---------------
-------------
Profit before taxation
5,560,234
3,931,349
Tax on profit
10
1,498,296
436,467
-------------
-------------
Profit for the financial year and total comprehensive income
4,061,938
3,494,882
-------------
-------------
All the activities of the company are from continuing operations.
THE ROW UK HOLDINGS LTD
STATEMENT OF FINANCIAL POSITION
31 December 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
11
2,311,354
2,358,947
Investments
12
384,864
-------------
-------------
2,311,354
2,743,811
Current assets
Stocks
13
2,609,218
1,880,817
Debtors
14
1,698,959
1,535,392
Cash at bank and in hand
3,698,571
2,571,789
-------------
-------------
8,006,748
5,987,998
Creditors: amounts falling due within one year
15
5,965,523
8,441,168
-------------
-------------
Net current assets/(liabilities)
2,041,225
( 2,453,170)
-------------
-------------
Total assets less current liabilities
4,352,579
290,641
-------------
----------
Net assets
4,352,579
290,641
-------------
----------
Capital and reserves
Called up share capital
17
20,000
20,000
Profit and loss account
4,332,579
270,641
-------------
----------
Shareholders funds
4,352,579
290,641
-------------
----------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 30 April 2025 , and are signed on behalf of the board by:
Miss S Lattmann
Director
Company registration number: 11504872
THE ROW UK HOLDINGS LTD
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 31 DECEMBER 2024
Called up share capital
Profit and loss account
Total
£
£
£
At 1 January 2023
20,000
( 3,224,241)
( 3,204,241)
Profit for the year
3,494,882
3,494,882
---------
-------------
-------------
Total comprehensive income for the year
3,494,882
3,494,882
At 31 December 2023
20,000
270,641
290,641
Profit for the year
4,061,938
4,061,938
---------
-------------
-------------
Total comprehensive income for the year
4,061,938
4,061,938
---------
-------------
-------------
At 31 December 2024
20,000
4,332,579
4,352,579
---------
-------------
-------------
THE ROW UK HOLDINGS LTD
STATEMENT OF CASH FLOWS
YEAR ENDED 31 DECEMBER 2024
2024
2023
Note
£
£
Cash generated from operations
18
2,916,685
1,190,277
Interest received
3,158
Tax paid
( 1,686,467)
-------------
-------------
Net cash from operating activities
1,233,376
1,190,277
-------------
-------------
Cash flows from investing activities
Purchase of tangible assets
( 106,594)
( 5,250)
-------------
-------------
Net cash used in investing activities
( 106,594)
( 5,250)
-------------
-------------
Net increase in cash and cash equivalents
1,126,782
1,185,027
Cash and cash equivalents at beginning of year
2,571,789
1,386,762
-------------
-------------
Cash and cash equivalents at end of year
3,698,571
2,571,789
-------------
-------------
THE ROW UK HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
1. General information
The Row UK Holdings Limited is a private company limited by shares and incorporated in England and Wales. The company's registered number is 11504872 . The address of its registered office is 30 Old Bailey, London, United Kingdom, EC4M 7AU. Its principal place of business address is Ground Floor and Basement, 14 & 15 Carlos Place, London, W1K 2EX. The principal activity of the company is high end clothing retail.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. The financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the company operates and is rounded to the nearest pound. The following principal accounting policies have been applied:
Going concern
The directors have a reasonable expectation that the Company has adequate resources available to it to continue in operational existence and meet its liabilities as they fall due for the foreseeable future. The parent company, TR Apparel, LLC has confirmed that it will continue to financially support the Company for a period of at least 12 months from the date of approval of these financial statements and the directors are satisfied that it is able to provide the pledged support. The directors therefore continue to adopt the going concern basis of accounting in preparing these financial statements.
Judgements and key sources of estimation uncertainty
In applying the Company’s accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors’ judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised, if the revision affects only that year, or in the year of the revision and future years, if the revision affects both current and future years. Critical judgements in applying the Company's accounting policies The critical judgements that the directors have made in the process of applying the Company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below. (i) Assessing indicators of impairment In assessing whether there have been any indicators of impairment for assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no indicators of impairments identified during the current financial year. Key sources of estimation uncertainty The directors do not consider there to be any key sources of estimation uncertainty.
Revenue recognition
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: Sale of goods Turnover from the sale of goods is recognised when all of the following conditions are satisfied: - the company has transferred the significant risks and rewards of ownership to the buyer; - the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; - the amount of turnover can be measured reliably; - it is probable that the company will receive the consideration due under the transaction; and - the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Functional and presentation currency The company's functional and presentation currency is Pound Sterling. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. All other foreign exchange gains and losses are presented in the Statement of comprehensive income within 'Administrative expenses'.
Operating leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Tangible assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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:
Long leasehold property
-
over lease term
Artwork fixtures
-
over 165 months
Fixtures and fittings
-
7 years
Equipment
-
3 years
Improvements to property
-
over lease term
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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.
Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable. Financial assets Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is identified, an impairment loss is recognised in profit or loss. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and its recoverable amount, which is an estimate of the amount that the company would receive for the asset if it were to be sold at the reporting date. Financial liabilities Basic financial liabilities, including trade and other payables are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a rate of interest. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payables are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Defined contribution plans
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
22,007,165
11,591,362
---------------
---------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Other operating income
2024
2023
£
£
Other operating income
20,703
----
---------
6. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Depreciation of tangible assets
539,051
493,680
Operating lease rentals
764,999
758,968
Foreign exchange differences
563,361
( 505,168)
----------
----------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
13,245
13,245
---------
---------
Fees payable to the company's auditor and its associates for other services:
Other non-audit services
2,640
2,640
---------
---------
8. Staff costs
The average number of persons employed by the company during the year, including the director, amounted to:
2024
2023
No.
No.
Administrative staff
17
10
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
1,515,499
1,149,048
Social security costs
179,702
143,085
Other pension costs
23,811
17,262
-------------
-------------
1,719,012
1,309,395
-------------
-------------
Directors' remuneration During the year, no directors or key management personnel received remuneration for services provided to the Company (2023: £nil). During the year, there were no benefits accruing to the directors or key management personnel under money purchase pension schemes (2023: £nil).
9. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
3,158
-------
----
10. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
1,498,296
436,467
-------------
----------
Tax on profit
1,498,296
436,467
-------------
----------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 23.52 %).
2024
2023
£
£
Profit on ordinary activities before taxation
5,560,234
3,931,349
-------------
-------------
Profit on ordinary activities by rate of tax
1,390,059
924,653
Effect of expenses not deductible for tax purposes
6,885
5,341
Effect of capital allowances and depreciation
110,815
107,336
Utilisation of tax losses
( 600,863)
Capitalised revenue expenditure
(9,463)
-------------
-------------
Tax on profit
1,498,296
436,467
-------------
-------------
11. Tangible assets
Long leasehold property
Artwork fixture
Fixtures and fittings
Equipment
Improvements to property
Total
£
£
£
£
£
£
Cost
At 1 Jan 2024
4,051,607
383,659
127,406
5,250
4,567,922
Additions
21,164
85,430
106,594
Transfers
384,864
384,864
-------------
----------
----------
----------
---------
-------------
At 31 Dec 2024
4,051,607
384,864
383,659
148,570
90,680
5,059,380
-------------
----------
----------
----------
---------
-------------
Depreciation
At 1 Jan 2024
1,853,175
228,394
127,406
2,208,975
Charge for the year
438,872
18,660
54,808
4,920
21,791
539,051
-------------
----------
----------
----------
---------
-------------
At 31 Dec 2024
2,292,047
18,660
283,202
132,326
21,791
2,748,026
-------------
----------
----------
----------
---------
-------------
Carrying amount
At 31 Dec 2024
1,759,560
366,204
100,457
16,244
68,889
2,311,354
-------------
----------
----------
----------
---------
-------------
At 31 Dec 2023
2,198,432
155,265
5,250
2,358,947
-------------
----------
----------
----------
---------
-------------
During the year a piece of artwork that is used as a display in the London retail store was reclassified from an investment to a tangible fixed asset.
12. Investments
Other investments other than loans
£
Cost
At 1 January 2024
384,864
Transfers
(384,864)
----------
At 31 December 2024
----------
Impairment
At 1 January 2024 and 31 December 2024
----------
Carrying amount
At 31 December 2024
----------
At 31 December 2023
384,864
----------
During the year a piece of artwork that is used as a display in the London retail store was reclassified from an investment to a tangible fixed asset.
13. Stocks
2024
2023
£
£
Finished goods and goods for resale
2,609,218
1,880,817
-------------
-------------
14. Debtors
2024
2023
£
£
Trade debtors
477,265
188,690
Amounts owed by group undertakings
4,493
Prepayments and accrued income
303,226
296,692
Other debtors
913,975
1,050,010
-------------
-------------
1,698,959
1,535,392
-------------
-------------
The debtors above include the following amounts falling due after more than one year:
2024
2023
£
£
Other debtors
747,481
747,481
----------
----------
15. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
93,607
157,437
Amounts owed to group undertakings
4,168,215
6,810,229
Accruals and deferred income
204,446
115,263
Corporation tax
248,296
436,467
Social security and other taxes
1,074,487
766,605
Other creditors
176,472
155,167
-------------
-------------
5,965,523
8,441,168
-------------
-------------
The amounts owed to group undertakings are unsecured, interest free and repayable on demand.
16. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 23,811 (2023: £ 17,262 ).
17. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
20,000
20,000
20,000
20,000
---------
---------
---------
---------
The shares have attached to them full voting, dividend and capital distribution(including on winding up) rights; they do not confer any rights of redemption.
18. Cash generated from operations
2024
2023
£
£
Profit for the financial year
4,061,938
3,494,882
Adjustments for:
Depreciation of tangible assets
539,051
493,682
Other interest receivable and similar income
( 3,158)
Tax on profit
1,498,296
436,467
Changes in:
Stocks
( 728,401)
( 406,869)
Trade and other debtors
( 163,567)
( 277,271)
Trade and other creditors
( 2,287,474)
( 2,550,614)
-------------
-------------
2,916,685
1,190,277
-------------
-------------
19. Analysis of changes in net debt
At 1 Jan 2024
Cash flows
At 31 Dec 2024
£
£
£
Cash at bank and in hand
2,571,789
1,126,782
3,698,571
-------------
-------------
-------------
20. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
750,000
750,000
Later than 1 year and not later than 5 years
1,562,500
2,312,500
-------------
-------------
2,312,500
3,062,500
-------------
-------------
21. Pension commitments
The company operates a defined contribution plan for all employees of the company. Contributions made into this plan are paid by the company at rates specified in the rules of the schemes. The amount payable to the plan at the balance sheet date was £5,768 (2023: £3,844).
22. Related party transactions
The company has taken advantage of the exemption, under s33.1a of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with other wholly owned members of the group.
THE ROW UK HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2024
23. Controlling party
The director considers TR Apparel, LLC, a company incorporated in the United States of America, under the laws of the state of Delaware, to be the immediate parent undertaking. The address of its registered office is 435 Hudson Street, 4th Floor, NY, NY 10014, United States. The ultimate controlling party is Dualstar Entertainment Group Inc, a company incorporated in the United States of America.