Caseware UK (AP4) 2023.0.135 2023.0.135 Information the Group has chosen, in accordance with S414C (II) of the Companies Act 2006, to set out in the Strategic report which would otherwise by required by Schedule 7 of the 'Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008' to be contained in the directors' report is as follows: Principal risks and uncertainties; and Financial key performance indicators2025-05-082025-05-082025-05-08The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. FRS 102 allows a qualifying entity certain disclosure exemptions, subject to certain conditions, which have been complied with, including notifications of, and no objections to, the use of exemptions by the Company's shareholders. The Company has taken advantage of the following exemptions in its individual financial statements: from preparing a statement of cashflows, on the basis that it is a qualifying entity and the consolidated statement of cashflows, included in these financial statements, includes the Company's cashflow; from the financial instrument disclosures, required under FRS 102 paragraphs 11.39 to 11.48A and paragraphs 12.26 to 12.29, as the information is provided in the consolidated financial statement disclosures; from disclosing share based payment arrangements, required under FRS 102 paragraphs 26.18 (c), 26.19, 26.21 and 26,23, concerning its own equity instruments. The Company financial statements are presented with the consolidated financial statements and the relevant disclosures are included therein; and from disclosing the Company key management personnel compensation, as required by FRS 102 paragraph 33.7.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 Group 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. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis. 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.Useful lives of depreciable assets Management reviews its estimate of the useful lives of depreciable assets at each reporting date, based on the expected utility of the assets. Uncertainties in these estimates relate to technical and physical obsolescence that may change the utility of certain property, plant and equipment. Estimating useful lives of intangible assets The Company estimates the useful lives of intangible fixed assets based on the period over which the assets are expected to be available for use. The estimated useful lives are reviewed periodically and are updated if expectations differ from previous estimates due to prospective economic utilisation, technical or commercial obsolescence and legal or other limits on the use of the assets. In addition, estimation of the useful lives of intangible fixed assets are based on collective assessment of industry practice, internal technical evaluation and experience with similar assets. Actual results, however may vary due to changes in estimates brought about by changes in factors mentioned above.Recoverability of debtors Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the aging profile of debtors are considered. Estimating allowance for impairment of stocks Management estimates the net realisable values of stocks, taking into account the most reliable evidence available at each reporting date. The future realisation of these inventories may be affected by future technology or other market-driven changes that may reduce future selling prices.Interest income is recognised in profit or loss using the effective interest method. Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.falsefalsefalsefalsetrue2023-04-0100 10990781 2023-04-01 2024-03-31 10990781 2022-04-01 2023-03-31 10990781 2024-03-31 10990781 2023-03-31 10990781 2022-04-01 10990781 1 2023-04-01 2024-03-31 10990781 d:Director1 2023-04-01 2024-03-31 10990781 d:Director2 2023-04-01 2024-03-31 10990781 d:Director3 2023-04-01 2024-03-31 10990781 d:Director3 2024-03-31 10990781 d:Director4 2023-04-01 2024-03-31 10990781 d:Director4 2024-03-31 10990781 d:Director5 2023-04-01 2024-03-31 10990781 d:Director6 2023-04-01 2024-03-31 10990781 d:RegisteredOffice 2023-04-01 2024-03-31 10990781 d:Agent1 2023-04-01 2024-03-31 10990781 c:Buildings 2023-04-01 2024-03-31 10990781 c:Buildings c:LongLeaseholdAssets 2023-04-01 2024-03-31 10990781 c:PlantMachinery 2023-04-01 2024-03-31 10990781 c:MotorVehicles 2023-04-01 2024-03-31 10990781 c:FurnitureFittings 2023-04-01 2024-03-31 10990781 c:OfficeEquipment 2023-04-01 2024-03-31 10990781 c:ComputerEquipment 2023-04-01 2024-03-31 10990781 c:ComputerEquipment 2024-03-31 10990781 c:ComputerEquipment 2023-03-31 10990781 c:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 10990781 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-01 2024-03-31 10990781 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 10990781 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 10990781 c:Goodwill 2023-04-01 2024-03-31 10990781 c:NegativeGoodwill 2023-04-01 2024-03-31 10990781 c:OtherResidualIntangibleAssets 2023-04-01 2024-03-31 10990781 c:CurrentFinancialInstruments 2024-03-31 10990781 c:CurrentFinancialInstruments 2023-03-31 10990781 c:Non-currentFinancialInstruments 2024-03-31 10990781 c:Non-currentFinancialInstruments 2023-03-31 10990781 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 10990781 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 10990781 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2024-03-31 10990781 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-03-31 10990781 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2024-03-31 10990781 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-03-31 10990781 c:ShareCapital 2023-04-01 2024-03-31 10990781 c:ShareCapital 2024-03-31 10990781 c:ShareCapital 2022-04-01 2023-03-31 10990781 c:ShareCapital 2023-03-31 10990781 c:ShareCapital 2022-04-01 10990781 c:SharePremium 2023-04-01 2024-03-31 10990781 c:SharePremium 2024-03-31 10990781 c:SharePremium 2022-04-01 2023-03-31 10990781 c:SharePremium 2023-03-31 10990781 c:SharePremium 2022-04-01 10990781 c:RevaluationReserve 2023-04-01 2024-03-31 10990781 c:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 10990781 c:RetainedEarningsAccumulatedLosses 2024-03-31 10990781 c:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 10990781 c:RetainedEarningsAccumulatedLosses 2023-03-31 10990781 c:RetainedEarningsAccumulatedLosses 2022-04-01 10990781 d:OrdinaryShareClass1 2023-04-01 2024-03-31 10990781 d:OrdinaryShareClass1 2022-04-01 2023-03-31 10990781 d:OrdinaryShareClass1 2024-03-31 10990781 d:OrdinaryShareClass1 2023-03-31 10990781 d:OrdinaryShareClass2 2023-04-01 2024-03-31 10990781 d:OrdinaryShareClass2 2022-04-01 2023-03-31 10990781 d:OrdinaryShareClass2 2024-03-31 10990781 d:OrdinaryShareClass2 2023-03-31 10990781 d:OrdinaryShareClass3 2023-04-01 2024-03-31 10990781 d:OrdinaryShareClass3 2022-04-01 2023-03-31 10990781 d:OrdinaryShareClass3 2024-03-31 10990781 d:OrdinaryShareClass3 2023-03-31 10990781 d:OrdinaryShareClass4 2023-04-01 2024-03-31 10990781 d:OrdinaryShareClass4 2022-04-01 2023-03-31 10990781 d:OrdinaryShareClass4 2024-03-31 10990781 d:OrdinaryShareClass4 2023-03-31 10990781 d:OrdinaryShareClass5 2023-04-01 2024-03-31 10990781 d:OrdinaryShareClass5 2022-04-01 2023-03-31 10990781 d:OrdinaryShareClass5 2024-03-31 10990781 d:OrdinaryShareClass5 2023-03-31 10990781 d:FRS102 2023-04-01 2024-03-31 10990781 d:Audited 2023-04-01 2024-03-31 10990781 d:FullAccounts 2023-04-01 2024-03-31 10990781 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10990781 c:Subsidiary1 2023-04-01 2024-03-31 10990781 c:Subsidiary1 1 2023-04-01 2024-03-31 10990781 c:Subsidiary2 2023-04-01 2024-03-31 10990781 c:Subsidiary2 1 2023-04-01 2024-03-31 10990781 c:Subsidiary3 2023-04-01 2024-03-31 10990781 c:Subsidiary3 1 2023-04-01 2024-03-31 10990781 c:Subsidiary4 2023-04-01 2024-03-31 10990781 c:Subsidiary4 1 2023-04-01 2024-03-31 10990781 c:Subsidiary5 2023-04-01 2024-03-31 10990781 c:Subsidiary5 1 2023-04-01 2024-03-31 10990781 c:Subsidiary6 2023-04-01 2024-03-31 10990781 c:Subsidiary6 1 2023-04-01 2024-03-31 10990781 d:Consolidated 2024-03-31 10990781 d:ConsolidatedGroupCompanyAccounts 2023-04-01 2024-03-31 10990781 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure

Consolidated Financial Statements
The Edward Alexander Group Ltd
For the year ended 31 March 2024





































Registered number: 10990781

 
The Edward Alexander Group Ltd
 

Company Information


Directors
M Patton 
R Merritt 
B Hochfeld (resigned 30 January 2024)
G Collier (resigned 30 January 2024)
M Nevill 
J Taee 




Registered number
10990781



Registered office
Unit 310-311
Chelsea Harbour

London

SW10 0XF




Independent auditor
Grant Thornton (NI) LLP
Chartered Accountants & Statutory Auditors

12 - 15 Donegall Square West

Belfast

BT1 6JH




Bankers
Coutts Private Bank
Avon Street

Bristol

BS2 0PT





 
The Edward Alexander Group Ltd
 

Contents



Page
Group strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Consolidated statement of comprehensive income
9
Consolidated balance sheet
10
Company balance sheet
11
Consolidated statement of changes in equity
12
Company statement of changes in equity
13
Consolidated statement of cash flows
14 - 15
Consolidated analysis of net debt
16
Notes to the financial statements
17 - 41


 
The Edward Alexander Group Ltd
 

Group strategic report
For the year ended 31 March 2024

Introduction
 
The directors present their report and the financial statements of the Group for the year ended 31 March 2024.

Business review
 
The results presented on page 9 are broadly in line with the expectations of the directors.

Principal risks and uncertainties
 
The Group uses various financial instruments including bank loans and overdrafts, cash, and various items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the Group's operations.
The existence of these financial instruments exposes the Group to a number of financial risks, which are described in more detail below.
The main risks arising from the Group's financial instruments are trade debt risk, interest rate risk and liquidity risk.
The directors review and agree policies for managing each of these risks and they are summarised below. These policies have remained unchanged from previous years.
Trade debt risk
The Group aims to mitigate credit risks using credit control policies and techniques common in businesses of our size. 
Interest rate risk
The Group finances its operations through a mixture of retained profits and bank borrowings. The Group exposure to interest rate fluctuations on its borrowings is managed through annual review of its borrowing requirements. The directors do not see the situation changing significantly in the foreseeable future and see the Group's interest rate risk as minimal.
Liquidity risk
The Group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. Short-term flexibility is achieved by overdraft facilities.

Financial key performance indicators
 
We consider that our key performance indicators are those that communicate the financial performance and strength of the Group, these being turnover, which totalled to £10,943,102 during the year, (2023: £11,748,297) and gross profit, which totalled to £4,736,192 during the year (2023: £4,878,178).

Other key performance indicators
 
The directors do not consider any non-financial key performance indicators to be appropriate.

Page 1

 
The Edward Alexander Group Ltd
 

Group strategic report (continued)
For the year ended 31 March 2024


This report was approved by the board on 8 May 2025 and signed on its behalf.



J Taee
Director

Page 2

 
The Edward Alexander Group Ltd
 
 
Directors' report
For the year ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK 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 Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Principal activity

The principal activity of the Group is the sale of high end furnishings. 

Results and dividends

The loss for the year, after taxation, amounted to £680,359 (2023 - loss £77,086).

The directors do not recommend the payment of a dividend (2023: £Nil).

Directors

The directors who served during the year were:

M Patton 
R Merritt 
B Hochfeld (resigned 30 January 2024)
G Collier (resigned 30 January 2024)
M Nevill 
J Taee 

Page 3

 
The Edward Alexander Group Ltd
 

Directors' report (continued)
For the year ended 31 March 2024

Future developments

The Group plans to continue its present activities and ongoing growth strategies.

Matters covered in the Group strategic report

Information the Group has chosen, in accordance with S414C (II) of the Companies Act 2006, to set out in the Strategic report which would otherwise by required by Schedule 7 of the 'Large and Medium-sized Companies and
Groups (Accounts and Reports) Regulations 2008' to be contained in the directors' report is as follows:

Principal risks and uncertainties; and
Financial key performance indicators

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

This report was approved by the board on 8 May 2025 and signed on its behalf.
 





J Taee
Director

Page 4

 
 
img0e50.png
 
Independent auditor's report to the members of The Edward Alexander Group Ltd
 

Opinion


We have audited the financial statements of The Edward Alexander Group Ltd (the 'parent Company') and its subsidiaries (the 'Group'), which comprise the Consolidated Statement of comprehensive income, the Consolidated and Company Balance sheets, the Consolidated Statement of cash flows, the Consolidated and Company Statement of changes in equity for the financial year ended 31 March 2024, and the related 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 Edward Alexander Group Ltd's financial statements:


give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Group's and the Company as at 31 March 2024 and of the Group financial performance and cash flows for the financial year then ended; 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 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the Group and  Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. 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 or the parent Company's ability to continue as a going concern for a period of at least twelve months from the date 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.



Page 5

 
 
img7e25.png

Independent auditor's report to the members of The Edward Alexander Group Ltd (continued)


Other information


Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon, including the Directors' report and the Strategic Report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the 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 statementsour 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 in the financial statements, 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 Directors' report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements, and 
the Directors' report and the Strategic 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 we have obtained in the course of the audit, we have not identified material misstatements in the  Directors' report and the Strategic 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent Company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Page 6

 
 
img3f7e.png

Independent auditor's report to the members of The Edward Alexander Group Ltd (continued)


Responsibilities of management and those charged with governance for the financial statements
 

Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 and for such internal control as the directors determine 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, management is responsible for assessing the Group and 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 management either intend to liquidate the Group and Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Group and Company's financial reporting process.

Responsibilities of the auditor for the audit of the financial statements
 

The objectives of an auditor 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 an Auditor's report that includes their 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.

A further description of an auditor's 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 auditor's report.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
 
Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with Laws and regulations related to Data Privacy Law, Health and Safety Laws and Employment Law, 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 Companies Act 2006 and UK tax legislation. The Audit engagement partner considered the experience and expertise of the engagement team to ensure that the team had appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulation. 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 posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions.
Page 7

 
 
img5a98.png

Independent auditor's report to the members of The Edward Alexander Group Ltd (continued)

We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.
In response to these principal risks, our audit procedures included but were not limited to:

inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
inspection of the Group’s regulatory and legal correspondence and review of minutes of the board of directors meetings during the year to corroborate inquiries made;
gaining an understanding of the internal controls established to mitigate risk related to fraud;
discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;
designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
challenging assumptions and judgements made by management in their significant accounting estimates, including estimating useful lives of tangible and intangible fixed assets, estimation allowance for the impairment of bad debt, investments, and stock; and
review of the financial statement disclosures to underlying supporting documentation and inquiries of  management.

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.

The purpose of our audit work and to whom we owe our responsibilities
 

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.



 
 
Bronagh Bourke (Senior statutory auditor)
for and on behalf of
Grant Thornton (NI) LLP
Chartered Accountants
Statutory Auditors
Belfast
8 May 2025
Page 8

 
The Edward Alexander Group Ltd
 

Consolidated statement of comprehensive income
For the year ended 31 March 2024

2024
2023
Note
£
£

  

Turnover
 4 
10,943,102
11,748,297

Cost of sales
  
(6,206,910)
(6,870,119)

Gross profit
  
4,736,192
4,878,178

Distribution costs
  
(233,535)
(290,169)

Administrative expenses
  
(4,957,875)
(4,769,103)

Other operating income
 5 
85,024
102,454

Operating loss
 6 
(370,194)
(78,640)

Interest receivable and similar income
  
2,427
2,362

Interest payable and similar expenses
 9 
(304,225)
(183,692)

Loss before taxation
  
(671,992)
(259,970)

Tax on loss
 10 
(8,367)
182,884

Loss for the financial year
  
(680,359)
(77,086)

  

Unrealised surplus on revaluation of tangible fixed assets
  
165,000
-

Total comprehensive income for the year
  
(515,359)
(77,086)

Loss for the year attributable to:
  

Owners of the parent Company
  
(680,359)
(77,086)

  
(680,359)
(77,086)

Other comprehensive income amounted to £165,000 in 2024 (2023: £Nil).
All amounts relate to continuing operations.

The notes on pages 17 to 41 form part of these financial statements.

Page 9

 
The Edward Alexander Group Ltd
Registered number:10990781

Consolidated balance sheet
As at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
2,315,243
2,806,016

Tangible assets
 13 
2,409,281
2,148,572

  
4,724,524
4,954,588

Current assets
  

Stocks
 15 
1,926,502
1,943,560

Debtors: amounts falling due within one year
 16 
1,293,938
936,660

Cash at bank and in hand
 17 
567,549
680,496

  
3,787,989
3,560,716

Current liabilities
  

Creditors: amounts falling due within one year
 18 
(4,778,690)
(3,944,680)

Net current liabilities
  
 
 
(990,701)
 
 
(383,964)

Total assets less current liabilities
  
3,733,823
4,570,624

Creditors: amounts falling due after more than one year
 19 
(895,230)
(1,225,039)

Provisions for liabilities
  

Deferred taxation
 23 
(191,625)
(183,258)

  
 
 
(191,625)
 
 
(183,258)

Net assets
  
2,646,968
3,162,327


Capital and reserves
  

Called up share capital 
 24 
674
674

Share premium account
 25 
7,349,964
7,349,964

Revaluation reserve
 25 
211,157
46,157

Profit and loss account
 25 
(4,914,827)
(4,234,468)

Shareholders' funds
  
2,646,968
3,162,327


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 May 2025.


J Taee
Director

The notes on pages 17 to 41 form part of these financial statements.

Page 10

 
The Edward Alexander Group Ltd
Registered number:10990781

Company balance sheet
As at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
105,569
118,269

Tangible assets
 13 
7,343
9,051

Investments
 14 
6,751,594
6,901,431

  
6,864,506
7,028,751

Current assets
  

Debtors: amounts falling due within one year
 16 
462,172
1,539,175

Cash at bank and in hand
 17 
111,208
310,800

  
573,380
1,849,975

Current liabilities
  

Creditors: amounts falling due within one year
 18 
(2,950,456)
(2,577,149)

Net current liabilities
  
 
 
(2,377,076)
 
 
(727,174)

Total assets less current liabilities
  
4,487,430
6,301,577

  

Creditors: amounts falling due after more than one year
 19 
(20,000)
(30,000)

  

Net assets
  
4,467,430
6,271,577


Capital and reserves
  

Called up share capital 
 24 
674
674

Share premium account
 25 
7,349,964
7,349,964

Profit and loss account
 25 
(2,883,208)
(1,079,061)

Shareholders' funds
  
4,467,430
6,271,577


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 May 2025.


J Taee
Director

The notes on pages 17 to 41 form part of these financial statements.

Page 11

 
The Edward Alexander Group Ltd
 

Consolidated statement of changes in equity
For the year ended 31 March 2024


Called up share capital
Share premium account
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 April 2023
674
7,349,964
46,157
(4,234,468)
3,162,327



Loss for the year
-
-
-
(680,359)
(680,359)

Surplus on revaluation of freehold property
-
-
165,000
-
165,000


At 31 March 2024
674
7,349,964
211,157
(4,914,827)
2,646,968



Consolidated statement of changes in equity
For the year ended 31 March 2023


Called up share capital
Share premium account
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 April 2022
667
7,349,904
46,157
(4,157,382)
3,239,346



Loss for the year
-
-
-
(77,086)
(77,086)

Shares issued during the year
7
60
-
-
67


At 31 March 2023
674
7,349,964
46,157
(4,234,468)
3,162,327


The notes on pages 17 to 41 form part of these financial statements.

Page 12

 
The Edward Alexander Group Ltd
 

Company statement of changes in equity
For the year ended 31 March 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 April 2023
674
7,349,964
(1,079,061)
6,271,577



Loss for the year
-
-
(1,804,147)
(1,804,147)


At 31 March 2024
674
7,349,964
(2,883,208)
4,467,430



Company statement of changes in equity
For the year ended 31 March 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 April 2022
667
7,349,904
(933,700)
6,416,871



Loss for the year
-
-
(145,361)
(145,361)

Shares issued during the year
7
60
-
67


At 31 March 2023
674
7,349,964
(1,079,061)
6,271,577


The notes on pages 17 to 41 form part of these financial statements.

Page 13

 
The Edward Alexander Group Ltd
 

Consolidated statement of cash flows
For the year ended 31 March 2024

2024
2023
£
£

Cash flows from operating activities

Loss for the financial year
(680,359)
(77,086)

Adjustments for:

Amortisation of intangible assets
490,772
494,747

Depreciation of tangible assets
268,628
244,173

Interest payable
304,225
183,692

Interest receivable
(2,427)
(2,362)

Taxation charge
8,367
(182,884)

Decrease in stocks
17,056
1,688

(Increase) in debtors
(357,278)
(36,247)

Increase/(decrease) in creditors
565,828
(403,994)

Foreign exchange
1,879
-

Net cash generated from operating activities

616,691
221,727


Cash flows from investing activities

Purchase of intangible fixed assets
-
(106,383)

Purchase of tangible fixed assets
(366,216)
(675,000)

Interest received
2,427
2,362

Net cash outflow from investing activities

(363,789)
(779,021)

Cash flows from financing activities

Issue of ordinary shares
-
67

(Net repayment)/new loans
(285,147)
259,627

Other new loans
-
4,953

Repayment of other loans
177,921
-

(Repayment of)/new finance leases
(44,661)
216,086

Interest paid
(304,225)
(183,692)

Net cash (outflow)/inflow in financing activities
(456,112)
297,041

Net (decrease) in cash and cash equivalents
(203,210)
(260,253)

Cash and cash equivalents at beginning of year
602,091
863,795
Page 14

 
The Edward Alexander Group Ltd
 

Consolidated statement of cash flows (continued)
For the year ended 31 March 2024


2024
2023

£
£



Cash and cash equivalents at the end of year
398,881
603,542


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
567,549
680,496

Bank overdrafts
(168,668)
(76,954)

398,881
603,542


The notes on pages 17 to 41 form part of these financial statements.

Page 15

 
The Edward Alexander Group Ltd
 

Consolidated Analysis of Net Debt
For the year ended 31 March 2024




At 1 April 2023
Cash (outflow)/inflow
At 31 March 2024
£

£

£

Cash at bank and in hand

680,496

(113,798)

566,698

Bank overdrafts

(78,405)

(90,263)

(168,668)

Debt due after 1 year

(1,051,687)

285,147

(766,540)

Debt due within 1 year

(1,639,916)

(177,921)

(1,817,837)

Finance leases

(218,013)

44,661

(173,352)


(2,307,525)
(52,174)
(2,359,699)

The notes on pages 17 to 41 form part of these financial statements.

Page 16

 
The Edward Alexander Group Ltd
 
 
Notes to the financial statements
For the year ended 31 March 2024

1.


General information

The Edward Alexander Group Limited is a private company limited by shares, and incorporated in the United Kingdom. The address of its registered office is Unit 310-311 Chelsea Harbour, London, SW10 0XF.
The principal activity of the Group is the sale of high end furnishings. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

FRS 102 allows a qualifying entity certain disclosure exemptions, subject to certain conditions, which have been complied with, including notifications of, and no objections to, the use of exemptions by the Company's shareholders. The Company has taken advantage of the following exemptions in its individual financial statements:

from preparing a statement of cashflows, on the basis that it is a qualifying entity and the consolidated statement of cashflows, included in these financial statements, includes the Company's cashflow;
from the financial instrument disclosures, required under FRS 102 paragraphs 11.39 to 11.48A and paragraphs 12.26 to 12.29, as the information is provided in the consolidated financial statement disclosures;
from disclosing share based payment arrangements, required under FRS 102 paragraphs 26.18 (c), 26.19, 26.21 and 26,23, concerning its own equity instruments. The Company financial statements are presented with the consolidated financial statements and the relevant disclosures are included therein; and
from disclosing the Company key management personnel compensation, as required by FRS 102 paragraph 33.7.

The following principal accounting policies have been applied:

Page 17

 
The Edward Alexander Group Ltd
 

Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)

  
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

The Group made a loss after tax of £680,358 (2023:£77,086) for the year to 31 March 2024 and had net assets of £2,647,204 (2023: £3,162,327) at the balance sheet date.
After reviewing the Group’s forecasts and projections, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group therefore continues to adopt the going concern basis in preparing its financial statements. 

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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 except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 18

 
The Edward Alexander Group Ltd
 

Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group 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.

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

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.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

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

Page 19

 
The Edward Alexander Group Ltd
 

Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)

  
2.10

 Impairment of assets

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's  (or  CGU's)  fair  value  less  costs  to  sell  and  value  in  use.  For  the  purposes  of  assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

  
2.11

 Finance leases

Assets held under finance leases are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

 
2.12

 Pensions

Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 20

 
The Edward Alexander Group Ltd
 

Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.13

 Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 21

 
The Edward Alexander Group Ltd
 

Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.14

 Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.
 
Negative goodwill
Negative goodwill is capitalised and recognised in the consolidated statement of comprehensive income
in the periods in which the non-monetary assets are recovered.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Amortisation is provided on the following basis:
                                            Goodwill                             - 10 years straight line
                                            Negative goodwill                - 10 years straight line
                                            Development expenditure    - 10 years straight line
                                            Website development           - 10 years straight line

 
2.15

 Tangible fixed 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 Group 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.

Page 22

 
The Edward Alexander Group Ltd
 

Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)


2.15
 Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Alterations to leasehold
-
10% straight line
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
10% straight line
Computer equipment
-
33% straight line
Office equipment
-
25% reducing balance
Showroom display
-
10% straight line

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.

 
2.16

 Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.17

 Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.18

 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. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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.

Page 23

 
The Edward Alexander Group Ltd
 

Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.19

 Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.20

 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.21

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.22

 Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.23

 Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the Statement of comprehensive income if the shares are
Page 24

 
The Edward Alexander Group Ltd
 

Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)


2.23
 Financial instruments (continued)

publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

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 found, an impairment loss is recognised in the Statement of comprehensive income.
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. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet 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.
Page 25

 
The Edward Alexander Group Ltd
 
 
Notes to the financial statements
For the year ended 31 March 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
 
The Group makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

Useful lives of depreciable assets
Management reviews its estimate of the useful lives of depreciable assets at each reporting date, based on the expected  utility  of  the  assets. Uncertainties  in  these  estimates  relate  to  technical  and  physical obsolescence that may change the utility of certain property, plant and equipment.

Recoverability of debtors
Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the aging profile of debtors are considered. 

Provision for impairment of investments
Determining whether the carrying value of the financial assets have been impaired requires an estimation of the value in use of the Company's investment in subsidiaries. The value in use calculation requires the directors to estimate the future cash flows expected to arrive from these assets and a suitable discount in order to calculate present value. After reviewing these calculations, the directors have determined that £149,837 (2023:£Nil) impairment  has arisen.

Estimating useful lives of intangible assets
The Company estimates the useful lives of intangible fixed assets based on the period over which the assets are expected to be available for use.  The estimated useful lives are reviewed periodically and are updated if expectations differ from previous estimates due to prospective economic utilisation, technical or commercial obsolescence and legal or other limits on the use of the assets.  In addition, estimation of the useful lives of intangible fixed assets are based on collective assessment of industry practice, internal technical evaluation and experience with similar assets. Actual results, however may vary due to changes in estimates brought about by changes in factors mentioned above.

Estimating allowance for impairment of stocks
Management estimates the net realisable values of stocks, taking into account the most reliable evidence available at each reporting date. The future realisation of these inventories may be affected by future technology or other market-driven changes that may reduce future selling prices.


4.


Turnover

Segmental information in respect of turnover is not disclosed in these financial statements as, in the opinion of the directors, to do so would be prejudicial to the interests of the Group. 

Page 26

 
The Edward Alexander Group Ltd
 
 
Notes to the financial statements
For the year ended 31 March 2024

5.


Other operating income

2024
2023
£
£

Other operating income
61,341
94,987

Net rents receivable
2,848
-

Commissions receivable
20,835
7,467

85,024
102,454



6.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Depreciation
268,628
223,106

Amortisation
490,773
520,837

Exchange differences
(7,669)
52,156

Operating lease rentals
461,372
447,836


7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
4,023,807
4,016,621

Social security costs
159,382
155,079

Cost of defined contribution scheme
74,317
30,181

4,257,506
4,201,881


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Total
106
114

Page 27

 
The Edward Alexander Group Ltd
 
 
Notes to the financial statements
For the year ended 31 March 2024

8.


Directors' remuneration

2024
2023
£
£



Directors' emoluments
679,879
303,133

Group contributions to defined contribution pension schemes
11,892
9,094

691,771
312,227

During the year retirement benefits were accruing to 5 directors (2023 - 5) in respect of defined contribution pension schemes.
The highest paid director received remuneration of £194,667 (2023 - £202,000).
The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £5,840 (2023 - £6,058).


9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
81,492
46,708

Other loan interest payable
208,550
97,836

Finance leases and hire purchase contracts
9,162
-

Other interest payable
5,021
39,148

304,225
183,692

Page 28

 
The Edward Alexander Group Ltd
 
 
Notes to the financial statements
For the year ended 31 March 2024

10.


Taxation


2024
2023
£
£

Corporation tax


Adjustments in respect of previous periods
-
(100,410)


-
(100,410)


Total current tax
-
(100,410)

Deferred tax


Origination and reversal of timing differences
8,367
(176,842)

Changes to tax rates
-
94,368

Total deferred tax
8,367
(82,474)


Tax on loss
8,367
(182,884)

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(671,992)
(259,971)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
(167,998)
(49,394)

Effects of:


Expenses not deductible for tax purposes
9,687
16,549

Fixed asset timing differences
10,876
(11,783)

Amortisation of goodwill on consolidation
118,043
91,052

Adjustments to tax charge in respect of prior periods
-
(108,101)

Adjustments to tax charge in respect of prior periods - Deferred tax
-
94,368

Non-taxable income
(2,805)
(15,608)

Remeasurement of deferred tax for changes in tax rates
-
12,724

Deferred tax not recognised
-
(212,691)

Utilisation of available tax losses
(407,143)
-

Tax losses carried forward
334,015
-

Other timing differences
113,692
-

Total tax credit for the year
8,367
(182,884)

Page 29

 
The Edward Alexander Group Ltd
 
 
Notes to the financial statements
For the year ended 31 March 2024
 
10.Taxation (continued)


Factors that may affect future tax charges

The standard rate of UK Corporation Tax from 1 April 2023 has increased to 25% for companies generating taxable profits of more than £250,000. The previous 19% tax rate will continue to apply to 'small' companies with profits less than £50,000, with a 'taper relief rate' for those companies with profits between the new thresholds. Deferred tax assets and liabilities have been recognised using the tax rates applicable for the date the assets and liabilities are expected to reverse.
A deferred tax asset of £823,628 (2023: £805,959) has not been recognised on the basis that it is more likely than not that there will be no suitable taxable profits under which it can be recovered in the foreseeable future.


11.


Parent company loss for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The loss after tax of the parent Company for the year was £1,804,147 (2023 - loss £145,361).


12.


Intangible assets

Group 





Website
Development expenditure
Goodwill on consolidation
Goodwill
Negative goodwill on consolidation
Total

£
£
£
£
£
£



Cost


At 1 April 2023
2,025
127,000
5,077,823
72,617
(356,073)
4,923,392



At 31 March 2024

2,025
127,000
5,077,823
72,617
(356,073)
4,923,392



Amortisation


At 1 April 2023
2,025
8,731
2,197,946
50,744
(142,070)
2,117,376


Charge for the year
-
12,700
507,782
5,898
(35,607)
490,773



At 31 March 2024

2,025
21,431
2,705,728
56,642
(177,677)
2,608,149



Net book value



At 31 March 2024
-
105,569
2,372,095
15,975
(178,396)
2,315,243



At 31 March 2023
-
118,269
2,879,877
21,873
(214,003)
2,806,016



Page 30

 
The Edward Alexander Group Ltd
 
 
Notes to the financial statements
For the year ended 31 March 2024
 
           12.Intangible assets (continued)

Company




Development expenditure

£



Cost


At 1 April 2023
127,000



At 31 March 2024

127,000



Amortisation


At 1 April 2023
8,731


Charge for the year
12,700



At 31 March 2024

21,431



Net book value



At 31 March 2024
105,569



At 31 March 2023
118,269

Page 31
 

The Edward Alexander Group Ltd
 
 
 

Notes to the financial statements
For the year ended 31 March 2024


13.


Tangible fixed assets


Group







Freehold property
Alterations to leasehold
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Showroom display
Office equipment
Total

£
£
£
£
£
£
£
£
£



Cost or valuation


At 1 April 2023
681,390
218,087
1,417,131
10,909
572,754
355,833
692,083
14,787
3,962,974


Additions
-
53,944
6,649
-
6,247
11,081
284,514
3,781
366,216


Transfers intra group
-
-
(17,494)
-
4,522
12,972
-
-
-


Revaluations
165,000
-
-
-
-
-
-
-
165,000


Exchange adjustments
-
(1,983)
-
-
-
-
-
-
(1,983)



At 31 March 2024

846,390
270,048
1,406,286
10,909
583,523
379,886
976,597
18,568
4,492,207



Depreciation


At 1 April 2023
1,550
44,115
1,038,387
8,636
303,148
331,387
83,384
3,795
1,814,402


Charge for the year
619
32,758
87,587
2,273
46,766
16,599
78,702
3,324
268,628


Transfers between classes
-
-
(10,934)
-
1,413
9,521
-
-
-


Exchange adjustments
-
(96)
1
-
-
(7)
-
(2)
(104)



At 31 March 2024

2,169
76,777
1,115,041
10,909
351,327
357,500
162,086
7,117
2,082,926



Net book value



At 31 March 2024
844,221
193,271
291,245
-
232,196
22,386
814,511
11,451
2,409,281



At 31 March 2023
679,840
173,972
378,744
2,273
269,606
24,446
608,699
10,992
2,148,572
Page 32  

 

The Edward Alexander Group Ltd
 
 
 

Notes to the financial statements
For the year ended 31 March 2024

           13.Tangible fixed assets (continued)



The net book value of tangible fixed assets includes £137,516 (2023: £198,634) in respect of assets held under finance lease or hire purchase. The depreciation charge in respect of such assets amounted to £61,118 (2023: £61,121) for the year.
The freehold property was revalued by Fenn Wright, an independent valuer, on 30 November 2021. The basis of valuation was open market value. The directors have reviewed the freehold property valuation at the balance sheet date and concluded that in light of all pertinent facts, no revision was necessary. 
If the freehold property had not been included at valuation they would have been under the historical cost convention as follows: 


2024
2023

£
£


Cost
161,319
161,319

Accumulated depreciation
77,794
71,907


Net book value
83,525
89,412

Page 33  
 
The Edward Alexander Group Ltd
 
 
Notes to the financial statements
For the year ended 31 March 2024

           13.Tangible fixed assets (continued)


Company






Computer equipment

£

Cost or valuation


At 1 April 2023
12,664


Additions
217



At 31 March 2024

12,881



Depreciation


At 1 April 2023
3,613


Charge for the year
1,925



At 31 March 2024

5,538



Net book value



At 31 March 2024
7,343



At 31 March 2023
9,051






Page 34

 
The Edward Alexander Group Ltd
 
 
Notes to the financial statements
For the year ended 31 March 2024

14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
6,901,431


Impairment
(149,837)



At 31 March 2024
6,751,594





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Collier Webb Limited
Unit 2 Redward Business Park, Hammonds Drive, Eastbourne, East Sussex, BN23 6PW
Casting of light metals and manufacture of electric lighting equipment
Ordinary
100%
George Spencer Designs Limited
Unit 310-311 Design Centre East Chelsea Harbour, London, England, SW10 0XF
Sale of fabrics, hand-blocked wallpapers and trimmings
Ordinary
100%
The Gainsborough Silk Weaving Company Limited
Alexandra Road, Sudbury, Suffolk, CO10 2XH
Weaving of textiles
Ordinary
100%
S McKinney & Co Limited
Unit 19, Eurolink Business Centre, 49 Effra Road, London, England, SW2 1BZ
Sale of furniture, household goods, hardware and ironmongery
Ordinary
100%
Heritage Trimmings Limited
The Old Mess Room, Colombo Street, Derby, Derbyshire, DE23 8LW
Manufacturing of textiles
Ordinary
100%
Collier Webb Inc
Unit 2 Redward Business Park, Hammonds Drive, Eastbourne, East Sussex, BN23 6PW
Casting of light metals and manufacture of electric lighting equipment
Ordinary
100%

Page 35

 
The Edward Alexander Group Ltd
 
 
Notes to the financial statements
For the year ended 31 March 2024

15.


Stocks

Group
Group
2024
2023
£
£

Raw materials and consumables
562,635
408,562

Work in progress
254,605
308,665

Finished goods and goods for resale
1,109,262
1,226,333

1,926,502
1,943,560


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Stocks are stated after provisions for impairment of £362,122 (2023: £488,368).


16.


Debtors



Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade debtors
524,956
422,012
5
-

Amounts owed by group undertakings
-
-
146,567
1,506,597

Other debtors
349,744
39,785
291,578
12,357

Prepayments and accrued income
419,238
474,863
24,022
20,221

1,293,938
936,660
462,172
1,539,175


Amouts owed by group undertakings are unsecured, interest free and repayable on demand.


17.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
567,549
680,496
111,208
310,800

Less: bank overdrafts
(168,668)
(78,405)
(167,697)
(76,834)

398,881
602,091
(56,489)
233,966


Page 36

 
The Edward Alexander Group Ltd
 
 
Notes to the financial statements
For the year ended 31 March 2024

18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
168,668
78,405
167,697
76,834

Bank loans
355,440
355,440
10,000
10,000

Other loans
1,462,397
1,284,476
1,462,397
1,284,476

Trade creditors
609,527
636,768
57,702
47,176

Amounts owed to group undertakings
-
-
1,159,804
1,011,716

Corporation tax
7,688
7,688
-
-

Other taxation and social security
677,727
161,133
26,543
13,932

Obligations under finance lease and hire purchase contracts
44,662
44,662
-
-

Other creditors
1,198,110
1,063,810
45,542
67,251

Accruals and deferred income
254,471
312,298
20,771
65,764

4,778,690
3,944,680
2,950,456
2,577,149


Other loans relate to loan notes of £1,462,397 (2023: £1,284,476), interest repayments of £2,621 (2023: £85,453) and interest of £180,541 (2023: £90,412) was charged.  The loan notes are due for repayment on the earlier of 31 December 2024 and the date being six months after the date on which the adjusted EBITDA of the Company and its subsidiaries from time to time exceeds £1,000,000 on a rolling last 12 month basis, which will be measured quarterly. The loan notes accrue interest at 5% per annum.
Trade and other creditors are payable at various dates over the coming months in accordance with the suppliers' usual and customary credit terms.
Corporation tax and other taxes including social insurance are repayable at various dates over the coming months in accordance with the applicable statutory provisions.
Amount owed to group undertakings are unsecured, interest free and repayable on demand. 

Page 37

 
The Edward Alexander Group Ltd
 
 
Notes to the financial statements
For the year ended 31 March 2024

19.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
766,540
1,051,687
20,000
30,000

Net obligations under finance leases and hire purchase contracts
128,690
173,352
-
-

895,230
1,225,039
20,000
30,000


Bank loans at the year end relate to the following:
Three loans of £50,000. These loans are for a term of 6 years and accrue interest at 2.5% per annum. These loans are unsecured. 
A loan of £800,000. This loan is subject to variable interest rate of 3.35% and a term of 6 years. 
A loan of £300,000. The loan is subject to interest of base rate plus 3.4% and a term of 6 years. The loan is secured by way of a mortgage debenture incorporating a fixed and floating charge over all assets of the George Spencer Designs Limited including book debts. 


20.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
355,440
355,440
10,000
10,000

Other loans
1,462,397
1,284,476
1,462,397
1,284,476


1,817,837
1,639,916
1,472,397
1,294,476

Amounts falling due 1-2 years

Bank loans
369,040
401,687
-
-


369,040
401,687
-
-

Amounts falling due 2-5 years

Bank loans
397,500
650,000
20,000
30,000


397,500
650,000
20,000
30,000


2,584,377
2,691,603
1,492,397
1,324,476


Page 38

 
The Edward Alexander Group Ltd
 
 
Notes to the financial statements
For the year ended 31 March 2024

21.


Hire purchase and finance leases


Minimum lease payments under hire purchase and finance leases fall due as follows:

Group
Group
2024
2023
£
£

Within one year
44,662
44,662

Between 1-5 years
128,690
173,352

173,352
218,014

Assets held under finance leases and hire purchase contracts are secured on the assets to which they relate.


22.


Financial instruments

Group
Group
2024
2023
£
£

Financial assets

Financial assets measured at fair value through profit or loss
567,549
680,496




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


23.


Deferred taxation


Group



2024


£






At beginning of year
(183,258)


Charged to profit or loss
(8,367)



At end of year
(191,625)

Page 39

 
The Edward Alexander Group Ltd
 
 
Notes to the financial statements
For the year ended 31 March 2024
 
23.Deferred taxation (continued)




The provision for deferred taxation is made up as follows:

Group
Group
2024
2023
£
£

Fixed asset timing differences
(238,524)
(204,125)

Short term timing differences
6,960
20,867

Losses and other deductions
39,939
-

(191,625)
(183,258)


24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



13,332 (2023 - 13,332) Ordinary A1 shares of £0.0100 each
133.32
133.32
531,825 (2023 - 531,825) Ordinary A2 shares of £0.0010 each
531.83
531.83
100 (2023 - 100) Ordinary B shares of £0.0100 each
1.00
1.00
1,000 (2023 - 1,000) Ordinary C shares of £0.0010 each
1.00
1.00
21,596 (2023 - 21,596) Ordinary T1 shares of £0.0001 each
2.16
2.16
21,596 (2023 - 21,596) Ordinary T2 shares of £0.0001 each
2.16
2.16
21,598 (2023 - 21,598) Ordinary T3 shares of £0.0001 each
2.16
2.16
1,758 (2023 - 1,758) Deferred shares of £0.0001 each
0.18
0.18

673.81

673.81



25.


Reserves

Called up share capital

Represents the nominal value of shares that have been issued.

Share premium account

Includes any premiums received on issue of share capital.

Revaluation reserve

Includes surplus on revaluation of fixed assets. 

Profit and loss account

Includes all current and prior period retained profits and losses.

Page 40

 
The Edward Alexander Group Ltd
 
 
Notes to the financial statements
For the year ended 31 March 2024

26.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge of £74,317 (2023:  £30,181) represents contributions payable by the Company to the fund. Contributions totalling £15,716 (2023: £14,277) were payable to the fund at reporting date.


27.


Commitments under operating leases

At 31 March 2024 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
389,168
349,855

Later than 1 year and not later than 5 years
751,870
796,294

Later than 5 years
521,333
733,936

1,662,371
1,880,085

28.


Related party transactions

The Group has availed of the exemptions in FRS102 Section 33, which allows non-disclosure of transactions between two or more members of a group, provided that any subsidiary which is party to the transaction is wholly owned by such a member.


29.


Post balance sheet events

There have been no significant events affecting the Group since the year end. 


30.


Controlling party

The ultimate controlling party is Oakfield Capital III LP. Oakfield Capital III LP is incorporated in United Kingdom with registered office at 23-24 George Street, Richmond, United Kingdom, TW9 1HY. The limited partnership is registered in the companies house.

Page 41