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REGISTERED NUMBER: 01725195 (England and Wales)















EJ ORR LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024






EJ ORR LIMITED (REGISTERED NUMBER: 01725195)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Company Information 1

Group Strategic Report 2 to 3

Report of the Directors 4

Report of the Independent Auditors 5 to 7

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Statement of Financial Position 10

Company Statement of Financial Position 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Statement of Cash Flows 14

Notes to the Consolidated Statement of Cash Flows 15

Notes to the Consolidated Financial Statements 16 to 26


EJ ORR LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: W T Orr Jnr
V R J Orr





SECRETARY: V R J Orr





REGISTERED OFFICE: Unit 17
Notts South & Wilford Industrial Estate
Ruddington Lane
Nottingham
Nottinghamshire
NG11 7EP





REGISTERED NUMBER: 01725195 (England and Wales)





AUDITORS: Duncan & Toplis Audit Limited
14 London Road
Newark
Nottinghamshire
NG24 1TW

EJ ORR LIMITED (REGISTERED NUMBER: 01725195)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS
The company has maintained its strong position within the marketplace and utilised its globalised supply chain to proactively meet the demands of its customers. It continues to build upon the already very strong relationships with its customers and look for additional ways to drive revenue through its diverse brands and licences portfolio.

Despite challenging external economic factors, the company has increased its profit margins during the financial year. This has been achieved by tight and consistent control over its costs and maximising its lean structure to the greatest effect. The company's management team utilise their vast expertise and the relationships the company has with its customers and suppliers to maintain and grow the profitability.

The efforts of this financial year have set up a positive and confident outlook for 2025. Further expansion into new markets and opportunities driven by its global customer base will allow the company to build upon the success it has already achieved.

Despite these challenges the Statement of Financial Position as at 31 December 2024 shows net assets have increased by £2.8M (2023: £2.6M). Retained profit for the year is £3.6M (2023: £2.6M) less a deduction for payment of dividends totalling £810k (2023: £50k).

KEY PERFORMANCE INDICATORS
The directors use a range of performance measures to monitor and manage the business. The performance measures are split into financial and non-financial key performance indicators as set out below:

Profit & activity ratios: Revenue growth/(decline) - (7.0)% (2023: (17.7)%)

Liquidity ratio: Current ratio - 4.7 (2023: 4.8)

Activity ratios: Debtor days - 89 (2023: 75)
Creditor days - 61 (2023: 50)
Stock holding period days - 73 (2023: 88)

Capital ratio: Stock/ Capital Employed - 0.1 (2023: 0.2)

The above KPIs are calculated and reviewed on a regular basis by the directors and used to monitor and manage the group's performance.

There has been a concerted effort to review the volume of stock being held and this is reflected in the stock holding period. Debtor days has seen a predicted increase as more sales were anticipated to be realised towards the end of the year.

FUTURE DEVELOPMENTS
The group remains consistently profitable and there are no planned changes to the principal activities of the group in the next financial year. The directors have ambitious growth plans for markets in the UK and abroad and will seek consultancy from other industry experts to help achieve this.


EJ ORR LIMITED (REGISTERED NUMBER: 01725195)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The directors continually monitor the key risks facing the group together with assessing the controls used for managing these risks. A formal review and documentation of the principle risks facing the group is prepared and discussed with management at least annually.

Principal risks and uncertainties facing the group are derived from the general economic climate together with ongoing competitor pressure. Foreign currency risk exposure is minimised where possible by the use of forward contracts.

The Group's principal financial assets are its bank balances and trade debtors. The Group's credit risk is primarily attributable to its trade debtors. The amounts presented in the balance sheet are net of allowances for doubtful debts. This risk is managed by setting credit limits for customers based on a combination of payment history and third party credit references. Credit limits are monitored and reviewed by the finance team on a regular basis in conjunction with debt ageing and collection history.

ON BEHALF OF THE BOARD:





V R J Orr - Director


3 April 2025

EJ ORR LIMITED (REGISTERED NUMBER: 01725195)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the import and trade sale of hosiery, underwear and loungewear goods.

DIVIDENDS
Dividends of £810,000 will be distributed for the year ended 31 December 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

W T Orr Jnr
V R J Orr

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

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

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

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

AUDITORS
The auditors, Duncan & Toplis Audit Limited, appointed in November 2023, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





V R J Orr - Director


3 April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
EJ ORR LIMITED

Opinion
We have audited the financial statements of EJ Orr Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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

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

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

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

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

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

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
EJ ORR LIMITED


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

We have nothing to report in respect of the following matters where 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
EJ ORR LIMITED


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

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

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with directors and other management obtained as part of the work required by auditing standards. We have also discussed with the directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.


The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws and regulations as part of our financial statements audit. This included the identification and testing of unusual material journal entries and challenging management on key areas of uncertainty being the estimates, assumptions and judgements made in the preparation of the financial statements. These key areas of uncertainty are disclosed in the accounting policies.


Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations, Employment law and Environmental regulations. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statements items.


Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, international omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Rachel Rudkin FCCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited
14 London Road
Newark
Nottinghamshire
NG24 1TW

3 April 2025

EJ ORR LIMITED (REGISTERED NUMBER: 01725195)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £    £   

REVENUE 3 20,277,530 21,806,677

Cost of sales 13,777,933 14,875,438
GROSS PROFIT 6,499,597 6,931,239

Administrative expenses 2,978,390 3,307,172
OPERATING PROFIT 5 3,521,207 3,624,067

Interest receivable and similar income 1,450,621 -
4,971,828 3,624,067

Interest payable and similar expenses 7 141,510 167,642
PROFIT BEFORE TAXATION 4,830,318 3,456,425

Tax on profit 8 1,232,896 833,838
PROFIT FOR THE FINANCIAL YEAR 3,597,422 2,622,587
Profit attributable to:
Owners of the parent 3,597,422 2,622,587

EJ ORR LIMITED (REGISTERED NUMBER: 01725195)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 3,597,422 2,622,587


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 3,597,422 2,622,587

Total comprehensive income attributable to:
Owners of the parent 3,597,422 2,622,587

EJ ORR LIMITED (REGISTERED NUMBER: 01725195)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 11 15,258 15,276
Property, plant and equipment 12 42,935 62,157
Investments 13 - -
58,193 77,433

CURRENT ASSETS
Inventories 14 2,765,842 3,567,617
Debtors 15 22,241,349 20,146,576
Cash at bank 2,747,394 367,111
27,754,585 24,081,304
CREDITORS
Amounts falling due within one year 16 5,869,677 4,998,270
NET CURRENT ASSETS 21,884,908 19,083,034
TOTAL ASSETS LESS CURRENT LIABILITIES 21,943,101 19,160,467

PROVISIONS FOR LIABILITIES 19 9,957 14,745
NET ASSETS 21,933,144 19,145,722

CAPITAL AND RESERVES
Called up share capital 20 54,381 54,381
Investment in own shares 21 (6,266,060 ) (6,137,209 )
Retained earnings 21 28,144,823 25,228,550
SHAREHOLDERS' FUNDS 21,933,144 19,145,722

The financial statements were approved by the Board of Directors and authorised for issue on 3 April 2025 and were signed on its behalf by:





V R J Orr - Director


EJ ORR LIMITED (REGISTERED NUMBER: 01725195)

COMPANY STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 11 15,258 15,276
Property, plant and equipment 12 42,934 62,156
Investments 13 4,133 4,335
62,325 81,767

CURRENT ASSETS
Inventories 14 2,765,842 3,567,617
Debtors 15 22,200,455 20,116,243
Cash at bank 2,747,394 367,111
27,713,691 24,050,971
CREDITORS
Amounts falling due within one year 16 5,904,348 5,029,744
NET CURRENT ASSETS 21,809,343 19,021,227
TOTAL ASSETS LESS CURRENT LIABILITIES 21,871,668 19,102,994

PROVISIONS FOR LIABILITIES 19 9,957 14,745
NET ASSETS 21,861,711 19,088,249

CAPITAL AND RESERVES
Called up share capital 20 54,381 54,381
Investment in own shares 21 (6,266,060 ) (6,137,209 )
Retained earnings 21 28,073,390 25,171,077
SHAREHOLDERS' FUNDS 21,861,711 19,088,249

Company's profit for the financial year 3,583,462 2,607,155

The financial statements were approved by the Board of Directors and authorised for issue on 3 April 2025 and were signed on its behalf by:





V R J Orr - Director


EJ ORR LIMITED (REGISTERED NUMBER: 01725195)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024

Called up Investment
share Retained in own Total
capital earnings shares equity
£    £    £    £   
Balance at 1 January 2023 54,381 22,558,774 (6,040,020 ) 16,573,135

Changes in equity
Dividends - (50,000 ) - (50,000 )
Total comprehensive income - 2,622,587 - 2,622,587
Interest on investment - 97,189 (97,189 ) -
Balance at 31 December 2023 54,381 25,228,550 (6,137,209 ) 19,145,722

Changes in equity
Dividends - (810,000 ) - (810,000 )
Total comprehensive income - 3,597,422 - 3,597,422
Interest on investment - 128,851 (128,851 ) -
Balance at 31 December 2024 54,381 28,144,823 (6,266,060 ) 21,933,144

EJ ORR LIMITED (REGISTERED NUMBER: 01725195)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024

Called up Investment
share Retained in own Total
capital earnings shares equity
£    £    £    £   
Balance at 1 January 2023 54,381 22,516,733 (6,040,020 ) 16,531,094

Changes in equity
Dividends - (50,000 ) - (50,000 )
Total comprehensive income - 2,607,155 - 2,607,155
Interest on investment - 97,189 (97,189 ) -
Balance at 31 December 2023 54,381 25,171,077 (6,137,209 ) 19,088,249

Changes in equity
Dividends - (810,000 ) - (810,000 )
Total comprehensive income - 3,583,462 - 3,583,462
Interest on investment - 128,851 (128,851 ) -
Balance at 31 December 2024 54,381 28,073,390 (6,266,060 ) 21,861,711

EJ ORR LIMITED (REGISTERED NUMBER: 01725195)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,571,855 391,476
Interest paid (12,659 ) (70,453 )
Finance costs paid (128,851 ) (97,189 )
Tax paid (1,031,923 ) (1,292,691 )
Net cash from operating activities 1,398,422 (1,068,857 )

Cash flows from investing activities
Purchase of intangible fixed assets (12,077 ) (10,553 )
Purchase of tangible fixed assets (26,009 ) (15,877 )
Interest received 1,450,621 -
Net cash from investing activities 1,412,535 (26,430 )

Cash flows from financing activities
Loan repayments in year - (1,208,333 )
Amount introduced by directors 379,326 -
Amount withdrawn by directors - (423,312 )
Equity dividends paid (810,000 ) (50,000 )
Net cash from financing activities (430,674 ) (1,681,645 )

Increase/(decrease) in cash and cash equivalents 2,380,283 (2,776,932 )
Cash and cash equivalents at beginning of year 2 367,111 3,144,043

Cash and cash equivalents at end of year 2 2,747,394 367,111

EJ ORR LIMITED (REGISTERED NUMBER: 01725195)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

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

2024 2023
£    £   
Profit before taxation 4,830,318 3,456,425
Depreciation charges 57,326 69,678
Finance costs 141,510 167,642
Finance income (1,450,621 ) -
3,578,533 3,693,745
Decrease in inventories 801,775 1,331,755
Increase in trade and other debtors (2,094,773 ) (5,943,301 )
Increase in trade and other creditors 286,320 1,309,277
Cash generated from operations 2,571,855 391,476

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 2,747,394 367,111
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 367,111 3,144,043


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank 367,111 2,380,283 2,747,394
367,111 2,380,283 2,747,394
Total 367,111 2,380,283 2,747,394

EJ ORR LIMITED (REGISTERED NUMBER: 01725195)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

EJ Orr Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

Basis of consolidation
The consolidated financial statements present the results of the Company and its subsidiary E J Orr Slovakia as well as an Employee Benefit Trust (EBT) ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

Related party exemption applied to not disclose related party transactions which are eliminated on consolidation.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on the delivery of goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Trademarks and licences are being amortised evenly over their estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost
Fixtures and fittings - 33% on cost and 20% on cost
Motor vehicles - 25% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Inventories
Inventories are valued at the lower of cost and estimated selling price less costs to complete and sell and after making due allowance for obsolete and slow moving items. Inventories are accounted for on a first-in-first-out basis.

Inventories provision
The group sells textiles and is subject to changing consumer demands and economic trends. As a result it is necessary to consider the recoverability of the cost of inventories and the associated provisioning required. Inventories are stated after provisions for impairment. When calculating the inventories provision, management considers the nature and condition of the inventories, as well as applying assumptions around anticipated saleability of finished goods.

EJ ORR LIMITED (REGISTERED NUMBER: 01725195)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt the FRS102 1A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
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 the profit or loss.

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

Derivative financial instruments
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value through the income statement.

The group uses forward exchange contracts to mitigate the group's exposure to foreign exchange risks. The fair value is determined by Barclays Bank plc.

EJ ORR LIMITED (REGISTERED NUMBER: 01725195)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued

Employee benefit trust
The assets and liabilities of the EJ Orr Limited Employee Benefit Trust (EBT) have been recognised in the company's accounts. Any assets held by the EBT will cease to be recognised on the company's statement of financial position when those assets are unconditionally vested in beneficiaries as identified in the Trust Deed.

The costs associated with investing in the company shares held by the EBT is shown as a deduction against shareholders’ fund within Capital and Reserves.

Any expenses of the EBT are recognised in the company's profit and loss but are allocated separately to the Investment in own shares reserve.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the group's accounting policies, management are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key judgement and estimate relates to the provision for slow moving and obsolete stock lines. Management reviews stock items for impairment on a regular basis and provisions are made as necessary based on management's knowledge and past experience.

3. REVENUE

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

An analysis of revenue by geographical market is given below:

2024 2023
£    £   
United Kingdom 17,288,602 18,259,390
Europe 1,093,608 788,550
United States of America 980,358 1,654,358
Rest of World 914,962 1,104,379
20,277,530 21,806,677

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,755,112 1,732,481
Social security costs 195,716 188,929
Other pension costs 92,160 232,682
2,042,988 2,154,092

The average number of employees during the year was as follows:
2024 2023

Directors 2 2
Administration 38 42
40 44

EJ ORR LIMITED (REGISTERED NUMBER: 01725195)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

4. EMPLOYEES AND DIRECTORS - continued

2024 2023
£    £   
Directors' remuneration - -
Directors' pension contributions to money purchase schemes 60,000 200,000

During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 45,231 56,672
Trademarks and licences amortisation 12,095 13,006
Foreign exchange differences 1,645 2,176

6. AUDITORS' REMUNERATION

Fees payable to the group's auditors for the audit of the group financial statements were £23,000 (2023: £23,340)

7. INTEREST PAYABLE AND SIMILAR EXPENSES

2024 2023
£    £   
Bank interest 700 21,818
Bank loan interest - 47,086
Corporation tax interest 11,951
VAT interest 8
Interest on investment in own shares 128,851 97,189

141,510 167,642

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 1,233,127 829,494
Overseas taxation 4,557 14,640
Total current tax 1,237,684 844,134

Deferred tax (4,788 ) (10,296 )
Tax on profit 1,232,896 833,838

9. INDIVIDUAL INCOME STATEMENT

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


EJ ORR LIMITED (REGISTERED NUMBER: 01725195)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

10. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 810,000 50,000

11. INTANGIBLE FIXED ASSETS

Group
Trademarks
and
Goodwill licences Totals
£    £    £   
COST
At 1 January 2024 685,000 128,943 813,943
Additions - 12,077 12,077
At 31 December 2024 685,000 141,020 826,020
AMORTISATION
At 1 January 2024 685,000 113,667 798,667
Amortisation for year - 12,095 12,095
At 31 December 2024 685,000 125,762 810,762
NET BOOK VALUE
At 31 December 2024 - 15,258 15,258
At 31 December 2023 - 15,276 15,276

Company
Trademarks
and
Goodwill licences Totals
£    £    £   
COST
At 1 January 2024 685,000 128,943 813,943
Additions - 12,077 12,077
At 31 December 2024 685,000 141,020 826,020
AMORTISATION
At 1 January 2024 685,000 113,667 798,667
Amortisation for year - 12,095 12,095
At 31 December 2024 685,000 125,762 810,762
NET BOOK VALUE
At 31 December 2024 - 15,258 15,258
At 31 December 2023 - 15,276 15,276

EJ ORR LIMITED (REGISTERED NUMBER: 01725195)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

12. PROPERTY, PLANT AND EQUIPMENT

Group
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2024 44,870 488,300 23,140 556,310
Additions - 26,009 - 26,009
At 31 December 2024 44,870 514,309 23,140 582,319
DEPRECIATION
At 1 January 2024 41,831 429,182 23,140 494,153
Charge for year 2,277 42,954 - 45,231
At 31 December 2024 44,108 472,136 23,140 539,384
NET BOOK VALUE
At 31 December 2024 762 42,173 - 42,935
At 31 December 2023 3,039 59,118 - 62,157

Company
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2024 44,870 488,299 23,140 556,309
Additions - 26,009 - 26,009
At 31 December 2024 44,870 514,308 23,140 582,318
DEPRECIATION
At 1 January 2024 41,831 429,182 23,140 494,153
Charge for year 2,277 42,954 - 45,231
At 31 December 2024 44,108 472,136 23,140 539,384
NET BOOK VALUE
At 31 December 2024 762 42,172 - 42,934
At 31 December 2023 3,039 59,117 - 62,156

EJ ORR LIMITED (REGISTERED NUMBER: 01725195)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2024 4,335
Exchange differences (202 )
At 31 December 2024 4,133
NET BOOK VALUE
At 31 December 2024 4,133
At 31 December 2023 4,335


During the year to 31 December 2022 the Company purchased 5,000 shares of €1 each in E J Orr Slovakia s.r.o. for total consideration of €5,000.

The parent company has the following investments in a subsidiary undertaking:

Company Share Class Percentage held Country of Incorporation
E J Orr Slovakia s.r.o Ordinary 100% Slovakia

Address
Hotel Bratislava
Seberíniho 9, 3
Poschodie c.d.: 343,344
Slovakia

The principal activity of this subsidiary is the sale and brand development of socks, underwear and loungewear.

14. STOCKS

Group Company
2024 2023 2024 2023
£    £    £    £   
Finished goods 2,765,842 3,567,617 2,765,842 3,567,617

Inventories are stated after provisions for impairment of £94,554 (2023: £123,837). There is no difference between the replacement cost of the inventory and its carrying amount.

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 4,952,422 4,478,405 4,927,029 4,478,405
Other debtors 17,043,578 15,517,490 17,028,077 15,487,157
Prepayments and accrued income 245,349 150,681 245,349 150,681
22,241,349 20,146,576 22,200,455 20,116,243

EJ ORR LIMITED (REGISTERED NUMBER: 01725195)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade creditors 2,283,754 2,054,601 2,278,300 2,054,601
Amounts owed to group undertakings - - 33,220 34,402
Corporation tax 794,768 589,007 803,383 585,703
Other taxes and social security 461,297 621,615 461,439 621,991
Other creditors 9,703 7,306 7,851 7,306
Derivative liability 91,848 5,505 91,848 5,505
Directors' current accounts 282,137 - 282,137 -
Directors' loan accounts 1,485,858 1,388,669 1,485,858 1,388,669
Accrued expenses 460,312 331,567 460,312 331,567
5,869,677 4,998,270 5,904,348 5,029,744

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Company
Non-cancellable operating leases
2024 2023
£    £   
Within one year 169,094 209,478
Between one and five years 335,643 409,094
In more than five years 289,333 345,800
794,070 964,372

Payments recognised as an expense in the year under non-cancellable operating leases and service agreements were £192,149 (2023: £202,703).

18. FINANCIAL INSTRUMENTS & COMMITMENTS

Derivative financial instruments are measured at fair value through the Income Statement.

The group enters into forward foreign currency contracts to mitigate the exchange rate risk for certain foreign currency payables. At 31 December 2024, outstanding contracts all mature within 12 months (2023: 12 months) of the year end. The group is committed to purchase US$nil (2023: US$nil) and €nil (2023: €nil) for a fixed Sterling amount. The group is also committed to purchase £1,523,980 (2023: £977,417) for a fixed USD amount.

At 31 December 2024 a derivative liability of £91,848 (2023: £5,505) was recognised in respect of the above foreign currency contracts. The resulting debit recognised through the Income Statement was £86,343 (2023: Credit £14,405).

Bank facilities used by the Company are secured by way of a fixed and floating charge over all of the Company's assets.

19. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax
Accelerated capital allowances 9,957 14,745 9,957 14,745

EJ ORR LIMITED (REGISTERED NUMBER: 01725195)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

19. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 January 2024 14,745
Accelerated capital allowances (4,788 )
Balance at 31 December 2024 9,957

Company
Deferred
tax
£   
Balance at 1 January 2024 14,745
Accelerated capital allowances (4,788 )
Balance at 31 December 2024 9,957

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
44,910 Ordinary £1 44,910 44,910
1 Ordinary A £1 1 1
9,470 Ordinary B £1 9,470 9,470
54,381 54,381

All ordinary shares have full and equal voting rights.

21. RESERVES

Group
Investment
Retained in own
earnings shares Totals
£    £    £   

At 1 January 2024 25,228,550 (6,137,209 ) 19,091,341
Profit for the year 3,597,422 - 3,597,422
Dividends (810,000 ) - (810,000 )
Interest on investment 128,851 (128,851 ) -
At 31 December 2024 28,144,823 (6,266,060 ) 21,878,763

EJ ORR LIMITED (REGISTERED NUMBER: 01725195)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

21. RESERVES - continued

Company
Investment
Retained in own
earnings shares Totals
£    £    £   

At 1 January 2024 25,171,077 (6,137,209 ) 19,033,868
Profit for the year 3,583,462 - 3,583,462
Dividends (810,000 ) - (810,000 )
Interest on investment 128,851 (128,851 ) -
At 31 December 2024 28,073,390 (6,266,060 ) 21,807,330

Investment in own shares
This reserve records the cost of shares purchased, income, and expenses incurred by the E J Orr Employee Benefit Trust.

Profit and loss account
The profit and loss account reserve includes all current and prior period retained profits and losses.

22. RELATED PARTY DISCLOSURES

Directors
During the year, the group paid dividends of £810,000 (2023: £50,000) to the directors. Amounts owed by the group to the directors at the year end totalled £1,485,858 (2023: £1,388,669).

Key management personnel is considered to be the directors of the group. The compensation paid or payable to key management for employee services is disclosed in note 4 of the Financial Statements.

Related Companies
Purchases of £nil (2023: £nil) were made from companies in which the directors have a participating interest. In addition, payments made on behalf of these related companies and/or loans advanced and transfers totalled £1,540,921 (2023: £5,245,259). Amounts due from these companies at the year end totalled £15,414,450 (2023: £13,873,529). There are no terms or conditions attached to the outstanding balances.

Related Retirement Benefit Schemes
Purchases of £98,700 (2023: £98,700) were made from a retirement benefit scheme under the control of the directors during the year.

23. ULTIMATE CONTROLLING PARTY

The company is under the control of the directors.

EJ ORR LIMITED (REGISTERED NUMBER: 01725195)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

24. SHARE-BASED PAYMENT TRANSACTIONS

Certain employees of the group have been granted options over the shares in E J Orr Limited. The options are granted with a fixed exercise price and expire ten years after the date of the grant. Options for 5,499 shares are exercisable only on an exit within the scheme period.

A reconciliation of share option movements over the year to 31 December 2024 is shown below:

Weighted
average
No. excercise price £

B/f 5,449 27
Granted - -
Forfeited - -
Exercised - -
Expired - -
Outstanding at 31 December 2024 5,449 27

No options were exercisable at 31 December 2024.