| 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 |
| 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: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 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: |
| 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. |
| 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: |
| 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. |
| for and on behalf of |
| 14 London Road |
| Newark |
| Nottinghamshire |
| NG24 1TW |
| 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 |
| 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 |
| Property, plant and equipment | 12 |
| Investments | 13 |
| CURRENT ASSETS |
| Inventories | 14 |
| Debtors | 15 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 16 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 19 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 20 |
| Investment in own shares | 21 | ( |
) | ( |
) |
| Retained earnings | 21 |
| SHAREHOLDERS' FUNDS |
| 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 |
| 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 | ( |
) |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Interest on investment | - | 97,189 | (97,189 | ) | - |
| Balance at 31 December 2023 | ( |
) |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Interest on investment | - | 128,851 | (128,851 | ) | - |
| Balance at 31 December 2024 | ( |
) |
| 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 |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| 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 |
| 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 |
| Additions |
| At 31 December 2024 |
| AMORTISATION |
| At 1 January 2024 |
| Amortisation for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 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 |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 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 |
| Exchange differences | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 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 |
| 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 |
| Other debtors | 17,043,578 | 15,517,490 |
| Prepayments and accrued income | 245,349 | 150,681 |
| 22,241,349 | 20,146,576 |
| 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 |
| Amounts owed to group undertakings | - | - |
| Corporation tax | 794,768 | 589,007 |
| Other taxes and social security | 461,297 | 621,615 |
| Other creditors | 9,703 | 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 |
| 5,869,677 | 4,998,270 |
| 17. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Company |
| Non-cancellable operating | leases |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 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 |
| Accelerated capital allowances | (4,788 | ) |
| Balance at 31 December 2024 |
| 20. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 44,910 | 44,910 |
| Ordinary A | £1 | 1 | 1 |
| 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 | ( |
) | 19,033,868 |
| Profit for the year | - |
| Dividends | ( |
) | - | ( |
) |
| Interest on investment | 128,851 | (128,851 | ) | - |
| At 31 December 2024 | ( |
) | 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. |