Registration number:
for the
Year Ended 30 September 2024
iCandy World Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
iCandy World Limited
Company Information
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Directors |
B M Appel W A Appel N Appel D S Appel |
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Registered office |
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Auditors |
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iCandy World Limited
Strategic Report for the Year Ended 30 September 2024
The directors present their strategic report for the year ended 30 September 2024.
Principal activity
The principal activity of the company is that of the design, import and wholesale of pushchairs, car safety seats and similar children's products
Fair review of the business
The company sells a range of pushchairs and other baby products through a variety of outlets including major UK retailers, independent retailers of children's products, overseas distributors and on the internet.
The company continued with its ambitious investment into the brands, products and brand awareness. New products have come to market with success and there are more expected into the future.
More recently, the focus has been on being more efficient with expenditure and this has proved very successful in both improved profits and reduced overheads.
The company's key financial and other performance indicators during the year were as follows:
|
Financial KPIs |
Unit |
2024 |
2023 |
|
Turnover |
£'000 |
20,093 |
18,358 |
|
Gross margin |
% |
48 |
45 |
|
Gross assets |
£'000 |
16,882 |
15,072 |
|
Net assets |
£'000 |
8,492 |
8,419 |
Given the nature of the business, the company's directors are of the opinion that key performance indicators are important. The company uses a number of indicators to monitor and improve development, performance and the position of the business. Indicators are reviewed and altered to meet changes in both the internal and external environments. The directors do not consider the inclusion of an analysis using key performance indicators beyond those set out above to be necessary to assist users of the financial statements in their understanding of the financial performance or position of the company.
Principal risks and uncertainties
Credit risk - The company offers credit to certain of its customers. Before credit terms are agreed, an assessment of the customer's credit rating is undertaken. Credit limits are set accordingly.
Price risk - The company is subject to price risk and foreign exchange rate risk as a high proportion of its purchases are made in US Dollars and Chinese Yuan Renminbi. However, the company reduces this risk by entering into forward contracts.
Liquidity risk - The company minimises liquidity risk through careful management of payables, cash and receivables.
Cash flow risk - Cash flows are carefully managed and the company continues to trade within facilities. Operating cash flows remained strong and are expected to continue in this manner.
Approved by the
Director
iCandy World Limited
Directors' Report for the Year Ended 30 September 2024
The directors present their report and the financial statements for the year ended 30 September 2024.
Directors of the company
The directors who held office during the year were as follows:
Dividends
The total distribution of dividends for the year ended 30 September 2024 was £2,105,262 (2023 - £2,105,262).
Financial instruments
The company uses financial instruments as part of its financial risk management. Although not considered a significant risk, the nature of its financial instruments means that they are subject to normal trading risk and liquidity risk.
Future developments
The demand for the company's products and its trading results remain positive following the year end. The company continues to invest in design and innovation to ensure all its products remain desirable and maintain a high level of quality.
Going concern
In accordance with the Financial Reporting Council's 'Going Concern and Liquidity Risk: Guidance for Directors of UK Companies 2009' the directors of all companies are required to provide disclosures regarding the going concern basis of accounting.
The company has financial resources available and continues to generate cash from operating activities. The directors have prepared forecasts for the next 12 months that indicate that this trend will continue. The directors therefore have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and have continued to adopt the going concern basis in preparing the financial statements.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved by the
Director
iCandy World Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
iCandy World Limited
Independent Auditor's Report to the Members of iCandy World Limited
Opinion
We have audited the financial statements of iCandy World Limited (the 'company') for the year ended 30 September 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and 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 company's affairs as at 30 September 2024 and of its 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
iCandy World Limited
Independent Auditor's Report to the Members of iCandy World Limited
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
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, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of 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 4, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We considered the nature of the company’s industry and its control environment and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework that the company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits conducted in accordance with ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
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reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
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• |
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud; |
iCandy World Limited
Independent Auditor's Report to the Members of iCandy World Limited
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• |
enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and |
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• |
reading minutes of meetings of those charged with governance. |
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of this report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
Staverton Court
Staverton
GL51 0UX
iCandy World Limited
Profit and Loss Account for the Year Ended 30 September 2024
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Note |
2024 |
2023 |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
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Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
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Operating profit |
3,041,831 |
2,956,101 |
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Other interest receivable and similar income |
|
|
|
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Interest payable and similar expenses |
( |
( |
|
|
21,423 |
(59,901) |
||
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Profit before tax |
|
|
|
|
Tax on profit |
( |
( |
|
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
iCandy World Limited
(Registration number: 00282792)
Balance Sheet as at 30 September 2024
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Note |
2024 |
2023 |
|
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Fixed assets |
|||
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
|||
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Stocks |
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Debtors |
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Cash at bank and in hand |
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|
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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|
|
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Provisions for liabilities |
( |
( |
|
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Net assets |
|
|
|
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Capital and reserves |
|||
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Called up share capital |
2,105 |
2,105 |
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Capital redemption reserve |
895 |
895 |
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Retained earnings |
8,489,334 |
8,415,578 |
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Shareholders' funds |
8,492,334 |
8,418,578 |
Approved and authorised by the
Director
iCandy World Limited
Statement of Changes in Equity for the Year Ended 30 September 2024
|
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
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|
At 1 October 2023 |
|
|
|
|
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Profit for the year |
- |
- |
|
|
|
Dividends |
- |
- |
( |
( |
|
At 30 September 2024 |
|
|
|
|
|
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
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|
At 1 October 2022 |
|
|
|
|
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Profit for the year |
- |
- |
|
|
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Dividends |
- |
- |
( |
( |
|
At 30 September 2023 |
2,105 |
895 |
8,415,578 |
8,418,578 |
iCandy World Limited
Statement of Cash Flows for the Year Ended 30 September 2024
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Note |
2024 |
2023 |
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Cash flows from operating activities |
|||
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Profit for the year |
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Adjustments to cash flows from non-cash items |
|||
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Depreciation and amortisation |
|
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Finance income |
( |
( |
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Finance costs |
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Income tax expense |
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|
|
|
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||
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Working capital adjustments |
|||
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(Increase)/decrease in stocks |
( |
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Decrease/(increase) in trade debtors |
|
( |
|
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Increase in trade creditors |
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|
|
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Cash generated from operations |
|
|
|
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Income taxes paid |
( |
( |
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Net cash flow from operating activities |
|
|
|
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Cash flows from investing activities |
|||
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Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
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Acquisition of intangible assets |
- |
( |
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Net cash flows from investing activities |
( |
( |
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Cash flows from financing activities |
|||
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Interest paid |
( |
( |
|
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Repayment (advances) of other borrowings |
|
|
|
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Dividends paid |
( |
( |
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Net cash flows from financing activities |
( |
( |
|
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Net increase in cash and cash equivalents |
|
|
|
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Cash and cash equivalents at 1 October |
|
|
|
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Cash and cash equivalents at 30 September |
4,775,221 |
3,857,142 |
|
iCandy World Limited
|
Analysis of changes in net debt |
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At 1 October 2023 |
Financing cash flows |
At 30 September 2024 |
|
|
Cash and cash equivalents |
|||
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Cash |
3,857,142 |
918,079 |
4,775,221 |
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Borrowings |
|||
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Short term borrowings |
(3,350,081) |
(787,368) |
(4,137,449) |
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|
|
|
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iCandy World Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Group accounts not prepared
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertakings comprise a medium sized group. Although the Companies Act 2006 requires medium sized groups to prepare consolidated accounts, the company has not prepared them on the basis that the results and the net assets of the subsidiary are not material to the group.
Going concern
After considering the recent company performance and reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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.
Judgements
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal actual results. There are not considered to be any estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
The warranty provision of £125,200 (2023: £125,000) recognised in these financial statements is considered to be a significant judgement that has been made by management in preparing these financial statements. |
iCandy World Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Key sources of estimation uncertainty
No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Freehold buildings |
2% of cost per annum |
|
Plant and machinery |
25% of cost per annum |
|
Fixtures and fittings |
25% - 50% of cost per annum |
|
Motor vehicles |
25% of cost per annum |
iCandy World Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Intangible assets
Intangible assets are initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Development |
over 4 years |
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All debtors are repayable within one year and are hence included at the undiscounted amount of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out method.
At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised at the transaction price.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
iCandy World Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared by the shareholders in general meetings.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Recognition and measurement
Financial assets and liabilities are only offset in the balance sheet when, and only when, there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Impairment
Non-financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
iCandy World Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
|
Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
|
2024 |
2023 |
|
|
Sale of goods |
|
|
The analysis of the company's Turnover for the year by market is as follows:
|
2024 |
2023 |
|
|
UK |
|
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Europe |
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Rest of world |
|
|
|
|
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Operating profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Foreign exchange gains |
( |
( |
|
Operating lease expense - other |
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
|
Sales and administration |
|
|
|
Warehouse and distribution |
|
|
|
|
|
iCandy World Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
Compensation for loss of office |
|
- |
|
623,596 |
483,144 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2024 |
2023 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Company contributions to money purchase pension schemes |
- |
|
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit of the financial statements |
|
|
|
Other fees to auditors |
||
|
All other non-audit services |
|
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
|
( |
|
722,007 |
580,518 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
|
Tax expense in the income statement |
|
|
iCandy World Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Increase/(decrease) in UK and foreign current tax from adjustment for prior periods |
|
( |
|
Increase from effect of different UK tax rates on some earnings |
- |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities
|
2024 |
Liability |
|
Accelerated capital allowances |
|
|
Capital gains rolled over |
|
|
Other timing difference |
( |
|
|
|
2023 |
Liability |
|
Accelerated capital allowances |
|
|
Capital gains rolled over |
|
|
Other timing difference |
( |
|
|
|
Intangible assets |
|
Development costs |
|
|
Cost or valuation |
|
|
At 1 October 2023 |
|
|
At 30 September 2024 |
|
|
Amortisation |
|
|
At 1 October 2023 |
|
|
Amortisation charge |
|
|
At 30 September 2024 |
|
|
Carrying amount |
|
|
At 30 September 2024 |
|
|
At 30 September 2023 |
|
iCandy World Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
|
Tangible assets |
|
Land and buildings |
Fixtures and fittings |
Plant and machinery |
Total |
|
|
Cost |
||||
|
At 1 October 2023 |
|
|
|
|
|
Additions |
- |
|
|
|
|
At 30 September 2024 |
|
|
|
|
|
Depreciation |
||||
|
At 1 October 2023 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
At 30 September 2024 |
|
|
|
|
|
Carrying amount |
||||
|
At 30 September 2024 |
|
|
|
|
|
At 30 September 2023 |
|
|
|
|
|
Investments |
|
2024 |
2023 |
|
|
Investments in subsidiaries |
|
|
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
||||
|
2024 |
2023 |
||||||
|
Subsidiary undertakings |
|||||||
|
|
China |
|
|
|
|||
The accounting period end for Dongguan iCandy Children's Products Co. Ltd, is 31 December each year. The profit for the financial year ended 31 December 2024 was £24,088 (2023 - £24,693) and the aggregate amount of capital and reserves at the end of the period was £272,528 (2023 - £262,433).
|
Stocks |
|
2024 |
2023 |
|
|
Finished goods and goods for resale |
|
|
iCandy World Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
|
Debtors |
|
Note |
2024 |
2023 |
|
|
Trade debtors |
|
|
|
|
Other debtors |
|
- |
|
|
Prepayments |
|
|
|
|
Corporation tax asset |
|
- |
|
|
|
|
|
Creditors |
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Social security and other taxes |
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
Other payables |
|
|
|
|
Accruals |
|
|
|
|
Corporation tax liability |
- |
472,282 |
|
|
|
|
|
Loans and borrowings |
Current loans and borrowings
|
2024 |
2023 |
|
|
Other borrowings |
|
|
Other borrowings
These comprise of directors' loans and are denominated in £ Sterling with a nominal interest rate of 5%. The carrying amount at year end is £4,137,449 (2023 - £3,350,081).
There are no formal requirements in place to repay these loans.
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
iCandy World Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
701 |
|
701 |
|
|
|
1,034 |
|
1,034 |
|
|
|
70 |
|
70 |
|
|
|
300 |
|
300 |
|
|
|
|
|
|
All shares in issue rank pari passu in all respects except that each class has separate dividend rights.
|
Obligations under operating leases |
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Dividends |
|
2024 |
2023 |
|
|
Dividends paid |
2,105,262 |
2,105,262 |
|
Related party transactions |
At 30 September 2024 the company owed the company directors £4,137,449 (2023: £3,350,081). Interest of £133,125 (2023: £97,891) has been accrued on the loans. During the current financial year the company credited dividends of £2,000,000 (2023: £2,000,000) to the directors' loan accounts.
During the year the company was charged £623.619 (2023: £588,415) for services provided by Dongguan iCandy Children's Products Co. Ltd.