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COMPANY REGISTRATION NUMBER:
02832312
Year ended 31 December 2024
|
Officers and professional advisers |
1 |
|
|
|
Independent auditor's report to the members |
11 |
|
|
|
Consolidated statement of income and retained earnings |
15 |
|
|
|
Company statement of income and retained earnings |
16 |
|
|
|
Consolidated statement of financial position |
17 |
|
|
|
Company statement of financial position |
18 |
|
|
|
Consolidated statement of cash flows |
19 |
|
|
|
Notes to the financial statements |
20 |
|
|
|
Officers and Professional Advisers |
|
|
The board of directors
R. Batra |
|
|
|
- Director
P. Rudran
- Director
|
Company secretary |
K. Uthayakumaran |
|
|
|
Registered office |
Unit 1, Colonial Business Park |
|
Colonial way |
|
Watford |
|
Hertfordshire |
|
WD24 4PR |
|
|
|
Auditor |
SRV Delson |
|
Chartered Certified Accountants & statutory auditor |
|
Maruti House |
|
1st Floor |
|
369 Station Road |
|
Harrow |
|
HA1 2AW |
|
|
|
Solicitors |
Gunnercooke |
|
1 Cornhill |
|
London |
|
EC3V 3ND |
|
|
Year ended 31 December 2024
The directors hereby present their strategic report, directors' report and the audited financial statements of Ink (Clothing) Ltd for the year ended 31st December 2024.
Principal activities
Ink (Clothing) Ltd is engaged in the design, development, manufacture, and distribution of apparel, footwear, and accessories. The business operates through both wholesale and direct - to - consumer or e-commerce channels. The company's product offering spans a wide range of categories including casualwear, sportswear, leisurewear, streetwear and outdoor clothing and footwear for men, women, and children. The company's core strategy is to grow a portfolio of strong and distinctive fashion and lifestyle brands through licensing agreements, product innovation, and targeted market expansion.
Business review
The year of 2024 was a significant period of growth and diversification for the company. Ink (Clothing) Ltd continued to build on the success of the Juicy Couture® brand, which has remained a strong performer since the company acquired the licence in 2020. In 2023, two additional major global brand licences were secured: Hunter® (signed in June 2023) Hoodrich® (signed in November 2023) These additions mark a major step forward in the company's strategic objective of building a multi-brand platform capable of reaching diverse customer segments and markets. The company currently operates through three key brand divisions: 1. Juicy Couture Division 2. Hunter Division; and 3. Hoodrich Division Each division operates independently and is supported by its own dedicated team, ERP system, and accounting infrastructure. This structure ensures that each brand can be managed in a focused, agile, and brand-specific manner. In addition to the major brands, Ink (Clothing) Ltd also holds licensing rights for PONY, Dirty London, and Ted Baker Sports -brands that serve more niche markets. These licences fall under the management of the Juicy Couture Division, which provides the operational backbone for emerging or specialised brand categories.
Key performance indicators (kpis)
The directors monitor a wide range of key performance indicators (KPIs) to assess both financial and operational performance. These indicators help ensure that each brand division is aligned with the broader strategic goals of the group. The main KPIs include: Turnover: Reflects the overall revenue generated by each brand division. Gross Profit Margin: Indicates the profitability of core activities before overheads. EBITDA: A measure of operating profitability. Profit Before Tax: Captures overall business performance. Forward Sales Order Book: Tracks confirmed future orders and demand forecasts. Purchase Order Log: Helps manage supply chain commitments and stock planning. Development of New Product Categories: Supports product innovation and brand evolution. Expansion into New Markets: Drives geographic and demographic growth. Acquisition and Launch of New Brands: Supports diversification and resilience. Performance against these KPIs is reviewed regularly by management and used to guide investment, resourcing, and operational priorities.
Principal risks and uncertainties
The company, like others in the fashion and retail sector, is exposed to a number of business risks and uncertainties. The directors take a proactive approach to identifying and mitigating these risks and ensure that robust systems and controls are in place across the organisation. Key risks include: Credit Risk: Mitigated through the use of credit insurance and strict credit control processes. Foreign Currency Risk: Managed using forward contracts to reduce exposure to exchange rate volatility. Stock Risk: Controlled by encouraging forward sales orders and maintaining strict purchasing policies aligned with demand forecasts. Operational Risk: Reduced through investment in ERP systems, risk-based internal audits, and strong management oversight. Licensing and Brand Risk: Managed by maintaining close relationships with brand licensors and delivering consistent brand value. The company maintains a business continuity framework and contingency plans to deal with unexpected disruptions, whether internal or external.
Research and development
Innovation remains central to Ink (Clothing) Ltd.'s growth strategy. The company continues to invest in research and development across all product lines. R&D efforts focus on improving product functionality, fit, fabric technology, and design aesthetics in line with customer expectations and market trends. In parallel, the company is committed to advancing its sustainability objectives. These include reducing the environmental impact of materials and manufacturing, improving packaging solutions, and ensuring full compliance with ethical sourcing standards. By embedding social responsibility and sustainability into the product development process, the company aims to create long-term value for consumers, licensors, and shareholders alike.
Business relationships
Long-term partnerships with the group allow suppliers to create great products, build volume at equitable prices and give them confidence to invest in sustainable solutions and innovation. Our trusted partnerships with suppliers allows the group to deliver the most exciting innovation, highest quality products in the most sustainable way, to drive our vision and the magic of the group forward. Our customers are at the heart of our business. Maintaining and growing their enthusiasm and loyalty for the brands is essential for the continued success of the Group's business. This year the Board focused on customers through various immersion sessions, focus groups and store visits. These feedbacks help us to better understand our customers preferences in areas such as product development, category transformation, packaging and sustainability, bringing customers into the decision-making and allowing them to see results first hand. Most of our customers told us receiving good value from the products they choose was important to them.
Creditors payment policy
The Company's policy is to pay creditors in line with specific arrangements and credit terms of average days agreed with individual suppliers.
Section 172 statement
Duty to Promote the Success of the Company - Year Ended 31st December 2024 The directors of Ink (Clothing) Ltd recognise their statutory duty under Section 172(1) of the Companies Act 2006 to act in a manner they consider, in good faith, would most likely promote the success of the company for the benefit of its members. In carrying out this duty, the directors consider a range of stakeholders and broader environmental, social, and governance factors that contribute to the long-term success and sustainability of the business. Throughout the year ended 31st December 2024, the directors have acted with integrity, exercising independent judgment and sound decision-making while having regard to the factors outlined in Section 172 (1): a) The Likely Consequences of Any Decision in the Long Term Long-term strategic thinking continues to shape the direction and operations of Ink (Clothing) Ltd. In 2023 and 2024, this was demonstrated by the acquisition of new brand licences-Hunter® in June'23 and Hoodrich® in November' 23, Ted Baker Sports January 2024, -marking a significant milestone in the company's strategy to diversify and strengthen its brand portfolio. These decisions are aligned with our goal to build a multi-brand platform that is resilient, scalable, and competitive in a rapidly evolving retail environment. The directors are also continuing to support long-term infrastructure by maintaining distinct, independently managed divisions for each brand. This structure enables tailored brand strategies, clearer accountability, and long-term brand integrity. Investments in digital platforms, ERP systems, WMS systems and operational infrastructure were also made to ensure the business is equipped for future growth and complexity. b) The Interests of the Company's Employees Our employees are a critical part of our success. The directors have remained committed to creating a supportive, inclusive, fair and empowering workplace culture. Regular communication channels, performance reviews, training opportunities, and health & wellbeing initiatives are in place across all divisions. Employee feedback is actively encouraged and acted upon, and efforts are made to ensure a diverse and inclusive workplace. Where restructuring or change has occurred, such as the integration of new brand teams, efforts were made to onboard new staff in a collaborative and inclusive manner, minimising disruption and fostering a sense of ownership and pride. c) The Need to Foster the Company's Business Relationships with Suppliers, Customers and Others The success of the company is built on strong, trust-based relationships with external stakeholders. The directors have overseen the continuation of collaborative partnerships with global brand licensors, manufacturers, distribution partners, wholesale and retail customers. Regular engagement with our suppliers, including factory audits and supplier meetings, ensures standards are upheld and aligned with our business values. Customer feedback, market trends, and data insights are consistently used to inform product development, category expansion, and marketing strategy. Building and maintaining these relationships is not only key to delivering value in the present, but also to secureing opportunities and trust for the future. d) The Impact of the Company's Operations on the Community and the Environment Ink (Clothing) Ltd recognises its responsibility to minimise its environmental impact and contribute positively to the communities in which it operates. In 2024, the company continued to invest in sustainable product innovation, sourcing materials with reduced environmental impact and working with suppliers that meet ethical labour and social standards. Sustainability objectives, including reducing waste, improving packaging, and increasing supply chain transparency, are integrated into the operational strategy. The business also supports charitable causes and community initiatives, particularly those aligned with youth engagement, education, sports and social mobility. e) The Desirability of Maintaining a Reputation for High Standards of Business Conduct The directors are committed to maintaining a corporate culture that reflects high ethical standards and professional conduct. Policies on anti-bribery, modern slavery, data protection, and fair trading are regularly reviewed and communicated to all employees and suppliers. The company has systems in place to ensure compliance with all applicable laws, regulations, and contractual obligations. Internal controls and independent audits support transparency and accountability in all business operations, safeguarding the reputation of the company and its brands. f) The Need to Act Fairly Between Members of the Company The directors are mindful of their duty to treat all shareholders fairly and to consider their interests in strategic and operational decisions. While the company remains privately held, transparency, open communication, and timely financial reporting are core principles that govern shareholder relations. Decisions regarding reinvestment, dividends, and financial risk are made in the context of long-term value creation for all members. g)Stakeholder Engagement and Decision-Making Process As part of good governance, the board actively engages with key stakeholders and ensures that their views and interests are considered in strategic planning. Where appropriate, external advisors are consulted to support complex decision-making. Risk assessments are conducted regularly, and sustainability, financial resilience, and brand integrity are central to every material decision made. The directors believe that their approach to governance, strategy, and stakeholder engagement continues to support the sustainable success of the company, ensuring it is well-positioned to grow and thrive in the years to come.
This report was approved by the board of directors on 23 July 2025 and signed on behalf of the board by:
|
Registered office: |
|
Unit 1, Colonial Business Park |
|
Colonial way |
|
Watford |
|
Hertfordshire |
|
WD24 4PR |
|
Year ended 31 December 2024
The directors present their report and the financial statements of the group for the year ended
31 December 2024
.
Directors
The directors who served the company during the year were as follows:
Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
Future developments
The directors anticipate that the business environment will remain competitive and extremely challenging due to the recent Global events. However, they believe that the company is in good financial position and they remain confident that the company and its brands will continue to grow over the foreseeable future.
Greenhouse gas emissions and energy consumption
|
Unit |
2024 |
2023 |
|
Emissions resulting from activities for which the group is responsible |
tCO2e |
28 |
32 |
|
Emissions resulting from the purchase of electricity by the group for its own use |
tCO2e |
7 |
8 |
|
Business trips |
tCO2e |
102 |
138 |
|
|
---- |
---- |
|
Total emissions |
tCO2e |
137 |
178 |
|
Total energy consumption |
kWh |
50,000 |
56,000 |
|
|
-------- |
-------- |
|
|
|
|
Methodologies for energy and emissions calculations
In order to calculate energy consumption and carbon emissions the company follows the general methodology 1.Define Reporting Scope and Boundaries Management decide on the approach using a control Approach of the Financial or operational control over the entity Define which emissions to include direct emission and indirect emission like purchased electricity etc. 2.Data Collection Gather data on: Energy consumption: Electricity (kWh) Natural gas (kWh or m³) Fuel use (diesel, petrol, LPG in liters or kg) Renewable energy use Business activities: Vehicle mileage Business travel Production levels Waste disposal Emission Factors 3.Apply recognized emission factors to convert energy usage into carbon emissions 4.Calculate Emissions Apply the formula across all relevant sources including converting the units if necessary
Employment of disabled persons
The Company operates an equal opportunities policy. The aim of this policy is to ensure that there should be equal opportunity for all and this applies to external recruitment, internal appointments, terms of employment, conditions of service and opportunity for training and promotion regardless of gender, ethnic origin or disability. Disabled persons are given full and fair consideration for all types of vacancy in as much as the opportunities available are constrained by the practical limitations of the disability. Should for whatever reason, an employee of the Company become disabled whilst in employment, every step, where appropriate, will be taken to assist with rehabilitation and suitable retraining. The Company maintains its own health, safety and environmental policies covering all aspects of its operations. Regular meetings and inspections take place to ensure all legal requirements are adhered to and that the Company is responsible for the needs of the employees and the environment.
Employee involvement
Within the bounds of commercial confidentiality, the Company endeavours to keep the staff at all levels informed of matters that affect the progress of the Company and are of interest to them as employees.
Financial instruments
The period of unprecedented market pressures on consumers continues as did falling demand for the branded goods.
Continued market conditions and currency fluctuation in input costs and intense competition can adversely impact the growth and profitability as well as capability to execute long term plans.
In the current highly competitive and volatile market, the company continues to pursue strategies to explore new streams of revenue.
The directors expect the business environment to remain highly competitive in 2024 but are confident that the company is well positioned to deal with the market risks.
European market volatility and currency fluctuations remain the principal risk and the company has implemented programs to increase efficiency in logistics, hedge currency risk and raise the standard of service in order to maintain its strong market position. Management is constantly striving to reduce base costs.
Foreign exchange exposure is a risk area with the products purchased and sold in various currencies.
However, the company mitigates these risks by utilising its forward currency booking options.
Recoverability of trade debts is a risk in the current economic climate and the company constantly monitors its customers' credit worthiness and its credit insurance covers.
Events after the end of the reporting period
Following the year end the company announce the partnership to launch Vera Wang Ready-to-wear collection across UK and Europe Following the year end the company has acquired 50% of the shares of GB Brands Limited, a company incorporated in England & Wales. GB Brands Limited has acquired the licence for the distribution of Reebok shoes and apparel in the UK and Europe. GB Brands started trading during the first quarter of 2025.
Disclosure of information in the strategic report
The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments, research and development and financial instruments.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' 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 group and the company and 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 judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements. 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.
Auditors
Each of the persons who is a director at the date of approval of this report confirms that:
-
so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
A resolution to reappoint SRV Delson
as auditors will be proposed at the forthcoming Annual General Meeting.
This report was approved by the board of directors on
23 July 2025
and signed on behalf of the board by:
|
Registered office: |
|
Unit 1, Colonial Business Park |
|
Colonial way |
|
Watford |
|
Hertfordshire |
|
WD24 4PR |
|
|
Independent Auditor's Report to the Members of
Ink (Clothing) Limited |
|
Year ended 31 December 2024
Opinion
We have audited the financial statements of Ink (Clothing) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, company statement of financial position, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's 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; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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 or 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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 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.
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. 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: Enquiry of management and those charged with governance around actual and potential litigation and claims; Performing audit work over the risk of management override of controls. including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. Reviewing minutes of meetings of those charged with governance; Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
|
Sailesh Rameshchandra Vaghjee |
|
(Senior Statutory Auditor) |
|
|
For and on behalf of |
|
SRV Delson |
|
Chartered Certified Accountants & statutory auditor |
|
Maruti House |
|
1st Floor |
|
369 Station Road |
|
Harrow |
|
HA1 2AW |
|
23 July 2025
|
Consolidated Statement of Income and Retained Earnings |
|
Year ended 31 December 2024
|
2024 |
2023 |
|
Note |
£ |
£ |
|
Turnover |
4 |
139,251,008 |
53,188,206 |
|
|
|
|
|
Cost of sales |
77,289,887 |
27,367,511 |
|
-------------- |
------------- |
|
Gross profit |
61,961,121 |
25,820,695 |
|
|
|
|
Distribution costs |
2,762,732 |
2,258,271 |
|
Administrative expenses |
33,172,047 |
15,099,665 |
|
Other operating income |
5 |
434,388 |
660,060 |
|
|
------------- |
------------- |
|
Operating profit |
6 |
26,460,730 |
9,122,819 |
|
|
|
|
|
Other interest receivable and similar income |
9 |
524,022 |
411,534 |
|
Interest payable and similar expenses |
10 |
85,127 |
331,998 |
|
------------- |
------------- |
|
Profit before taxation |
26,899,625 |
9,202,355 |
|
|
|
|
|
Tax on profit |
11 |
6,766,711 |
2,235,613 |
|
------------- |
------------ |
|
Profit for the financial year and total comprehensive income |
20,132,914 |
6,966,742 |
|
------------- |
------------ |
|
|
|
|
|
Dividends paid and payable |
12 |
(
2,000,000) |
(
1,000,000) |
|
|
|
|
|
Retained earnings at the start of the year |
18,358,384 |
12,391,642 |
|
------------- |
------------- |
|
Retained earnings at the end of the year |
36,491,298 |
18,358,384 |
|
------------- |
------------- |
|
|
|
All the activities of the group are from continuing operations.
|
Company Statement of Income and Retained Earnings |
|
Year ended 31 December 2024
|
2024 |
2023 |
|
Note |
£ |
£ |
|
Profit for the financial year and total comprehensive income |
15,557,961 |
7,095,551 |
|
Dividends paid and payable |
12 |
(
2,000,000) |
(
1,000,000) |
|
|
|
|
|
Retained earnings at the start of the year |
18,299,675 |
12,204,124 |
|
------------- |
------------- |
|
Retained earnings at the end of the year |
31,857,636 |
18,299,675 |
|
------------- |
------------- |
|
|
|
|
Consolidated Statement of Financial Position |
|
31 December 2024
Fixed assets
|
Intangible assets |
13 |
2 |
2 |
|
Tangible assets |
14 |
1,016,097 |
926,849 |
|
------------ |
--------- |
|
1,016,099 |
926,851 |
|
|
|
|
Current assets
|
Stocks |
16 |
9,562,951 |
7,932,063 |
|
Debtors |
17 |
14,660,317 |
10,742,035 |
|
Cash at bank and in hand |
38,318,221 |
21,719,017 |
|
------------- |
------------- |
|
62,541,489 |
40,393,115 |
|
|
|
|
|
Prepayments and accrued income |
1,324,772 |
763,070 |
|
|
|
|
Creditors: amounts falling due within one year |
18 |
22,917,104 |
18,262,562 |
|
------------- |
------------- |
|
Net current assets |
40,949,157 |
22,893,623 |
|
------------- |
------------- |
|
Total assets less current liabilities |
41,965,256 |
23,820,474 |
|
|
|
|
|
Accruals and deferred income |
3,371,034 |
3,613,056 |
|
------------- |
------------- |
|
Net assets |
38,340,332 |
20,207,418 |
|
------------- |
------------- |
|
|
|
Capital and reserves
|
Called up share capital |
23 |
1,849,034 |
1,849,034 |
|
Profit and loss account |
24 |
36,491,298 |
18,358,384 |
|
------------- |
------------- |
|
Shareholders funds |
38,340,332 |
20,207,418 |
|
------------- |
------------- |
|
|
|
|
These financial statements were approved by the
board of directors
and authorised for issue on
23 July 2025
, and are signed on behalf of the board by:
Company registration number:
02832312
|
Company Statement of Financial Position |
|
31 December 2024
Fixed assets
|
Intangible assets |
13 |
1 |
1 |
|
Tangible assets |
14 |
1,015,744 |
926,298 |
|
Investments |
15 |
22,553 |
22,553 |
|
------------ |
--------- |
|
1,038,298 |
948,852 |
|
|
|
|
Current assets
|
Stocks |
16 |
6,351,888 |
6,315,212 |
|
Debtors |
17 |
13,870,364 |
16,755,603 |
|
Cash at bank and in hand |
34,001,459 |
20,686,798 |
|
------------- |
------------- |
|
54,223,711 |
43,757,613 |
|
|
|
|
|
Prepayments and accrued income |
1,324,772 |
763,070 |
|
|
|
|
Creditors: amounts falling due within one year |
18 |
19,369,323 |
21,915,751 |
|
------------- |
------------- |
|
Net current assets |
36,179,160 |
22,604,932 |
|
------------- |
------------- |
|
Total assets less current liabilities |
37,217,458 |
23,553,784 |
|
|
|
|
|
Accruals and deferred income |
3,256,898 |
3,405,075 |
|
------------- |
------------- |
|
Net assets |
33,706,670 |
20,148,709 |
|
------------- |
------------- |
|
|
|
Capital and reserves
|
Called up share capital |
23 |
1,849,034 |
1,849,034 |
|
Profit and loss account |
24 |
31,857,636 |
18,299,675 |
|
------------- |
------------- |
|
Shareholders funds |
33,706,670 |
20,148,709 |
|
------------- |
------------- |
|
|
|
|
The profit for the financial year of the parent company was £
15,557,961
(2023: £
7,095,551
).
These financial statements were approved by the
board of directors
and authorised for issue on
23 July 2025
, and are signed on behalf of the board by:
Company registration number:
02832312
|
Consolidated Statement of Cash Flows |
|
Year ended 31 December 2024
Cash flows from operating activities
|
Profit for the financial year |
20,132,914 |
6,966,742 |
|
|
|
|
Adjustments for: |
|
|
|
Depreciation of tangible assets |
318,314 |
57,844 |
|
Other interest receivable and similar income |
(
524,022) |
(
411,534) |
|
Interest payable and similar expenses |
85,127 |
331,998 |
|
Tax on profit |
6,766,711 |
2,235,613 |
|
Accrued (income)/expenses |
(
242,022) |
2,289,356 |
|
Other operating cash flow adjustment |
– |
210,071 |
|
|
|
|
Changes in: |
|
|
|
Stocks |
(
1,630,888) |
(
6,978,367) |
|
Trade and other debtors |
(
4,479,984) |
(
6,258,979) |
|
Trade and other creditors |
2,706,873 |
11,516,905 |
|
Provisions and employee benefits |
– |
(
5,426) |
|
------------- |
------------- |
|
Cash generated from operations |
23,133,023 |
9,954,223 |
|
|
|
|
Interest paid |
(
85,127) |
(
331,998) |
|
Interest received |
524,022 |
411,534 |
|
Tax paid |
(
3,565,152) |
(
1,402,491) |
|
------------- |
------------ |
|
Net cash from operating activities |
20,006,766 |
8,631,268 |
|
------------- |
------------ |
|
|
|
Cash flows from investing activities
|
Purchase of tangible assets |
(
407,562) |
(
798,285) |
|
Proceeds from sale of tangible assets |
– |
232 |
|
Purchase of intangible assets |
– |
(
2) |
|
------------- |
------------ |
|
Net cash used in investing activities |
(
407,562) |
(
798,055) |
|
------------- |
------------ |
|
|
|
Cash flows from financing activities
|
Proceeds from borrowings |
(
1,000,000) |
1,000,000 |
|
Dividends paid |
(
2,000,000) |
(
1,000,000) |
|
------------- |
------------ |
|
Net cash used in financing activities |
(
3,000,000) |
– |
|
------------- |
------------ |
|
|
|
|
Net increase in cash and cash equivalents |
16,599,204 |
7,833,213 |
|
Cash and cash equivalents at beginning of year |
21,719,017 |
13,885,804 |
|
------------- |
------------- |
|
Cash and cash equivalents at end of year |
38,318,221 |
21,719,017 |
|
------------- |
------------- |
|
|
|
|
Notes to the Financial Statements |
|
Year ended 31 December 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 1, Colonial Business Park, Colonial way, Watford, WD24 4PR, Hertfordshire.
2.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have used the going concern basis of accounting in the preparation of the financial statements Based on the future orders and there are no 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 12 months from when the financial statements are authorised for issue. The directors have also have taken into account all the information that could reasonably be expected to be available together with their continued support and that of the bank to the company. These financial statements do not include any adjustments that would result if the company would cease trading.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of
Ink (Clothing) Limited
and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures and fittings |
- |
25% straight line |
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.
Investments in joint ventures
Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Turnover
Turnover arises from:
|
2024 |
2023 |
|
£ |
£ |
|
Sale of goods |
139,251,008 |
53,188,206 |
|
-------------- |
------------- |
|
|
|
The turnover is attributable to the one principal activity of the group. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
|
2024 |
2023 |
|
£ |
£ |
|
United Kingdom |
103,958,016 |
45,451,554 |
|
Overseas |
35,292,992 |
7,736,652 |
|
-------------- |
------------- |
|
139,251,008 |
53,188,206 |
|
-------------- |
------------- |
|
|
|
5.
Other operating income
|
2024 |
2023 |
|
£ |
£ |
|
Commission receivable |
434,388 |
44,366 |
|
Other operating income |
– |
615,694 |
|
--------- |
--------- |
|
434,388 |
660,060 |
|
--------- |
--------- |
|
|
|
6.
Operating profit
Operating profit or loss is stated after charging/crediting:
|
2024 |
2023 |
|
£ |
£ |
|
Depreciation of tangible assets |
318,314 |
57,844 |
|
Impairment of trade debtors |
85,964 |
91,599 |
|
Research and development expenditure written off |
620,112 |
– |
|
Foreign exchange differences |
(
22,987) |
22,172 |
|
--------- |
-------- |
|
|
|
7.
Auditor's remuneration
|
2024 |
2023 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
41,350 |
18,500 |
|
-------- |
-------- |
|
|
|
Fees payable to the company's auditor and its associates for other services:
|
Audit of the financial statements of associates |
4,650 |
2,500 |
|
-------- |
-------- |
|
|
|
8.
Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
|
2024 |
2023 |
|
No. |
No. |
|
Production staff |
44 |
27 |
|
Administrative staff |
59 |
64 |
|
---- |
---- |
|
103 |
91 |
|
---- |
---- |
|
|
|
The aggregate payroll costs incurred during the year, relating to the above, were:
|
2024 |
2023 |
|
£ |
£ |
|
Wages and salaries |
5,458,658 |
2,553,643 |
|
Social security costs |
438,742 |
148,768 |
|
Other pension costs |
229,684 |
83,511 |
|
------------ |
------------ |
|
6,127,084 |
2,785,922 |
|
------------ |
------------ |
|
|
|
9.
Other interest receivable and similar income
|
2024 |
2023 |
|
£ |
£ |
|
Interest on bank deposits |
524,022 |
411,534 |
|
--------- |
--------- |
|
|
|
10.
Interest payable and similar expenses
|
2024 |
2023 |
|
£ |
£ |
|
Interest on banks loans and overdrafts |
– |
331,998 |
|
Other interest payable |
|
– |
|
-------- |
--------- |
|
85,127 |
331,998 |
|
-------- |
--------- |
|
|
|
11.
Tax on profit
Major components of tax expense
Current tax:
|
UK current tax expense |
6,512,821 |
2,235,613 |
|
|
|
Deferred tax:
|
Origination and reversal of timing differences |
253,890 |
– |
|
------------ |
------------ |
|
Tax on profit |
6,766,711 |
2,235,613 |
|
------------ |
------------ |
|
|
|
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: lower than) the
standard rate of corporation tax in the UK
of
25
% (2023:
25.79
%).
|
2024 |
2023 |
|
£ |
£ |
|
Profit on ordinary activities before taxation |
26,899,625 |
9,202,355 |
|
------------- |
------------ |
|
Profit on ordinary activities by rate of tax |
6,535,183 |
2,406,507 |
|
Effect of expenses not deductible for tax purposes |
– |
19,945 |
|
Effect of capital allowances and depreciation |
(
22,362) |
(
190,839) |
|
Origination and reversal of timing differences |
|
– |
|
------------- |
------------ |
|
Tax on profit |
6,766,711 |
2,235,613 |
|
------------- |
------------ |
|
|
|
12.
Dividends
|
2024 |
2023 |
|
£ |
£ |
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
2,000,000 |
1,000,000 |
|
------------ |
------------ |
|
|
|
13.
Intangible assets
|
Group |
Goodwill |
|
£ |
|
Cost |
|
|
At 1 January 2024 and 31 December 2024 |
2 |
|
---- |
|
Amortisation |
|
|
At 1 January 2024 and 31 December 2024 |
– |
|
---- |
|
Carrying amount |
|
|
At 1 January 2024 and 31 December 2024 |
2 |
|
---- |
|
At 31 December 2023 |
2 |
|
---- |
|
|
|
Company |
Goodwill |
|
£ |
|
Cost |
|
|
At 1 January 2024 and 31 December 2024 |
1 |
|
---- |
|
Amortisation |
|
|
At 1 January 2024 and 31 December 2024 |
– |
|
---- |
|
Carrying amount |
|
|
At 1 January 2024 and 31 December 2024 |
1 |
|
---- |
|
At 31 December 2023 |
1 |
|
---- |
|
|
14.
Tangible assets
|
Group |
Fixtures and fittings |
|
£ |
|
Cost |
|
|
At 1 January 2024 |
1,060,165 |
|
Additions |
407,562 |
|
------------ |
|
At 31 December 2024 |
1,467,727 |
|
------------ |
|
Depreciation |
|
|
At 1 January 2024 |
133,316 |
|
Charge for the year |
318,314 |
|
------------ |
|
At 31 December 2024 |
451,630 |
|
------------ |
|
Carrying amount |
|
|
At 31 December 2024 |
1,016,097 |
|
------------ |
|
At 31 December 2023 |
926,849 |
|
------------ |
|
|
|
Company |
Fixtures and fittings |
|
£ |
|
Cost |
|
|
At 1 January 2024 |
1,059,339 |
|
Additions |
407,562 |
|
------------ |
|
At 31 December 2024 |
1,466,901 |
|
------------ |
|
Depreciation |
|
|
At 1 January 2024 |
133,041 |
|
Charge for the year |
318,116 |
|
------------ |
|
At 31 December 2024 |
451,157 |
|
------------ |
|
Carrying amount |
|
|
At 31 December 2024 |
1,015,744 |
|
------------ |
|
At 31 December 2023 |
926,298 |
|
------------ |
|
|
15.
Investments
The group has no investments.
|
Company |
Shares in group undertakings |
|
£ |
|
Cost |
|
|
At 1 January 2024 and 31 December 2024 |
22,553 |
|
-------- |
|
Impairment |
|
|
At 1 January 2024 and 31 December 2024 |
– |
|
-------- |
|
|
|
Carrying amount |
|
|
At 1 January 2024 and 31 December 2024 |
22,553 |
|
-------- |
|
At 31 December 2023 |
22,553 |
|
-------- |
|
|
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
|
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
|
|
|
Ink (Clothing) GMBH |
Ordinary |
100 |
|
|
|
16.
Stocks
|
Group |
Company |
|
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Finished goods |
9,562,951 |
7,932,063 |
6,351,888 |
6,315,212 |
|
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
17.
Debtors
|
Group |
Company |
|
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
13,622,276 |
9,807,546 |
8,967,574 |
7,758,532 |
|
Amounts owed by group undertakings |
– |
– |
3,864,749 |
8,062,948 |
|
Amount owed by companies under common control |
194,835 |
– |
194,835 |
– |
|
Other debtors |
843,206 |
934,489 |
843,206 |
934,123 |
|
------------- |
------------- |
------------- |
------------- |
|
14,660,317 |
10,742,035 |
13,870,364 |
16,755,603 |
|
------------- |
------------- |
------------- |
------------- |
|
|
|
|
|
The debtors above include the following amounts falling due after more than one year:
|
Group |
Company |
|
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Other debtors |
799,913 |
– |
799,913 |
– |
|
--------- |
---- |
--------- |
---- |
|
|
|
|
|
18.
Creditors:
amounts falling due within one year
|
Group |
Company |
|
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
– |
1,000,000 |
– |
1,000,000 |
|
Trade creditors |
17,407,466 |
10,036,838 |
13,578,573 |
9,614,195 |
|
Amounts owed to group undertakings |
– |
– |
– |
4,164,458 |
|
Corporation tax |
5,273,145 |
2,325,476 |
3,961,648 |
2,286,308 |
|
Social security and other taxes |
236,327 |
1,825,765 |
1,829,102 |
1,776,307 |
|
Other creditors |
166 |
3,074,483 |
– |
3,074,483 |
|
------------- |
------------- |
------------- |
------------- |
|
22,917,104 |
18,262,562 |
19,369,323 |
21,915,751 |
|
------------- |
------------- |
------------- |
------------- |
|
|
|
|
|
The parent company has provided a fixed Charge over book and other debts, goodwill, uncalled capital and intellectual property and a Floating Charge over all other assets dated 27 April 1994 to HSBC Bank Plc
It also has a debenture including Fixed Charge over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertaking both present and future dated 05 December 2022
19.
Provisions
|
Group and company |
Deferred tax (note 20) |
|
£ |
|
At 1 January 2024 |
– |
|
Additions |
253,890 |
|
--------- |
|
At 31 December 2024 |
253,890 |
|
--------- |
|
|
20.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
Group |
Company |
|
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 19) |
253,890 |
– |
253,890 |
– |
|
--------- |
---- |
--------- |
---- |
|
|
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
Group |
Company |
|
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
253,890 |
– |
253,890 |
– |
|
--------- |
---- |
--------- |
---- |
|
|
|
|
|
21.
Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £
229,684
(2023: £
83,511
).
22.
Financial instruments
The group uses forward foreign currency contracts to reduce exposure to foreign exchange rates. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit and loss in finance costs or income as appropriate.
23.
Called up share capital
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
|
Ordinary shares of £ 1 each |
125,000 |
125,000 |
125,000 |
125,000 |
|
Preference shares shares of £ 1 each |
1,724,034 |
1,724,034 |
1,724,034 |
1,724,034 |
|
------------ |
------------ |
------------ |
------------ |
|
1,849,034 |
1,849,034 |
1,849,034 |
1,849,034 |
|
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
The preference shares are non-redeemable and carry no right to vote at general meetings of the company and shall have no entitlement to participate in any dividend declared by the company. The preference shares preference share may be converted into an ordinary share based on certain conditions Called-up share capital represents the nominal value of shares that have been issued.
24.
Reserves
The profit & loss reserves include all current and prior years retained profit and losses
25.
Security
The company has provided a fixed charge over the the books and other debts, goodwill, uncalled capital and intellectual property and a floating charge over all other assets dated 27 April 1994.
Debentures including Fixed chage over all present freehold and leasold property, first fixed charge over books and debts, chattels, goodwill and uuncalled capital, both present and future and first floating charge over all assets and undertaking both present and future dated 5 December 2022.
26.
Analysis of changes in net debt
|
At 1 Jan 2024 |
Cash flows |
At 31 Dec 2024 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
21,719,017 |
16,599,204 |
38,318,221 |
|
Debt due within one year |
(1,000,000) |
1,000,000 |
– |
|
------------- |
------------- |
------------- |
|
20,719,017 |
17,599,204 |
38,318,221 |
|
------------- |
------------- |
------------- |
|
|
|
|
27.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
Group |
Company |
|
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
526,028 |
– |
526,028 |
– |
|
Later than 1 year and not later than 5 years |
2,558,527 |
– |
2,558,527 |
– |
|
------------ |
---- |
------------ |
---- |
|
3,084,555 |
– |
3,084,555 |
– |
|
------------ |
---- |
------------ |
---- |
|
|
|
|
|
28.
Related party transactions
Company
During the year the group carried out transactions between companies under common control. The total balance owed by companies under common control is £194,834. These transactions relate ot sales and purchases between the companies. The balance is interest free and repayable on demand. All the transactions have been carried out on an arms length basis.
29.
Controlling party
The ultimate controlling interest is held by the director,
R. Batra
.