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Registration number: 10210571

Repeat Clothing London Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

Repeat Clothing London Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Repeat Clothing London Limited

Company Information

Directors

A Lytton

N McIvor

Registered office

590 Green Lanes
Palmers Green
London
N13 5RY

Accountants

Thomas Alexander & Company Limited 590 Green Lanes
London
N13 5RY

 

Repeat Clothing London Limited

(Registration number: 10210571)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

13,166

9,666

Current assets

 

Stocks

6

141,280

154,380

Debtors

7

2,057,573

2,252,795

Cash at bank and in hand

 

170,422

206,260

 

2,369,275

2,613,435

Creditors: Amounts falling due within one year

8

(1,229,959)

(1,471,340)

Net current assets

 

1,139,316

1,142,095

Net assets

 

1,152,482

1,151,761

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

1,152,382

1,151,661

Shareholders' funds

 

1,152,482

1,151,761

For the financial year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 August 2025 and signed on its behalf by:
 

.........................................
A Lytton
Director

 

Repeat Clothing London Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
590 Green Lanes
Palmers Green
London
N13 5RY

The principal place of business is:
Unit 3 Fonthill House
113-115 Font Hill Road
Finsbury Park
N4 3HH

These financial statements were authorised for issue by the Board on 15 August 2025.

2

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Repeat Clothing London Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Tax

The tax expense for the period comprises current 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 income 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 company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet 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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings & equipment

25% straight line

Plant & machinery

25% straight line

Leashold Imporvements

3 Years straight line

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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.

 

Repeat Clothing London Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Repeat Clothing London Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2023 - 16).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

8,196

15,271

 

Repeat Clothing London Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2023

15,180

82,950

2,575

100,705

Additions

-

11,696

-

11,696

At 30 November 2024

15,180

94,646

2,575

112,401

Depreciation

At 1 December 2023

15,180

73,284

2,575

91,039

Charge for the year

-

8,196

-

8,196

At 30 November 2024

15,180

81,480

2,575

99,235

Carrying amount

At 30 November 2024

-

13,166

-

13,166

At 30 November 2023

-

9,666

-

9,666

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of short leasehold land and buildings.
 

6

Stocks

2024
£

2023
£

Work in progress

141,280

154,380

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

889,999

1,165,127

Amounts owed by group undertakings and undertakings in which the company has a participating interest

17,640

-

Prepayments

 

9,483

12,767

Other debtors

 

1,140,451

1,074,901

 

2,057,573

2,252,795

 

Repeat Clothing London Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank overdrafts

 

252,354

1,200

Trade creditors

 

201,520

654,059

Accruals and deferred income

 

11,819

13,778

Taxation and social security

 

25,534

-

Amounts owed to group undertakings and undertakings in which the company has a participating interest

664,389

729,249

Other creditors

 

74,343

73,054

 

1,229,959

1,471,340


The bank loan and overdraft is secured by way of a fixed and floating charge over the assets of the company.

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

252,354

1,200

11

Dividends

2024

2023

£

£

Interim dividend of £750 (2023 - £3,860) per ordinary share

75,000

386,000

 

 
 

Repeat Clothing London Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

12

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £26,800 relating to the property operating lease (2023 - £71,467).

13

Parent and ultimate parent undertaking

The company's immediate parent is Oval Holdings Ltd, incorporated in the UK.

 

Related party transactions

Included in creditors is an amount of £664,389 (2023: £711.139) owed to Oval Holdings Ltd, the immediate parent company.
Included in debtors is an amount of £17,640 (2023: £18,100 owed to) owed from Skull Rok Holdings Ltd,
a company which holds a participating interest in Repeat Clothing London Ltd.
Included in other creditors is an amount of £2,138 (2023: £38) owed to A Lytton and £702 (2023: 243 owed to) owed from N McIvor directors of the company .