Company registration number 08078905 (England and Wales)
CHILDSPLAY CLOTHING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
CHILDSPLAY CLOTHING LIMITED
COMPANY INFORMATION
Director
Mr N Singh
Mr J Singh (Resigned 24 June 2025)
Secretary
Mr N Singh
Company number
08078905
Registered office
Unit 5 Orion Park
Messina Way
Dagenham
RM9 6FF
Auditor
Vision Consulting Accountants Limited
The Gherkin Building
28th Floor
30 St. Mary Axe
London
EC3A 8EP
CHILDSPLAY CLOTHING LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 27
CHILDSPLAY CLOTHING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The director presents the strategic report for the year ended 31 December 2024.

Principle activities

Childsplay Clothing Limited is a leading independent retailer of luxury children’s fashion, operating a globally recognised online platform. The company continues to source and offer the most desirable collections from iconic designer brands, providing a premium customer experience built around exclusivity, service, and digital innovation.

Review of the business

2024 was a year of financial consolidation, following a period of operational realignment amidst ongoing challenges across the retail sector.

Turnover for the period was £17.8m (2023: £23.0m), reflecting both weaker consumer demand across the luxury sector and the company’s deliberate decision to scale back unprofitable sales lines. In contrast, gross margin improved significantly to 20.6% (2023: 13.6%), a result of tighter stock control, disciplined pricing, and a more selective buying strategy.

The reported profit includes a one-off credit arising from the release of a historic liability following a commercial agreement. Excluding this, trading remained loss-making in 2024, but returned to profitability in early 2025.

This should not obscure the underlying momentum. Encouragingly, the company returned to operating profitability in the first quarter of 2025, indicating that the strategic changes implemented over the past two years are beginning to yield sustainable results.

Operationally, 2024 saw continued focus on internal efficiency. The company continued to operate and control its warehousing and fulfilment from its Greater London facility with over 97% of orders dispatched within 24 hours during peak trading periods, helping to maintain a high standard of service and delivery reliability. The team continued to develop its proprietary e-commerce platform and maintained strong customer service levels across both domestic and international markets. Brand relationships remained robust, and inventory risk was reduced through more disciplined seasonal planning.

Principal risks and uncertainties

The company faces several ongoing risks and uncertainties, including:

• Macroeconomic volatility, particularly cost-of-living pressures impacting discretionary spending.

• Foreign exchange risk, given the international nature of the brand portfolio.

• Brexit-related costs and complexity, particularly for EU fulfilment.

• Reliance on key brand relationships, typical of the luxury retail segment.

• Seasonality and fashion trends, which impact inventory timing and margin.

These risks are actively monitored and mitigated through prudent cash management, FX hedging where appropriate, a diversified brand base, and continual investment in forecasting and planning systems.

Outlook

Following a period of operational and financial realignment, Childsplay Clothing enters 2025 on a stronger financial and operational footing. The return to profitable trading in the first quarter of the year confirms that the fundamentals of the business are sound. Management remains focused on driving further efficiency, protecting margin, and pursuing selective growth opportunities in both domestic and international markets.

We remain committed to the values that have underpinned the company for over 30 years, resilience, integrity, and a relentless customer focus and we thank our staff, brand partners, and stakeholders for their continued support.

CHILDSPLAY CLOTHING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

Financial Instruments

Treasury Operations and Financial Instruments

The company’s treasury function is responsible for managing liquidity, interest, and foreign currency risks. It oversees the financial instruments used in the company's operations, including trade debtors and creditors, to ensure optimal financial performance.

Liquidity Risk

The company actively manages its cash and borrowing requirements to maximize interest income while minimizing interest expenses, ensuring sufficient liquid resources to support business operations.

Interest Rate Risk

The company is exposed to interest rate risk through its borrowings and deposits. It manages this risk by maintaining a balanced mix of fixed and variable-rate debt to mitigate fluctuations in interest rates.

Foreign Currency Risk

The company's primary foreign currency exposure arises from trading with international partners. While hedging is not mandatory, the company has the option to use foreign exchange forward contracts to stabilize costs in sterling.

Credit Risk

Cash investments, borrowings, and derivative instruments are managed through banks and institutions that meet board-approved credit rating criteria. Trade debtors are continuously monitored, with provisions made for doubtful debts when necessary.

Treasury and Financial Risk Management

The company’s treasury operations are responsible for managing liquidity, interest rate exposure, and foreign exchange risk. Trade receivables are actively monitored, and provisions are made for doubtful debts. Financial risks are managed through regular board oversight, adherence to internal controls, and prudent liquidity planning.

Key performance indicators

The key performance indicators are as follows: |  |  |  |  |
|  |  |  |  | 31/12/2024 |  |  | 31/12/2023
Turnover |  |  |  |  | £17.8m |  |  | £23.0m
Gross profit margin |  |  |  | 20.6% |  |  | 13.6%
Current asset ratio |  |  |  | 1.51 |  |  | 0.97

On behalf of the board

Mr N Singh
Director
10 September 2025
CHILDSPLAY CLOTHING LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The director presents his annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company continued to be that of retail sale of children's clothing.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The director does not recommend payment of a final dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr N Singh
Mr J Singh
(Resigned 24 June 2025)
Auditor

The auditor, Vision Consulting Accountants Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of director's responsibilities

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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. He is 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.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

CHILDSPLAY CLOTHING LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
On behalf of the board
Mr N Singh
Director
10 September 2025
CHILDSPLAY CLOTHING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHILDSPLAY CLOTHING LIMITED
- 5 -
Opinion

We have audited the financial statements of Childsplay Clothing Limited (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 31 December 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's 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 director's 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 financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director 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 director is responsible for the other information contained within the annual report. 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. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the director's r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the director's report have been prepared in accordance with applicable legal requirements.

CHILDSPLAY CLOTHING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHILDSPLAY CLOTHING LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the director's r eport.

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, 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 director's remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the director's r esponsibilities s tatement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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.

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

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:

- The nature of the industry and sector, control environment, business performance including the design of the policies and performance targets.

- The r esults of our enquiries of management.

- Any matters we identified having obtained and reviewed the entity’s documentation of their policies and procedures relating to compliance with regulations;

- Identifying, evaluating and complying with laws and regulations such as companies act 2006 and whether management were aware of any instances of non-compliance.

- Detecting and responding to the risks of fraud and whether management have knowledge of any actual, suspected or alleged fraud.

- The e ntity's procedures to identify related party transactions.

- The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations and

- The matters discussed among the audit engagement team where fraud might occur in the financial statements and any potential indicators of fraud.

It is common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the entity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the entity’s ability to operate.

CHILDSPLAY CLOTHING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHILDSPLAY CLOTHING LIMITED (CONTINUED)
- 7 -
Audit response to risks identified

As a result of performing the above, our procedures to respond to risks identified included the following:

- Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations having a direct effect on the financial statements.

- Enquiring the management regarding related party disclosures and transactions outside the normal course of the business.

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments.

- Assessing whether the judgments made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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.

David White (Senior Statutory Auditor)
For and on behalf of Vision Consulting Accountants Limited, Statutory Auditor
Chartered Accountants
The Gherkin Building
28th Floor
30 St. Mary Axe
London
EC3A 8EP
11 September 2025
CHILDSPLAY CLOTHING LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
17,796,451
23,055,038
Cost of sales
(14,136,178)
(19,912,160)
Gross profit
3,660,273
3,142,878
Administrative expenses
(5,550,306)
(5,794,939)
Exceptional items
2,752,238
784,000
Operating profit/(loss)
5
862,205
(1,868,061)
Interest receivable and similar income
8
-
261
Interest payable and similar expenses
9
(529,557)
(378,367)
Profit/(loss) before taxation
332,648
(2,246,167)
Tax on profit/(loss)
10
382,833
41,300
Profit/(loss) for the financial year
715,481
(2,204,867)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

CHILDSPLAY CLOTHING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
£
£
Profit/(loss) for the year
715,481
(2,204,867)
Other comprehensive income
-
-
Total comprehensive income for the year
715,481
(2,204,867)
CHILDSPLAY CLOTHING LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
243,434
294,605
Tangible assets
11
1,152,741
1,609,020
1,396,175
1,903,625
Current assets
Stocks
13
3,657,507
4,420,994
Debtors
14
1,758,925
2,927,404
Cash at bank and in hand
1,038,782
19,310
6,455,214
7,367,708
Creditors: amounts falling due within one year
15
(4,280,422)
(7,555,437)
Net current assets/(liabilities)
2,174,792
(187,729)
Total assets less current liabilities
3,570,967
1,715,896
Creditors: amounts falling due after more than one year
17
(2,204,805)
(1,555,566)
Provisions for liabilities
Provisions
19
258,959
135,615
Deferred tax liability
18
1,463
15,784
(260,422)
(151,399)
Net assets
1,105,740
8,931
Capital and reserves
Called up share capital
21
100
100
Other reserves
22
295,196
-
0
Profit and loss reserves
23
810,444
8,831
Total equity
1,105,740
8,931
The financial statements were approved by the board of directors and authorised for issue on 10 September 2025 and are signed on its behalf by:
Mr N Singh
Director
Company registration number 08078905 (England and Wales)
CHILDSPLAY CLOTHING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2023
100
-
2,213,698
2,213,798
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
(2,204,867)
(2,204,867)
Balance at 31 December 2023
100
-
8,831
8,931
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
715,481
715,481
Additions
-
381,328
-
0
381,328
Other movements
-
(86,132)
86,132
-
Balance at 31 December 2024
100
295,196
810,444
1,105,740
CHILDSPLAY CLOTHING LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
2,708,352
291,046
Interest paid
(443,424)
(378,367)
Income taxes refunded/(paid)
24,782
(25,185)
Net cash inflow/(outflow) from operating activities
2,289,710
(112,506)
Investing activities
Purchase of intangible assets
(30,000)
(329,552)
Purchase of tangible fixed assets
(32,027)
(41,047)
Interest received
-
0
261
Net cash used in investing activities
(62,027)
(370,338)
Financing activities
Proceeds from directors loan
1,834,216
-
0
Proceeds from borrowings
2,493,647
7,747
Repayment of bank loans
(4,119,669)
(628,197)
Net cash generated from/(used in) financing activities
208,194
(620,450)
Net increase/(decrease) in cash and cash equivalents
2,435,877
(1,103,294)
Cash and cash equivalents at beginning of year
(1,397,095)
(293,801)
Cash and cash equivalents at end of year
1,038,782
(1,397,095)
Relating to:
Cash at bank and in hand
1,038,782
19,310
Bank overdrafts included in creditors payable within one year
-
0
(1,416,405)
CHILDSPLAY CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
1
Accounting policies
Company information

Childsplay Clothing Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 5 Orion Park, Messina Way, Dagenham, RM9 6FF.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

The directors acknowledge that the company has experienced challenges, but they have implemented measures to strengthen its financial position. As a result, the directors are confident in the company’s ability to continue operating and have adopted the going concern basis in preparing these financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 8 years.

1.5
Intangible fixed assets other than goodwill

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website development
36 to 60 months straight line
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

CHILDSPLAY CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Straight line over life of lease term
Fixtures and fittings
15% reducing balance
Computers
25%-33% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less cost to sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

CHILDSPLAY CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

CHILDSPLAY CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.13
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

CHILDSPLAY CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.18

Exceptional items

The company classifies certain one-off charges and credits that have a material impact on the group's financial results as 'exceptional items'. These are disclosed separately to provide further understanding of the financial performance of the company. Details of the the exceptional items have been outlined in Note 4.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

CHILDSPLAY CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 18 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stock Provision

Included within these financial statements is a stock provision for old and slow moving stock that may or may not be sold. There is a degree of estimation involved in arriving at the percentage of cost to be written down so that stock is held at the lower of cost and estimated selling price less costs to sell. (see note 13)

Provision for sales returns

The directors have made a provision for sales made before the year end th ey may be re t urned after the year end. The provision is based on past experience of the level of returns received by the company. (See note 19)

Other provision

Included within other provision provided for in the prior year, there was an amount of £784,000 for the potential defrayal of l.T. costs. The amount has been reversed during the year and is classified as an exceptional item. The amount provided is the directors best estimate of the amount due. (See note 1 9)

Useful life of intangible fixed assets

The annual amortisation charge for intangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments and economic utilisation. See note 1.5 for rate of amortisation used and note 1 2 for the carrying amount of these assets.

Useful life of tangible fixed assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 1.6 for rate of depreciation used and note 1 1 for the carrying amount of these assets.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sales of goods
17,796,451
23,055,038
2024
2023
£
£
Other revenue
Interest income
-
261

The directors have chosen not to disclose the geographical split of turnover in accordance with the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

CHILDSPLAY CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
4
Exceptional items
2024
2023
£
£
Income
Release of provison
-
784,000
Forgiveness of loan
2,752,238
-
2,752,238
784,000

In the current year, it was agreed with the bank that a portion of the bank loan would be forgiven conditional on the remaining portion being repaid. This condition was met therefore the above portion of the loan was forgiven. In the prior period, there was a reversal of provision for I.T. costs.

5
Operating profit/(loss)
2024
2023
Operating profit/(loss) for the year is stated after charging:
£
£
Exchange losses
356
51,507
Fees payable to the company's auditor for the audit of the company's financial statements
24,689
25,023
Depreciation of tangible fixed assets
488,306
493,159
Amortisation of intangible assets
81,171
104,520
(Profit)/loss on disposal of intangible assets
-
552
Operating lease charges
286,665
381,300
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Sales
7
8
Admin
48
42
Total
55
50

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,493,321
1,502,798
Social security costs
146,286
159,094
Pension costs
28,715
30,224
1,668,322
1,692,116
CHILDSPLAY CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
7
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
17,688
17,688
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
-
0
261
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
-
0
261
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
421,308
369,686
Other finance costs:
Other interest
108,249
8,681
529,557
378,367
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(343,730)
(36,570)
Adjustments in respect of prior periods
(24,782)
-
0
Total current tax
(368,512)
(36,570)
Deferred tax
Origination and reversal of timing differences
(14,321)
(4,730)
Total tax credit
(382,833)
(41,300)
CHILDSPLAY CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Taxation
(Continued)
- 21 -

The actual credit for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit/(loss) before taxation
332,648
(2,246,167)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
83,162
(561,542)
Tax effect of expenses that are not deductible in determining taxable profit
(39)
930
Unutilised tax losses carried forward
-
0
464,309
Adjustments in respect of prior years
(24,782)
-
0
Permanent capital allowances in excess of depreciation
(3,962)
6,830
Amortisation on assets not qualifying for tax allowances
89,473
89,473
Other movements
-
0
(41,300)
Tax on director loan
(343,730)
-
0
Utilisation of tax losses
(182,955)
-
0
Taxation credit for the year
(382,833)
(41,300)

Finance No. 2 Bill 202 1 became substantively enacted on 24 May 2021. As a result, deferred tax for timing differences that are forecast to unwind on or after 1 April 2023 will need to be re-measured and recognised at 25% if the company profits are expected to be in excess of £250,000 (or at the marginal rate if profits are expected to be between £50,000 and £250,000) with an adjustment recognised in the 202 1 total tax charge

11
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2024
2,965,532
1,058,488
165,365
4,189,385
Additions
-
0
-
0
32,027
32,027
At 31 December 2024
2,965,532
1,058,488
197,392
4,221,412
Depreciation and impairment
At 1 January 2024
1,700,656
742,090
137,619
2,580,365
Depreciation charged in the year
357,891
112,998
17,417
488,306
At 31 December 2024
2,058,547
855,088
155,036
3,068,671
Carrying amount
At 31 December 2024
906,985
203,400
42,356
1,152,741
At 31 December 2023
1,264,876
316,398
27,746
1,609,020
CHILDSPLAY CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
12
Intangible fixed assets
Goodwill
Website development
Total
£
£
£
Cost
At 1 January 2024
2,500,000
533,661
3,033,661
Additions
-
0
30,000
30,000
At 31 December 2024
2,500,000
563,661
3,063,661
Amortisation and impairment
At 1 January 2024
2,500,000
239,056
2,739,056
Amortisation charged for the year
-
0
81,171
81,171
At 31 December 2024
2,500,000
320,227
2,820,227
Carrying amount
At 31 December 2024
-
0
243,434
243,434
At 31 December 2023
-
0
294,605
294,605
13
Stocks
2024
2023
£
£
Finished goods and goods for resale
3,657,507
4,420,994

The movement in the stock provision during the year resulted in a n income of £44,120 (202 3: £338,408) to the profit and loss account for the year as a result of reversal of provision of slow moving stock lines.

14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
814,107
999,322
Corporation tax recoverable
417,552
264,130
Other debtors
367,320
1,496,849
Prepayments and accrued income
159,946
167,103
1,758,925
2,927,404
CHILDSPLAY CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
16
-
0
3,980,508
Other borrowings
16
221,571
227,924
Trade creditors
2,052,911
2,638,220
Corporation tax
79,317
269,625
Other taxation and social security
42,874
50,679
Other creditors
1,764,914
136,123
Accruals and deferred income
118,835
252,358
4,280,422
7,555,437
16
Loans and overdrafts
2024
2023
£
£
Bank loans
-
0
4,119,669
Bank overdrafts
-
0
1,416,405
Other loans
2,426,376
227,924
2,426,376
5,763,998
Payable within one year
221,571
4,208,432
Payable after one year
2,204,805
1,555,566
17
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans
16
-
0
1,555,566
Other borrowings
16
2,204,805
-
0
2,204,805
1,555,566
18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
1,463
15,784
CHILDSPLAY CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
18
Deferred taxation
(Continued)
- 24 -
2024
Movements in the year:
£
Liability at 1 January 2024
15,784
Credit to profit or loss
(14,321)
Liability at 31 December 2024
1,463
19
Provisions for liabilities
2024
2023
£
£
Sales return
120,291
72,540
Other provision
138,668
63,075
258,959
135,615
Movements on provisions:
Sales returns
Other provision
Total
£
£
£
At 1 January 2024
72,540
63,075
135,615
Additional provisions in the year
47,751
75,593
123,344
At 31 December 2024
120,291
138,668
258,959
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
28,715
30,224

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Contributions totalling £5,719 (2023: £5,605) were payable to the fund at the year end and are included in creditors.

21
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
100 Ordinary Shares of £1 each
100
100
100
100
CHILDSPLAY CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
21
Share capital
(Continued)
- 25 -

The company has one class of ordinary shares which carry voting rights but no right to fixed income.

22
Other reserves
2024
2023
£
£
At the beginning of the year
-
-
Additions
381,328
-
Other movements
(86,132)
-
At the end of the year
295,196
-

Other reserves represents equity component of an interest free loan.

23
Profit and loss reserves

The profit and loss reserves are wholly distributable.

24
Financial commitments, guarantees and contingent liabilities

The company has a potential liability for dilapidations at the end of its lease term. A provision has not been recognised in the financial statements as a reliable estimate of this cannot be made. Any potential liability would not be payable for at least five years.

25
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within 1 year
279,900
279,900
Years 2-5
419,850
699,750
699,750
979,650
26
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

CHILDSPLAY CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
26
Related party transactions
(Continued)
- 26 -
Other information

At the year end, the company was owed a balance of £23,485 (2023: £0) from family members of the directors.

A t the year end the company owed a balance of £234,783 (2023: £209,622) to family members of the directors.

At the year end the company was owed a net balance of £nil (202 3: £780,064) from other businesses in which the Directors have significant influence.

Close family members of the directors are on the payroll, during the year remuneration received in respect of the family members was £61,532 (2023 remuneration reversed: £139,462).

27
Directors' transactions

Advances given to the directors do not carry any interest and are repayable on demand.

Advances
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director 1
-
265,241
-
(1,687,180)
(1,421,939)
Director 2
-
127,589
62,587
-
190,176
392,830
62,587
(1,687,180)
(1,231,763)
28
Ultimate controlling party

The ultimate controlling party is the director, N Singh, by virtue of his shareholding.

CHILDSPLAY CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
29
Cash generated from operations
2024
2023
£
£
Profit/(loss) after taxation
715,481
(2,204,867)
Adjustments for:
Taxation credited
(382,833)
(41,300)
Finance costs
529,557
378,367
Investment income
-
0
(261)
(Gain)/loss on disposal of intangible assets
-
552
Amortisation and impairment of intangible assets
81,171
104,520
Depreciation and impairment of tangible fixed assets
488,306
493,159
Increase/(decrease) in provisions
123,344
(738,821)
Movements in working capital:
Decrease in stocks
763,487
3,647,872
Decrease in debtors
1,119,246
314,953
Decrease in creditors
(729,407)
(1,663,128)
Cash generated from operations
2,708,352
291,046
30
Analysis of changes in net debt
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
19,310
1,019,472
1,038,782
Bank overdrafts
(1,416,405)
1,416,405
-
0
(1,397,095)
2,435,877
1,038,782
Borrowings excluding overdrafts
(4,347,593)
1,921,217
(2,426,376)
(5,744,688)
4,357,094
(1,387,594)
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