1.
General Information
Allison Baby UK Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
07584473
. The registered office is Third Floor, 20 Old Bailey, London, EC4M 7AN.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2.
Significant judgements and estimations
The preparation of the financial statements in conformity with generally accepted accounting principles requires the directors to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results in the future could differ from those estimates. In this regard, the directors believe that the critical accounting policies where judgements or estimating are necessarily applied are summarised below.
Stock valuation
The company holds significant quantities of stock. Estimates are made in determining the net realisable value of stock, taking into account anticipated selling prices, ageing of inventory, and the risk of obsolescence due to evolving safety standards and customer preferences.
Revenue Recognition
Judgement is required in determining the point at which revenue should be recognised, particularly for export sales. Revenue is recognised when the risks and rewards of ownership have transferred, which is usually on delivery but may be on dispatch depending on the contractual terms.
Provisions for returns
The company offers customers the right to return defective or unsold stock. A provision is recognised based on management’s best estimate of expected future returns, informed by historical experience and current market conditions.
Fair value of investment property
The company holds investment property which is measured at fair value at each reporting date. The fair value is determined by the directors, using market data for comparable properties. This determination requires the use of judgement in assessing market conditions, rental yields, and the physical condition of the property. Changes in these assumptions could result in significant variation in the reported fair value.
2.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Freehold |
|
| Motor Vehicles |
|
| Fixtures & Fittings |
|
Land is not depreciated as it is considered to have an indefinite useful life. Buildings are depreciated over their useful economic lives.
Allison Baby UK Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.5.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.6.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
2.7.
Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.8.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
Allison Baby UK Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
3.
Turnover
Analysis of turnover by class of business is as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Sale of goods | 92,907,658 | 82,063,098 | |
Analysis of turnover by geographical market is as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| United Kingdom |
|
|
|
| 92,907,658 | 82,063,098 | ||
4.
Other Operating Income
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Royalties and similar income |
|
|
|
| Rental income |
|
|
|
| Other operating income |
|
|
|
| 157,220 | 264,851 | ||
5.
Operating Profit
The operating profit is stated after charging:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Operating lease rentals |
|
|
|
| Depreciation of tangible fixed assets |
|
|
|
6.
Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Audit Services | |||
| Audit of the company's financial statements |
|
|
|
| Other Services | |||
| Other non-audit services |
|
|
|
Allison Baby UK Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
7.
Staff Costs
Staff costs, including directors' remuneration, were as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Wages and salaries |
|
|
|
| Social security costs |
|
|
|
| Other pension costs |
|
|
|
|
|
|
||
8.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| Office and administration |
|
|
|
|
|
|
||
9.
Directors' remuneration
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Emoluments |
|
|
|
The number of directors to whom retirement benefits were accruing was as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| Money purchase pension schemes |
|
|
|
Information regarding the highest paid director was as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Emoluments |
|
|
|
| Company contributions to money purchase pension schemes |
|
|
|
|
|
|
||
10.
Interest Receivable and Similar Income
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Bank interest receivable |
|
|
|
11.
Interest Payable and Similar Charges
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Interest payable on other loans |
|
|
|
Allison Baby UK Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
12.
Tax on Profit
|
The tax charge on the profit for the year was as follows:
|
|||||
| Tax Rate | 2024 | 2023 | |||
|---|---|---|---|---|---|
| 2024 | 2023 | £ | £ | ||
| Current tax | |||||
| UK Corporation Tax | 25.0% | 23.5% |
|
|
|
| Deferred Tax | |||||
| Deferred taxation |
( |
( |
|||
| Total tax charge for the period |
|
|
|||
|
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
|
|||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Profit before tax | 4,168,605 | 3,758,555 | |||
| Tax on profit at 25% (UK standard rate) |
|
|
|||
| Expenses not deductible for tax purposes |
|
|
|||
| Difference in tax rates |
|
( |
|||
| Total tax charge for the period | 1,048,643 | 883,895 | |||
13.
Tangible Assets
| Land & Property | ||||
|---|---|---|---|---|
| Freehold | Motor Vehicles | Fixtures & Fittings | Total | |
| £ | £ | £ | £ | |
| Cost | ||||
| As at 1 January 2024 |
|
|
|
|
| Additions |
|
|
|
|
| Disposals |
|
( |
|
( |
| As at 31 December 2024 |
|
|
|
|
| Depreciation | ||||
| As at 1 January 2024 |
|
|
|
|
| Provided during the period |
|
|
|
|
| Disposals |
|
( |
|
( |
| As at 31 December 2024 |
|
|
|
|
| Net Book Value | ||||
| As at 31 December 2024 |
|
|
|
|
| As at 1 January 2024 |
|
|
|
|
Included in the cost of land and property freehold, is land of £100,000 (2023: £100,000) which is not depreciated.
Allison Baby UK Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
14.
Investment Property
| 2024 | |
|---|---|
| £ | |
| Fair Value | |
| As at 1 January 2024 and 31 December 2024 |
|
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Cost | 1,242,080 | 1,242,080 | |
Investment properties are stated at fair value in accordance with FRS 102 Section 16. The fair value of the investment properties has been determined by the directors as at the reporting date based on their knowledge of the market, and taking into account recent market transactions for similar properties in the area.
The directors have carried out an internal valuation and consider that the carrying values represent a reasonable estimate of the fair value of the properties as at the year end. No independent external valuation was obtained.
Any gains or losses arising from changes in fair value are recognised in profit or loss in the period in which they arise.
15.
Stocks
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Stock |
|
|
|
An impairment charge of £Nil (2023: Reversal of £46,758) was recognised in cost of sales against stock during the year due to slow-moving and obsolete stock.
16.
Debtors
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Prepayments and accrued income |
|
|
|
| Other debtors |
|
|
|
| Corporation tax recoverable assets | - |
|
|
| Deferred tax current asset | 44,545 | 26,123 | |
|
|
|
||
The prior year comparatives have been restated to present 'Prepayments' of £147,479 separately from 'Other debtors’.
17.
Creditors: Amounts Falling Due Within One Year
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Amounts owed to group undertakings |
|
|
|
| Other creditors | 20,118 | 5,815 | |
| Corporation tax |
|
|
|
| Taxation and social security | 5,299,564 | 1,578,578 | |
| Accruals and deferred income | 6,140,857 | 4,907,944 | |
|
|
|
||
Allison Baby UK Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
The prior year comparatives have been restated to present Corporation Tax of £612,777 separately from ‘Taxation and Social Security’. In addition, Net Wages Payable of £1,973 have been reclassified from ‘Taxation and Social Security’ to ‘Other Creditors’.
18.
Deferred Taxation
|
2024
|
|
|
£
|
|
|
At beginning of year
|
26,123
|
|
Charged to profit or loss
|
18,422
|
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|
|
|
44,545
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|
The provision for deferred tax is made up as follows:
|
2024
|
|
|
£
|
|
|
|
|
|
Capital Allowances
|
44,545
|
20.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Not later than one year |
|
|
|
| Later than one year and not later than five years |
|
|
|
| Later than five years |
|
|
|
|
|
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||
21.
Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to the profit and loss account in respect of defined contribution schemes was £72,650 (2023: £61,738).
22.
Related Party Disclosures
The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.
Allison Baby UK Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
23.
Controlling Parties
The company's immediate parent undertaking is
Joie International Co. Limited
.
The ultimate parent undertaking is
Joie Holding Co. Ltd
(incorporated in Cayman Islands). Its registered office is
P.O. Box 31119, Grand Cayman KY1-1205, Cayman Islands
.
Copies of the group accounts may be obtained from the company's registered office.
The company's ultimate controlling party is
Li Yu Cheng
by virtue of their interest in the share capital of the ultimate parent company.