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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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CWF KIDS UK LIMITED
COMPANY INFORMATION
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CWF KIDS UK LIMITED
CONTENTS
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CWF KIDS UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Director presents the strategic report for the year ended 31 December 2024.
During 2024, activity decreased significantly, particularly in Wholesale operations. Retail remained stable, with an increase in outlet activity due to the opening of a new shop in Bicester.
The future trading of the company depends on the continuation of its current arrangement with its parent company, which is the sole supplier of goods for resale. Other business risks and uncertainties relate to competition and the company’s continued ability to successfully market its products.
Financial risks and uncertainties
The company also faces financial risks and uncertainties, namely credit risk, liquidity risk and cash flow risk. It also has exposure to foreign exchange risk.
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CWF KIDS UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Due to the nature of the wholesale business, the company extends credit facilities to most wholesale customers. Defaults in payment from some of these customers could have a material impact on profitability. This risk is managed by externally insuring credit risk where possible, together with implementing appropriate credit checks and close credit management.
Liquidity and cash flow risk
As the main supplier of the company is its parent company, it relies on the continuation of the credit arrangements granted by the parent company. Foreign exchange risk The company primarily trades in Sterling but has some limited Euro exposure. This is managed by matching monetary inflows and outflows in the same currencies wherever possible. This exposure relates mainly to retail operations in the Republic of Ireland and wholesale transactions with EU customers. Financial key performance indicators The performance of the business is monitored by reference to turnover and profit. 31/12/2024 31/12/2023 31/12/2022 Turnover £29.3m £31.9m £45.4m Gross Profit (%) 57.8% 46.4% 41.1% Net Assets £0.99m £2.6m £4.6m Other key performance indicators The company manages its retail business by monitoring the sales density (revenue compared to the store surface), the gross margin per store and the profitability per store. The wholesale business is managed by monitoring the orders and the invoicing of each customer. The withdrawal of the United Kingdom from the European Union The company continues to be careful on the practical application of the new trading arrangements by regulatory authorities, to better understand what the eventual impact on its business will be. In general, tariffs and quotas on trade have not been introduced, although administrative complications and regulatory restrictions have reduced the freedom of cross-border trade. Directors' statement of compliance with duty to promote the success of the Company The likely consequences of any decision in the long term The company is controlled by French parent CWF Children Worldwide Fashion S.A.S. All local UK decisions are reviewed by the management team of the French parent to consider both the needs of the UK subsidiary and the requirements and expectations of the parent company. The interest of the company’s employees The Directors believe that the employees serve an integral part in carrying out the strategic direction of the company. Our focus is to maintain a culture that supports and encourages a healthy lifestyle and provide a high quality affordable benefits package that is truly valued by our employees. The need to foster the company’s business relations with suppliers, customers and others We believe in strong long term partnerships working closely with suppliers and serving the needs of our customers.
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CWF KIDS UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The impact of the company’s operations on the community and environment
Our business model is based on promoting an environmental responsibility with respect for the next generations. The company is engaged on a voluntary ESG course of action. Our action plan is to focus on : - Reduce greenhouse gas, - Reduce water consumption, - Reduce and more recycling waste, - Reduction of raw materials using, - Eco design of our goods. We also work to use organic raw materials and other materials such as : - Organic cotton, - Recycled polyester, - Thermolite© EcoMade Technology, - “Sorona ball”, - Recycled cashmere. At the moment, 30% of our models are designed and produced with organic or recycled raw materials. We also work on our carbon footprint in order to have a starting picture to improve our activities with our partners. The desirability of the company maintaining a reputation for high standards of business conduct The Company periodically reviews its Sustainability Statement, which details the principals that guide the company to maintain its reputation for high standards. The Board also reviews the Human Rights and Modern Slavery Statement to ensure that high standards are maintained within the business and within business relationships. The Business model is structured in order to respect a person's image especially children's image and mind. On ethical aspects, we regularly audit our producers in order to respect high standards concerning Human Rights and local laws. We also ensure that our goods are not produced by children. We always keep in mind that we dress children who are our future. We manage our business in order to be compliant with the international rules, laws, regulations around the world (included but not restricted to US, UE, UK, UN regulations).
This report was approved by the board and signed on its behalf.
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CWF KIDS UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements 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;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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.
Directors' liability and indemnity insurance was in force throughout the year to cover the directors and officers of the company against actions brought against them in their personal capacity. Neither the insurance nor the indemnity provide cover where the individual has acted fraudulently or dishonestly.
These financial statements have been prepared on a going concern basis.
Management have considered current and forecasted trading levels and working capital requirements, and are of the opinion that the company will have adequate resources to continue to trade as a going concern for the foreseeable future. This basis assumes that the company will continue to trade for the foreseeable future. The company procures all of its goods for resale from its parent company, CWF Childrens Worldwide Fashion S.A.S, the assessment is dependent on the current arrangement to continue.
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CWF KIDS UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The profit for the year, after taxation, amounted to £853,970 (2023 - £2,189,431).
Dividends of £2,500,000 were paid in the year under review (2023: £4,200,000)
The director who served during the year was:
The company envisages to continue its existing activities and forecasts that the turnover will remain the same in 2025, mostly through a combination of inflationary price increases and organic growth, especially with the recent introduction of its own ranges of children's clothing, being sold through retail outlets under its own brands.
The company has chosen in accordance with Companies Act 2006, s414C (11) to set out in the company's strategic report information required by Schedule 7 to the Large and Medium-szied Companies and Groups (Accounts and reports) Regulations 2008. Certain matters which are required to be disclosed in the directors' report have been omitted as they are included in the strategic report on pages 1 to 2. These matters relate to the financial risks.
There have been no significant events affecting the Company since the year end.
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CWF KIDS UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The auditors, MHA previously traded through the legal entity Maclntyre Hudson LLP. In respect of regulatory changes, Maclntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP. MHA offer themselves for reappointment.
This report was approved by the board and signed on its behalf.
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CWF KIDS UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CWF KIDS UK LIMITED
We have audited the financial statements of CWF Kids UK Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the 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.
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CWF KIDS UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CWF KIDS UK LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are 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.
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.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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CWF KIDS UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CWF KIDS UK LIMITED (CONTINUED)
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 Auditors' 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:
∙Performing audit work over the risk of management override, including testing of journal entries and other adjustments for appropriateness.
∙Reviewing financial statement disclosures and testing supporting documentation to assess compliance with applicable laws and regulations.
∙Reviewing minutes of meetings of those charged with governance.
∙Enquiry with management around potential litigation and claims.
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.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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CWF KIDS UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CWF KIDS UK LIMITED (CONTINUED)
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 Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditor Date: MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542.)
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CWF KIDS UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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CWF KIDS UK LIMITED
REGISTERED NUMBER: 05670404
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 30 form part of these financial statements.
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CWF KIDS UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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CWF KIDS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
CWF Kids UK Limited ('the company') is a private company limited by shares, incorporated in England and Wales. The address of its registered office and principal place of business is Unit 9-16, Olympic House, 317-321 Latimer Road, London, W10 6RA.
The principal activity of the company during the year was the wholesale and retail of designer clothing for children. The financial statements have been presented in £ sterling and rounded to the nearest £1.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of CWF Group S.A.S as at 31 December 2024 and these financial statements may be obtained from 6 rue de la Tisonniere 85500 LES HERBIERS, France.
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CWF KIDS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
These financial statements have been prepared on a going concern basis.
Management have considered current and forecasted trading levels and working capital requirements and are of the opinion that the company will have adequate resources to continue trade as a going concern for the foreseeable future. The company procures all of its goods for resale from its parent company, CWF Childrens Worldwide Fashion S.A.S, the assessment is dependent on the current arrangement to continue.
Functional and presentation currency
Transactions and balances
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CWF KIDS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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CWF KIDS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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CWF KIDS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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CWF KIDS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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CWF KIDS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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CWF KIDS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The estimates and underlying assumptions are reviewing on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. The key sources of estimation uncertainty that have a signficiant effect on the amounts recognised in the financial statements are described below: Bad debts Management assesses sales history and physical condition, as well as market demands for products in determining the saleability thereof. Any items considered to be impaired are written down to net realisable value. Provision for returns Provisions are made in respect of the expected level of returns of stock and discounts to be provided to customers. These provisions are estimated based on records of the level of discounts and returns in previous years.
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CWF KIDS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis of turnover by country of destination:
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CWF KIDS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CWF KIDS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CWF KIDS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
11.Taxation (continued)
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CWF KIDS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CWF KIDS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CWF KIDS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CWF KIDS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £10,172 (2023: £2,637). Contributions totalling £7,169 (2023: £5,718) were payable to the fund at the balance sheet date and are included in creditors.
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CWF KIDS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The immediate parent company is CWF Children Worldwide Fashion S.A.S, a company registered in France. The ultimate parent company is CWF Group S.A.S, a company incorporated in France.
In June 2019, the CWF Group of companies was purchased by an investor group. The ultimate controlling parties are considered to be Mr Claude Darmon and Mr Ronan le Moal by virtue of their shareholdings in the CWF Group of companies. CWF Group S.A.S. is the parent undertaking of the smallest and largest group which consolidates the financial information of the company. Copies of the group's financial statements may be obtained from 6 rue de la Tisonnière 85500 LES HERBIERS, France. CWF Kids UK Limited purchased £10,935,496 (2023: £14,927,610) of goods from CWF Children Worldwide Fashion S.A.S. in the year. The amount owed by CWF Children Worldwide Fashion S.A.S at the year end was £31,520,374 (2023: £33,951,510) and owed to CWF Children Worldwide Fashion S.A.S at the year end was £36,644,695 (2023 £35,457,695). Following further amounts advanced in the year: The amount owed by CWF Kids Ireland at the year end was £7,020 (2023 £41,950). The amount owed by CWF Netherlands at the year end was £Nil - (2022 £29,800). The amount owed by CWF Enterprise at the year end was £219,408 (2023 £219,408). Amounts owed to group undertakings are unsecured, repayable on demand and attract an interest rate of Euribor plus 0.5% (2022: 0.5%).
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