Company registration number 09054091 (England and Wales)
FELLDALE RETAIL LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 FEBRUARY 2025
PAGES FOR FILING WITH REGISTRAR
FELLDALE RETAIL LIMITED
COMPANY INFORMATION
Directors
Mr M A Foster
Mr R D Malone
Mr P Brookes
Secretary
Mr P Brookes
Company number
09054091
Registered office
Rothay Road Industrial Estate
Ambleside
Cumbria
LA22 0HQ
Auditor
Saint & Co.
Sterling House
Wavell Drive
Rosehill
Carlisle
CA1 2SA
FELLDALE RETAIL LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 10
FELLDALE RETAIL LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
1 FEBRUARY 2025
01 February 2025
- 1 -
1 February 2025
27 January 2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
9,186
9,003
Current assets
Debtors
5
198,525
175,686
Cash at bank and in hand
8,662
8,967
207,187
184,653
Creditors: amounts falling due within one year
6
(521,457)
(571,294)
Net current liabilities
(314,270)
(386,641)
Total assets less current liabilities
(305,084)
(377,638)
Provisions for liabilities
7
(63,500)
(65,000)
Net liabilities
(368,584)
(442,638)
Capital and reserves
Called up share capital
9
1,000
1,000
Profit and loss reserves
(369,584)
(443,638)
Total equity
(368,584)
(442,638)

The notes on pages 2 to 10 form part of these financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 6 June 2025 and are signed on its behalf by:
Mr M A Foster
Director
Company registration number 09054091 (England and Wales)
FELLDALE RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 FEBRUARY 2025
- 2 -
1
Accounting policies
Company information

Felldale Retail Limited is a private company limited by shares incorporated in England and Wales. The registered office is Rothay Road Industrial Estate, Ambleside, Cumbria, LA22 0HQ. The place of business is comprised of various retail stores throughout the UK.

1.1
Accounting convention

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Lakeland Fashion Limited. These consolidated financial statements are available from its registered office, Rothay Road Industrial Estate, Ambleside, Cumbria, LA22 0HQ.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue operations in operational existence for the foreseeable future.true

The company provides retail infrastructure services to its parent company, Lakeland Fashion Limited. The mark up charged on overheads incurred and recharged to Lakeland Fashion Limited ensures the company's profitability.

The directors have prepared financial forecasts that demonstrate the future viability of the business with the continuing support of its parent company, and have therefore prepared the financial statements on a going concern basis.

FELLDALE RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 FEBRUARY 2025
1
Accounting policies
(Continued)
- 3 -
1.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

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.

Other income

Other operating income

Other operating income relates to revenue from all other activities which are not related to the principal activities of the company.

1.4
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.

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:

Fixtures and fittings
5 years straight line
Computers
3 years straight line

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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

FELLDALE RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 FEBRUARY 2025
1
Accounting policies
(Continued)
- 4 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
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.

1.7
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 statement of financial position 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.

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.

FELLDALE RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 FEBRUARY 2025
1
Accounting policies
(Continued)
- 5 -
1.8
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.

1.9
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 income statement 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.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
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.

1.11
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.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

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

FELLDALE RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 FEBRUARY 2025
1
Accounting policies
(Continued)
- 6 -
1.13
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

As lessor

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.14
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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Leases

In categorising leases as finance leases or operating leases, management make judgements as to whether significant risks and rewards of ownership have transferred to the company as lessee.

Fixed assets

The useful life and depreciation rate of tangible fixed assets is reviewed annually and amended when necessary.

FELLDALE RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 FEBRUARY 2025
- 7 -
3
Employees

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

2025
2024
Number
Number
Total
118
117
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 28 January 2024
456,789
4,378
461,167
Additions
2,050
2,480
4,530
Disposals
(475)
-
0
(475)
At 1 February 2025
458,364
6,858
465,222
Depreciation and impairment
At 28 January 2024
451,669
495
452,164
Depreciation charged in the period
2,130
2,217
4,347
Eliminated in respect of disposals
(475)
-
0
(475)
At 1 February 2025
453,324
2,712
456,036
Carrying amount
At 1 February 2025
5,040
4,146
9,186
At 27 January 2024
5,120
3,883
9,003
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
44,084
-
0
Other debtors
3,898
6,767
Prepayments and accrued income
145,479
164,004
193,461
170,771
Deferred tax asset
5,064
4,915
198,525
175,686
FELLDALE RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 FEBRUARY 2025
- 8 -
6
Creditors: amounts falling due within one year
2025
2024
£
£
Obligations under finance leases
-
0
3,375
Trade creditors
74,267
138,770
Amounts owed to group undertakings
-
0
34,462
Corporation tax
16,414
19,756
Other taxation and social security
258,089
192,397
Other creditors
14,657
7,903
Accruals and deferred income
158,030
174,631
521,457
571,294

Net obligations due under finance leases and hire purchase contracts are secured on the assets to which they relate.

Other borrowings are secured by way of a fixed and floating charge over all the assets and undertakings of Felldale Retail Limited.

Bank loans and overdrafts are secured by debentures comprising the fixed and floating charges over all the assets and undertakings of the company, along with an unlimited composite company guarantee by Felldale Retail Limited and Lakeland Fashion Limited.

7
Provisions for liabilities
2025
2024
£
£
63,500
65,000
Movements on provisions:
£
At 28 January 2024
65,000
Reversal of provision
(1,500)
At 1 February 2025
63,500

Dilapidations provision

A provision calculated based on estimated costs to bring the 11 (2024: 12) store locations back to their original state at the end of their lease.

FELLDALE RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 FEBRUARY 2025
- 9 -
8
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
61,959
53,434

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. Contributions totalling £11,282 (2024: £7,903) were payable to the fund at the balance sheet date and are included in other creditors.

9
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
335
335
335
335
Ordinary B shares of £1 each
335
335
335
335
Ordinary C shares of £1 each
200
200
200
200
Ordinary D shares of £1 each
130
130
130
130
1,000
1,000
1,000
1,000
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 1 February 2025 and of its profit for the period 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.

Senior Statutory Auditor:
Sophie Graham
Statutory Auditor:
Saint & Co.
Date of audit report:
12 June 2025
11
Financial commitments, guarantees and contingent liabilities

The company has given an unlimited guarantee to HSBC Bank plc in respect of the borrowings for Lakeland Fashion Limited. At the balance sheet date the borrowings amounted to £965,465 (2024: £706,653).

FELLDALE RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 FEBRUARY 2025
- 10 -
12
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, as follows:

2025
2024
£
£
Total commitments
1,923,915
2,729,977
As lessor - operating leases

The operating leases represent leases of floors within shop buildings to third parties.

2025
2024
Future amounts receivable under operating leases:
£
£
Total commitments
76,928
107,828
13
Related party transactions

The company has taken advantage of the exemption contained in Section 33 of Financial Reporting Standard 102 'Related Party Disclosures' from disclosing transactions entered into between two or more members of a group, provided that any subsidiary which is party to the transaction is wholly owned by such a member.

14
Parent company

The parent company and ultimate controlling party is Lakeland Fashion Limited, whose registered office address is Lakeland Fashion Limited, Rothay Road Industrial Estate, Ambleside, Cumbria, LA22 0HQ.

Lakeland Fashion Limited is the only undertaking which prepares consolidated financial statements. These are publicly available and can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

2025-02-01 2024-01-28 false false false 12 June 2025 CCH Software CCH Accounts Production 2025.200 No description of principal activity Mr M A Foster Mr R D Malone Mr P Brookes Mr P Brookes 09054091 2024-01-28 2025-02-01 09054091 bus:Director1 2024-01-28 2025-02-01 09054091 bus:Director2 2024-01-28 2025-02-01 09054091 bus:CompanySecretaryDirector1 2024-01-28 2025-02-01 09054091 bus:CompanySecretary1 2024-01-28 2025-02-01 09054091 bus:Director3 2024-01-28 2025-02-01 09054091 bus:RegisteredOffice 2024-01-28 2025-02-01 09054091 2025-02-01 09054091 2024-01-27 09054091 core:FurnitureFittings 2025-02-01 09054091 core:ComputerEquipment 2025-02-01 09054091 core:FurnitureFittings 2024-01-27 09054091 core:ComputerEquipment 2024-01-27 09054091 core:ShareCapital 2025-02-01 09054091 core:ShareCapital 2024-01-27 09054091 core:RetainedEarningsAccumulatedLosses 2025-02-01 09054091 core:RetainedEarningsAccumulatedLosses 2024-01-27 09054091 core:ShareCapitalOrdinaryShareClass1 2025-02-01 09054091 core:ShareCapitalOrdinaryShareClass1 2024-01-27 09054091 core:ShareCapitalOrdinaryShareClass2 2025-02-01 09054091 core:ShareCapitalOrdinaryShareClass2 2024-01-27 09054091 core:ShareCapitalOrdinaryShareClass3 2025-02-01 09054091 core:ShareCapitalOrdinaryShareClass3 2024-01-27 09054091 core:ShareCapitalOrdinaryShareClass4 2025-02-01 09054091 core:ShareCapitalOrdinaryShareClass4 2024-01-27 09054091 core:ShareCapitalOrdinaryShares 2025-02-01 09054091 core:ShareCapitalOrdinaryShares 2024-01-27 09054091 core:FurnitureFittings 2024-01-28 2025-02-01 09054091 core:ComputerEquipment 2024-01-28 2025-02-01 09054091 2023-01-29 2024-01-27 09054091 core:FurnitureFittings 2024-01-27 09054091 core:ComputerEquipment 2024-01-27 09054091 2024-01-27 09054091 core:CurrentFinancialInstruments 2025-02-01 09054091 core:CurrentFinancialInstruments 2024-01-27 09054091 bus:OrdinaryShareClass1 2024-01-28 2025-02-01 09054091 bus:OrdinaryShareClass2 2024-01-28 2025-02-01 09054091 bus:OrdinaryShareClass3 2024-01-28 2025-02-01 09054091 bus:OrdinaryShareClass4 2024-01-28 2025-02-01 09054091 bus:OrdinaryShareClass1 2025-02-01 09054091 bus:OrdinaryShareClass1 2024-01-27 09054091 bus:OrdinaryShareClass2 2025-02-01 09054091 bus:OrdinaryShareClass2 2024-01-27 09054091 bus:OrdinaryShareClass3 2025-02-01 09054091 bus:OrdinaryShareClass3 2024-01-27 09054091 bus:OrdinaryShareClass4 2025-02-01 09054091 bus:OrdinaryShareClass4 2024-01-27 09054091 bus:AllOrdinaryShares 2025-02-01 09054091 bus:AllOrdinaryShares 2024-01-27 09054091 bus:PrivateLimitedCompanyLtd 2024-01-28 2025-02-01 09054091 bus:FRS102 2024-01-28 2025-02-01 09054091 bus:Audited 2024-01-28 2025-02-01 09054091 bus:SmallCompaniesRegimeForAccounts 2024-01-28 2025-02-01 09054091 bus:FullAccounts 2024-01-28 2025-02-01 xbrli:pure xbrli:shares iso4217:GBP