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Registered number:
FOR THE YEAR ENDED 20 JANUARY 2025
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COMPANY INFORMATION
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CONTENTS
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GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 20 JANUARY 2025
The directors present their Group Strategic Report for the year ended 20 January 2025.
Overall trading conditions in the UK clothing market have remained challenging with a shift to more direct sourcing by some key customers continuing.
The main highlights for the year are as follows: - Group turnover has decreased from £15.4m to £14.9m but gross margin has improved slightly. - Administrative expenses have increased by 5.7% during the year, primarily due to inflationary pressures on operating costs. - Other investment income has increased this year from £2.2m to £4.1m. - The Group’s investment portfolio performed strongly during the year, with its market value increasing by £5.8m, reflecting improved market conditions and the performance of underlying holdings.
Financial Position
The financial position of the Group remains strong with Group net assets of approximately £82m (2024 - £74m) and minimal debt. The management of the business and the execution of the Group's strategy are, of course, subject to the normal commercial risks affecting the retail clothing industry in the UK. As a very long-established business EMA Textiles Limited has built strong associations with leading retailers and developed enduring relationships with reputable overseas suppliers who continue to work closely with the Company.
The principal risks and uncertainties faced by the Group comprise:
• Economic Downturns: Economic downturns can lead to reduced consumer spending, which may affect demand. • Customer retention: The textiles industry is highly competitive. It can be challenging to retain key customers so it is important to continue to provide high quality products and customer service levels with competitive pricing. • Supplier Reliability: financial problems or operational issues encountered by a supplier can disrupt the supply chain. • Fluctuating Currency Exchange Rates: Exchange rate fluctuations can affect costs of imports. • Quality Control and Product Consistency: Maintaining consistent quality in imported textiles is crucial for customer satisfaction. • Increased awareness of global environmental issues and employer’s responsibilities to their workforce has led to stricter enforcement of regulations. The consequences of any failure to comply may cause a risk to both the supply and sale of product. • Logistical Challenges: Shipping and logistics issues, including port congestion, strikes, and transportation capacity shortages, can disrupt the flow of goods • Tariffs and Trade Policies: Changes in international trade policies, tariffs, and trade agreements can impact the cost and availability of textiles from specific regions or countries. • Investment market risk: The Company holds a significant portfolio of listed investments, which are subject to market risk arising from fluctuations in interest rates and equity prices. These risks may impact the performance and valuation of the portfolio.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 20 JANUARY 2025
The directors consider the key performance indicators of the business to be gross margin, operating profit and returns on investments as set out in the Consolidated Statement of Comprehensive Income on page 9.
This report was approved by the board on 16 October 2025 and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 20 JANUARY 2025
The directors present their report and the financial statements for the year ended 20 January 2025.
The directors who served during the year were:
E M Abraham
The directors report with great regret that E M Abraham sadly passed away on 5 May 2024.
The profit for the year, after taxation and minority interests, amounted to £7,231,662 (2024 - £957,925).
During the year, dividends of £39,000 (2024 - £10,150,000) were paid to the controlling shareholders and £Nil (2024 - £24,500) paid to non-controlling interests.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are hopeful that they will be able to maintain the Group's trading activities in the ensuing year and that the Group is well placed to take advantage of new market opportunities.
Management encourage the involvement and participation of the employees in the Group and make every effort to ensure regular contact and exchange of information with staff. It is the Group's policy to give full and fair consideration to suitable applications from disabled persons for employment.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 20 JANUARY 2025
There have been no significant events affecting the Group since the year end.
Under section 487(2) of the Companies Act 2006, Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board on
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EMA TEXTILES LIMITED
In our opinion the financial statements:
∙give a true and fair view of the state of the Group's and of the parent Company's affairs as at 20 January 2025 and of the Group's 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.
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 Group 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 Group's or the parent 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.
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EMA TEXTILES LIMITED (CONTINUED)
If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
∙the parent Company financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are 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 directors determine 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 directors are responsible for assessing the Group's and the parent 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 directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.
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 Group financial statements.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EMA TEXTILES LIMITED (CONTINUED)
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:
∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙we identified the laws and regulations applicable to the Group through discussions with directors and other management, and from our commercial knowledge and experience of the clothing, property and equity investment sectors;
∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Group, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
∙understanding the design of the Group’s remuneration policies.
To address the risk of fraud through management bias and override of controls, we:
∙performed analytical procedures to identify any unusual or unexpected relationships;
∙tested journal entries to identify unusual transactions;
∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
∙investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation;
∙enquiring of management as to actual and potential litigation and claims; and
∙reviewing correspondence with HMRC and relevant regulators.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 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
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EMA TEXTILES LIMITED (CONTINUED)
Auditors' 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 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
Chartered Accountants
Statutory Auditors
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 20 JANUARY 2025
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 20 JANUARY 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 October 2025.
The notes on pages 15 to 34 form part of these financial statements.
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COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 20 JANUARY 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 15 to 34 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 20 JANUARY 2025
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 20 JANUARY 2025
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 20 JANUARY 2025
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CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 20 JANUARY 2025
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 20 JANUARY 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 20 JANUARY 2025
EMA Textiles Limited is a private limited liability company incorporated in England and Wales. The registered office address and principal place of business is at 62-72 Tabernacle Street, London, EC2A 4LR.
The principal activity of the Group during the year continued to be the import and wholesale of clothing.
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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
Sales of goods are recognised when the goods are delivered and title has been passed.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 20 JANUARY 2025
2.Accounting policies (continued)
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in the Consolidated Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.
Functional and presentation currency
Transactions and balances
On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 20 JANUARY 2025
2.Accounting policies (continued)
Goodwill represents the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its estimated useful economic life of 10 years.
At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 20 JANUARY 2025
2.Accounting policies (continued)
Current asset listed investments are measured at their fair value at the reporting date and changes in their fair value from the previous year end are recognised in the Consolidated Statement of Comprehensive Income. Stock includes expenditure incurred in acquiring stocks and other costs in bringing them to their existing location and condition.
Basic financial assets, including trade and other receivables, and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is remeasured at the present value of the future receipts discounted at a market rate of interest if material.
Such assets are subsequently carried at amortised cost using the effective interest method.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 20 JANUARY 2025
2.Accounting policies (continued)
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Comprehensive Income. Financial liabilities, including trade and other creditors are initially recognised at cost price. If evidence identified of changes to the liabilities, an impairment gain is recognised in the Consolidated Statement of Comprehensive Income. Tangible and intangible assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and estimated disposal values.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 20 JANUARY 2025
The whole of the turnover is attributable to the business activity of the Group.
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 20 JANUARY 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 20 JANUARY 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 20 JANUARY 2025
13.Taxation (continued)
There were no factors that may affect future tax charges.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 20 JANUARY 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 20 JANUARY 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 20 JANUARY 2025
17.Tangible fixed assets (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 20 JANUARY 2025
Page 27
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 20 JANUARY 2025
Page 28
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 20 JANUARY 2025
The 2025 valuations were made by the directors, on an open market value for existing use basis.
The 2025 valuations were made by the directors, on an open market value for existing use basis.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 20 JANUARY 2025
Page 30
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 20 JANUARY 2025
Page 31
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 20 JANUARY 2025
Page 32
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 20 JANUARY 2025
Profit and loss account
The following contingent liabilities existed at the reporting date:
a)£1,643,587 (2024 - £1,643,587) in respect of irrevocable documentary credits at sight.
b)£250,000 (2024 - £250,000) guarantee in favour of H M Revenue and Customs.
The above contingent liabilities, together with bank advances, are secured on certain listed investments.
The Company contributes to 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 £21,360 (2024 - £23,532). Contributions totalling £6,178 (2024 - £5,154) were payable to the fund at the reporting date and are included in creditors.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 20 JANUARY 2025
The Company is controlled by Eric M Abraham, a director of the Company, by virtue of his shareholding.
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