Company Registration No. 00895642 (England and Wales)
INTERNATIONAL CLOTHING DESIGNS (HOLDINGS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020
PAGES FOR FILING WITH REGISTRAR
INTERNATIONAL CLOTHING DESIGNS (HOLDINGS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
INTERNATIONAL CLOTHING DESIGNS (HOLDINGS) LIMITED
BALANCE SHEET
AS AT
30 APRIL 2020
30 April 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
52,053
58,274
Investment properties
4
16,600,000
16,600,000
Investments
5
239,472
-
16,891,525
16,658,274
Current assets
Debtors
6
6,463,204
5,182,022
Cash at bank and in hand
100,190
40,400
6,563,394
5,222,422
Creditors: amounts falling due within one year
7
(2,617,048)
(862,689)
Net current assets
3,946,346
4,359,733
Total assets less current liabilities
20,837,871
21,018,007
Creditors: amounts falling due after more than one year
8
(5,666,750)
(5,655,350)
Provisions for liabilities
10
(1,632,691)
(1,460,829)
Net assets
13,538,430
13,901,828
Capital and reserves
Called up share capital
11
4,464,998
4,464,998
Equity reserve
11,248,419
11,248,419
Other reserves
467,775
467,775
Profit and loss reserves
(2,642,762)
(2,279,364)
Total equity
13,538,430
13,901,828
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
INTERNATIONAL CLOTHING DESIGNS (HOLDINGS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2020
30 April 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 April 2021 and are signed on its behalf by:
A C Bennett-Baggs
Director
Company Registration No. 00895642
INTERNATIONAL CLOTHING DESIGNS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020
- 3 -
1
Accounting policies
Company information
International Clothing Designs (Holdings) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
26-28 Conway Street, London, W1T 6BQ.
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, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have considered the effect of the Covid-19 outbreak. The outbreak has caused little disruption to the company’s business to date. The directors consider it unlikely that a prolonged outbreak will cause significant disruption. Accordingly, at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
true
1.3
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.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
20% Straight Line
Computer equipment
33% Straight Line
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
1.6
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.
1.7
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
INTERNATIONAL CLOTHING DESIGNS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
1
Accounting policies
(Continued)
- 4 -
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
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
and
loans from
fellow group companies 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 receipts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
INTERNATIONAL CLOTHING DESIGNS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
1
Accounting policies
(Continued)
- 5 -
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 profit and loss account, 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.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.12
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
8
8
INTERNATIONAL CLOTHING DESIGNS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 6 -
3
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 May 2019
578,142
Additions
9,509
Disposals
(6,250)
At 30 April 2020
581,401
Depreciation and impairment
At 1 May 2019
519,868
Depreciation charged in the year
9,480
At 30 April 2020
529,348
Carrying amount
At 30 April 2020
52,053
At 30 April 2019
58,274
4
Investment property
2020
£
Fair value
At 1 May 2019 and 30 April 2020
16,600,000
The fair value of the investment properties has been arrived at on the basis of a valuation made at 30 April 2020 by the directors of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Fixed asset investments
2020
2019
£
£
Investments
239,472
-
INTERNATIONAL CLOTHING DESIGNS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
5
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 May 2019 & 30 April 2020
2,000,000
Impairment
At 1 May 2019
2,000,000
Amounts written back of investments
(239,472)
At 30 April 2020
1,760,528
Carrying amount
At 30 April 2020
239,472
At 30 April 2019
-
6
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
74,477
107,196
Other debtors
5,757,617
4,763,307
Prepayments and accrued income
631,110
311,519
6,463,204
5,182,022
Included in other debtors an amount of £492,516
(
2019:
£
5
4,799
)
due from the director
s
of the company and it is repayable on demand.
7
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
358,829
358,368
Amounts due to group undertakings
1,920,592
239,460
Other taxation and social security
115,465
80,682
Other creditors
109,517
122,896
Accruals and deferred income
112,645
61,283
2,617,048
862,689
INTERNATIONAL CLOTHING DESIGNS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 8 -
8
Creditors: amounts falling due after more than one year
2020
2019
Notes
£
£
Bank loans and overdrafts
9
5,666,750
5,655,350
9
Loans and overdrafts
2020
2019
£
£
Bank loans
5,666,750
5,655,350
Payable after one year
5,666,750
5,655,350
The bank loans are secured by a first fixed charge over present and future fixed assets and a floating charge over all other assets. The bank also holds first legal charge over the freehold property owned by the company.
10
Provisions for liabilities
2020
2019
£
£
Deferred tax liabilities
1,632,691
1,460,829
11
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
9,998 Ordinary shares of £1 each
9,998
9,998
9,998
9,998
Preference share capital
Issued and fully paid
4,455,000 Preference shares of £1 each
4,455,000
4,455,000
4,455,000
4,455,000
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R Caring
C J Robinson
A C Bennett-Baggs
J W S Lawrence
T Brooke-Hollidge
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