Registered number:
For the Year Ended
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
Company Information
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
Contents
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
Strategic Report
For the Year Ended 31 January 2022
The directors are pleased to say the company came through another challenging year to January 31st 2022 profitably, and growing our business.
We grew our turnover by 18.8% to £13.8m (2021 - £11.6m), deepening our relationships and range penetration with existing customers and regions, and also started to trade in new countries - for example, in Latin America taking the total number of countries where we trade over 30. We also continued the roll out our collectible and patented WOW! PODS range across multiple brands starting in the UK and then towards the end of the year in USA and Europe. This has proved a successful online item with a No. 1 BSR (Best Seller Ranking) consistently at Amazon, UK throughout the year in the Bobble Heads category, sitting ahead of the global brand leader Funko. We also built up our UK domestic supply business for our hit continuation lines, using a third party logistics (3PL) company, against challenging cost and timing background created by the legacy of COVID on Supply Chain timing and costs. Transport and port delays, freight shortages and significant issues at the 3PL provider created a very challenging position for us in the run up to Christmas 2021. We weathered that challenge, taking increased costs into this year, but following investment in new logistics personnel we have successfully migrated to a new 3PL provider and are now operating on a more dependable basis. However, those challenges did hold back the business and resulted in temporarily higher UK costs affecting our gross margin substantially. That said, we protected our key relationships and continued to grow strongly both with online customers (including Amazon) and with our successful Bricks and Mortar partners. Our cost reduction programme which we started in 2020 ensured we maintained a low cost base with the slight rise being confined to inflation. Profit before tax was £40k (2021 - £387k) affected by the factors above. At year end reserves increased to £968k, and Net Assets increased to £985k. Our cash position remains strong and we continue to invest in our 'Great Brands Brought to Life' award-winning innovation strategy. Strategy: Looking ahead, we will be launching our Real FX brand, only our second “house brand” to specifically target an industry recognised class, Robotics/Interactive Playmates (Super-category of Youth Electronics). N.B. Our first brand being PODS, in the Explorative and Other Toys Super- category. The Real FX sell-in commenced January 2022 with our Jurassic World Real FX Baby Blue dinosaur toy, a high end animatronic hand held hyper realistic Dino with our highest price point in recent years at $99/£99. This is the first of many Real FX lines under development and launching through 2023. We also plan to line extend our ‘PODS’ collectibles with the launch of ‘Nano Pods’. This entry price point collectable features licensed character brands housed within a mini sized hex shaped pod. It features the connectable attribute of patented WOW! PODS. The Super-category is Explorative and Other Toys, a category dominated by ZURU’s 5 Surprise brand, estimated to be worth upwards of $400m per annum at time of writing. As with our Real FX brand we will look to work strategically with North American partners who have mass reach, relationships and domestic sales and marketing strengths to complement our innovation. While we have just around 30 smaller localised country distributors in Europe Middle east and Africa (EMEA), there are more than 50 countries where we are not represented. This potential combined with our UK market growth, estimated at over 50% by NPD group in 2022, provides us with much to go for in the coming years . We have extended all tier 1 licenses with our partners and continued to grow and sign new license partners in premium tier 1 brands. We continue to work on exciting long-term innovations in the digital meets physical, and sustainability in toys areas using the skills of our world class scientists that are at the heart of our New Product Development team. The directors pay tribute to the hard work and dedication of all our staff, our “Wow! Stuffers”! Their hard work continues to enable us to grow our business and to build the very best toys in the finest brands that elicit the all important “WOW!” reaction from children young and old!
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
Strategic Report (continued)
For the Year Ended 31 January 2022
As we work towards January 2023 the principal issues the business is managing are;
a) The pressure on Global supply chains highlighted in previous year statement and the impact on speed and cost of supply of goods has eased but not totally disappeared. We continue to work successfully with multiple partners to obtain containers and the related service elements to get goods into the hands of customers on time. We are broadening our sourcing locations to build greater resilience into our own sourcing and supply chain. b) Demand uncertainty in a world of high geopolitical turmoil, growing inflation and consumer cost of living pressures places challenges on all parts of the business including sales demand. However, we continue to see strong demand for our ranges and products in all geographies and we continue to grow and add new countries in which we trade. Our innovation and multiple product awards, backed by successful social media campaigns creates differentiation and gets us noticed. We have engineered our product price points to ensure we offer ranges that appeal to all pockets which combine with our core innovation, to maintain strong value-for-money appeal. The strength of our new collectibles Pods range, Wow! Pods and Nanopods, builds repeatability and collectible demand. We have signed up large global Distributor for North America for our Nanopods range, and continue to maintain strong links with our existing Licensors partners, and forge new links with new partners. We remain very focused on cost control. We have embraced the opportunities of a hybrid “home / office” working model. We also remain very focused on inventory management and optimization and ensure we stock only proven high demand lines, and to confirmed demand forecasts for our large customers. c) We continue to manage exchange rates with a balanced portfolio of currencies ensuring we manage to a maximum naturally hedged position. We watch the exchange rate position closely and being a net dollar surplus producer and with a natural currency hedge to gross margin level, we remain well placed to deal with currency fluctuations. d) Global shortage of some materials in China. The pressure here has eased since last year but has not totally gone. Working closely with our suppliers, raw materials such as IC chips we continue to prudently pre-ordered on a carefully managed production forecast thereby avoiding shortages of key components.
This report was approved by the board on 26 October 2022
and signed on its behalf.
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
Directors' Report
For the Year Ended 31 January 2022
The directors present their report and the financial statements for the year ended 31 January 2022.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the
financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year
. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
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;
∙
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.
The profit for the year, after taxation, amounted to £
130,934
(2021 -
£
387,475
)
.
The directors who served during the year were:
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
Directors' Report (continued)
For the Year Ended 31 January 2022
The auditors, PKF Smith Cooper Audit Limited, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
This report was approved by the board on
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
Independent Auditors' Report to the Members of China Industries Limited Trading as Wow! Stuff
We have audited the financial statements of China Industries Limited Trading as Wow! Stuff (the 'Company') for the year ended 31 January 2022, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, 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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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
Independent Auditors' Report to the Members of China Industries Limited Trading as Wow! Stuff (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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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
Independent Auditors' Report to the Members of China Industries Limited Trading as Wow! Stuff (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. Based on our understanding of the company and industry, key laws and regulations that we identified included:
∙
Companies Act;
∙
tax legislation; and
∙
health and employment legislation.
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.
We identfied that the principal risk of fraud or non-compliance with laws and regulations related to:
∙
management bias in respect of accounting estimates and judgements made;
∙
management override of control; and
∙
posting of unusual journals or transactions.
We focussed on those areas that could give rise to a material mistatement in the Company financial statements. Our procedures included, but were not limited to:
∙
Enquiry of management and those charged with governance/review of available correspondence around actual and potential litigation and claims, including instances of non-compliance with laws and regulations and fraud;
∙
Reviewing minutes of meetings of those charged with governance where available;
∙
Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud;
∙
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations and;
∙
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias, in particular stock provision and depreciation of assets.
It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
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
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
Independent Auditors' Report to the Members of China Industries Limited Trading as Wow! Stuff (continued)
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.
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 Auditors
158 Edmund Street
B3 2HB
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
Statement of Comprehensive Income
For the Year Ended 31 January 2022
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
Registered number:
04989385
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 29 form part of these financial statements.
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
Statement of Changes in Equity
For the Year Ended
31 January 2022
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
Statement of Cash Flows
For the Year Ended 31 January 2022
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
Analysis of Net Debt
For the Year Ended 31 January 2022
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
Notes to the Financial Statements
For the Year Ended 31 January 2022
China Industries Limited is a private company limited by shares incorporated in the United Kingdom. The address of the registered office is given in the company information of these financial statements. The company's registration number is 04989385. The principal activity of the company continued to be the innovative design and supply of toys and gifts to major retailers and distributors.
The financial statements are prepared in Sterling which is the functional currency of the company. The financial statements level of rounding is 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
is exempt from the requirement to prepare consolidated financial statements as all of its subsidiaries are required to be excluded from consolidation by
section 402 of the Companies Act 2006
. The subsidiaries are not material for the purpose of giving a true and fair view.
The financial statements have been prepared on the going concern basis, the validity of which depends upon the ability of the company to meet its obligations as they fall due. The directors have reviewed the funding in place for the company and have taken into account the amounts of £1,318,499 (2021 - £1,322,898) which are included in creditors greater than one year where the timing of repayments is under the control of the board. In the light of the future trading indications, orders held, and the funding position of the company the directors consider the company to be a going concern.
Transactions in foreign currencies are translated into Sterling at the rate ruling on the date of the transaction. Exchange gains and losses are recognised in the Statement of Comprehensive Income.
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
Notes to the Financial Statements
For the Year Ended 31 January 2022
2.
Accounting policies (continued)
Deferred development costs are reviewed annually, and where future benefits are deemed to have ceased or to be in doubt, the balance of any related development is written off to the Statement of Comprehensive Income. Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
Notes to the Financial Statements
For the Year Ended 31 January 2022
2.
Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
Notes to the Financial Statements
For the Year Ended 31 January 2022
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 Statement of Comprehensive Income.
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
Notes to the Financial Statements
For the Year Ended 31 January 2022
2.
Accounting policies (continued)
Derivative financial instruments ("derivatives") are only used to manage risks arising from changes in foreign currency exchange rates relating to sales denominated in foreign currencies. In accordance with the foreign exchange policy, the company does not enter into derivatives for speculative purposes. Derivatives are stated at their fair value, being the estimated amount that the company would receive or pay to terminate the contracts at the balance sheet dated based on prevailing foreign currency exchange rates.
Changes in fair value of foreign currency derivatives which are designated and effective as hedges of future cash flows are recognised in equity in the cash flow hedge reserve, and subsequently transferred to the carrying amount of the hedged item or the statement of comprehensive income. Realised gains and losses on cash flow hedges are therefore recognised as turnover in the statement of comprehensive income in the same period as the hedged item. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument previously recognised in equity is retained in equity until the hedged transaction occurs. If the hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in equity is then transferred to the Statement of Comprehensive Income. Changes in fair value of derivatives which are ineffective or do not meet the criteria for hedge accounting in FRS 102 are recognised in the Statement of Comprehensive Income under turnover. Stock is stated net of provisions for slow moving and obsolete stock, the calculation of which includes judgements. The directors review these periodically to ensure slow moving and obsolete stock is identified and provisions are appropriately calculated. The charge in respect of periodic depreciation and amortisation is derived after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The useful lives of all assets are determined at the time the asset is acquired and reviewed at least annually for appropriateness by the directors.
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
Notes to the Financial Statements
For the Year Ended 31 January 2022
The whole of the turnover is attributable to the one principal activity of the company.
Analysis of turnover by country of destination:
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
Notes to the Financial Statements
For the Year Ended 31 January 2022
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
Notes to the Financial Statements
For the Year Ended 31 January 2022
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
Notes to the Financial Statements
For the Year Ended 31 January 2022
11.
Taxation (continued)
The company has estimated losses of £2.5m (2021 - £2.2m) available for carry forward against future trading profits.
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
Notes to the Financial Statements
For the Year Ended 31 January 2022
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
Notes to the Financial Statements
For the Year Ended 31 January 2022
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
Notes to the Financial Statements
For the Year Ended 31 January 2022
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
Notes to the Financial Statements
For the Year Ended 31 January 2022
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
Notes to the Financial Statements
For the Year Ended 31 January 2022
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
Notes to the Financial Statements
For the Year Ended 31 January 2022
Profit and loss account
HSBC Bank plc holds an unlimited multilateral guarantee between the company and all of its subsidiary companies. The company is therefore jointly and severally liable for the amount owed by its subsidiary companies to HSBC Bank plc. At the balance sheet date this amounted to £nil (2021 - £nil).
A group VAT registration is in force. The company is therefore jointly and severally liable for the amount of VAT owed by other members of the group. At the balance sheet date this amounted to £nil (2021 - £nil).
The company operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the company to the scheme and amounted to £48,800 (2021 - £44,185). Contributions totalling £6,379 (2021 - £5,680) were payable to the scheme at the end of the year and are included in creditors.
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CHINA INDUSTRIES LIMITED TRADING AS WOW! STUFF
Notes to the Financial Statements
For the Year Ended 31 January 2022
26.
Other financial commitments
Total financial commitments to licensors at the balance sheet date were $614,802 (2021 - $1,363,502).
During the year the company advanced £3,128 (2021 - £2,933) to a director and the director repaid £2,800 (2021 - £740). At the balance sheet date the amount due to the company was £37,418 (2021 - £37,090). The amount advanced is interest free and hold no conditions.
During the year the company advanced £nil (2021 - £8,000) to the directors and the directors repaid £nil (2021 - £8,000). At the balance sheet date the amount due to the company was £nil (2021 - £nil). The amount advanced is interest free and hold no conditions.
The company is controlled by Mr R D North by virtue of his interest in a majority of the called up share capital.
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