REGISTERED NUMBER: 06109979 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 |
FOR |
CLUB L (RETAIL) LIMITED |
REGISTERED NUMBER: 06109979 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 |
FOR |
CLUB L (RETAIL) LIMITED |
CLUB L (RETAIL) LIMITED (REGISTERED NUMBER: 06109979) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 17 |
CLUB L (RETAIL) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
605 Albert House |
256-260 Old Street |
London |
EC1V 9DD |
CLUB L (RETAIL) LIMITED (REGISTERED NUMBER: 06109979) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 JANUARY 2023 |
The directors present their strategic report of the company and the group for the year ended 31 January 2023. |
PRINCIPAL ACTIVITIES AND REVIEW OF BUSINESS |
Club L London is the next generation online fashion retailer for the forward-thinking consumer. Expertly designed and crafted in house, Club L specialises in accessible luxury, unique designs and unrivalled quality made to flatter every figure. |
Founded in 2007 Club L was created with the vision of offering long lasting luxury styles, trend orientated collection with a twist and unique, statement designs that offer both exceptional quality and fit in an otherwise saturated market of fast fashion and throw away consumer goods. |
Club L has seen exceptional growth since its launch and continues to see revenue, profit, customers and orders increase year on year. The focus on offering a diverse product range that is competitively priced has helped the Company remain well placed in the market resulting in strong growth in sales, both domestically and internationally with both markets exceeding 110% growth Year on Year. With this continued growth, the Company invested in a new distribution centre and headquarters to support both the increase in sales and future expansion. |
KEY PERFORMANCE INDICATORS (KPIs) |
Financial KPIs | Jan-23 | Jan-22 | Variance |
Turnover (£) | 27,071k | 15,663k | 11,408k |
Gross Profit Margin (£) | 8,652k | 5,680k | 2,972k |
Profit before Tax (£) | 4,106k | 2,731k | 1,375k |
Net Assets (£) | 5,895k | 2,799k | 3,096k |
PRINCIPAL RISKS AND UNCERTAINTIES |
Economic, market and business risk |
Specific macroeconomic factors and changes due to geopolitical uncertainty can have an impact on how customers behave and can also have an impact on our operations and supply chain, which in turn could impact our overall financial performance. Mitigations put in place to help the Company prepare for any potential volatility include: the Company has a diverse product range that is competitively priced. The Company has strong relationships with multiple carriers and logistics providers so we can spread our carriage if required. The Company has a strong supply chain consisting of multiply supplier across multiple locations to help over reliance on any individual supplier. |
Technology risk |
Technology with e-commerce advances rapidly alongside increasing customer expectations of website user experience and functionality. The Company continues to invest heavily in technology across their website, inventory management, warehouse management, customer experience and overall IT infrastructure. |
Liquidity risk |
The business is self-funding and there are no external bank borrowings. The risk around liquidity is managed through a strong banking relationship and the availability of financing such as trade or asset financing if required. The directors have prepared forecasts including cashflows for the year ending and beyond, and the Company monitors cash as part of its day-to-day control procedures. The Company has considered cash headroom, and consequently, the directors believe the company is well placed to manage business risk. |
Currency risk |
CLUB L (RETAIL) LIMITED (REGISTERED NUMBER: 06109979) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 JANUARY 2023 |
The Company trades in several currencies, but mostly GBP, USD, EUR and AUD. It has income and expenditure in all currencies creating a natural hedge that is sufficient to reduce exposure. Any surplus currency is exchanged into GBP at appropriate times. |
Credit risk |
The Company operates a DTC model where the customers pay instantly when purchasing goods. This mitigates the risk of bad debts. |
Key personnel |
The loss of key individuals would represent significant operational difficulties for the Company. The Directors continue to ensure that key personnel are appropriately remunerated to ensure that good performance is recognised. |
Going Concern |
As of 31 January 2023, the company made a profit for the financial year of £3,095k (2022 - £2,261k) and has a net asset position of £5,895k (2022 - £2,799k). The group and company is operationally cash generative and at the year end Company has cash available of £3,169k (2022 - £2,318k) |
The Directors have a reasonable expectation that the group has adequate resources to continue operations for the foreseeable future and there are no material uncertainties that cast significant doubt on the group's ability to in operation and meet its liabilities as they fall due. |
The group and company meets its day-to-day working capital requirements through its cash reserves. The group and company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the group should be able to operate within the level of its current cash reserves. At the time of signing these accounts the Directors are of the opinion that the group and company will remain viable for the foreseeable future and therefore these Financial Statements have been prepared on the going concern basis. |
Outlook |
The Directors expect the performance of the group to continue to grow over the coming year including increasing revenue, orders and customer numbers, despite the impact of the ongoing cost of living crisis has on customers and upon the group. |
The Directors recognise that a strong culture centered around innovation is critical to the ongoing success of Club L. As such, the group will continue to invest in resource and infrastructure in order to attract and retain talent across all areas of the business. |
ON BEHALF OF THE BOARD: |
CLUB L (RETAIL) LIMITED (REGISTERED NUMBER: 06109979) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 JANUARY 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 January 2023. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 January 2023. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 February 2022 to the date of this report. |
DISCLOSURE IN THE STRATEGIC REPORT |
The company has chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
CLUB L (RETAIL) LIMITED (REGISTERED NUMBER: 06109979) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 JANUARY 2023 |
AUDITORS |
The auditors, Sedulo Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CLUB L (RETAIL) LIMITED |
Opinion |
We have audited the financial statements of Club L (Retail) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 January 2023 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. |
Basis for opinion |
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 UK, including the FRC'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. |
Conclusions relating to going concern |
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 and 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. |
Other matters |
In the previous accounting period, the Directors of the Company took advantage of audit exemption under s476 of the Companies Act. Therefore the prior period financial statements were not subject to audit and the comparative information is therefore presented as unaudited. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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. 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CLUB L (RETAIL) LIMITED |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
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 Report of the Directors. |
We have nothing to report in respect of the following matters where 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. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CLUB L (RETAIL) LIMITED |
Auditors' responsibilities for the audit of the financial statements |
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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
The primary responsibility for the prevention and detection of fraud rests with directors and management, and we cannot be expected to detect non-compliance with all laws and regulations. |
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our knowledge of the business and sector, enquiries of directors and management, and review of regulatory information and correspondence. We communicated identified laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. |
We discussed with directors and management the policies and procedures in place to ensure compliance with laws and regulations and otherwise prevent, deter and detect fraud. |
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations identified as potentially having a material effect on the financial statements. Our procedures included review of financial statement information and testing of that information, enquiry of management and examination of relevant documentation, analytical procedures to identify unusual or unexpected relationships that may indicate fraud, and procedures to address the risk of fraud through director or management override of controls. |
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 Report of the Auditors. |
Use of our 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 a Report of the Auditors 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 |
605 Albert House |
256-260 Old Street |
London |
EC1V 9DD |
CLUB L (RETAIL) LIMITED (REGISTERED NUMBER: 06109979) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 31 JANUARY 2023 |
31.1.23 | 31.1.22 |
Notes | £ | £ | £ | £ |
TURNOVER | 29,507,078 | 15,704,685 |
Cost of sales | 11,793,930 | 6,932,492 |
GROSS PROFIT | 17,713,148 | 8,772,193 |
Distribution costs | 8,508,529 | 3,051,073 |
Administrative expenses | 5,640,389 | 3,045,246 |
14,148,918 | 6,096,319 |
3,564,230 | 2,675,874 |
Other operating income | 1,216,103 | 102,248 |
OPERATING PROFIT | 5 | 4,780,333 | 2,778,122 |
Exceptional items | 6 | 128,582 | - |
4,651,751 | 2,778,122 |
Interest receivable and similar income | 21,371 | - |
4,673,122 | 2,778,122 |
Interest payable and similar expenses | 7 | 11,342 | 11,300 |
PROFIT BEFORE TAXATION | 4,661,780 | 2,766,822 |
Tax on profit | 8 | 799,764 | 469,562 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 3,862,016 | 2,297,260 |
CLUB L (RETAIL) LIMITED (REGISTERED NUMBER: 06109979) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 JANUARY 2023 |
31.1.23 | 31.1.22 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 3,862,016 | 2,297,260 |
OTHER COMPREHENSIVE INCOME |
Foreign currency translation movement | 829 | - |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
829 |
- |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
3,862,845 |
2,297,260 |
Total comprehensive income attributable to: |
Owners of the parent | 3,862,845 | 2,297,260 |
CLUB L (RETAIL) LIMITED (REGISTERED NUMBER: 06109979) |
CONSOLIDATED BALANCE SHEET |
31 JANUARY 2023 |
31.1.23 | 31.1.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 175,066 | - |
Tangible assets | 11 | 1,472,320 | 96,238 |
Investments | 12 | - | - |
1,647,386 | 96,238 |
CURRENT ASSETS |
Stocks | 13 | 2,630,475 | 1,911,151 |
Debtors | 14 | 2,046,061 | 2,231,092 |
Cash at bank | 5,538,409 | 2,361,384 |
10,214,945 | 6,503,627 |
CREDITORS |
Amounts falling due within one year | 15 | 4,967,272 | 3,740,680 |
NET CURRENT ASSETS | 5,247,673 | 2,762,947 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 6,895,059 | 2,859,185 |
PROVISIONS FOR LIABILITIES | 16 | 196,582 | 23,553 |
NET ASSETS | 6,698,477 | 2,835,632 |
CAPITAL AND RESERVES |
Called up share capital | 17 | 1 | 1 |
Other reserves | 18 | 829 | - |
Retained earnings | 18 | 6,697,647 | 2,835,631 |
SHAREHOLDERS' FUNDS | 6,698,477 | 2,835,632 |
The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2024 and were signed on its behalf by: |
P Randev - Director |
CLUB L (RETAIL) LIMITED (REGISTERED NUMBER: 06109979) |
COMPANY BALANCE SHEET |
31 JANUARY 2023 |
31.1.23 | 31.1.22 |
Unaudited |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Stocks | 13 |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 16 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 3,313,033 | 2,261,110 |
The financial statements were approved by the Board of Directors and authorised for issue on |
CLUB L (RETAIL) LIMITED (REGISTERED NUMBER: 06109979) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 JANUARY 2023 |
Called up |
share | Retained | Other | Total |
capital | earnings | reserves | equity |
£ | £ | £ | £ |
Balance at 1 February 2021 | 1 | 538,371 | - | 538,372 |
Changes in equity |
Total comprehensive income | - | 2,297,260 | - | 2,297,260 |
Balance at 31 January 2022 | 1 | 2,835,631 | - | 2,835,632 |
Changes in equity |
Total comprehensive income | - | 3,862,016 | 829 | 3,862,845 |
Balance at 31 January 2023 | 1 | 6,697,647 | 829 | 6,698,477 |
CLUB L (RETAIL) LIMITED (REGISTERED NUMBER: 06109979) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 JANUARY 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 February 2021 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 January 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 January 2023 |
CLUB L (RETAIL) LIMITED (REGISTERED NUMBER: 06109979) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 JANUARY 2023 |
31.1.23 | 31.1.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 5,807,848 | 1,741,314 |
Interest paid | (11,342 | ) | (11,300 | ) |
Tax paid | (1,018,762 | ) | (430,895 | ) |
Net cash from operating activities | 4,777,744 | 1,299,119 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (175,066 | ) | - |
Purchase of tangible fixed assets | (1,454,355 | ) | (89,549 | ) |
Sale of tangible fixed assets | 7,331 | - |
Interest received | 21,371 | - |
Net cash from investing activities | (1,600,719 | ) | (89,549 | ) |
Increase in cash and cash equivalents | 3,177,025 | 1,209,570 |
Cash and cash equivalents at beginning of year |
2 |
2,361,384 |
1,151,814 |
Cash and cash equivalents at end of year | 2 | 5,538,409 | 2,361,384 |
CLUB L (RETAIL) LIMITED (REGISTERED NUMBER: 06109979) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 JANUARY 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.1.23 | 31.1.22 |
£ | £ |
Profit before taxation | 4,661,780 | 2,766,822 |
Depreciation charges | 72,257 | 21,975 |
Loss on disposal of fixed assets | 197 | - |
Gain on revaluation of fixed assets | (433 | ) | - |
Finance costs | 11,342 | 11,300 |
Finance income | (21,371 | ) | - |
4,723,772 | 2,800,097 |
Increase in stocks | (719,324 | ) | (1,253,775 | ) |
Decrease/(increase) in trade and other debtors | 185,031 | (1,123,085 | ) |
Increase in trade and other creditors | 1,618,369 | 1,318,077 |
Cash generated from operations | 5,807,848 | 1,741,314 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 January 2023 |
31.1.23 | 1.2.22 |
£ | £ |
Cash and cash equivalents | 5,538,409 | 2,361,384 |
Year ended 31 January 2022 |
31.1.22 | 1.2.21 |
£ | £ |
Cash and cash equivalents | 2,361,384 | 1,151,814 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.2.22 | Cash flow | At 31.1.23 |
£ | £ | £ |
Net cash |
Cash at bank | 2,361,384 | 3,177,025 | 5,538,409 |
2,361,384 | 3,177,025 | 5,538,409 |
Total | 2,361,384 | 3,177,025 | 5,538,409 |
CLUB L (RETAIL) LIMITED (REGISTERED NUMBER: 06109979) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2023 |
1. | STATUTORY INFORMATION |
Club L (Retail) Limited is a company limited by share capital incorporated in England and Wales. The company number is 06109979. The company's registered office is Building 1, Think Park Mosley Road, Trafford Park, Manchester, England, M17 1FQ. |
The principal activity of the company for the year under review was that of an online fashion retailer. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reportng Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland the Companies Act 2006. |
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. |
The company has elected to take the exemptions permitted under FRS 102 and has not presented its own cash flow statement within these financial statements, as the cash flows of the company are included in the Consolidated cash flow statement. |
The following principal accounting policies have been applied: |
CLUB L (RETAIL) LIMITED (REGISTERED NUMBER: 06109979) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2023 |
2. | ACCOUNTING POLICIES - continued |
Basis of consolidation |
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. |
The consolidated financial statements incorporate those of Club L (Retail) Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. |
Their results are incorporated from the date that control passes. |
All financial statements are made up to 31 January 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group. |
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. |
These financial statements consolidate the results of the company and its wholly owned subsidiaries on a line-by-line basis. |
Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates. In the group financial statements, associates are accounted for using the equity method. |
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other ventures under a contractual arrangement are treated as joint ventures. In the group financial statements, joint ventures are accounted for using the equity method. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owed subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Going concern |
The group and company meets its day-to-day working capital requirements through its cash reserves. The group and company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the group should be able to operate within the level of its current cash reserves. At the time of signing these accounts the Directors are of the opinion that the group and company will remain viable for the foreseeable future and therefore these Financial Statements have been prepared on the going concern basis. |
CLUB L (RETAIL) LIMITED (REGISTERED NUMBER: 06109979) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2023 |
2. | ACCOUNTING POLICIES - continued |
Revenue |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
Sale of goods |
Revenue from the sale of goods is recognised when all of the following conditions are satisfied: |
- the Company has transferred the significant risks and rewards of ownership to the buyer; |
- the Company retains neither continuing managerial involvement to the degree usually associated |
with ownership nor effective control over the goods sold; |
- the amount of revenue can be measured reliably; |
- it is probable that the Company receive the consideration due under the transaction; and |
- the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Other revenue is recognised in the period to which it relates. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Computer software is not currently being amortised, as this is still in the development phase. |
Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated |
depreciation and any accumulated impairment losses. Historical cost includes expenditure that is |
directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their |
estimated useful lives. |
Depreciation is provided on the following basis: |
Motor vehicles | - 33% straight line |
Fixtures and fittings | - 20% reducing balance |
Office equipment | - 33% straight line |
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. |
CLUB L (RETAIL) LIMITED (REGISTERED NUMBER: 06109979) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2023 |
2. | ACCOUNTING POLICIES - continued |
Interest income |
Interest income is recognised in profit or loss using the effective interest method. |
Finance costs |
Finance costs are charged to profit or loss over the term of the debt using the effective interest |
method so that the amount charged is at a constant rate on the carrying amount. Issue costs are |
initially recognised as a reduction in the proceeds of the associated capital instrument. |
Government grants |
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to |
expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. |
Grants of a revenue nature are recognised in profit or loss in the same period as the related |
expenditure. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. |
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. |
CLUB L (RETAIL) LIMITED (REGISTERED NUMBER: 06109979) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The group 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 group 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. |
Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
CLUB L (RETAIL) LIMITED (REGISTERED NUMBER: 06109979) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2023 |
2. | ACCOUNTING POLICIES - continued |
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 and loans 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. |
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. Amounts 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. |
Other financial liabilities |
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge. |
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
Equity instruments |
Equity instruments issued by the group 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 group. |
CLUB L (RETAIL) LIMITED (REGISTERED NUMBER: 06109979) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss |
except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other |
comprehensive income or directly in equity respectively. |
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. |
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that: |
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be |
recovered against the reversal of deferred tax liabilities or other future taxable profits; and |
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax |
allowances have been met. |
Deferred tax balances are not recognised in respect of permanent differences except in respect of |
business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
CLUB L (RETAIL) LIMITED (REGISTERED NUMBER: 06109979) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2023 |
2. | ACCOUNTING POLICIES - continued |
Foreign currency translation |
Functional and presentation currency |
The Company's functional and presentational currency is GBP. |
Transactions and balances |
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. |
At each period end foreign currency monetary items are translated using the closing rate. Non- monetary items measured at historical cost are translated using the exchange rate at the date of the |
transaction and non-monetary items measured at fair value are measured using the exchange rate |
when fair value was determined. |
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. |
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. |
Operating leases: the company as lessee |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term. |
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. |
Pensions |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Defined contribution pension plan |
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the |
contributions have been paid the Company has no further payment obligations. |
The contributions are recognised as an expense in profit or loss 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 Company in independently administered funds. |
CLUB L (RETAIL) LIMITED (REGISTERED NUMBER: 06109979) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2023 |
2. | ACCOUNTING POLICIES - continued |
Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are |
measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with |
insignificant risk of change in value. |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank |
loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Provisions for liabilities |
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. |
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
When payments are eventually made, they are charged to the provision carried in the Balance Sheet. |
3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
In the application of the company's accounting policies, the director is 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. |
4. | EMPLOYEES AND DIRECTORS |
31.1.23 | 31.1.22 |
£ | £ |
Wages and salaries | 1,991,348 | 1,265,767 |
Social security costs | 213,298 | 94,008 |
Other pension costs | 28,362 | 13,530 |
2,233,008 | 1,373,305 |
CLUB L (RETAIL) LIMITED (REGISTERED NUMBER: 06109979) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2023 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
31.1.23 | 31.1.22 |
Directors | 2 | 2 |
Admin | 63 | 34 |
The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2022 - NIL). |
31.1.23 | 31.1.22 |
£ | £ |
Directors' remuneration | 41,556 | 43,031 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.1.23 | 31.1.22 |
£ | £ |
Hire of plant and machinery | 4,229 | 4,544 |
Depreciation - owned assets | 72,257 | 21,975 |
(Profit)/loss on disposal of fixed assets | (1,315 | ) | 165 |
Foreign exchange differences | (94,939 | ) | 93,828 |
6. | EXCEPTIONAL ITEMS |
31.1.23 | 31.1.22 |
£ | £ |
Exceptional items | (128,582 | ) | - |
The exceptional items relate to costs incurred related to relocating the office premises. |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.1.23 | 31.1.22 |
£ | £ |
Bank interest | 11,580 | - |
Interest payable | (238 | ) | 11,300 |
11,342 | 11,300 |
CLUB L (RETAIL) LIMITED (REGISTERED NUMBER: 06109979) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2023 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.1.23 | 31.1.22 |
£ | £ |
Current tax: |
UK corporation tax | 626,735 | 448,135 |
Deferred tax | 173,029 | 21,427 |
Tax on profit | 799,764 | 469,562 |
Tax effects relating to effects of other comprehensive income |
31.1.23 |
Gross | Tax | Net |
£ | £ | £ |
Foreign currency translation movement | 829 | - | 829 |
9. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
10. | INTANGIBLE FIXED ASSETS |
Group |
Computer |
software |
£ |
COST |
Additions | 175,066 |
At 31 January 2023 | 175,066 |
NET BOOK VALUE |
At 31 January 2023 | 175,066 |
CLUB L (RETAIL) LIMITED (REGISTERED NUMBER: 06109979) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2023 |
10. | INTANGIBLE FIXED ASSETS - continued |
Company |
Computer |
software |
£ |
COST |
Additions |
At 31 January 2023 |
NET BOOK VALUE |
At 31 January 2023 |
11. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 February 2022 | 50,918 | 12,737 | 70,255 | 133,910 |
Additions | 1,300,994 | - | 153,361 | 1,454,355 |
Disposals | (3,504 | ) | (12,737 | ) | (5,648 | ) | (21,889 | ) |
At 31 January 2023 | 1,348,408 | - | 217,968 | 1,566,376 |
DEPRECIATION |
At 1 February 2022 | 9,751 | 12,737 | 15,184 | 37,672 |
Charge for year | 38,579 | - | 33,678 | 72,257 |
Eliminated on disposal | (1,670 | ) | (12,737 | ) | (1,466 | ) | (15,873 | ) |
At 31 January 2023 | 46,660 | - | 47,396 | 94,056 |
NET BOOK VALUE |
At 31 January 2023 | 1,301,748 | - | 170,572 | 1,472,320 |
At 31 January 2022 | 41,167 | - | 55,071 | 96,238 |
CLUB L (RETAIL) LIMITED (REGISTERED NUMBER: 06109979) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2023 |
11. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 February 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 January 2023 |
DEPRECIATION |
At 1 February 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 January 2023 |
NET BOOK VALUE |
At 31 January 2023 |
At 31 January 2022 |
12. | FIXED ASSET INVESTMENTS |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Portland 66, 1046BD, Amsterdam, Netherlands |
Nature of business: |
% |
Class of shares: | holding |
31.1.23 | 31.1.22 |
£ | £ |
Aggregate capital and reserves | ( |
) |
(Loss)/profit for the year | ( |
) |
CLUB L (RETAIL) LIMITED (REGISTERED NUMBER: 06109979) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2023 |
12. | FIXED ASSET INVESTMENTS - continued |
Registered office: 6010 CELEDON CREEK no.7, PLAYA VISTA, CA, 90094 |
Nature of business: |
% |
Class of shares: | holding |
31.1.23 |
£ |
Aggregate capital and reserves |
Profit for the year |
13. | STOCKS |
Group | Company |
31.1.23 | 31.1.22 | 31.1.23 | 31.1.22 |
Unaudited |
£ | £ | £ | £ |
Stocks | 2,630,475 | 1,911,151 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.1.23 | 31.1.22 | 31.1.23 | 31.1.22 |
Unaudited |
£ | £ | £ | £ |
Trade debtors | 267,648 | 167,307 |
Amounts owed by group undertakings | - | 901,166 |
Amounts owed by participating interests | 1,114,066 | 506,521 | 1,114,066 | 506,521 |
Other debtors | 577,696 | 608,577 |
VAT | - | - |
Prepayments and accrued income | 86,651 | 47,521 |
2,046,061 | 2,231,092 |
CLUB L (RETAIL) LIMITED (REGISTERED NUMBER: 06109979) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2023 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.1.23 | 31.1.22 | 31.1.23 | 31.1.22 |
Unaudited |
£ | £ | £ | £ |
Trade creditors | 1,504,548 | 925,060 |
Amounts owed to participating interests | 456,549 | 418,641 | 456,549 | 418,641 |
Tax | 125,938 | 517,965 |
Social security and other taxes | 67,503 | 28,566 |
VAT | 598,544 | 361,026 | - | 352,837 |
Other creditors | 680,906 | 92,973 |
Accruals and deferred income | 1,533,284 | 1,396,449 |
4,967,272 | 3,740,680 |
16. | PROVISIONS FOR LIABILITIES |
Group | Company |
31.1.23 | 31.1.22 | 31.1.23 | 31.1.22 |
Unaudited |
£ | £ | £ | £ |
Deferred tax |
Accelerated capital allowances | 196,582 | 23,553 |
Group |
Deferred |
tax |
£ |
Balance at 1 February 2022 | 23,553 |
Charge to Income Statement during year | 173,029 |
Balance at 31 January 2023 | 196,582 |
Company |
Deferred |
tax |
£ |
Balance at 1 February 2022 |
Charge to Income Statement during year |
Balance at 31 January 2023 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.1.23 | 31.1.22 |
value: | £ | £ |
Ordinary share capital | 1 | 1 | 1 |
CLUB L (RETAIL) LIMITED (REGISTERED NUMBER: 06109979) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2023 |
18. | RESERVES |
Group |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
At 1 February 2022 | 2,835,631 | - | 2,835,631 |
Profit for the year | 3,862,016 | 3,862,016 |
Cash share issue | - | 829 | 829 |
At 31 January 2023 | 6,697,647 | 829 | 6,698,476 |
Company |
Retained |
earnings |
£ |
At 1 February 2022 |
Profit for the year |
At 31 January 2023 |
19. | PENSION COMMITMENTS |
The company operates a defined contribution scheme, the assets of which are held in independently administered funds. |
Pension costs for the year in respect of the defined contribution scheme were £28,191 (2022: £13,525). |
Outstanding at 31 January 2023 was £14,873 (2022: £5,391) which is included in other creditors. |
20. | POST BALANCE SHEET EVENTS |
The directors are not aware of any post balance sheet events. |
21. | CONTROLLING PARTY |
The immediate and ultimate parent undertaking is Club L London Limited, a company registered in England and Wales. |