REGISTERED NUMBER: 01069599 (England and Wales) |
ROBINSON WEBSTER (HOLDINGS) LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD |
30 JANUARY 2022 TO 28 JANUARY 2023 |
REGISTERED NUMBER: 01069599 (England and Wales) |
ROBINSON WEBSTER (HOLDINGS) LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD |
30 JANUARY 2022 TO 28 JANUARY 2023 |
ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 30 JANUARY 2022 TO 28 JANUARY 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 | to | 3 |
Report of the Directors | 4 | to | 5 |
Report of the Independent Auditors | 6 | to | 8 |
Consolidated Statement of Comprehensive Income | 9 |
Consolidated Statement of Financial Position | 10 |
Company Statement of Financial Position | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Notes to the Consolidated Financial Statements | 14 | to | 27 |
ROBINSON WEBSTER (HOLDINGS) LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 30 JANUARY 2022 TO 28 JANUARY 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
14 All Saints Street |
Stamford |
Lincolnshire |
PE9 2PA |
ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 30 JANUARY 2022 TO 28 JANUARY 2023 |
The Directors present the strategic report for the 52-week (2022: 52 weeks) period ended 28th January 2023. |
The controlling shareholder is Mountain Berg Holdings Ltd. |
Business Review |
Robinson Webster (Holdings) Limited ('RWHL') is the trading company for the operations of the Jigsaw brand. Jigsaw designs and retails high quality women's clothing and accessories which are sold exclusively under the Jigsaw brand. |
The Jigsaw brand was established in 1970 and has now been delivering inspired British style for over 50 years. |
The group delivered an EBITDA of £3.6m (2022: £2.8m) and a net profit of £0.8m (2022: loss of £1.3m). The improvement in profit being driven by sales growth of 19% to £56.8m (2022: £47.7m) and an improvement in margin to 64% (2022: 59.4%). Given the challenging and uncertain retail environment, the directors are pleased with the continued upward trajectory of these key business metrics. |
Tailoring and dresses both performed strongly, reflecting customers’ rekindled interest in more formal categories as they returned to their workplaces. Tailoring has historically been a heartland category for Jigsaw and we intend to invest to further modernise our supply chains and fabrications in this category. |
Stores performed particularly well, and the year included further store openings, increasing our estate to 45 (2022: 43). It is clear that customers welcome the access to excellent service and product knowledge that a physical presence provides but we remain cautious about opening further stores, given the pressures on High Street cost bases. We will invest to ensure that long-standing existing locations continue to deliver a distinctive and authentic experience to Jigsaw customers, reflecting the heritage of our brand. |
Our customer base continued to grow as we invested in new customer recruitment and existing customer retention. After a successful pilot, we collaborated with Harpers to launch a "Try Before You Buy" service within the M25 area, giving customers the convenience of trying on in their own homes while eliminating the pain points associated with returns. It has been very well received. |
We have also invested in digital infrastructure enabling us to relaunch our international business as well as increasing our ability to personalise our customers’ online experience. |
Jigsaw’s ethos has always been to use quality materials in the making of products that will last for many years. We know that our customers value that ethos more than ever and so this year, we launched a range of actions to support this, offering an in-house repair service, as well as a rental and subscription option in partnership with My Wardrobe HQ. A further initiative to support a more circular fashion cycle is Jigsaw Forever, supporting the resale of customers’ returned vintage items. |
Key Performance Indicators |
The group's key performance indicators include revenue, like-for-like revenue and channel and category gross margin. The Board also monitors adjusted EBITDA (defined as earnings before interest, tax, depreciation, amortisation, impairments and exceptional items), stock cover and e-commerce and customer data metrics. We seek to be an exemplary employer and we monitor employee engagement via an annual Pulse Survey benchmarked against industry, as well as tracking attrition rates, length of service and external employee reviews. We have commenced work to add KPIs related to our ambition to reduce our environmental impact. |
Outlook and Strategic Review |
Through the continued evolution of our product offering, our emphasis on quality and craftsmanship and our distinctive store locations throughout the UK and Ireland, Jigsaw has created a unique proposition and a loyal customer base. |
Although market conditions are undoubtedly challenging for many fashion retailers, Jigsaw remains committed to delivering what those customers continue to demand: high quality ranges that reflect and amplify their confidence in themselves, supported by superb customer service that simplifies every stage of the customer journey, both online and offline. Jigsaw will continue to build on its digital capability and build its omni channel business. It will invest further in ranging and supply chain to ensure that it can capitalise on opportunities to slowly build its customer base without compromising on its heritage values. |
ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 30 JANUARY 2022 TO 28 JANUARY 2023 |
Section 172 Statement |
The Directors set out their statement of compliance with s172 (1) of the Companies Act 2006 which should be read in conjunction with the rest of the annual report. |
The Board ensures that decisions are always taken for the long term, and collectively aims to uphold the highest standards of conduct. Similarly, it acknowledges that the group's employees, suppliers and customers are their most important assets, and the business can only grow and prosper over the long term if it understands, respects, and responds to their views and needs, as well as those of other stakeholders. |
The Board has identified the following stakeholder groups with whom engagement is fundamental to the group's ongoing success: |
Shareholder: The key issues of concern to shareholders are return on investment, business performance and sustainability. The business engages with its shareholders in various ways including meetings, annual report, management accounts and regular announcements. |
Employees: The group's people are central to our success and we are committed to providing a working environment that promotes our employee's wellbeing whilst facilitating their performance. The key issues of concern to employees are health and safety, engagement & development and diversity & inclusion. The group engages with this stakeholder group in various ways including surveys, health & safety programmes, training, business updates and meetings. |
Customers: The key issues of concern to customers are health and safety, products, value for money, availability of products, impact on environment and customer relations. The business engages with this stakeholder group in various ways including customer surveys, labelling, social media, customer and consumer feedback. |
Suppliers: The key issues of concern with suppliers are our payment policies, responsible sourcing and supply chain sustainability. The group engages in various ways including meetings, training, email and audits. |
Communities and the environment: The key areas of concern with regards the group's relations with communities and the environment are climate change mitigation and adaptation and natural resources. |
Government: The group is impacted by changes in the law and public policy. The key issues of concern in relation to the government are regulatory changes, climate and environmental related matters and support for businesses and workers. The business engages in various ways including meetings, email, web portals and applications to participate in government schemes. |
The Group's companies strive to maintain a reputation for the highest standards of business conduct. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Jigsaw is a well-established brand, with a loyal following and distinct identity. The group's business revolves around fashion and its success depends substantially on its ability to produce and sell ranges which are attractive and affordable. Whilst the group focuses on achieving this through experienced in-house design teams and buyers, it is not possible to predict the reaction from potential customers to each season's new collection with absolute certainty. |
As well as the micro-risks related to the company's ability to win business from customers against competing brands, there are macroeconomic risks related to consumer demand impacted by general economic conditions and confidence, which has become more apparent following the Covid pandemic and the potential for a recession in future periods. |
The group is reliant on production overseas and therefore exposed to exchange rate volatility between Sterling and the Euro, Hong Kong Dollar and United States Dollar. This volatility directly impacts the group's cost of sales. Jigsaw buys hedging contracts where appropriate. |
ON BEHALF OF THE BOARD: |
28 September 2023 |
ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 30 JANUARY 2022 TO 28 JANUARY 2023 |
The directors present their report and the audited consolidated financial statements for the 52-week period ended 28 January 2023 (2022: 52-week period ended 29 January 2022). |
DIVIDENDS |
The consolidated statement of comprehensive income shows a profit before taxation for the period of £0.8m (2022: £1.3m loss). On 28 January 2023, the group had net liabilities of £6.4m (2022: net liabilities of £7.2m). |
No dividends were declared or paid in the period (2022: £nil). |
DIRECTORS |
The following directors held office during the 52-week period or were appointed/resigned throughout the period: |
Director | Appointed |
Stephen Thew | 29 April 2021 |
Carlton Greener | 27 April 2020 |
Financial risk management |
The group's operations expose it to a variety of risks that include credit risk, liquidity risk and interest rate risk. These risks are managed on a group basis and the directors contribute to the management of these risks as follows: |
The key risk is macroeconomic uncertainty; the Covid pandemic and the war in Ukraine have a global impact and therefore what this means for a consumer facing business, consumer confidence, demand and supply chain. |
Credit risk is reduced by being a point of sales cash business. The group only invest cash deposits with reputable UK financial institutions, and by regularly reviewing the recoverability of monies owed by group companies and third parties and making provisions against such debtors if deemed necessary. |
Liquidity and interest rate risks are managed by the directors' close monitoring of working capital requirements through preparation and review of budgets and short and long-term cash flow forecasts ensuring that there are sufficient funds to manage its operations. Bank facilities are managed in the UK on a group basis. |
Treasury risks exist in the form of exposure to fluctuations in the value of the Hong Kong Dollar, US Dollar and Euro, against Sterling, which have a direct impact on gross margin. This foreign exchange risk is managed through arrangements to purchase currency at agreed forward rates. |
Employee involvement |
Group employment policies respect the individual and offer career opportunities regardless of gender, race or religion. Full and fair consideration is given to the opportunities for training and development of people with disabilities according to their skills and capacity. The group is also committed to providing employees with information on matters of concern to them on a regular basis, so that the views of employees can be taken into account when making decisions that are likely to affect their interests. |
Disabled persons |
The group's policy is to recruit disabled workers for those vacancies that they are able to fill. All necessary assistance with initial training courses is given. Once employed, a career plan is developed so as to ensure suitable opportunities for each disabled person. Arrangements are made, wherever possible, for retraining employees who become disabled, to enable them to perform work identified as appropriate to their aptitudes and abilities. |
ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 30 JANUARY 2022 TO 28 JANUARY 2023 |
Slavery and Human Trafficking statement |
At Jigsaw, our philosophy is underpinned by 'Style & Truth': a set of values that allows us to focus on everything that matters. We create products that are made with integrity and finished to the highest standards, with beautiful materials that will last for a lifetime. This means that we value relationships with the people who help us make our collections and we work closely with them to ensure the same principles are applied throughout our supply chain. |
When we begin a relationship with a supplier, we do so based on our sourcing principles: we meet all suppliers at Jigsaw head office in London or in the country of the manufacturer; all suppliers are required to complete factory profile documents; and all suppliers must sign an agreement of compliance to our principles and responsible sourcing code of conduct. All new suppliers are approved by our Creative Director and Head of Sourcing. We require suppliers to engage with one of our approved audit partners and to become a member of SEDEX (a-not-for-profit membership organisation dedicated to driving improvements in global supply chains) within one year of initial orders. The production, buying and design team visit suppliers on a regular basis to continue to build a strong working partnership. |
The Jigsaw code of conduct sets out our policy on supply chain labour and environmental standards and is based on the Ethical Trading Initiative's (ETI) base code. Key principles include employment is freely chosen, child labour shall not be used, living wages are paid, and no harsh or inhumane treatment is allowed. |
Directors' indemnities |
As permitted by the Articles of association, the directors have the benefit of an indemnity which is a qualifying third-party indemnity provision as defined by Section 234 of Companies Act 2006. The indemnity was in force throughout the last financial period and is currently in force. The group also purchased and maintained throughout the financial period Directors' and Officers' liability insurance in respect of its directors. |
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). 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; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | 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. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ROBINSON WEBSTER (HOLDINGS) LIMITED |
Opinion |
We have audited the financial statements of Robinson Webster (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 28 January 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity and 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 28 January 2023 and of the group's profit for the period then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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 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. |
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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ROBINSON WEBSTER (HOLDINGS) LIMITED |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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. |
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: |
We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with directors and other management obtained as part of the work required by auditing standards. We have also discussed with the directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit. |
The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws and regulations as part of our financial statements audit. This included the identification and testing of unusual material journal entries and challenging management on key areas of uncertainty being the estimates, assumptions and judgements made in the preparation of the financial statements. These key areas of uncertainty are disclosed in the accounting policies. |
Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations, Employment law and Environmental regulations. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statements items. |
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, international omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. |
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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ROBINSON WEBSTER (HOLDINGS) LIMITED |
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 |
14 All Saints Street |
Stamford |
Lincolnshire |
PE9 2PA |
ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599) |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
FOR THE PERIOD 30 JANUARY 2022 TO 28 JANUARY 2023 |
Period | Period |
30.1.22 | 31.1.21 |
to | to |
28.1.23 | 29.1.22 |
Notes | £'000 | £'000 |
REVENUE | 3 | 56,779 | 47,681 |
Cost of sales | 20,461 | 19,356 |
GROSS PROFIT | 36,318 | 28,325 |
Administrative expenses | 34,813 | 29,151 |
1,505 | (826 | ) |
Other operating income | 427 | 2,032 |
OPERATING PROFIT | 6 | 1,932 | 1,206 |
Exceptional items | 7 | 80 | (1,233 | ) |
2,012 | (27 | ) |
Interest payable and similar expenses | 8 | 1,196 | 1,238 |
PROFIT/(LOSS) BEFORE TAXATION | 816 | (1,265 | ) |
Tax on profit/(loss) | 9 | 14 | 31 |
PROFIT/(LOSS) FOR THE FINANCIAL PERIOD | ( |
) |
ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
28 JANUARY 2023 |
2023 | 2022 |
Notes | £'000 | £'000 | £'000 | £'000 |
FIXED ASSETS |
Intangible assets | 11 | 169 | 58 |
Property, plant and equipment | 12 | 5,099 | 4,156 |
Investments | 13 | - | - |
5,268 | 4,214 |
CURRENT ASSETS |
Inventories | 14 | 8,747 | 7,025 |
Debtors | 15 | 4,536 | 3,833 |
Cash at bank | 1,115 | 2,809 |
14,398 | 13,667 |
CREDITORS |
Amounts falling due within one year | 16 | 20,824 | 20,336 |
NET CURRENT LIABILITIES | (6,426 | ) | (6,669 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES | (1,158 | ) | (2,455 | ) |
CREDITORS |
Amounts falling due after more than one year | 17 | (4,700 | ) | (4,700 | ) |
PROVISIONS FOR LIABILITIES | 21 | (495 | ) | - |
NET LIABILITIES | (6,353 | ) | (7,155 | ) |
CAPITAL AND RESERVES |
Called up share capital | 22 | 6,157 | 6,157 |
Share premium | 6,623 | 6,623 |
Retained earnings | (19,133 | ) | (19,935 | ) |
SHAREHOLDERS' FUNDS | (6,353 | ) | (7,155 | ) |
The financial statements were approved the Board of Directors and authorised for issue on 28 September 2023 and were signed on its behalf by: |
S M Thew - Director |
ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599) |
COMPANY STATEMENT OF FINANCIAL POSITION |
28 JANUARY 2023 |
2023 | 2022 |
Notes | £'000 | £'000 | £'000 | £'000 |
FIXED ASSETS |
Intangible assets | 11 |
Property, plant and equipment | 12 |
Investments | 13 |
CURRENT ASSETS |
Inventories | 14 |
Debtors | 15 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) | ( |
) |
CREDITORS |
Amounts falling due after more than one year | 17 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 21 | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
Company's profit/(loss) for the financial year | 29 | (896 | ) |
The financial statements were approved the Board of Directors and authorised for issue on |
ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 30 JANUARY 2022 TO 28 JANUARY 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£'000 | £'000 | £'000 | £'000 |
Balance at 31 January 2021 | 6,157 | (18,639 | ) | 6,623 | (5,859 | ) |
Changes in equity |
Total comprehensive income | - | (1,296 | ) | - | (1,296 | ) |
Balance at 29 January 2022 | 6,157 | (19,935 | ) | 6,623 | (7,155 | ) |
Changes in equity |
Total comprehensive income | - | 802 | - | 802 |
Balance at 28 January 2023 | 6,157 | (19,133 | ) | 6,623 | (6,353 | ) |
ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 30 JANUARY 2022 TO 28 JANUARY 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£'000 | £'000 | £'000 | £'000 |
Balance at 31 January 2021 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 29 January 2022 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - | - |
Balance at 28 January 2023 | ( |
) | ( |
) |
ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 30 JANUARY 2022 TO 28 JANUARY 2023 |
1. | GENERAL INFORMATION |
Robinson Webster (Holdings) Limited ('RWHL') is a limited company incorporated in England & Wales under the Companies Act. The address of the registered office is given on the contents page and the nature of the group's operations and its principal activities are set out in the strategic report. The financial statements have been prepared in accordance with FRS 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland. |
2. | ACCOUNTING POLICIES |
Basis of preparation |
These financial statements are prepared under FRS 102. |
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgement in applying the group's accounting policies (see note 2). |
Going concern |
The financial statements have been prepared on a going concern basis which assumes that the group is able to meet its obligations as they fall due for the foreseeable future. |
The group meets its day to day working capital requirements through its Secure Trust Bank (STB) facility. |
The group has access to a £9m credit line ('Facility') from STB [that is guaranteed by Mountain Berg Limited] and a £0.5m receivables facility. The Facility was increased from £6m to £9m in March 2023 in order to fund business growth. Mountain Berg Ltd having confirmed their support for this Facility arrangement to remain in place. The Directors maintain a good ongoing dialogue with the bank to ensure the best and most efficient bank facilities to support the business needs. |
The Facility is subject to a weekly assessment of short-term cash, trade, and operational expenditure; the related cash flows and forecasts of the group indicate that there is sufficient headroom on the Facility for the next 12 months and beyond. |
The group successfully completed a CVA on 1 October 2020. In September 2022, all payments due to the Creditor Compensation Fund were complete. |
The ultimate parent company, Mountain Berg Holdings Limited, is a financially secure group. |
The group therefore continues to adopt the going concern basis in the financial statements. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
Parent company disclosure exemptions |
The ultimate parent company and controlling party is Mountain Berg Holdings Limited, a company registered in England and Wales, at the registered address of 10 St James's Place, London, United Kingdom, SW1A 1NP. |
In preparing the financial statements of the group and parent company, advantage has been taken of the following disclosure exemptions available in FRS 102: |
- | No cash flow statement has been presented for the group and company |
- | No disclosure has been given for the aggregate remuneration of the key management personnel of the company as their remuneration is included in the totals for the group as a whole. |
Consolidated financial statements of Mountain Berg Holdings Limited can be obtained from: |
Companies House |
Crown Way |
Cardiff |
CF14 3UZ |
ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 30 JANUARY 2022 TO 28 JANUARY 2023 |
2. | ACCOUNTING POLICIES - continued |
Basis of consolidation |
The consolidated financial statements present the results of Robinson Webster (Holdings) Limited ("RWHL") and its subsidiaries ("the group") as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. |
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the statement of financial position, the acquirer's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are derecognised from the date control ceases. |
Turnover |
Turnover represents amounts receivable for goods and services provided to customers outside of the group, stated net of returns and value added and other sales taxes. |
Retail revenue is recognised when the significant risks and rewards of ownership have been transferred to the buyer, which is typically at the point of sale. Web sales are recognised when goods are despatched. |
Other income |
Other operating income includes rental income and licensing income received it is recognised in the period in which it is earned. |
Intangible assets |
In the case of fixed assets this is the period over which they are depreciated, and in the case of current assets, the period over which they are sold or otherwise realised. |
Costs of trademark investments are capitalised in the statement of financial position where the directors consider there to be an enduring benefit to the company. The cost of assets so acquired are amortised over the lesser of 20 years or the estimated useful life. |
Tangible fixed assets |
Tangible fixed assets, other than freehold land, are stated at cost less depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Freehold land is not depreciated. |
Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows: |
Leasehold land and buildings | Straight line over the lease term |
Refurbs, fixtures, fittings and equipment | 5-7 years |
Motor vehicles | 4 years |
The expected useful lives of the assets in the business are reassessed periodically to ensure that they remain appropriate. |
Gains or losses on the disposal of fixed assets are accounted for within the statement of comprehensive income as the difference between proceeds and the net book value of the asset at the date of disposal. |
Where group companies' websites are expected to generate future revenues in excess of the costs of developing those websites and all other capitalisation criteria are met, expenditure on the functionality of the website is capitalised and treated as a tangible fixed asset. Expenditure incurred on maintaining websites and expenditure incurred on developing websites used only for advertising and promotional purposes are written off as incurred. |
Impairment of fixed assets |
The carrying values of fixed assets are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable. If there are indicators of impairment, an exercise is undertaken to determine whether the carrying values are in excess of their recoverable amounts. Such a review is undertaken on cash generating units. |
If the carrying value of a fixed asset exceeds the recoverable amount, a provision is recorded to reflect the asset at the lower amount. In assessing the recoverable amounts of fixed assets, the relevant future cash flows expected to arise from the continuing use of and disposal of the assets have been discounted to their present value using a market-determined discount rate. |
ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 30 JANUARY 2022 TO 28 JANUARY 2023 |
2. | ACCOUNTING POLICIES - continued |
Stock |
Stock is valued at the lower of cost and net realisable value. Net realisable value is based on an estimated selling price less costs to sell. Cost is based on the cost of purchase on a standard cost basis. Where necessary, provisions are made for obsolete, slow moving and defective stock and shrinkage. |
Current and deferred taxation |
Tax on the profit or loss for the period comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity or other comprehensive income. |
Current tax is the expected tax payable or receivable on the taxable income or loss for the period, calculated using tax rates enacted or substantively enacted at the statement of financial position date in the countries where the company's subsidiaries operate and generate taxable income. Any adjustment to tax payable in respect of previous periods is also included. |
Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated. |
- 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. |
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. |
- Deferred tax is not recognised on timing differences relating to interests in subsidiaries, associates, branches and joint ventures where the group can control their reversal and such reversal is not considered probable in the foreseeable future. |
A deferred tax liability or asset is recognised for the additional tax that will be paid or avoided in respect of assets and liabilities that are recognised in a business combination. The amount attributed to goodwill is adjusted by the amount of deferred tax recognised. |
Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Deferred tax balances are not discounted. |
Onerous lease provisions |
Where the unavoidable cost of a lease exceeds the economic benefits expected to be received from that lease, a provision is made for the lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfil it. |
Operating lease rentals |
Rentals payable under operating leases are charged to the income statement on a straight-line basis over the lease term. Any operating lease incentives received are credited to the income statement on a straight-line basis over the lease term. |
The group has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard to be continued to be credited over the shorter period to the first market rent review rather than the term of the lease. |
Legal and professional costs incurred in the acquisition of leasehold properties are capitalised and written off over the initial period of the lease. |
Pensions |
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension costs are charged to the statement of comprehensive income in the period to which they relate. Differences between contributions payable in the period and contributions actually paid are shown as either accruals or prepayments in the statement of financial position. |
ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 30 JANUARY 2022 TO 28 JANUARY 2023 |
2. | ACCOUNTING POLICIES - continued |
Holiday pay accrual |
A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the statement of financial position date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the statement of financial position date. |
Foreign currency translation |
The trading transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the relevant dates. The exchange differences arising are therefore dealt with in the statement of comprehensive income. |
Monetary assets and liabilities in foreign currency are translated at the exchange rate ruling at the statement of financial position date. The trading transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the relevant dates. The exchange differences arising are therefore dealt with in the statement of comprehensive income. Monetary assets and liabilities in foreign currency are translated at the exchange rate ruling at the statement of financial position date. On consolidation the assets and liabilities, and income and expenses of foreign operations which have a functional currency other than sterling are translated into sterling at the statement of financial position date. All resulting exchange differences are taken to reserves. |
Prepayments and accrued income |
Prepayments and accrued income comprise payments made in advance relating to the following period, and income relating to the current period which will not be invoiced until after the statement of financial position date. |
Accruals and deferred income |
Accruals and deferred income comprise expenses relating to the current period which will not be invoiced until after the statement of financial position date and income received in advance relating to the following period. |
Financial assets |
Financial assets are measured initially at fair value and subsequently at amortised cost less any impairment. |
Financial liabilities |
Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than its legal form. |
Financial liabilities are initially measured at transaction price (including transaction costs) and subsequently held at amortised cost. |
Reserves |
The group and company's reserves are as follows: |
- Called up share capital reserve represents the nominal value of the shares issued; |
- The share premium account includes the premium on issue of equity shares, net of any issue costs; and |
- The profit and loss account represent cumulative profits or losses, net of dividends paid and other adjustments. |
ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 30 JANUARY 2022 TO 28 JANUARY 2023 |
2. | ACCOUNTING POLICIES - continued |
Judgements in applying accounting policies |
In preparing these financial statements, the Directors have made the following judgements: |
Stock provisioning (see note 14) |
The group sells premium goods and is subject to changing consumer demands and fashion trends. As a result, it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the inventory, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials. |
Tangible fixed assets (see note 12) |
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. |
Impairment of tangible fixed assets (see note 12) |
Cash generating units to which fixed assets are allocated are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Impairment is recognised where the carrying value of the tangible assets allocated to a cash generating unit is less than the book value of the assets. Fixed assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that there is further impairment or whether impairment losses recognised in prior periods no longer exist or may have decreased. |
Intercompany loans recoverability (see note 16) |
In assessing the recoverability of amounts owed by group companies, the net assets of the companies are considered as well as the forecast future profitability in order to conclude on any necessary provisions within the company statement of financial position. |
3. | REVENUE |
The revenue and profit (2022 - loss) before taxation are attributable to the one principal activity of the group. |
An analysis of revenue by geographical market is given below: |
Period | Period |
30.1.22 | 31.1.21 |
to | to |
28.1.23 | 29.1.22 |
£'000 | £'000 |
United Kingdom | 56,204 | 47,289 |
Europe | 575 | 392 |
56,779 | 47,681 |
4. | EMPLOYEES AND DIRECTORS |
Period | Period |
30.1.22 | 31.1.21 |
to | to |
28.1.23 | 29.1.22 |
£'000 | £'000 |
Wages and salaries | 11,326 | 9,995 |
Social security costs | 984 | 854 |
Other pension costs | 221 | 177 |
12,531 | 11,026 |
ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 30 JANUARY 2022 TO 28 JANUARY 2023 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the period was as follows: |
Period | Period |
30.1.22 | 31.1.21 |
to | to |
28.1.23 | 29.1.22 |
Sales | 363 | 342 |
Administration | 191 | 186 |
5. | DIRECTORS' EMOLUMENTS |
2023 |
2022 |
£'000 | £'000 |
Directors remuneration | 165 | 225 |
Key management personnel are those individuals who have the authority and responsibility for planning, directing and controlling the activities of the group. |
The additional key management personnel compensation has been disclosed as per the related parties note 25. |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
Period | Period |
30.1.22 | 31.1.21 |
to | to |
28.1.23 | 29.1.22 |
£'000 | £'000 |
Other operating leases | 3,368 | 2,978 |
Depreciation - owned assets | 1,616 | 1,570 |
Trademarks amortisation | 13 | 9 |
Auditors' remuneration | 49 | 66 |
Foreign exchange (gains)/losses | (96 | ) | 236 |
Rents receivable | (24 | ) | (107 | ) |
7. | EXCEPTIONAL ITEMS |
Period | Period |
30.1.22 | 31.1.21 |
to | to |
28.1.23 | 29.1.22 |
£'000 | £'000 |
Exceptional items | 80 | (1,233 | ) |
ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 30 JANUARY 2022 TO 28 JANUARY 2023 |
2023 | 2022 |
£'000 | £'000 |
Other exceptional items | 326 | 305 |
Exceptional CVA items | (113 | ) | 303 |
Corporate restructuring advice | 50 | 115 |
Business rates refunds | (193 | ) | (339 | ) |
Office move | (57 | ) | - |
Exceptional staff costs | - | 782 |
Group exceptional costs | (93 | ) | 67 |
(80 | ) | 1,233 |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period | Period |
30.1.22 | 31.1.21 |
to | to |
28.1.23 | 29.1.22 |
£'000 | £'000 |
Bank interest | 692 | 574 |
On other non-bank loans | 504 | 664 |
1,196 | 1,238 |
9. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the period was as follows: |
Period | Period |
30.1.22 | 31.1.21 |
to | to |
28.1.23 | 29.1.22 |
£'000 | £'000 |
Current tax: |
Foreign corporation tax | 14 | 31 |
Tax on profit/(loss) | 14 | 31 |
ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 30 JANUARY 2022 TO 28 JANUARY 2023 |
9. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the period is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
Period | Period |
30.1.22 | 31.1.21 |
to | to |
28.1.23 | 29.1.22 |
£'000 | £'000 |
Profit/(loss) before tax | 816 | (1,265 | ) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 19 % (2022 - 19 %) |
155 |
(240 |
) |
Effects of: |
Expenses not deductible for tax purposes | (184 | ) | 189 |
Income not taxable for tax purposes | (66 | ) | 82 |
Utilisation of tax losses | 95 | - |
Unrecognised losses carried forward | - | 31 |
Effect of differing tax rates in overseas territories | 14 | (31 | ) |
asset |
Total tax charge | 14 | 31 |
Factors that may affect future tax charges |
At the end of the period, the main rate of UK corporation tax rate was 19% however the rate substantively enacted at the statement of financial position date increases to 25%. |
10. | PROFIT FOR THE COMPANY FOR THE PERIOD ENDED 29 JANUARY 2022 |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 30 JANUARY 2022 TO 28 JANUARY 2023 |
11. | INTANGIBLE FIXED ASSETS |
Group |
Trademarks |
£'000 |
COST |
At 30 January 2022 | 729 |
Additions | 124 |
At 28 January 2023 | 853 |
AMORTISATION |
At 30 January 2022 | 671 |
Amortisation for period | 13 |
At 28 January 2023 | 684 |
NET BOOK VALUE |
At 28 January 2023 | 169 |
At 29 January 2022 | 58 |
Company |
Trademarks |
£'000 |
COST |
At 30 January 2022 |
Additions |
At 28 January 2023 |
AMORTISATION |
At 30 January 2022 |
Amortisation for period |
At 28 January 2023 |
NET BOOK VALUE |
At 28 January 2023 |
At 29 January 2022 |
ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 30 JANUARY 2022 TO 28 JANUARY 2023 |
12. | PROPERTY, PLANT AND EQUIPMENT |
Group |
Leasehold | Refurbs, |
land and | F&F and | Motor |
buildings | equipment | vehicles | Totals |
£'000 | £'000 | £'000 | £'000 |
COST |
At 30 January 2022 | 2,820 | 27,807 | 142 | 30,769 |
Additions | 9 | 2,481 | 113 | 2,603 |
At 28 January 2023 | 2,829 | 30,288 | 255 | 33,372 |
DEPRECIATION |
At 30 January 2022 | 2,118 | 24,374 | 121 | 26,613 |
Charge for period | 220 | 1,371 | 25 | 1,616 |
Impairments | - | 44 | - | 44 |
At 28 January 2023 | 2,338 | 25,789 | 146 | 28,273 |
NET BOOK VALUE |
At 28 January 2023 | 491 | 4,499 | 109 | 5,099 |
At 29 January 2022 | 702 | 3,433 | 21 | 4,156 |
Company |
Leasehold | Refurbs, |
land and | F&F and | Motor |
buildings | equipment | vehicles | Totals |
£'000 | £'000 | £'000 | £'000 |
COST |
At 30 January 2022 |
Additions |
At 28 January 2023 |
DEPRECIATION |
At 30 January 2022 |
Charge for period |
Impairments |
At 28 January 2023 |
NET BOOK VALUE |
At 28 January 2023 |
At 29 January 2022 |
ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 30 JANUARY 2022 TO 28 JANUARY 2023 |
13. | FIXED ASSET INVESTMENTS |
The company has holdings in the share capital of the following company: |
Company | Registered office | Shares held |
Class | % |
Subsidiary undertakingdirectly held: |
Bonfine Limited |
Unit 708, 7/F, 9 Wing Hong Street, Cheung Sha Wan, Kowloon, Hong Kong. |
Ordinary |
100 |
A full listing of members is available at the company registered office. |
All companies have a 28 January 2023 period end. |
The principal activity of this undertaking for the last relevant financial period was as follows: |
Principal activity |
Bonfine Limited | Garment trading / buying agent |
14. | STOCKS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£'000 | £'000 | £'000 | £'000 |
Raw materials | 534 | 49 |
Finished goods | 6,162 | 4,984 |
Finished goods in transit | 2,051 | 1,992 | 1,188 | 1,992 |
8,747 | 7,025 |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£'000 | £'000 | £'000 | £'000 |
Trade debtors | 2,456 | 1,063 |
Amounts owed by participating interests | 35 | 104 | 35 | 104 |
Other debtors | 89 | 22 |
Corporation tax recoverable | 40 | 24 |
Prepayments and accrued income | 1,916 | 2,620 |
4,536 | 3,833 |
ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 30 JANUARY 2022 TO 28 JANUARY 2023 |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
A deferred tax asset has not been recognised in respect of the following balances in the financial statements on the grounds that in the directors' opinion, it is not probable that they will be recovered against deferred tax liabilities or future taxable profits. |
The unprovided deferred tax is calculated at 25% (2022: 19%) and comprises: |
2023 | 2022 |
£'000 | £'000 |
Unused tax losses | 1,447 | 1,065 |
Accelerated capital allowances | 4,296 | 3,641 |
Other timing differences | 6,067 | 4,370 |
11,810 | 9,076 |
Factors affecting current and future tax charges |
The rate of deferred taxation provisions on gains within UK subsidiaries has been modified to 25% (2022: 19%) in line with government legislation on future corporation tax rates that was enacted at 31 December 2021. |
During the year beginning 29 January 2023, the net reversal of deferred tax assets and liabilities is expected to neither increase or decrease the corporation tax charge for the year. This is due to the expected capital allowances approximately equalling depreciation. |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£'000 | £'000 | £'000 | £'000 |
Trade creditors | 4,531 | 2,703 |
Amounts owed to group undertakings | - | - |
Amounts owed to participating interests | 857 | 459 | 857 | 459 |
Other taxes and social security | 2,830 | 4,525 |
Other creditors | 7,912 | 6,362 |
Accruals and deferred income | 4,694 | 6,287 |
20,824 | 20,336 |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£'000 | £'000 | £'000 | £'000 |
Amounts owed to group undertakings | 4,200 | 4,200 | 4,200 | 4,200 |
Amounts owed to participating interests | 500 | 500 | 500 | 500 |
4,700 | 4,700 |
The credit facility is with Secure Trust Bank ('STB'). In April 2021 this Facility was moved from being secured by stock and concession debtors to a direct guarantee from Mountain Berg Limited. |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 30 JANUARY 2022 TO 28 JANUARY 2023 |
Group |
Non-cancellable operating | leases |
2023 | 2022 |
£'000 | £'000 |
Within one year | 2,215 | 1,339 |
Between one and five years | 12,822 | 10,843 |
In more than five years | 8,728 | 587 |
23,765 | 12,769 |
Company |
Non-cancellable operating | leases |
2023 | 2022 |
£'000 | £'000 |
Within one year |
Between one and five years |
In more than five years |
19. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2023 | 2022 |
£'000 | £'000 |
Revolving credit facility | 5,806 | 2,345 |
The revolving credit facility is secured through fixed and floating charges on the group's assets. |
20. | FINANCIAL INSTRUMENTS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£'000 | £'000 | £'000 | £'000 |
Financial assets |
Financial assets measured at amortised cost | 2,627 | 1,109 | 2,616 | 1,085 |
Financial liabilities |
Financial liabilities measured at amortised cost | 22,920 | 20,672 | 20,439 | 20,681 |
Financial assets measured at amortised cost comprise trade debtors, amounts owed from group undertakings and other debtors. |
Financial liabilities measured at amortised cost comprise bank loans and overdrafts, trade creditors, other creditors, amounts owed to immediate parent, amounts owed to group undertakings and accruals. |
Information regarding the group's exposure to and management of credit risk, liquidity risk, interest rate risk, and foreign exchange risk is included in the Directors' report. |
The total interest income and interest expense for financial assets and financial liabilities that are not measured at fair value through profit or loss was £nil (2022: £nil) and £1,196,000 (2022:£1,238,000) respectively. |
ROBINSON WEBSTER (HOLDINGS) LIMITED (REGISTERED NUMBER: 01069599) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 30 JANUARY 2022 TO 28 JANUARY 2023 |
21. | PROVISIONS FOR LIABILITIES |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£'000 | £'000 | £'000 | £'000 |
Other provisions | 495 | - | 495 | - |
Aggregate amounts | 495 | - | 495 | - |
The provision for liabilities relates to the dilapidation provision. |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £'000 | £'000 |
Ordinary | £1 | 6,157 | 6,157 |
23. | CONTROLLING PARTY |
The ultimate parent company is Mountain Berg Holdings Limited. |
David Ross is the ultimate owner of Robinson Webster (Holdings) Limited through Mountain Berg Holdings Limited. |
24. | CONTINGENT LIABILITIES |
Group and company |
2023 | 2022 |
£'000 | £'000 |
Bank guarantees | - | - |
Duty deferment guarantees | 350 | 350 |
25. | RELATED PARTY TRANSACTIONS |
The following other related party transactions occurred during the period: |
During the period the group made payment of £352,479 (2022: £280,919) to a shareholder in relation to loan interest and £295,804 (2022: £348,000) in relation to rent. The monitoring fee incurred was £260,384 (2022: £240,000). |
During the period the group paid rent of £333,957 (2022: £459,745) to a company controlled by a director of the company. The balance outstanding at the period end was a prepayment of £57,890 (2022: £91,812). |
During the period the company paid rent of £78,903 (2022: £36,647) for two properties (2022: two properties) which a shareholder of the company has an interest in. The balance outstanding at the period end was £2,947 (2022: £1,561). |
During the period, the group purchased garments for HK$4,209,680 (2022: HK$5,224,799) from Yorktime International Ltd, a company controlled by the spouse of a director of Bonfine Limited. |
During the period a total of key management personnel compensation of £665,000 (2022: £425,000) was paid. |