REGISTERED NUMBER:
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Holland Bazaar Limited |
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Strategic Report, |
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Report of the Directors and |
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Audited Financial Statements |
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for the Year Ended 31 March 2021 |
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REGISTERED NUMBER:
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Holland Bazaar Limited |
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Strategic Report, |
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Report of the Directors and |
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Audited Financial Statements |
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for the Year Ended 31 March 2021 |
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Holland Bazaar Limited (Registered number: 04577156) |
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Contents of the Financial Statements |
for the year ended 31 March 2021 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 4 |
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Report of the Independent Auditors | 6 |
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Income Statement | 10 |
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Other Comprehensive Income | 11 |
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Statement of Financial Position | 12 |
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Statement of Changes in Equity | 13 |
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Statement of Cash Flows | 14 |
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Notes to the Statement of Cash Flows | 15 |
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Notes to the Financial Statements | 16 |
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Holland Bazaar Limited |
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Company Information |
for the year ended 31 March 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
& Statutory Auditors |
239-241 Kennington Lane |
London |
SE11 5QU |
Holland Bazaar Limited (Registered number: 04577156) |
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Strategic Report |
for the year ended 31 March 2021 |
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The directors present their strategic report for the year ended 31 March 2021. |
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Holland Bazaar Ltd is a wholesaler of fruits, vegetables and groceries and an investment company. The company's performance in the period under review has been consistent with the directors' expectations for the year. The company has shown steady growth and the directors expect that this trend will continue in the foreseeable future. |
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REVIEW OF BUSINESS |
Turnover of the company has increased significantly compared to that of last year. The increase in turnover is in line with the continuous growth of the business over the last few years. Profitability over the period has been in line with expectations with a positive correlation between turnover and the net profit. The company sells mainly groceries, fruits and vegetables and the general economic cycle of the country has not impacted much on the industry in which they operate. The main threat to the company is its competitors. The company's main strategy is to provide a complete service to customers thereby increasing their customer base and the resulting boosting impact on the turnover of the company. The company aims at specific markets (and customers) to ensure that a clear strategy to win and maintain those customers are implemented and sustained. |
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The directors recognised the importance of the staff employed and would like to thank them for all their hard work and efforts throughout the year. |
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The results for the year and the financial position of the company are shown in the annexed financial statements. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The company's ability to get an insurance cover is key to its ability to acquire inputs on consignment. A significant portion of its purchases are on consignment and the consignors require an insurance cover to be in place to continue supplying on consignment. The level of cover depends on the financial health of the company. This is managed by keeping a close watch on monthly results and dealing with poor performing lines on a timely basis.Competitors are also a risk to the company, however this is managed by ensuring that prices are competitive, products are of good quality and also that the company provides a complete service in a bid to maintain existing customers. |
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KEY PERFORMANCE INDICATORS |
The main performance indicators are the turnover and the profit margins. Generally, products are sold at an agreed margin thereby leading to a positive correlation between the turnover and profit. However, due to the perishable nature of the fruits and vegetables, they may, at times, be sold at a reduced price. All other costs apart from costs of sales are fairly fixed. The directors monitor all costs on a monthly basis to ensure that poor performers are picked up on time and dealt with accordingly. Also, it is ensured that overheads are kept within their limits as their effect on profit is critical. |
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The key performance indicators are as follows: |
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2021 | 2020 |
£ | £ |
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Turnover | 98,328,137 | 92,933,139 |
Gross profit | 12,178,180 | 10,484,749 |
Net profit before tax | 3,500,898 | 3,067,961 |
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The directors believe that other variables of performance indicators are marginal and not the best indicators of the overall performance, development and position of the company. |
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Holland Bazaar Limited (Registered number: 04577156) |
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Strategic Report |
for the year ended 31 March 2021 |
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FUTURE DEVELOPMENTS |
The directors expect the growth in sales to continue as the company explores new products and customers. |
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POLICY ON EMPLOYEES |
The company is committed to achieving a working environment which provides equality of opportunity and freedom from unlawful discrimination on the basis of gender, sexual orientation, marital or civil partner status, gender reassignment, race, religion or belief, colour, nationality, ethnic or national origin, disability or age, pregnancy or maternity, trade union membership or the fact that they are part-time workers. The company's Equality and Diversity policy aims to remove unfair and discriminatory practices within the company and to encourage full contribution from its diverse community. The company is committed to actively opposing all forms of discrimination. The company also aims to provide a service that does not discriminate against its clients in the means by which they can access the services supplied by the company. The company believes that the director, employees and customers are entitled to be treated with respect and dignity. The company's employment policy is to provide equal opportunity to all current and prospective employees without any discrimination. They endeavour to provide a work environment in which all individuals are treated with respect and dignity. |
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SOCIAL, ENVIRONMENT AND ETHICAL MATTERS |
The company believes that by operating in an ethical and social aware manner they will help preserve the environment; that being an integral part of efficient and profitable business management. The directors recognise that success in these areas depends on the involvement and commitment of everyone in the organisation. |
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BREXIT IMPACT ASSESSMENT |
The director does not expect Britain's departure from the European Union to have any significant impact on the operations of the company as they also have suppliers from the UK and countries outside the European Union. |
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COVID-19 IMPACT ASSESSMENT |
In the view of the director, Covid-19 has not had a material impact on the company's operation to date and is not expected to have significant impact on the future operations of the company because the company's supplies are basic necessities and their suppliers are from various sources including, but not limited to the UK. |
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ON BEHALF OF THE BOARD: |
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Holland Bazaar Limited (Registered number: 04577156) |
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Report of the Directors |
for the year ended 31 March 2021 |
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The directors present their report with the financial statements of the company for the year ended 31 March 2021. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of wholesale of fruits, vegetables and other groceries. |
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DIVIDENDS |
An interim dividend of £ |
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The total distribution of dividends for the year ended 31 March 2021 will be £
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2020 to the date of this report. |
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CHARITABLE DONATIONS AND EXPENDITURE |
Donation to various charities - £5,062 - (2020 - £6,074) |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
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- | 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. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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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 company'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 company's auditors are aware of that information. |
Holland Bazaar Limited (Registered number: 04577156) |
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Report of the Directors |
for the year ended 31 March 2021 |
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AUDITORS |
The auditors, Alton & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Holland Bazaar Limited |
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Opinion |
We have audited the financial statements of Holland Bazaar Limited (the 'company') for the year ended 31 March 2021 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2021 and of its 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. |
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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 company 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. |
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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. |
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Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
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Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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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. |
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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 |
Holland Bazaar Limited |
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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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
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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, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the 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. |
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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. |
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In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Holland Bazaar Limited |
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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. |
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Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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We obtained an understanding of the legal and regulatory framework that are applicable to the company and determined that the most significant are the food standards regulation and anti bribery regulations. We understand how the company is complying with those regulations by making enquiries of management and key personel; we also reviewed correspondence files. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements using our general commercial and sector experience, through discussion with the directors and other management (as required by auditing standards) and from inspection of the company's regulatory and legal correspondence. We discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations. We communicated those identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. |
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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 of regulatory and legal correspondence, if any. Through these procedures, we did not become aware of actual or suspected non-compliance. |
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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. For example, the further removed non-compliance with laws and regulations (irregularities) 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. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or 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. |
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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 |
Holland Bazaar Limited |
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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. |
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for and on behalf of
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Chartered Accountants |
& Statutory Auditors |
239-241 Kennington Lane |
London |
SE11 5QU |
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Holland Bazaar Limited (Registered number: 04577156) |
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Income Statement |
for the year ended 31 March 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
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REVENUE |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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3,427,450 | 3,018,558 |
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Other operating income |
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OPERATING PROFIT | 5 |
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Income from fixed asset investments |
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Interest receivable and similar income |
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11,587 | 26,758 |
3,504,150 | 3,074,683 |
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Interest payable and similar expenses | 6 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 7 |
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PROFIT FOR THE FINANCIAL YEAR |
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Holland Bazaar Limited (Registered number: 04577156) |
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Other Comprehensive Income |
for the year ended 31 March 2021 |
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2021 | 2020 |
Notes | £ | £ |
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PROFIT FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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Holland Bazaar Limited (Registered number: 04577156) |
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Statement of Financial Position |
31 March 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 9 |
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Investments | 10 |
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CURRENT ASSETS |
Inventories | 11 |
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Debtors | 12 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 13 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 14 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 15 |
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Retained earnings | 16 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Holland Bazaar Limited (Registered number: 04577156) |
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Statement of Changes in Equity |
for the year ended 31 March 2021 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 April 2019 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 March 2020 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 March 2021 |
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Holland Bazaar Limited (Registered number: 04577156) |
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Statement of Cash Flows |
for the year ended 31 March 2021 |
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2021 | 2020 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Interest paid | ( |
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Tax paid | ( |
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Net cash from operating activities |
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Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
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Sale of tangible fixed assets |
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Fixed asset investment reclassified | - | (3,000 | ) |
Interest received |
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Dividends received |
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Net cash from investing activities | ( |
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Cash flows from financing activities |
Amount withdrawn by directors | (581,996 | ) | (65,596 | ) |
Movement in inter companies balances | ( |
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Equity dividends paid | ( |
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Net cash from financing activities | ( |
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(Decrease)/increase in cash and cash equivalents | ( |
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Cash and cash equivalents at beginning of
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2 |
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4,692,214 |
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Cash and cash equivalents at end of year | 2 | 3,605,938 | 5,243,662 |
Holland Bazaar Limited (Registered number: 04577156) |
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Notes to the Statement of Cash Flows |
for the year ended 31 March 2021 |
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1. |
RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS |
2021 | 2020 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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Loss on disposal of fixed assets |
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Finance costs | 3,252 | 6,722 |
Finance income | (11,587 | ) | (26,758 | ) |
3,884,861 | 3,326,544 |
(Increase)/decrease in inventories | ( |
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Decrease/(increase) in trade and other debtors |
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Increase in trade and other creditors |
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Cash generated from operations |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
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Year ended 31 March 2021 |
31/3/21 | 1/4/20 |
£ | £ |
Cash and cash equivalents | 3,605,938 | 5,243,662 |
Year ended 31 March 2020 |
31/3/20 | 1/4/19 |
£ | £ |
Cash and cash equivalents | 5,243,662 | 4,692,214 |
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3. | ANALYSIS OF CHANGES IN NET FUNDS |
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At 1/4/20 | Cash flow | At 31/3/21 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 5,243,662 | (1,637,724 | ) | 3,605,938 |
5,243,662 | ( |
) | 3,605,938 |
Total | 5,243,662 | (1,637,724 | ) | 3,605,938 |
Holland Bazaar Limited (Registered number: 04577156) |
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Notes to the Financial Statements |
for the year ended 31 March 2021 |
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1. | STATUTORY INFORMATION |
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Holland Bazaar Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates. There are no items in the financial statements where these significant judgements and estimates have been made. |
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Turnover |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Turnover is recognised when the goods are physically delivered to or collected by the customer. Turnover is derived from ordinary activities of the company. |
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Tangible fixed assets |
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Short leasehold | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Stocks |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Cost of stocks is valued using the first in first out stock valuation method. Net realisable value is the estimated selling price less cost to sell. |
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Holland Bazaar Limited (Registered number: 04577156) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2021 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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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. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Consignment stock |
Goods acquired on consignment are not recognised as the company's purchases until the title of the goods changes to the company when the goods are sold. |
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3. | EMPLOYEES AND DIRECTORS |
2021 | 2020 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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Holland Bazaar Limited (Registered number: 04577156) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2021 |
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3. | EMPLOYEES AND DIRECTORS - continued |
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The average number of employees during the year was as follows: |
2021 | 2020 |
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Director | 2 | 2 |
Accounts and administration | 12 | 10 |
Operations | 204 | 177 |
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4. | DIRECTORS' EMOLUMENTS |
2021 | 2020 |
£ | £ |
Directors' remuneration |
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Information regarding the highest paid director is as follows: |
2021 | 2020 |
£ | £ |
Emoluments etc |
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5. | OPERATING PROFIT |
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The operating profit is stated after charging/(crediting): |
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2021 | 2020 |
£ | £ |
Hire of plant and machinery |
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Other operating leases |
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Depreciation - owned assets |
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Loss on disposal of fixed assets |
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Auditors' remuneration |
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Auditors' remuneration for non audit work |
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Foreign exchange differences |
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( |
) |
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6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2021 | 2020 |
£ | £ |
Interest and penalties |
|
|
Holland Bazaar Limited (Registered number: 04577156) |
|
Notes to the Financial Statements - continued |
for the year ended 31 March 2021 |
|
7. | TAXATION |
|
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2021 | 2020 |
£ | £ |
Current tax: |
UK corporation tax |
|
|
|
Deferred tax |
|
|
Tax on profit |
|
|
|
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
|
2021 | 2020 |
£ | £ |
Profit before tax |
|
|
Profit multiplied by the standard rate of corporation tax in the UK of
(2020 - |
|
|
|
Effects of: |
Expenses not deductible for tax purposes |
|
|
Capital allowances in excess of depreciation | ( |
) | - |
Depreciation in excess of capital allowances | - |
|
Other fixed asset inv - UnFII | - | (152 | ) |
Group relief | (465 | ) | - |
Total tax charge | 663,617 | 589,367 |
|
8. | DIVIDENDS |
2021 | 2020 |
£ | £ |
Ordinary shares of £1 each |
Interim |
|
|
Holland Bazaar Limited (Registered number: 04577156) |
|
Notes to the Financial Statements - continued |
for the year ended 31 March 2021 |
|
9. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
Short | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
COST |
At 1 April 2020 |
|
|
|
Additions |
|
|
|
Disposals |
|
|
|
At 31 March 2021 |
|
|
|
DEPRECIATION |
At 1 April 2020 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
|
|
At 31 March 2021 |
|
|
|
NET BOOK VALUE |
At 31 March 2021 |
|
|
|
At 31 March 2020 |
|
|
|
|
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2020 |
|
|
|
Additions |
|
|
|
Disposals | ( |
) |
|
( |
) |
At 31 March 2021 |
|
|
|
DEPRECIATION |
At 1 April 2020 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal | ( |
) |
|
( |
) |
At 31 March 2021 |
|
|
|
NET BOOK VALUE |
At 31 March 2021 |
|
|
|
At 31 March 2020 |
|
|
|
Holland Bazaar Limited (Registered number: 04577156) |
|
Notes to the Financial Statements - continued |
for the year ended 31 March 2021 |
|
10. | FIXED ASSET INVESTMENTS |
Shares in |
group | Unlisted |
undertakings | investments | Totals |
£ | £ | £ |
COST |
At 1 April 2020 |
and 31 March 2021 |
|
|
3,100 |
NET BOOK VALUE |
At 31 March 2021 |
|
|
3,100 |
At 31 March 2020 |
|
|
3,100 |
|
The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
|
|
Registered office: Unit 15 A&B Eley Estate, Edmonton, London N18 3BB |
Nature of business:
|
% |
Class of shares: | holding |
|
|
|
|
Registered office: Icerenkoy Mahallesi Topcu Ibrahim SK.No:8-10D/5 Atasehir/Istanbul Turkey |
Nature of business:
|
% |
Class of shares: | holding |
|
|
|
11. | INVENTORIES |
2021 | 2020 |
£ | £ |
Finished goods |
|
|
Holland Bazaar Limited (Registered number: 04577156) |
|
Notes to the Financial Statements - continued |
for the year ended 31 March 2021 |
|
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
|
|
Purchases ledger debit balance | 576,970 | 451,669 |
Rent deposits | 142,500 | 120,000 |
Amounts owed by group undertakings |
|
|
Other debtors |
|
|
Directors' current accounts | 545,857 | - |
Prepayments and accrued income |
|
|
Prepayments |
|
|
|
|
|
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade creditors |
|
|
Tax |
|
|
Social security and other taxes |
|
|
Pension control account | 8,662 | 8,456 |
VAT | 48,755 | 109,504 |
Directors' current accounts | - | 36,139 |
Accrued expenses |
|
|
|
|
|
14. | PROVISIONS FOR LIABILITIES |
2021 | 2020 |
£ | £ |
Deferred tax | 104,335 | 29,083 |
|
Deferred |
tax |
£ |
Balance at 1 April 2020 |
|
Charge to Income Statement during year |
|
Accelerated capital allowances |
Balance at 31 March 2021 |
|
Holland Bazaar Limited (Registered number: 04577156) |
|
Notes to the Financial Statements - continued |
for the year ended 31 March 2021 |
|
15. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
|
Ordinary | £1 | 20,000 | 20,000 |
|
16. | RESERVES |
Retained |
earnings |
£ |
|
At 1 April 2020 |
|
Profit for the year |
|
Dividends | ( |
) |
At 31 March 2021 |
|
|
17. | PARENT COMPANY |
|
CDH Matur Holdings Ltd is regarded by the directors as being the company's ultimate parent company. |
|
18. | CONTINGENT LIABILITIES |
|
This company has given a guarantee with other related companies under a loan agreement between Barclays Bank Plc and Harman Enterprise Limited. The balance outstanding at 31st March 2021 was £2,280,000 (2020 - £2,460,000). |
|
19. | OTHER FINANCIAL COMMITMENTS |
|
1. The company paid rent and service charge of £478,666 (2020 - £546,527) per annum subject to future review under a lease agreement for Unit 1, Beddington Cross Industrial Estate, Croydon, which expires in November 2033.The Total remaining amount payable under this agreement is £6,063,103 (2020 - £7,469,202). |
|
2. The company paid rent and service charge of £17,289 (2020 - nil) per annum subject to future review under a lease agreement for 15-17 First Avenue, Montagu Industrial Estate, Edmonton, which expires in September 2023.The Total remaining amount payable under this agreement is £112,500 (2020 - nil). |
|
3. The company paid a total annual rental fee of £177,767 (2020 - £110,684) under an operating lease agreement for the hire of Motor vehicles and other warehouse equipments. |
Holland Bazaar Limited (Registered number: 04577156) |
|
Notes to the Financial Statements - continued |
for the year ended 31 March 2021 |
|
20. | RELATED PARTY DISCLOSURES |
|
|
2021 | 2020 |
£ | £ |
Sales |
|
|
Purchases |
|
|
Trade debtors | 77,879 | 137,065 |
Trade creditors | 1,154,864 | 999,913 |
Transfers to related parties | 3,870,894 | 1,654,281 |
Amount due from related parties |
|
|
Rent paid to related parties |
|
|
|
|
2021 | 2020 |
£ | £ |
Transfers | 581,996 | (275,596 | ) |
Amount due from related parties |
|
|
Amount due to related parties |
|
|