Company Registration No. 10437403 (England and Wales)
SMALLWORLD ACCESSORIES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
SMALLWORLD ACCESSORIES LIMITED
COMPANY INFORMATION
Director
Mr P D Galvin
Secretary
Rix & Kay Company Secretarial Services Limited
Company number
10437403
Registered office
The Courtyard
River Way
Uckfield
East Sussex
TN22 1SL
Auditor
Carpenter Box
5 Peveril Court
6-8 London Road
Crawley
West Sussex
RH10 8JE
Business address
New Barn
Brighton Road
Newtimber
Hassocks
West Sussex
BN6 9BS
SMALLWORLD ACCESSORIES LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Director's responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 27
SMALLWORLD ACCESSORIES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 1 -
The director presents the strategic report for the year ended 28 February 2022.
Strategy
Smallworld Accessories Limited is a
n accessories supplier.
The company operates concessions with major UK retailers
providing fully merchandised end-to-end solutions in adults' and children's accessories across jewellery, hair, gifting, bags, cold weather and event categories. It also operates its own direct online sales channels.
The strategy of the business is:
Business review
The business delivered a strong sales and profit performance in the year as the retail environment normalised through 2021/22, with sales of £16.1m up 47.8% and a PBT of £0.7m up £1.1m against the previous year. The sales performance was underpinned by the processes put in place during the pandemic in 2020/21, resulting in minimal disruption in supply of product to meet customer demand. Given the continued supply chain challenges the market faced, the business rightly made the decision to pull forward stock intake to protect sales in the first half of 2022/23, resulting in the higher closing stock position in February 2022.
This strong business performance was underpinned by the focus on execution and delivery of the colleagues across the business. Reacting to the evolving hybrid model, supply chain challenges etc. this focus ensured that the business was able to have the right product available to meet the customer demand.
From a product perspective, our adults' jewellery and hair ranges were enhanced with the introduction of the Small Stuff branded athleisure adults' hair accessories range, made from recycled materials, proving very successful with existing and new customers. Within our children's ranges, we saw our Back-to-School hair accessories offering rebound to pre-2020 levels and this has continued into 2022/23. In the second half of 2021/22, we had a very positive response when we introduced ranges containing glitter made from recycled plastic. All of our glitter is now made from recycled plastic.
The business has continued to accelerate its sustainable sourcing programme whilst at the same time offering the customer great value for money. We consistently deliver a more sustainable product offering whilst keeping our retail prices competitive. The forecast for 2022/23 is that 73% of the company's products manufactured will be made using recycled materials. During 2021/22, the business has also begun working with suppliers to focus on reducing its carbon footprint across its end-to-end supply chain.
During the year, the company has continued to work with customers to increase online presence on their platforms, whilst continuing to grow its direct online sales channels through its own brands, STYCH (Smile 'Til Your Cheeks Hurt) and Small Stuff. For the second year running, our STYCH brand was a winner of the Junior Design Awards, winning best children's fashion accessories brand.
Management KPIs
The following are the financial key performance indicators (‘KPIs’) used by management to assess and regulate the company’s performance:
-
Contribution per customer contract - these measures are not disclosed externally, but are used internally to ensure each contract delivers a sustainable level of contribution to support the ongoing profitability of the business.
-
Gross profit as a % of turnover – 29.
1
% for the period,
down 0.
5% on the previous years’ accounts.
-
Trade debtor days: 18 (2021: 20)
SMALLWORLD ACCESSORIES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 2 -
-
Administrative expenses as a % of turnover –
24.3% for the period, a decrease of 13% from the previous year, partially as a result of sales recovery in 2021/22 after the sales down-turn the year before as a result of the COVID-19 pandemic. In the previous year there were also one-off up-front costs of the structural changes made to the cost base, which meant that the full cost reduction benefit was not realised until this year.
Principle risks and uncertainties
Market risk
The business
has reacted to the supply chain challenges within the industry by increasing the lead times on orders as well as building stocks earlier to ensure peak sales periods are protected.
There is continuing market risk as a result of the negative economic headwinds that have started to impact the UK during 2022/23. From a business perspective these risks are that high cost inflationary pressures drive up the cost base of the business and negatively impact on customers' disposable income.
In order to mitigate these headwinds, the business is focused on the following areas:
-
Rebalancing the product ranges to ensure that the product mix and value for money offering is aligned with customer demand.
-
Development of both existing sales channels and potential new channels - leveraging our strengths in product design across adults' and children's accessories, especially in events, gifting a
n
d Back-to-School, whilst continuing to drive the use of recycled materials, with the focus on the conscious consumer of today.
-
Continue to drive our own-brand sales growth organically, which had year-on-year sales growth across our own brands in the year of +81%, whilst develop
ing
new sales channels for these brands that both utilises and enhances the brand equity that has already been developed.
-
Focus on mitigating overheads price increases as a result of the inflationary cost pressures in the UK, wi
th
special focus on where contractual arrangements come up for renewal to ensure that the cost base of the business is tightly controlled, and that cost efficiencies are made where possible.
-
Continue to work with the company's suppliers in order to reduce the carbon footprint across its end-to-end supply chain. The company believes that this continued evolution along this pathway is critical to the long-term future of the business, whilst also providing it with an important point of difference in its market space.
Foreign exchange risk
The company imports the majority of its products from the Far East, with this largely being paid for in Chines
e
RMB, along with a smaller USD currency requirement. There has been a weakening of the pound against both RMB and USD currencies over the course of 2022 to date, and in order to mitigate against this the company has forward currency contracts in place to cover its currency requirements through until March 2023. The company regularly reviews the current exchange situation, and the potential economic indicators which could cause any further weakness in the pound, in order to determine if there is a need to place forward deals on a longer-term basis in order to mitigate the impact of currency fluctuations on its cost of product.
Regulatory risk
The company designs, manufactures and tests its products to ensure that they meet all legal requirements for the markets in which it operates. The company is a full member of the Ethical Trading Initiative.
Mr P D Galvin
Director
2 September 2022
SMALLWORLD ACCESSORIES LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 3 -
The director presents his annual report and financial statements for the year ended 28 February 2022.
Principal activities
The principal activity is that of a supplier of adults' and children's fashion jewellery, accessories and event merchandise.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr P D Galvin
Results and dividends
The results for the year are set out on page 9.
No ordinary dividends were paid. The director does not recommend payment of a final dividend.
Financial instruments
Liquidity risk
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business. The ultimate controlling entity has provided finance to assist cash flow and liquidity management.
Credit risk
All customers who wish to trade on credit terms are subject to credit verification procedures. The concession stands are operated from the premises of large supermarket chains and some high street stores and sales are reported by the stores themselves based upon the goods passing through the tills. Due to the customer mix the company has not experienced debtor recovery issues but trade debtors are monitored on an ongoing basis and provision will be made for doubtful debts where necessary.
Disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Employee involvement
The company's policy is to consult and discuss with employees, through staff councils and at meetings, matters likely to affect employees' interests.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.
Auditor
The auditor, Carpenter Box, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of
future developments and foreign exchange risk
.
SMALLWORLD ACCESSORIES LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 4 -
Statement of disclosure to auditor
So far as
the sole
director at the date of approving this report is aware, there is no relevant audit information of which the company’s
auditor
is unaware. Additionally, the director
ha
s
taken all the necessary steps that
he
ought to have taken as
a
director in order to make
himself
aware of all relevant audit information and to establish that the company’s
auditor
is aware of that information.
COVID-19 assessment
The director has undertaken a robust assessment of the company's future trading prospects and have concluded that the company remains a going concern. See note 1.2 to the financial statements for further detail.
On behalf of the board
Mr P D Galvin
Director
2 September 2022
SMALLWORLD ACCESSORIES LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 5 -
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK 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 director is 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. He is 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.
SMALLWORLD ACCESSORIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SMALLWORLD ACCESSORIES LIMITED
- 6 -
Opinion
We have audited the financial statements of Smallworld Accessories Limited (the 'company') for the year ended 28 February 2022 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 company's affairs as at 28 February 2022 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.
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
Auditor's
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.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the strategic report and the director's
r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
SMALLWORLD ACCESSORIES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SMALLWORLD ACCESSORIES LIMITED
- 7 -
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 identifie
d
material misstatements in the strategic report and the director's
r
eport
.
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
remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of director
As explained more fully in the director's
r
esponsibilities
s
tatement, the director is 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 director determines is 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
director is
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
director
either
intends
to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Auditor's 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 an
auditor's
report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with
ISAs (UK)
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements
.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. 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
.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
-
Obtaining an understanding of the legal and regulatory framework that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements and operations;
-
Obtaining an understanding of the company’s policies and procedures on fraud risks, including knowledge of any actual, suspected or alleged fraud and;
-
Discussing among the engagement team how and where fraud might occur in the financial statements and any potential indicators of fraud through our knowledge and understanding of the company and our sector-specific experience.
As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud. We are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, we identified the following areas as those most likely to have an impact on the financial statements: health & safety, employment law and compliance with the UK Companies Act.
SMALLWORLD ACCESSORIES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SMALLWORLD ACCESSORIES LIMITED
- 8 -
In addition to the above, our procedures to respond to risks identified included the following:
-
Making enquiries of management about any known or suspected instances of non-compliance with laws and regulations and fraud;
-
Challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to stock provisions and write offs, goodwill and fair value of forward contracts; and
-
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.
Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 him in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Robert Dowling FCA (Senior Statutory Auditor)
For and on behalf of Carpenter Box
2 September 2022
Chartered Accountants
Statutory Auditor
Crawley
Carpenter Box is a trading name of Carpenter Box Limited
SMALLWORLD ACCESSORIES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 9 -
Year
Year
ended
ended
28 February
28 February
2022
2021
Notes
£
£
Turnover
3
16,134,857
10,918,902
Cost of sales
(11,442,243)
(7,692,818)
Gross profit
4,692,614
3,226,084
Administrative expenses
(3,917,666)
(4,073,288)
Other operating income
37,998
588,504
Operating profit/(loss)
4
812,946
(258,700)
Interest receivable and similar income
7
424
453
Interest payable and similar expenses
8
(78,123)
(66,578)
Profit/(loss) before taxation
735,247
(324,825)
Tax on profit/(loss)
9
(150,100)
133,941
Profit/(loss) for the financial year
585,147
(190,884)
Other comprehensive income
Fair value gains / (losses) on foreign exchange contracts
104,790
257,517
Tax relating to other comprehensive income
(19,910)
(48,928)
Total comprehensive income for the year
670,027
17,705
The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.
SMALLWORLD ACCESSORIES LIMITED
BALANCE SHEET
AS AT 28 FEBRUARY 2022
28 February 2022
- 10 -
2022
2021
Notes
£
£
£
£
Fixed assets
Goodwill
10
371,776
457,446
Tangible assets
11
98,457
114,293
470,233
571,739
Current assets
Stocks
13
2,724,903
1,339,068
Debtors falling due after more than one year
14
830,412
820,358
Debtors falling due within one year
14
733,024
594,608
Cash at bank and in hand
819,919
1,723,490
5,108,258
4,477,524
Creditors: amounts falling due within one year
15
(1,960,221)
(1,995,754)
Net current assets
3,148,037
2,481,770
Total assets less current liabilities
3,618,270
3,053,509
Creditors: amounts falling due after more than one year
16
(2,845,088)
(2,952,454)
Provisions for liabilities
(23,700)
(21,600)
Net assets
749,482
79,455
Capital and reserves
Called up share capital
20
1
1
Hedging reserve
21
(13,827)
(98,707)
Profit and loss reserves
763,308
178,161
Total equity
749,482
79,455
The financial statements were approved and signed by the director and authorised for issue on 2 September 2022
Mr P D Galvin
Director
Company Registration No. 10437403
SMALLWORLD ACCESSORIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 11 -
Share capital
Hedging reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 March 2020
1
(307,296)
369,045
61,750
Year ended 28 February 2021:
Loss for the year
-
-
(190,884)
(190,884)
Other comprehensive income:
Fair value losses on foreign exchange contracts
-
257,517
-
257,517
Tax relating to other comprehensive income
-
(48,928)
(48,928)
Total comprehensive income for the year
-
208,589
(190,884)
17,705
Balance at 28 February 2021
1
(98,707)
178,161
79,455
Period ended 28 February 2022:
Profit for the period
-
-
585,147
585,147
Other comprehensive income:
Fair value gains on foreign exchange contracts
-
104,790
-
104,790
Tax relating to other comprehensive income
-
(19,910)
(19,910)
Total comprehensive income for the period
-
84,880
585,147
670,027
Balance at 28 February 2022
1
(13,827)
763,308
749,482
SMALLWORLD ACCESSORIES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 12 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
25
(720,566)
809,687
Interest paid
(115,134)
(8,735)
Income taxes paid
(14,741)
Net cash (outflow)/inflow from operating activities
(835,700)
786,211
Investing activities
Purchase of tangible fixed assets
(34,087)
(11,894)
Proceeds on disposal of tangible fixed assets
728
Interest received
424
453
Net cash used in investing activities
(33,663)
(10,713)
Financing activities
Repayment of borrowings
-
(14,421)
Proceeds of new bank loans
750,000
Repayment of bank loans
(37,500)
Net cash (used in)/generated from financing activities
(37,500)
735,579
Net (decrease)/increase in cash and cash equivalents
(906,863)
1,511,077
Cash and cash equivalents at beginning of year
1,723,490
213,682
Effect of foreign exchange rates
3,292
(1,269)
Cash and cash equivalents at end of year
819,919
1,723,490
SMALLWORLD ACCESSORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 13 -
1
Accounting policies
Company information
Smallworld Accessories Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
The Courtyard, River Way, Uckfield, East Sussex, TN22 1SL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £
1
.
The financial statements have been prepared under the historical cost convention adjusted for certain financial instruments measured at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on the going concern basis. The director has considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment.
true
The business has shown a significant recovery in turnover post the COVID-19 pandemic with a +48% increase against the previous year, with the Far East supply chain having stabilised and all of the company's concession sales locations being fully open again from mid-April 2021 when all UK COVID-19 restrictions were removed. The actions which were implemented early on in 2020 in response to the COVID-19 pandemic challenges ensured that the business was in a solid position at the beginning of the year in order to be able to maximise the sales during 2021, and also to ensure the business returned to a strong profit for the year of £735k before tax.
There is continuing market risk as a result of the negative economic headwinds that have started to impact the UK during 2022. From a business perspective, the risks are that high cost inflationary pressures drive up the cost base of the business and negatively impact on customers' disposable income. As a result of these business pressures, the director has performed a robust analysis of forecast future cash flows, taking into account the potential impact on the business of possible future scenarios arising from the impact of the current economic operating environment. This analysis also considers the effectiveness of available measures to assist in mitigating the impact.
Based on these assessments and having regard to the resources available to the entity, the director has concluded that there is no material uncertainty in relation to the appropriateness of continuing to adopt the going concern basis in preparing the annual report and accounts.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of
customer returns,
VAT and other sales related taxes
. It is shown prior to any commissions paid.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
The goodwill amortisation charge is included within administrative expenses in the Statement of Comprehensive Income.
SMALLWORLD ACCESSORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
1
Accounting policies
(Continued)
- 14 -
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Straight line over the term of the lease
Plant and equipment
15% diminishing balance
Fixtures and fittings
Straight line over 5 years
Computers
Straight line over 3 years
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell
after making allowances for obsolete and slow moving stock.
1.8
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include deposits held at call with banks and bank overdrafts.
SMALLWORLD ACCESSORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
1
Accounting policies
(Continued)
- 15 -
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets
are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost
.
Other financial assets
Other financial assets
are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in
profit
or
loss
, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic financial liabilities
Basic financial liabilities
are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
SMALLWORLD ACCESSORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
1
Accounting policies
(Continued)
- 16 -
Other financial liabilities
Derivatives, including
forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in
profit
or
loss
in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
For derivatives that are designated and qualify as cash flow hedges, the effective portion of changes in the fair value of the hedge is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss. Any
gain or loss
previously
recognised in other comprehensive income is reclassified to
profit or loss
when the hedge relationship ends.
This occurs when the hedging instrument expires or no longer meets the hedging criteria, the forecast transaction is no longer highly probable, the hedged debt instrument is derecognised, or the hedging instrument is terminated.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
SMALLWORLD ACCESSORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
1
Accounting policies
(Continued)
- 17 -
1.14
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.15
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the
profit and loss account
for the period.
SMALLWORLD ACCESSORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 18 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are
as follows.
Stocks
The company monitors stock levels and impairment on an ongoing basis. Units held on concession stands are vulnerable to damage, pilfering and misplacement within the stores and provisions are maintained to reflect this. At the end of a season the company writes off the bulk of the remaining goods as new product lines are introduced. This estimation includes judgement on a number of factors including historical sales patterns, expected sales profiles and potential obsolescence.
At the reporting date, the carrying amount of inventory was
£
2,724,903
(202
1
-
£
1,
339,068
)
.
Intangible assets (goodwill)
There was a one-off
g
oodwill impairment loss event in the year, with £11,315 of impairment losses recognised
within administrative expenses
in the
Statement of Comprehensive Income
. The director has reviewed the estimated useful life of the remaining goodwill after this impairment event, and determined that this goodwill should continue to be amortised over 10 years from the inception date, with no further impairment of goodwill required to be recognised.
Derivative financial instruments
The company uses forward foreign exchange contracts to hedge its currency transaction exposures. The contracts are initially recognised at fair value on the date the derivative contract is entered into, and subsequently re-measured to fair value at each reporting date, by reference to the spot exchange rate of the relevant currency at the relevant date. At the reporting date, the fair value of the financial liability in relation to forward foreign exchange contracts was £
17,071
(202
1
- £
121,861
).
3
Turnover and other revenue
2022
2021
£
£
Turnover analysed by class of business
Concessions
15,909,997
10,715,816
Wholesale
224,860
203,086
16,134,857
10,918,902
2022
2021
£
£
Other significant revenue
Interest income
424
453
Grants received
29,462
570,812
SMALLWORLD ACCESSORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
3
Turnover and other revenue
(Continued)
- 19 -
2022
2021
£
£
Turnover analysed by geographical market
United Kingdom
16,102,812
10,916,149
Republic of Ireland
73
2,753
United States of America
21,750
-
Israel
10,222
-
16,134,857
10,918,902
All turnover is derived from the sale of goods.
4
Operating profit/(loss)
2022
2021
Operating profit/(loss) for the period is stated after charging/(crediting):
£
£
Government grants
(29,462)
(570,812)
Fees payable to the company's auditor for the audit of the company's financial statements
27,100
27,800
Depreciation of owned tangible fixed assets
49,923
46,306
Profit on disposal of tangible fixed assets
(542)
Amortisation of intangible assets
74,355
76,241
Impairment of intangible assets
11,315
Operating lease charges
144,411
143,246
Exchange differences recognised in profit or loss during the year, except for those arising on financial instruments measured at fair value through profit or loss, amounted to £225,333 (2021 - £175,471).
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Head office / Distribution / Field management
44
50
Visual merchandisers
219
299
Total
263
349
SMALLWORLD ACCESSORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
5
Employees
(Continued)
- 20 -
Their aggregate remuneration comprised:
2022
2021
£
£
Wages and salaries
2,331,242
2,637,877
Social security costs
187,879
197,396
Pension costs
36,395
37,037
2,555,516
2,872,310
6
Director's remuneration
2022
2021
£
£
Remuneration for qualifying services
210,439
207,893
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2022
2021
£
£
Remuneration for qualifying services
210,439
207,893
The director is also considered to represent the key management personnel of the company.
7
Interest receivable and similar income
2022
2021
£
£
Interest income
Interest on bank deposits
424
453
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
424
453
SMALLWORLD ACCESSORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 21 -
8
Interest payable and similar expenses
2022
2021
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
13,567
Interest payable to group undertakings
57,843
57,843
71,410
57,843
Other finance costs:
Other interest
6,713
8,735
78,123
66,578
9
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
148,000
Adjustments in respect of prior periods
(127,641)
Total current tax
148,000
(127,641)
Deferred tax
Origination and reversal of timing differences
2,100
(6,300)
Total tax charge/(credit)
150,100
(133,941)
The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
2022
2021
£
£
Profit/(loss) before taxation
735,247
(324,825)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
139,697
(61,717)
Tax effect of expenses that are not deductible in determining taxable profit
3,746
146
Tax effect of utilisation of tax losses not previously recognised
(12,370)
27,948
Unutilised tax losses carried forward
12,564
Adjustments in respect of prior years
(127,641)
Permanent capital allowances in excess of depreciation
(1,944)
Depreciation on assets not qualifying for tax allowances
49
249
Amortisation on assets not qualifying for tax allowances
14,127
14,486
Other permanent differences
1,275
Deferred tax adjustments in respect of prior years
(14)
Effect of rounding to the nearest £1,000
(169)
38
Effect of change in local deferred tax rate
5,689
Taxation charge/(credit) for the period
150,100
(133,941)
SMALLWORLD ACCESSORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
(Continued)
- 22 -
In addition to the amount charged/(credited) to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2022
2021
£
£
Deferred tax arising on:
Fair value adjustments on foreign exchange contracts
19,910
48,928
10
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2021 and 28 February 2022
762,410
Amortisation and impairment
At 1 March 2021
304,964
Amortisation charged for the year
74,355
Impairment losses
11,315
At 28 February 2022
390,634
Carrying amount
At 28 February 2022
371,776
At 28 February 2021
457,446
SMALLWORLD ACCESSORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 23 -
11
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 March 2021
33,470
566
147,025
80,724
261,785
Additions
2,667
31,420
34,087
At 28 February 2022
33,470
566
149,692
112,144
295,872
Depreciation and impairment
At 1 March 2021
25,680
566
52,340
68,906
147,492
Depreciation charged in the year
5,771
29,685
14,467
49,923
At 28 February 2022
31,451
566
82,025
83,373
197,415
Carrying amount
At 28 February 2022
2,019
67,667
28,771
98,457
At 28 February 2021
7,790
94,685
11,818
114,293
12
Financial instruments
2022
2021
£
£
Carrying amount of financial liabilities
Measured at fair value through other comprehensive income
- Other financial liabilities
17,071
121,861
13
Stocks
2022
2021
£
£
Finished goods and goods for resale
2,724,903
1,339,068
14
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
338,759
256,429
Amounts owed by group undertakings
1
1
Other debtors
214,559
230,933
Prepayments and accrued income
179,705
107,245
733,024
594,608
SMALLWORLD ACCESSORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
14
Debtors
(Continued)
- 24 -
2022
2021
Amounts falling due after more than one year:
£
£
Other debtors
827,168
797,204
Deferred tax asset (note 18)
3,244
23,154
830,412
820,358
Total debtors
1,563,436
1,414,966
Other
d
ebtors falling due
after
more than one
year includes a deposit of £827,168
(202
1
: £797,204)
with a key supplier to provide security on orders placed by the company. This is funded by a loan from the ultimate controlling entity of the same amount, which is recorded in
c
reditors: amounts falling due
after more than
one year
within other borrowings.
15
Creditors: amounts falling due within one year
2022
2021
Notes
£
£
Bank loans
17
156,569
93,750
Trade creditors
322,457
223,659
Corporation tax
162,480
14,480
Other taxation and social security
775,476
1,090,658
Derivative financial instruments
17,071
121,861
Other creditors
69,699
Accruals and deferred income
456,469
451,346
1,960,221
1,995,754
16
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Bank loans and overdrafts
17
562,500
656,250
Other borrowings
17
2,282,588
2,296,204
2,845,088
2,952,454
Other borrowings relates to
a loan from the ultimate controlling entity
, which has been subordinated to the loan received under the UK Government-backed Coronavirus Business Interruption Loan Scheme ("CBILS") received during the
prior
year.
SMALLWORLD ACCESSORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 25 -
17
Loans and overdrafts
2022
2021
£
£
Bank loans
719,069
750,000
Loans from group undertakings
2,282,588
2,296,204
3,001,657
3,046,204
Payable within one year
156,569
93,750
Payable after one year
2,845,088
2,952,454
As disclosed within note 14, the ultimate controlling entity has provided a loan to the company to fund a deposit that is held with a key supplier.
In the prior year
, the company obtained a bank loan under the UK Government-backed Coronavirus Business Interruption Loan Scheme ("CBILS"). The loan is subject to interest charges at a rate of 3.
8
% above the Bank of England base rate per annum, with the Government providing a Business Interruption payment to cover the first 12 months of interest payments. The loan is repayable over
6
years, with a repayment holiday in place for the first 12 months of the loan.
The loan is secured by fixed and floating charges over the company's assets and has external guarantees.
18
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
Assets
Assets
2022
2021
2022
2021
Balances:
£
£
£
£
Accelerated capital allowances
23,700
21,600
-
-
Fair value loss on foreign exchange contracts
-
-
3,244
23,154
23,700
21,600
3,244
23,154
2022
Movements in the year:
£
Asset at 1 March 2021
(1,554)
Charge to profit or loss
22,010
Liability at 28 February 2022
20,456
The timing of the expected reversal of the deferred tax asset is expected to be in the next 12 months. The deferred tax liability is expected to reverse over the useful lives of the tangible fixed assets.
SMALLWORLD ACCESSORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 26 -
19
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
36,395
37,037
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
20
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
Ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights.
21
Hedging reserve
2022
2021
£
£
At the beginning of the year
(98,707)
(307,296)
Gains and losses on cash flow hedges
104,790
257,517
Deferred tax on gains and losses on cash flow hedges
(19,910)
(48,928)
At the end of the year
(13,827)
(98,707)
The company entered into forward foreign exchange contracts to mitigate exchange rate risk for foreign currency payments, all contracts mature within 12 months of the reporting date.
22
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2022
2021
£
£
Within one year
113,437
146,325
Between two and five years
70,428
87,061
183,865
233,386
SMALLWORLD ACCESSORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 27 -
23
Related party transactions
At the reporting date the company had loans outstanding with the ultimate controlling entity amounting to £
2,282,588
(202
1
: £
2,296,204),
included within non-current liabilities.
The loan interest paid during the year was £
57,843
(202
1
: £
57,843
) and was charged at a rate of 4% (2021: 4%) on the interest bearing
loan.
24
Ultimate controlling party
The immediate parent company is Smallworld Accessories Holdings Limited, a company incorporated in England and Wales. Smallworld Accessories Holdings Limited prepares consolidated financial statements, which include the results of the company, copies of which are available from Companies House.
The ultimate controlling entity is Chuan Men Investment Inc, a company incorporated in Taiwan.
25
Cash generated from operations
2022
2021
£
£
Profit/(loss) for the year after tax
585,147
(190,884)
Adjustments for:
Taxation charged/(credited)
150,100
(133,941)
Finance costs
78,123
66,578
Investment income
(424)
(453)
Gain on disposal of tangible fixed assets
(542)
Amortisation and impairment of intangible assets
85,670
76,241
Depreciation and impairment of tangible fixed assets
49,923
46,306
Unrealised currency translation (gains)/losses on long-term loans
29,964
(68,848)
Foreign exchange losses/(gains) on cash equivalents
(3,292)
1,269
Movements in working capital:
(Increase)/decrease in stocks
(1,385,835)
641,114
(Increase)/decrease in debtors
(168,380)
289,389
(Decrease)/increase in creditors
(141,562)
83,458
Cash (absorbed by)/generated from operations
(720,566)
809,687
26
Analysis of changes in net debt
1 March 2021
Cash flows
Exchange rate movements
28 February 2022
£
£
£
£
Cash at bank and in hand
1,723,490
(906,863)
3,292
819,919
Borrowings excluding overdrafts
(3,046,204)
44,547
-
(3,001,657)
(1,322,714)
(862,316)
3,292
(2,181,738)
2022-02-28
2021-03-01
false
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Rix & Kay Company Secretarial Services Limited
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2021-02-28
10437403
core:HedgingReserve
2022-02-28
10437403
core:HedgingReserve
2021-02-28
10437403
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2022-02-28
10437403
core:RetainedEarningsAccumulatedLosses
2021-02-28
10437403
core:ShareCapital
core:RestatedAmount
2020-02-29
10437403
core:HedgingReserve
core:RestatedAmount
2020-02-29
10437403
core:RestatedAmount
2020-02-29
10437403
core:HedgingReserve
core:RestatedAmount
2021-02-28
10437403
1
2020-03-01
2021-02-28
10437403
2
2021-03-01
2022-02-28
10437403
1
2021-03-01
2022-02-28
10437403
2
2020-03-01
2021-02-28
10437403
2021-02-28
10437403
2020-02-29
10437403
core:Goodwill
2021-03-01
2022-02-28
10437403
core:LeaseholdImprovements
2021-03-01
2022-02-28
10437403
core:PlantMachinery
2021-03-01
2022-02-28
10437403
core:FurnitureFittings
2021-03-01
2022-02-28
10437403
core:ComputerEquipment
2021-03-01
2022-02-28
10437403
core:UKTax
2021-03-01
2022-02-28
10437403
core:UKTax
2020-03-01
2021-02-28
10437403
3
2021-03-01
2022-02-28
10437403
3
2020-03-01
2021-02-28
10437403
4
2021-03-01
2022-02-28
10437403
4
2020-03-01
2021-02-28
10437403
5
2021-03-01
2022-02-28
10437403
5
2020-03-01
2021-02-28
10437403
core:Goodwill
2021-02-28
10437403
core:LeaseholdImprovements
2021-02-28
10437403
core:PlantMachinery
2021-02-28
10437403
core:FurnitureFittings
2021-02-28
10437403
core:ComputerEquipment
2021-02-28
10437403
core:WithinOneYear
2022-02-28
10437403
core:WithinOneYear
2021-02-28
10437403
core:BetweenTwoFiveYears
2022-02-28
10437403
core:BetweenTwoFiveYears
2021-02-28
10437403
bus:PrivateLimitedCompanyLtd
2021-03-01
2022-02-28
10437403
bus:FRS102
2021-03-01
2022-02-28
10437403
bus:Audited
2021-03-01
2022-02-28
10437403
bus:FullAccounts
2021-03-01
2022-02-28
xbrli:pure
xbrli:shares
iso4217:GBP