MIRA INFORM REPORT

 

 

Report Date :

28.11.2008

 

IDENTIFICATION DETAILS

 

Name :

ACTION APPARAL LIMITED

 

 

Formerly Known As :

Tringdown Limited

 

 

Registered Office :

62-63 Hemming Road, Washford, Redditch, Worcestershire B98 0ea

 

 

Country :

United kingdom

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

30.12.1985

 

 

Legal Form :

Private limited with Share Capital

 

 

Line of Business :

Wholesale Distribution And Retail Of Men's And Ladies Casual Clothings

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

Limited with full security

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear 


Name

 

ACTION APPARAL LIMITED                                            

 

Number            01974137

 

 

company summary

 

 

Phone

01527510545

Type

Private limited with Share Capital

 

 

Address

62-63 HEMMING ROAD,
WASHFORD,
REDDITCH,
WORCESTERSHIRE B98 0EA

Company Status

Active - Accounts Filed

 

 

Postcode

B98 0EA

Incorporated Date

30/12/1985

 

 

 

Active CCJ's

0

Value of CCJ's [£]

£0

Number Of Writs

0

 

 

Current Directors

6

 

 

Total Directorships

48

 

 

 

Trading to Date

31/12/06

31/12/05

31/12/04

 

Turnover

£4,993,973

£5,565,938

£6,809,794

 

Shareholder Funds

£-701,053

£595,888

£884,395

 

Employees

70

65

77

 

 

Trends

 

 

 

Profitability

 

 

 

Liquidity

 

 

 

Shareholders Funds

 

 

 

 

 

 

 

 

company information

 

 

Registered Address

Trading Address

 

Telephone Number

01527510545

Telephone Number

01527 510545

 

TPS

N

TPS

 

 

Address

Address

 

62-63 HEMMING ROAD
WASHFORD
REDDITCH
WORCESTERSHIRE B98 0EA

62-63 Hemming Road
Washford
Redditch
B98 0EA

 

 

Web Address

chillipepper.uk.com

Incorporation Date

30/12/1985

 

Type of Accounts

Full Accounts

Filing Date of Accounts

31/10/2007

 

Company Type

Private Limited With Share Capital

Date of Latest Accounts

31/12/2006

 

Annual Return

26/07/2006

 

 

 

 

 

 

Previous Name(s)

 

Changed:

04/02/1986

Tringdown Limited

 

 

 

 

 

 

 

Industry:

 

Wholesale Distribution And Retail Of Men's And Ladies Casual Clothings.

 

 

 

 

 

 

 

 

 

 

 

 

SIC Code

Description

 

5142

Wholesale Of Clothing & Footwear

 

 

 

 

 

Mortgage Charges

 

Outstanding

11

Satisfied

0

 

 

 

 

 

 

 

Shareholders

 

Share Capital

6180

Currency

Gbp

 

 

Previous Names Details

           

 

 

Previous Name(s)

 

Changed :

04/02/1986

Tringdown Limited

 

           

 

Secondary Industry Code Details  

 

 

 

SIC Code

Description

 

5142

Wholesale Of Clothing & Footwear

 

5242

Retail Sale Of Clothing

 

 

Mortgage Details    

 

 

 

Mortgage Type:

an accession deed

 

Date Charge Created:

27/10/2008

Date Charge Registered:

08/11/2008

 

Date Charge Satisfied:

 

Status:

Outstanding

 

Person(s) Entitled:

BARCLAYS BANK PLC (THE SECURITY AGENT)

 

Amount Secured:

all monies due or to become due from any group company to the chargee and or the secured parties (or any of them) on any account whatsoever under the terms of the aforementioned instrument creating or evidencing the charge

 

Details:

fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery see image for full details

 

 

 

 

Mortgage Type:

legal assignment

 

Date Charge Created:

05/06/2008

Date Charge Registered:

06/06/2008

 

Date Charge Satisfied:

 

Status:

Outstanding

 

Person(s) Entitled:

HSBC BANK PLC

 

Amount Secured:

all monies due or to become due from the company to the chargee on any account whatsoever

 

Details:

any credit balance due under condition 13 of the agreement for purchase of debts see image for full details

 

 

 

 

Mortgage Type:

charge of trade marks

 

Date Charge Created:

05/06/2008

Date Charge Registered:

07/06/2008

 

Date Charge Satisfied:

 

Status:

Outstanding

 

Person(s) Entitled:

HSBC BANK PLC

 

Amount Secured:

all monies due or to become due from the company to the chargee on any account whatsoever

 

Details:

fixed charge as continuing security all trade marks physical materials all authorisations in connection with the trade marks, all rights, title and interest in the trade marks together with all remuneration profit royalties fees rent income or compensation and all the exploitation agreements see image for full details

 

 

 

 

 

 

Mortgage Type:

rent deposit deed

 

Date Charge Created:

17/10/2006

Date Charge Registered:

20/10/2006

 

Date Charge Satisfied:

 

Status:

Outstanding

 

Person(s) Entitled:

LCH PROPERTIES LIMITED

 

Amount Secured:

£58,750 due or to become due from the company to the chargee

 

Details:

the deposit balance

 

 

 

 

 

 

Mortgage Type:

floating charge (all assets)

 

Date Charge Created:

19/07/2006

Date Charge Registered:

20/07/2006

 

Date Charge Satisfied:

 

Status:

Outstanding

 

Person(s) Entitled:

HSBC INVOICE FINANCE (UK) LTD

 

Amount Secured:

all monies due or to become due from the company to the chargee on any account whatsoever.under the terms of the aforementioned instrument creating or evidencing the charge

 

Details:

by way of floating charge all the undert aking of the company and all assets what soever and wheresoever including stock i n trade and uncalled capital but excludi ng any debts and associated rights relat ing thereto

 

 

Mortgage Type:

fixed charge on purchased debts which fail to vest

 

Date Charge Created:

09/01/2004

Date Charge Registered:

13/01/2004

 

Date Charge Satisfied:

 

Status:

Outstanding

 

Person(s) Entitled:

HSBC INVOICE FINANCE (UK) LTD

 

Amount Secured:

all monies due or to become due from the company to the chargee under the termsof the aforementioned instrument creating or evidencing the charge

 

Details:

by way of fixed equitable charge all deb ts purchased or purported to be purchase d by the security holder pursuant to an agreement for the purchase of debts betw een the security holder and the company (including the associated rights relatin g thereto) which fail to vest effectivel y or absolutely in the security holder f or any reason

 

 

 

 

Mortgage Type:

rent deposit deed

 

Date Charge Created:

19/12/2003

Date Charge Registered:

31/12/2003

 

Date Charge Satisfied:

 

Status:

Outstanding

 

Person(s) Entitled:

COCKSPUR PROPERTY (GENERAL PARTNER LIMITED) COCKSPUR PROPERTY (NOMINEE NO. 1 LIMITED)

 

Amount Secured:

all monies due or to become due from the company to the chargee under the termsof the aforementioned instrument creating or evidencing the charge

 

Details:

the amount from time to time standing to the credit of the rent deposit account opened by the landlord's agent

 

 

 

 

Mortgage Type:

debenture

 

Date Charge Created:

27/11/2003

Date Charge Registered:

11/12/2003

 

Date Charge Satisfied:

 

Status:

Outstanding

 

Person(s) Entitled:

HSBC BANK PLC

 

Amount Secured:

all monies due or to become due from the company to the chargee on any account whatsoever.

 

Details:

01 fixed and floating charges over the undertaking and all property and assets present and future including goodwill bookdebts uncalled capital buildings fixturesfixed plant and machinery.

 

 

 

 

Mortgage Type:

fixed and floating charge

 

Date Charge Created:

01/10/2001

Date Charge Registered:

03/10/2001

 

Date Charge Satisfied:

 

Status:

Outstanding

 

Person(s) Entitled:

THE ROYAL BANK OF SCOTLAND COMMERCIAL SERVICES LIMITED

 

Amount Secured:

and under the financing agreement (as de fined in the fixed and floating charge) all monies due or to become due from the company to the chargee on any account whatsoever.

 

Details:

01 fixed and floating charges over the undertaking and all property and assets present and future including goodwill bookdebts uncalled capital buildings fixturesfixed plant and machinery.

 

 

 

 

Mortgage Type:

rent deposit deed

 

Date Charge Created:

30/05/2001

Date Charge Registered:

05/06/2001

 

Date Charge Satisfied:

 

Status:

Outstanding

 

Person(s) Entitled:

THE CROWN ESTATE COMMISSIONERS

 

Amount Secured:

£7,050 an all other monies due or to bec ome due from the company (as tenant) to the chargee (as landlord) under the term s of the deed and the lease of even date defined therein

 

Details:

all the company's right title benefit an d interest in and to a separate designat ed interest bearing deposit account open ed or to be opened by the landlord in it 's name with coutts and co. or such othe r bank as the landlord may decide) in wh ich the initial deposit of £7,050 is pla ced

 

 

 

 

 

 

Mortgage Type:

mortgage debenture

 

Date Charge Created:

18/11/1991

Date Charge Registered:

04/12/1991

 

Date Charge Satisfied:

 

Status:

Outstanding

 

Person(s) Entitled:

NATIONAL WESTMINSTER BANK PLC

 

Amount Secured:

all monies due or to become due from the company to the chargee on any account whatsoever.

 

Details:

10 a specific equitable charge over all freehold and leasehold properties and/or the proceeds of sale thereof, fixed and floating charges over undertaking and allproperty and assets present and future including goodwill, bookdebts and the benefits of any licences.

 

 

Shareholders Details

 

 

 

 

 

Name

Shares

 

Alan Strang

1,111 Ord £1

 

J Davison (trust Of)

80 Ord £1

 

Jdd & Bgd (trust Of)

196 Ord £1

 

T Perkins (trust Of)

80 Ord £1

 

Katherine Strans

1,111 Ord £1

 

Lesing Ten Limited

3,090 Ord £1

 

Michael Pell

312 Ord £1

 

K Strang (trust Of)

200 Ord £1

 

 

 

 

 

Trading Address Details

 

 

 

 

 

Address

Telephone Number

TCPS

 

62-63 Hemming Road Washford Redditch B98 0EA

 

 

 

 

 

 

accounts

 

 

Profit & Loss

 

 

Annual Accounts

01/06-12/06

Change (%)

01/05-12/05

Change (%)

01/04-12/04

 

Months

12

-

12

-

12

 

Currency

GBP

-

GBP

-

GBP

 

Consolidated A/cs

N

-

N

-

N

 

Turnover

4,993,973

-10.3 %

5,565,938

-18.3 %

6,809,794

 

Export

1,527,538

230.0 %

462,926

-34.0 %

701,555

 

Cost of Sales

3,800,129

4.2 %

3,648,279

-12.8 %

4,184,225

 

Gross Profit

1,193,844

-37.7 %

1,917,659

-27.0 %

2,625,569

 

Wages & Salaries

1,289,598

29.2 %

997,769

-15.2 %

1,176,345

 

Directors Emoluments

201,403

41.7 %

142,161

-1.6 %

144,485

 

Operating Profits

-1,243,568

-400.3 %

-248,550

26.7 %

-339,227

 

Depreciation

90,955

-0.1 %

91,026

-11.3 %

102,573

 

Audit Fees

12,875

3.0 %

12,500

19.0 %

10,500

 

Interest Payments

53,374

86.5 %

28,623

38.8 %

20,621

 

Pre Tax Profit

-1,296,942

-379.1 %

-270,691

21.3 %

-343,838

 

Taxation

-

100.0 %

-17,816

76.5 %

-75,912

 

Profit After Tax

-1,296,942

-349.5 %

-288,507

31.3 %

-419,750

 

Dividends Payable

-

-

-

-

-

 

Retained Profits

-1,296,942

-349.5 %

-288,507

31.3 %

-419,750

 

Balance Sheet

 

 

Annual Accounts

01/06-12/06

Change (%)

01/05-12/05

Change (%)

01/04-12/04

 

Tangible Assets

271,568

9.4 %

248,129

-15.7 %

294,260

 

Intangible Assets

25,195

-3.3 %

26,047

-

26,047

 

Total Fix Assets

296,763

8.2 %

274,176

-14.4 %

320,307

 

Total Current Assets

3,260,142

53.4 %

2,125,915

12.7 %

1,886,390

 

Trade Debtors

653,209

42.7 %

457,872

-16.3 %

546,853

 

Stock

1,237,780

17.9 %

1,049,819

7.2 %

978,858

 

Cash

730,191

96.7 %

371,217

889.0 %

37,535

 

Other Current Assets

638,962

158.7 %

247,007

-23.6 %

323,144

 

Increase In Cash

358,974

7.6 %

333,682

193.2 %

-357,906

 

Miscellaneous Current Assets

-

-

-

-

-

 

Total Assets

3,556,905

48.2 %

2,400,091

8.8 %

2,206,697

 

Total Current Liabilities

4,257,958

136.7 %

1,799,203

36.1 %

1,322,302

 

Trade Creditors

784,487

68.8 %

464,715

16.7 %

398,214

 

Bank Overdraft

1,532,200

86.9 %

819,952

123.2 %

367,322

 

Other Short Term Fin

1,569,709

-

-

-100.0 %

7,273

 

Miscellaneous Current Liabilities

371,562

-27.8 %

514,536

-6.4 %

549,493

 

Other Long Term Fin

-

-

-

-

-

 

Total Long Term Liabilities

-

-100.0 %

5,000

-

-

 

Bank Overdraft & LTL

1,532,200

85.7 %

824,952

124.6 %

367,322

 

Total Liabilities

4,257,958

136.0 %

1,804,203

36.4 %

1,322,302

 

Net Assets

-701,053

-217.6 %

595,888

-32.6 %

884,395

 

Working Capital

-997,816

-405.4 %

326,712

-42.1 %

564,088

 

Capitals & Reserves

 

 

Annual Accounts

01/06-12/06

Change (%)

01/05-12/05

Change (%)

01/04-12/04

 

Paid up equity

6,180

0.0 %

6,179

-

6,179

 

P&L Account Reserve

-1,483,679

-694.5 %

-186,737

-283.5 %

101,770

 

Sundry Reserves

776,446

-

776,446

-

776,446

 

Revaluation Reserve

-

-

-

-

-

 

Shareholder Funds

-701,053

-217.6 %

595,888

-32.6 %

884,395

 

Net Worth

-726,248

-227.4 %

569,841

-33.6 %

858,348

 

 

miscellaneous

 

 

Annual Accounts

01/06-12/06

Change (%)

01/05-12/05

Change (%)

01/04-12/04

 

Net Cashflow from Operations

-179,507

-4,530.1 %

4,052

-98.4 %

250,921

 

Net Cashflow before Financing

-353,275

-416.3 %

111,675

-72.2 %

401,243

 

Net Cashflow from Financing

1

100.0 %

-7,273

49.7 %

-14,467

 

Contingent Liability

YES

-

YES

-

YES

 

Capital Employed

-701,053

-216.7 %

600,888

-32.1 %

884,395

 

No of Employees

70

7.7 %

65

-15.6 %

77

     

Auditors

DELOITTE & TOUCHE LLP

 

AuditQualification

No Adverse Comments

 

Bankers

LLOYDS TSB BANK PLC

 

BankBranchCode

30-97-78

 

 

ratios

 

 

Annual Accounts

01/06-12/06

01/05-12/05

01/04-12/04

 

Pre-tax profit margin %

-26.0 %

-4.9 %

-5.0 %

 

Current ratio

0.77

1.18

1.43

 

Sales/Net Working Capital

-5.00

17.04

12.07

 

Gearing %

-218.6 %

138.4 %

41.5 %

 

Equity in %

-19.9 %

25.1 %

40.6 %

 

Creditor Days

57.18

30.47

21.34

 

Debtor Days

47.61

30.03

29.31

 

Liquidity/Acid Test

0.47

0.60

0.69

 

Return On Capital Employed %

185.0 %

-45.1 %

-38.9 %

 

Return On Total Assets Employed %

-36.5 %

-11.3 %

-15.6 %

 

Current Debt Ratio %

-6.1 %

3.0 %

1.5 %

 

Total Debt Ratio %

-6.1 %

3.0 %

1.5 %

 

Stock Turnover Ratio %

24.8 %

18.9 %

14.4 %

 

Return on Net Assets Employed %

185.0 %

-45.4 %

-38.9 %

 

 

group structure

 

No group structure for this company.

 

 

 

 

Status History

 

 

Date

Description

No Status History

 

 

 

 

Event History

 

 

Date

Description

10/11/2008

New Company Secretary Mr A. Caplan Appointed

10/11/2008

New Board Member Mr A. Caplan Appointed

10/11/2008

New Board Member Mr J. Kinnaird Appointed

10/11/2008

New Board Member Mr P.k. Drake Appointed

10/11/2008

New Board Member Mr D.j. Argent Appointed

30/10/2008

Mr J.a. Stitchman Has Left The Board

23/10/2008

Mr M.a. Pell Has Left The Board

23/10/2008

Mr A.m. Strang Has Left The Board

23/10/2008

Ms K.m. Strang Has Resigned As Company Secretary

23/10/2008

Ms K.m. Strang Has Left The Board

23/10/2008

New Company Secretary Mr S. Barraclough Appointed

23/10/2008

New Board Member Mr J.a. Stitchman Appointed

12/11/2007

New Accounts Filed

13/11/2006

New Accounts Filed

10/11/2005

New Accounts Filed

 

 

 

 

directors

 

 

Name

Anthony  Caplan

 

 

Address

10 Kenmure Road

 

 

 

Whitecraugs

 

 

Glasgow

 

 

G46 6TU

 

Officers Title

Mr

Date Of Birth

19/04/1956

 

Honours

 

Present Appointments

2

 

Appointment Date

13/10/2008

Function

Company Secretary

 

 

 

 

 

 

 

 

 

Name

Anthony  Caplan

 

 

Address

10 Kenmure Road

 

 

 

Whitecraugs

 

 

Glasgow

 

 

G46 6TU

 

Officers Title

Mr

Date Of Birth

19/04/1956

 

Honours

 

Present Appointments

2

 

Appointment Date

13/10/2008

Function

Director

 

 

 

 

 

 

 

 

 

Name

John  Kinnaird

 

 

Address

1 St Edmunds Lane

 

 

 

Milgavnie

 

 

Glasgow

 

 

G62 8LT

 

Officers Title

Mr

Date Of Birth

13/07/1959

 

Honours

 

Present Appointments

1

 

Appointment Date

13/10/2008

Function

Director

 

 

 

 

 

 

 

 

 

Name

Scott  Barraclough

 

 

Address

Flat A Robin Court

 

 

 

Lupus Street

 

 

London

 

 

Uk

 

 

SW1V 3ED

 

Officers Title

Mr

Date Of Birth

 

 

Honours

 

Present Appointments

29

 

Appointment Date

 

Function

Company Secretary

 

 

 

 

 

 

 

 

 

Name

Paul Kenneth Drake

 

 

Address

27 Kirtley Way

 

 

 

The Meadows

 

 

Broughton Astley

 

 

Leicestershire

 

 

LE9 6ND

 

Officers Title

Mr

Date Of Birth

14/10/1954

 

Honours

 

Present Appointments

11

 

Appointment Date

13/10/2008

Function

Director

 

 

 

 

 

 

 

 

 

Name

Dean John Argent

 

 

Address

Brackendale

 

 

 

4 Woodsway

 

 

Oxshott

 

 

Surrey

 

 

KT22 0ND

 

Officers Title

Mr

Date Of Birth

03/06/1965

 

Honours

 

Present Appointments

5

 

Appointment Date

13/10/2008

Function

Director

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.84

UK Pound

1

Rs.76.81

Euro

1

Rs.64.38

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions