MIRA INFORM REPORT

 

 

Report Date :

04.10.2014

 

IDENTIFICATION DETAILS

 

Name :

SEASALT LIMITED

 

 

Formerly Known As :

GENERAL CLOTHING STORES LIMITED

 

 

Registered Office :

Unit 8, Falmouth Business Park, Bickland Water Road, Falmouth Cornwall TR11 4SZ

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.01.2014

 

 

Date of Incorporation :

18.05.1988

 

 

Legal Form :

Private Limited with Share Capital

 

 

Line of Business :

·         Wholesale of Clothing and Footwear.

·         Design and Production of clothing and the operation of retail, internet and wholesale sales channels.

 

 

No. of Employees :

269

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No complaints

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

United Kingdom

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

UNITED KINGDOM - ECONOMIC OVERVIEW

 

The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Falling home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these included nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aimed to lower London's budget deficit from about 11% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 largely due to the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of £375 billion (approximately $605 billion) as of December 2013. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU). In 2012, weak consumer spending and subdued business investment weighed on the economy, however, in 2013 GDP grew 1.4%, accelerating unexpectedly in the second half of the year because of greater consumer spending and a recovering housing market. The budget deficit is falling but remains high at nearly 7% and public debt has continued to increase.

 

Source : CIA

 

REGISTERED NAME & COMPANY SUMMARY

 

SEASALT LIMITED

 

 

 

DIRECTORS/MANAGEMENT

 

Current Directors

Name

Leigh George Chadwick

Date of Birth

16/06/1957

Officers Title

Mr

Nationality

British

Present Appointments

13

Function

Director

Appointment Date

31/07/2001

 

 

Address

Jasmine Cottage, 16 Nursery Lane, Four Oaks, Sutton Coldfield, West Midlands, B74 4TP

Other Actions

View Director Report

View Consumer Report

View AML Report

 

View Trace Report

 

Disqualified

 

Disqualified End Date

 

Disqualification Exception

No

 

 

 

 

Name

Neil Michael Chadwick

Date of Birth

01/06/1966

Officers Title

Mr

Nationality

British

Present Appointments

4

Function

Director

Appointment Date

31/07/2001

 

 

Address

White Wings, Harbour Terrace, Falmouth, Cornwall, TR11 2AW

Other Actions

View Director Report

View Consumer Report

View AML Report

 

View Trace Report

 

Disqualified

 

Disqualified End Date

 

Disqualification Exception

No

 

 

 

 

Name

David Alfred Chadwick

Date of Birth

06/11/1958

Officers Title

Mr

Nationality

British

Present Appointments

4

Function

Director

Appointment Date

31/07/2001

 

 

Address

Boskelly, Trencrom Lane Carbis Bay, St Ives, Cornwall, TR26 2TD

Other Actions

View Director Report

View Consumer Report

View AML Report

 

View Trace Report

 

Disqualified

 

Disqualified End Date

 

Disqualification Exception

No

 

 

 

Current Company Secretary

Name

Leigh George Chadwick

Date of Birth

16/06/1957

Officers Title

Mr

Nationality

British

Present Appointments

13

Function

Company Secretary

Appointment Date

30/11/1991

 

 

Address

Jasmine Cottage, 16 Nursery Lane, Four Oaks, Sutton Coldfield, West Midlands, B74 4TP

 

Previous Director/Company Secretaries

Name

Current Directorships

Previous Directorships

Donald George Chadwick

0

3

Mary Alice Brenda Chadwick

0

3

Frances Judith Louise Burgess

0

1

Adrian Neil Green

0

1

Michael John Simpson

3

2

 

 

NEGATIVE INFORMATION

 

Mortgage Summary

Total Mortgage   14

Outstanding                   3

Satisfied                        11

 

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade         1

Total Value of Documented Trade                        £656

 

CCJ

Total Number of Exact CCJs -

0

Total Value of Exact CCJs -

Total Number of Possible CCJs -

0

Total Value of Possible CCJs -

Total Number of Satisfied CCJs -

0

Total Value of Satisfied CCJs -

Total Number of Writs -

-

 

 

 

Mortgage Details

Mortgage Type:

LEGAL CHARGE

Date Charge Created:

23/01/09

 

 

Date Charge Registered:

29/01/09

 

 

Date Charge Satisfied:

12/01/11

 

 

Status:

SATISFIED

 

 

Person(s) Entitled:

CLYDESDALE BANK PUBLIC LIMITED COMPANY

Amount Secured:

 

Details:

4 FORE STREET ST IVES T/NO CL155276 ASSIGNS THE GOODWILL OF ALL BUSINESSES, FROM TIME TO TIME CARRIED ON AT THE PROPERTY, WITH THE BENEFIT OF ALL AUTHORISATIONS, PERMITS, REGISTRATION CERTIFICATES ORLICENCES OF ANY KIND, ALSO BY WAY OF FIXED CHARGE THE EQUIPMENT & GOODS (IF ANY) & ALL OTHER FIXTURES, FITTINGS, PLANT & MACHINERY & BY WAY OF FLOATING CHARGE ON OTHER MOVEABLE PLANT, MACHINERY, FURNITURE, EQUIPMENT, GOODS & OTHER EFFECTS WHICH ARE FROM TIME TO TIME ON THE PROPERTY

 

Mortgage Type:

LEGAL CHARGE

Date Charge Created:

23/01/09

 

 

Date Charge Registered:

29/01/09

 

 

Date Charge Satisfied:

-

 

 

Status:

OUTSTANDING

 

 

Person(s) Entitled:

CLYDESDALE BANK PUBLIC LIMITED COMPANY

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER

Details:

L/H PROPERTY K/A 75 FORE STREET SALCOMBE DEVON ASSIGNS THE GOODWILL OF ALL BUSINESSES, FROM TIME TOTIME CARRIED ON AT THE PROPERTY, WITH THE BENEFIT OF ALL AUTHORISATIONS, PERMITS, REGISTRATION CERTIFICATES OR LICENCES OF ANY KIND, ALSO BY WAY OF FIXED CHARGE THE EQUIPMENT & GOODS (IF ANY) & ALL OTHER FIXTURES, FITTINGS, PLANT & MACHINERY & BY WAY OF FLOATING CHARGE ON OTHER MOVEABLE PLANT, MACHINERY, FURNITURE, EQUIPMENT, GOODS & OTHER EFFECTS WHICH ARE FROM TIME TO TIME ON THE PROPERTY

 

Mortgage Type:

LEGAL CHARGE

Date Charge Created:

23/01/09

 

 

Date Charge Registered:

29/01/09

 

 

Date Charge Satisfied:

12/01/11

 

 

Status:

SATISFIED

 

 

Person(s) Entitled:

CLYDESDALE BANK PUBLIC LIMITED COMPANY

Amount Secured:

 

Details:

1 CHURCH STREET FALMOUTH T/NO CL114899 ASSIGNS THE GOODWILL OF ALL BUSINESSES, FROM TIME TO TIME CARRIED ON AT THE PROPERTY, WITH THE BENEFIT OF ALL AUTHORISATIONS, PERMITS, REGISTRATION CERTIFICATESOR LICENCES OF ANY KIND, ALSO BY WAY OFFIXED CHARGE THE EQUIPMENT & GOODS (IF ANY) & ALL OTHER FIXTURES, FITTINGS, PLANT & MACHINERY & BY WAY OF FLOATING CHARGE ON OTHER MOVEABLE PLANT, MACHINERY, FURNITURE, EQUIPMENT, GOODS & OTHER EFFECTS WHICH ARE FROM TIME TO TIME ON THE PROPERTY

 

Mortgage Type:

LEGAL CHARGE

Date Charge Created:

23/01/09

 

 

Date Charge Registered:

29/01/09

 

 

Date Charge Satisfied:

-

 

 

Status:

OUTSTANDING

 

 

Person(s) Entitled:

CLYDESDALE BANK PUBLIC LIMITED COMPANY

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER UNDER THETERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE

Details:

L/H PROPERTY K/A GROUND FLOOR 15/16 FORE STREET, SALCOMBE, DEVON. AND ANY PROCEEDS OF SALE THEREOF

 

Mortgage Type:

LEGAL CHARGE

Date Charge Created:

23/01/09

 

 

Date Charge Registered:

29/01/09

 

 

Date Charge Satisfied:

12/01/11

 

 

Status:

SATISFIED

 

 

Person(s) Entitled:

CLYDESDALE BANK PLC

Amount Secured:

 

Details:

PROPERTY K/A 6 AND 7 DUKE STREET, TRURUT/NO CL117468 ASSIGNS THE GOODWILL OF ALL BUSINESSES, FROM TIME TO TIME CARRIEDON AT THE PROPERTY, WITH THE BENEFIT OFALL AUTHORISATIONS, PERMITS, REGISTRATION CERTIFICATES OR LICENCES OF ANY KIND,ALSO BY WAY OF FIXED CHARGE THE EQUIPMENT & GOODS (IF ANY) & ALLOTHER FIXTURES, FITTINGS, PLANT & MACHINERY & BY WAY OF FLOATING CHARGE ON OTHER MOVEABLE PLANT, MACHINERY, FURNITURE, EQUIPMENT, GOODS & OTHER EFFECTS WHICH ARE FROM TIME TOTIME ON THE PROPERTY

 

Mortgage Type:

LEGAL CHARGE

Date Charge Created:

23/01/09

 

 

Date Charge Registered:

29/01/09

 

 

Date Charge Satisfied:

12/01/11

 

 

Status:

SATISFIED

 

 

Person(s) Entitled:

CLYDESDALE BANK PLC

Amount Secured:

 

Details:

11 FORE STREET FOWEY T/NO CL30619 ASSIGNS THE GOODWILL OF ALL BUSINESSES, FROM TIME TO TIME CARRIEDON AT THE PROPERTY,WITH THE BENEFIT OF ALL AUTHORISATIONS,PERMITS, REGISTRATION CERTIFICATES OR LICENCES OF ANY KIND, ALSO BY WAY OF FIXED CHARGE THE EQUIPMENT & GOODS (IF ANY) & ALL OTHER FIXTURES, FITTINGS, PLANT & MACHINERY & BY WAY OF FLOATING CHARGE ONOTHER MOVEABLE PLANT, MACHINERY, FURNITURE,EQUIPMENT, GOODS & OTHER EFFECTS WHICH ARE FROM TIME TO TIME ON THE PROPERTY

 

Mortgage Type:

DEBENTURE

Date Charge Created:

21/01/09

 

 

Date Charge Registered:

24/01/09

 

 

Date Charge Satisfied:

-

 

 

Status:

OUTSTANDING

 

 

Person(s) Entitled:

CLYDESDALE BANK PLC

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMSOF THE AFOREMENTIONEDINSTRUMENT CREATING OR EVIDENCING THE CHARGE

Details:

FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, BOOKDEBTS, UNCALLED CAPITAL, BUILDINGS, FIXTURES, FIXED PLANT & MACHINERY

 

Mortgage Type:

LEGAL MORTGAGE

Date Charge Created:

30/05/08

 

 

Date Charge Registered:

14/06/08

 

 

Date Charge Satisfied:

19/02/09

 

 

Status:

SATISFIED

 

 

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:

L/H PROPERTY K/A 75 FORE STREET SALCOMBE DEVON T/NO DN283804 WITH THE BENEFIT OF ALL RIGHTS, LICENCES, GUARANTEES, RENTDEPOSITS, CONTRACTS, DEEDS UNDERTAKINGS& WARRANTIES RELATING TO THE PROPERTY. ANYSHARES OR MEMBERSHIP RIGHTS IN ANY MANAGEMENT COMPANY FOR THE PROPERTY. ANY GOODWILL OF ANY BUSINESS FROM TIME TO TIME CARRIED ON AT THE PROPERTY. ANY RENTAL & OTHER MONEY PAYABLE AND ANY LEGAL LICENCE OR OTHER INTEREST CREATED IN RESPECT OF THE PROPERTY & ALL OTHER PAYMENTS WHATEVER IN RESPECT OFTHE PROPERTY

 

Mortgage Type:

LEGAL MORTGAGE

Date Charge Created:

17/01/03

 

 

Date Charge Registered:

28/01/03

 

 

Date Charge Satisfied:

19/02/09

 

 

Status:

SATISFIED

 

 

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:

THE F/H PROPERTY K/A 9-11 FORE STREET FOWEY WITH THE BENEFIT OF ALL RIGHTS LICENCES GUARANTEES RENTDEPOSITS CONTRACTS DEEDS UNDERTAKINGS AND WARRANTIES RELATINGTO THE PROPERTY ANY SHARES OR MEMBERSHIP RIGHTS IN ANY MANAGEMENT COMPANY FOR THE PROPERTY ANY GOODWILL OF ANY BUSINESSFROM TIME TO TIME CARRIED ON AT THE PROPERTY ANY RENTAL AND OTHER MONEY PAYABLEUNDER ANY LEASE LICENCE OR OTHER INTERESTCREATED IN RESPECT OF THE PROPERTY AND ALL OTHER PAYMENTS WHATEVER IN RESPECTOF THE PROPERTY

 

Mortgage Type:

LEGAL MORTGAGE

Date Charge Created:

15/03/01

 

 

Date Charge Registered:

17/03/01

 

 

Date Charge Satisfied:

19/02/09

 

 

Status:

SATISFIED

 

 

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:

6 DUKE STREET TRURO CORNWALL T/NO: CL117468 WITH THE BENEFIT OF ALL RIGHTS LICENCES GUARANTEES RENTDEPOSITS CONTRACTS DEEDS UNDERTAKINGS AND WARRANTIES RELATINGTO THE PROPERTY ANY SHARES OR MEMBERSHIP RIGHTS IN ANY MANAGEMENT COMPANY FOR THE PROPERTY ANY GOODWILL OF ANY BUSINESSFROM TIME TO TIME CARRIED ON AT THE PROPERTY ANY RENTAL AND OTHER MONEY PAYABLEUNDER ANY LEASE LICENCE OR OTHER INTERESTCREATED IN RESPECT OF THE PROPERTY AND ALL OTHER PAYMENTS WHATEVER IN RESPECTOF THE PROPERTY

 

Mortgage Type:

LEGAL MORTGAGE

Date Charge Created:

26/11/99

 

 

Date Charge Registered:

07/12/99

 

 

Date Charge Satisfied:

19/02/09

 

 

Status:

SATISFIED

 

 

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:

2 CHURCH STREET FALMOUTH CORNWALL WITH THE BENEFIT OF ALL RIGHTS LICENCES GUARANTEES RENT DEPOSITS CONTRACTS DEEDS UNDERTAKINGS AND WARRANTIES RELATINGTO THE PROPERTY ANY SHARES OR MEMBERSHIP RIGHTS IN ANY MANAGEMENT COMPANY FOR THE PROPERTY ANY GOODWILL OF ANY BUSINESSFROM TIME TO TIME CARRIED ON AT THE PROPERTY ANY RENTAL AND OTHER MONEY PAYABLEUNDER ANY LEASE LICENCE OR OTHER INTEREST CREATED IN RESPECT OF THE PROPERTY AND ALL OTHER PAYMENTS WHATEVER IN RESPECTOF THE PROPERTY

 

Mortgage Type:

LEGAL MORTGAGE

Date Charge Created:

08/11/99

 

 

Date Charge Registered:

09/11/99

 

 

Date Charge Satisfied:

19/02/09

 

 

Status:

SATISFIED

 

 

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:

PROPERTY AT 4 FORE STREET CORNWALL (FREEHOLD) WITH THE BENEFIT OF ALL RIGHTS LICENCES GUARANTEES RENT DEPOSITS CONTRACTS DEEDS UNDERTAKINGS AND WARRANTIES RELATINGTO THE PROPERTY ANY SHARES OR MEMBERSHIP RIGHTS IN ANY MANAGEMENT COMPANY FOR THE PROPERTY ANY GOODWILL OF ANY BUSINESSFROM TIME TO TIMECARRIED ON AT THE PROPERTY ANY RENTAL AND OTHER MONEY PAYABLEUNDER ANY LEASE LICENCE OR OTHER INTEREST CREATED IN RESPECT OF THE PROPERTY AND ALL OTHER PAYMENTS WHATEVER IN RESPECTOF THE PROPERTY

 

Mortgage Type:

LEGAL MORTGAGE

Date Charge Created:

14/09/99

 

 

Date Charge Registered:

16/09/99

 

 

Date Charge Satisfied:

19/02/09

 

 

Status:

SATISFIED

 

 

Person(s) Entitled:

MIDLAND BANK PLC

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER

Details:

F/H PROPERTY K/A 1 CHURCH STREET FALMOUTH CORNWALL WITH THE BENEFIT OF ALL RIGHTS LICENCES GUARANTEES RENT DEPOSITS CONTRACTS DEEDS UNDERTAKINGS AND WARRANTIES RELATINGTO THE PROPERTY ANY SHARES OR MEMBERSHIP RIGHTS IN ANY MANAGEMENT COMPANY FOR THE PROPERTY ANY GOODWILL OF ANY BUSINESSFROM TIME TOTIME CARRIED ON AT THE PROPERTY ANY RENTAL AND OTHER MONEY PAYABLEUNDER ANY LEASE LICENCE OR OTHER INTEREST CREATED IN RESPECT OF THE PROPERTY AND ALL OTHER PAYMENTS WHATEVER IN RESPECTOF THE PROPERTY

 

Mortgage Type:

DEBENTURE

Date Charge Created:

03/09/99

 

 

Date Charge Registered:

17/09/99

 

 

Date Charge Satisfied:

19/02/09

 

 

Status:

SATISFIED

 

 

Person(s) Entitled:

MIDLAND BANK PLC

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER

Details:

. FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURES FIXED PLANT AND MACHINERY SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

 

 

SHARE & SHARE CAPITAL INFORMATION

 

Top 20 Shareholders

Name

Currency

Share Count

Share Type

Nominal Value

CHADWICK BROTHERS LTD

GBP

168,110

ORDINARY A

1

CHADWICK BROTHERS LTD

GBP

54,458

ORDINARY B

5

CHADWICK BROTHERS LTD

GBP

24,465

REDEEMABLE PREFERENCE

20

Unable to report percentage holdings as filed Shareholder listing is not full.

 

 

PAYMENT INFORMATION

 

Average Invoice Value

£924.87

Invoices available

303

Paid

270

Outstanding

33

 

Trade Payment Data is information that we collect from selected third party partners who send us information about their whole sales ledger.

 

 

Within Terms

0-30 Days

31-60 Days

61-90 Days

91+ Days

Paid

100

129

37

2

2

Outstanding

26

3

0

0

4

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Group structure

Company Name

Registered Number

Latest Key Financials

Consol. Accounts

Turnover

CHADWICK BROTHERS LIMITED

04512575

31.01.2014

Y

£21,333,533

CHADWICK BROTHERS PROP...

03878947

31.01.2014

N

 

SEASALT LIMITED

02259954

31.01.2014

N

£21,333,533

GENERAL CLOTHING STO...

03936068

31.01.2014

N

 

 

 

FINANCIAL INFORMATION

 

 

Profit & Loss

Date Of Accounts

31/01/14

(%)

31/01/13

(%)

31/01/12

(%)

31/01/11

(%)

31/01/10

Weeks

52

(%)

52

(%)

52

(%)

52

(%)

52

Currency

GBP

(%)

GBP

(%)

GBP

(%)

GBP

(%)

GBP

Consolidated A/cs

N

(%)

N

(%)

N

(%)

N

(%)

N

Turnover

£21,333,533

33.8%

£15,939,956

40.5%

£11,341,361

22.2%

£9,281,459

20.9%

£7,677,342

Export

-

-

-

-

-

-

-

-

-

Cost of Sales

£10,300,472

23.8%

£8,318,184

35.3%

£6,147,640

31.3%

£4,680,890

16.5%

£4,019,067

Gross Profit

£11,033,061

44.8%

£7,621,772

46.7%

£5,193,721

12.9%

£4,600,569

25.8%

£3,658,275

Wages & Salaries

£4,534,950

28%

£3,543,184

27.8%

£2,773,438

16.2%

£2,387,071

33.1%

£1,793,146

Directors Emoluments

£377,999

-8.6%

£413,683

39.4%

£296,817

-32.2%

£437,515

72.2%

£254,059

Operating Profit

£2,198,781

89.7%

£1,159,372

192.4%

£396,478

-44.6%

£715,885

-24%

£941,956

Depreciation

£411,978

31.7%

£312,860

32.8%

£235,674

5.3%

£223,807

-2.9%

£230,433

Audit Fees

£10,000

14.9%

£8,700

4.8%

£8,300

2.5%

£8,100

68.8%

£4,800

Interest Payments

£46,015

59.7%

£28,810

160.1%

£11,077

-67%

£33,529

-59.7%

£83,275

Pre Tax Profit

£2,152,782

90.4%

£1,130,649

193.2%

£385,576

215.8%

-£333,045

-138.8%

£858,854

Taxation

-£520,778

-133.4%

-£223,089

-124.8%

-£99,226

53.2%

-£211,944

9.8%

-£234,974

Profit After Tax

£1,632,004

79.8%

£907,560

216.9%

£286,350

152.5%

-£544,989

-187.4%

£623,880

Dividends Payable

£150,000

-

-

-

-

-

-

-

-

Retained Profit

£1,482,004

63.3%

£907,560

216.9%

£286,350

152.5%

-£544,989

-187.4%

£623,880

 

Balance Sheet

Date Of Accounts

31/01/14

(%)

31/01/13

(%)

31/01/12

(%)

31/01/11

(%)

31/01/10

Tangible Assets

£2,021,731

19.9%

£1,686,339

33.1%

£1,266,612

22.6%

£1,032,889

-67.7%

£3,196,532

Intangible Assets

0

-

0

-

0

-

0

-

0

Total Fixed Assets

£2,021,731

19.9%

£1,686,339

33.1%

£1,266,612

22.6%

£1,032,889

-67.7%

£3,196,532

Stock

£5,493,940

25.8%

£4,366,341

22.9%

£3,553,743

29.3%

£2,747,514

36.5%

£2,012,638

Trade Debtors

£950,158

30.7%

£726,832

135.9%

£308,123

91.5%

£160,915

-34%

£243,719

Cash

£719,621

31%

£549,348

999.9%

£44,398

-93.8%

£718,236

399.2%

£143,884

Other Debtors

£225,688

-7.9%

£244,998

-18.1%

£298,969

-1%

£302,014

52.4%

£198,217

Miscellaneous Current Assets

0

-

0

-

0

-

0

-

0

Total Current Assets

£7,389,407

25.5%

£5,887,519

40%

£4,205,233

7%

£3,928,679

51.2%

£2,598,458

Trade Creditors

£1,865,783

31.1%

£1,422,886

7.7%

£1,321,382

40.4%

£941,431

38.4%

£680,348

Bank Loans & Overdrafts

£713,760

999.9%

£63,658

-89.9%

£628,939

-7.1%

£676,956

705.4%

£84,055

Other Short Term Finance

£163,630

86.8%

£87,581

999.9%

£3,940

-50.7%

£7,984

94.9%

£4,097

Miscellaneous Current Liabilities

£950,517

26.4%

£752,235

75.1%

£429,577

-8.1%

£467,543

12%

£417,272

Total Current Liabilities

£3,693,690

58.8%

£2,326,360

-2.4%

£2,383,838

13.8%

£2,093,914

76.6%

£1,185,772

Bank Loans & Overdrafts and LTL

£1,191,105

-23.3%

£1,553,057

79.3%

£866,407

-11.6%

£980,421

-38.1%

£1,584,094

Other Long Term Finance

£194,963

74.4%

£111,770

-35.3%

£172,770

-26.9%

£236,440

-4.1%

£246,471

Total Long Term Liabilities

£477,345

-68%

£1,489,399

527.2%

£237,468

-21.7%

£303,465

-79.8%

£1,500,039

 

Capital & Reserves

Date Of Accounts

31/01/14

(%)

31/01/13

(%)

31/01/12

(%)

31/01/11

(%)

31/01/10

Called Up Share Capital

£929,700

-

£929,700

-

£929,700

-

£929,700

89.9%

£489,672

P & L Account Reserve

£4,310,403

52.4%

£2,828,399

47.2%

£1,920,839

17.5%

£1,634,489

19.4%

£1,368,540

Revaluation Reserve

-

-

-

-

-

-

-

-100%

£810,939

Sundry Reserves

-

-

-

-

-

-

-

-100%

£440,028

Shareholder Funds

£5,240,103

39.4%

£3,758,099

31.8%

£2,850,539

11.2%

£2,564,189

-17.5%

£3,109,179

 

Other Financial Items

Date Of Accounts

31/01/14

(%)

31/01/13

(%)

31/01/12

(%)

31/01/11

(%)

31/01/10

Net Worth

£5,240,103

39.4%

£3,758,099

31.8%

£2,850,539

11.2%

£2,564,189

-17.5%

£3,109,179

Working Capital

£3,695,717

3.8%

£3,561,159

95.5%

£1,821,395

-0.7%

£1,834,765

29.9%

£1,412,686

Total Assets

£9,411,138

24.3%

£7,573,858

38.4%

£5,471,845

10.3%

£4,961,568

-14.4%

£5,794,990

Total Liabilities

£4,171,035

9.3%

£3,815,759

45.6%

£2,621,306

9.3%

£2,397,379

-10.7%

£2,685,811

Net Assets

£5,240,103

39.4%

£3,758,099

31.8%

£2,850,539

11.2%

£2,564,189

-17.5%

£3,109,179

 

Cash Flow

Date Of Accounts

31/01/14

(%)

31/01/13

(%)

31/01/12

(%)

31/01/11

(%)

31/01/10

Net Cashflow from Operations

-

-

-

-

-

-

-

-

£474,306

Net Cashflow before Financing

-

-

-

-

-

-

-

-100%

£233,402

Net Cashflow from Financing

-

-

-

-

-

-

-

-

-£59,750

Increase in Cash

-

-

-

-

-

-

-

-

£173,652

 

Miscellaneous

Date Of Accounts

31/01/14

(%)

31/01/13

(%)

31/01/12

(%)

31/01/11

(%)

31/01/10

Contingent Liability

YES

-

YES

-

YES

-

YES

-

YES

Capital Employed

£5,717,448

9%

£5,247,498

69.9%

£3,088,007

7.7%

£2,867,654

-37.8%

£4,609,218

Number of Employees

269

25.7%

214

15.7%

185

13.5%

163

38.1%

118

Auditors

WALKER MOYLE

Auditor Comments

The audit report contains no adverse comments

Bankers

 

Bank Branch Code

 

 

Ratios

Date Of Accounts

31/01/14

31/01/13

31/01/12

31/01/11

31/01/10

Pre-tax profit margin %

10.09

7.09

3.40

-3.59

11.19

Current ratio

2

2.53

1.76

1.88

2.19

Sales/Net Working Capital

5.77

4.48

6.23

5.06

5.43

Gearing %

22.70

41.30

30.40

38.20

50.90

Equity in %

55.70

49.60

52.10

51.70

53.70

Creditor Days

31.83

32.49

42.40

36.92

32.25

Debtor Days

16.21

16.59

9.88

6.31

11.55

Liquidity/Acid Test

0.51

0.65

0.27

0.56

0.49

Return On Capital Employed %

37.65

21.54

12.48

-11.61

18.63

Return On Total Assets Employed %

22.87

14.92

7.04

-6.71

14.82

Current Debt Ratio

0.70

0.61

0.83

0.81

0.38

Total Debt Ratio

0.79

1.01

0.91

0.93

0.86

Stock Turnover Ratio %

25.75

27.39

31.33

29.60

26.21

Return on Net Assets Employed %

41.08

30.08

13.52

-12.98

27.62

 

Creditor Details

 

Total Number

Total Value

Trade Creditors

0

-

 

No Creditor Data

 

Trade Debtors / Bad Debt Detail

 

Total Number of Documented Trade

Total Value of Documented Trade

Trade Debtors

1

£656

 

Company Name

Amount

Statement Date

Free Earth Limited

£656

22/12/2010

 

 

FOREIGN EXCHANGE RATES

 

N/a

 

 

ADDITIONAL INFORMATION

 

Status History

No Status History found.

 

Event History

Date

Description

11/09/2014

New Accounts Filed

11/09/2014

New Accounts Filed

04/07/2014

Mr M.J. Simpson has left the board

17/12/2013

Annual Returns

06/11/2013

New Accounts Filed

26/07/2013

Mrs F.J. Burgess has left the board

04/06/2013

Change in Reg.Office

04/06/2013

Change of Company Postcode

21/03/2013

New Board Member Mr M.J. Simpson appointed

14/03/2013

New Board Member Mr M. Simpson appointed

27/12/2012

Annual Returns

07/12/2012

Mr A.N. Green has left the board

21/07/2012

New Accounts Filed

21/07/2012

New Accounts Filed

03/12/2011

Annual Returns

 

Show more

 

Previous Company Names

Date

Previous Name

15/08/2007

GENERAL CLOTHING STORES LIMITED

 

 

NOTES & COMMENTS

 

Commentary

No exact match CCJs are recorded against the company.

The credit limit on this company has risen 39% in comparison to the previously suggested credit limit.

Sales in the latest trading period increased 33.8% on the previous trading period.

Net Worth increased by 39.4% during the latest trading period.

There has been no significant change in the company's credit rating.

 

A 24.3% growth in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 90.4% compared to the previous trading period.

The company saw an increase in their Cash Balance of 31% during the latest trading period.

The audit report contains no adverse comments.

The company has undergone recent changes in its directorships.

The company is part of a group.

The company has changed its registered address recently.

The company was established over 26 years ago.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.75

UK Pound

1

Rs.100.06

Euro

1

Rs.77.95

 

INFORMATION DETAILS

 

Analysis Done by :

 RAS

 

 

Report Prepared by :

SDA

 

               

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

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

 

--

NB

New Business

--

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.