MIRA INFORM REPORT

 

 

Report Date :

12.09.2014              

 

IDENTIFICATION DETAILS

 

Name :

DOUBLE TWO LIMITED

 

 

Formerly Known As :

HAWKSCLOUGH MILL CO.,LIMITED

 

 

Registered Office :

PO Box 1, Thornes Lane Wharf, Wakefield WF1 5RQ

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

02.11.1954

 

 

Com. Reg. No.:

00540034

 

 

Legal Form :

Private limited with share capital

 

 

Line of Business :

The manufacture, wholesale of shirts, casualwear and ladies garments and retailers of men’s and ladies garments

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Slow but correct

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 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

United Kingdom

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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

 

Company Name:            DOUBLE TWO LIMITED

Company No:                00540034

Company Status:           Active - Accounts Filed

 

 

DIRECTORS/MANAGEMENT

 

Current Directors

Name

Richard John Donner

Date of Birth

14/04/1967

Officers Title

Mr

Nationality

British

Present Appointments

12

Function

Director

Appointment Date

10/12/1999

 

 

Address

Merle Mede Upper Hagg Road, Thongsbridge, Holmfirth, HD9 3TF

Other Actions

View Director Report

View Consumer Report

View AML Report

 

View Trace Report

 

Disqualified

 

Disqualified End Date

 

Disqualification Exception

No

 

 

 

Name

Richard John Donner

Date of Birth

25/09/1939

Officers Title

Mr

Nationality

British

Present Appointments

17

Function

Director

Appointment Date

27/12/1991

 

 

Address

Chevet Chase Chevet Lane, Wakefield, West Yorkshire, WF2 6PT

 

Current Company Secretary

Name

Nancy Donner

Date of Birth

09/02/1942

Officers Title

Ms

Nationality

British

Present Appointments

13

Function

Company Secretary

Appointment Date

27/12/1991

 

 

Address

Chevet Chase Chevet Lane, Sandal, Wakefield, West Yorkshire, WF2 6PT

Other Actions

 

View Consumer Report

View Trace Report

Disqualified

 

Disqualified End Date

 

Disqualification Exception

No

 

 

 

Name

Kevin Richard Mellor

Date of Birth

24/05/1969

Officers Title

Mr

Nationality

British

Present Appointments

12

Function

Company Secretary

Appointment Date

18/07/2008

 

 

Address

35 Nowell Street, Leeds, West Yorkshire, LS9 6HS

 

Previous Director/Company Secretaries

Name

Current Directorships

Previous Directorships

Hermine Donner

0

11

Isaak Donner

0

10

David Percy Sugden

0

15

Campbell Gordon Freeman

2

14

 

 

NEGATIVE INFORMATION

 

Mortgage Summary

Total Mortgage                                       3

Outstanding                                           2

Satisfied                                                1

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 -

-

 

 

 

Exact CCJ Details

No CCJs found

 

Possible CCJs Details

There are no possible CCJ details

 

Writ Details

No writs found

 

Mortgage Details

Mortgage Type:

DEBENTURE

Date Charge Created:

11/10/06

 

 

Date Charge Registered:

19/10/06

 

 

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 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 FIXTURESFIXED PLANT AND MACHINERY

 

 

 

Mortgage Type:

TRUST DEED

Date Charge Created:

28/09/05

 

 

Date Charge Registered:

04/10/05

 

 

Date Charge Satisfied:

-

 

 

Status:

OUTSTANDING

 

 

Person(s) Entitled:

BMG (YORK) LIMITED

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:

BY WAY OF FIXED CHARGE THE INTEREST IN THE DEPOSIT ACCOUNT AND ALL MONEY FROM TIME TO TIME STANDINGTO THE CREDIT OF ORACCRUING TO THE DEPOSIT ACCOUNT. DEPOSIT ACCOUNT MEANING £20,302.82

 

Mortgage Type:

DEBENTURE

Date Charge Created:

17/08/01

 

 

Date Charge Registered:

22/08/01

 

 

Date Charge Satisfied:

20/01/12

 

 

Status:

SATISFIED

 

 

Person(s) Entitled:

HSBC BANK PLC

Amount Secured:

 

Details:

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

 

SHARE & SHARE CAPITAL INFORMATION

 

Name

Currency

Share Count

Share Type

Nominal Value

% of Total Share Count

WAKEFIELD SHIRT COMPANY LTD

GBP

2,500,000

ORDINARY

1

62.5

WAKEFIELD SHIRT COMPANY LTD

GBP

1,500,000

REDEEMABLE ORDINARY

1

37.5

 

 

PAYMENT INFORMATION

 

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade                                 3

Total Value of Documented Trade                                    £6,462

 

Trade Payment Information

Average Invoice Value

413.24

Invoices available

122

Paid

115

Outstanding

7

 

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

3

£6,462

 

Company Name

Amount

Statement Date

Fashion Brokers Ltd

£5,851

26/07/2012

Big For Men (Margate) Ltd

£464

07/07/2011

Mr Savile Limited

£147

26/09/2013

 

 

Within Terms

0-30 Days

31-60 Days

61-90 Days

91+ Days

Paid

2

85

24

4

0

Outstanding

0

2

1

2

2

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Previous Company Names

Date

Previous Name

31/12/1980

HAWKSCLOUGH MILL CO.,LIMITED

 

Statistics

Group

12 companies

Linkages

0 companies

Countries

In 0 countries

 

Summary

Holding Company

WAKEFIELD SHIRT COMPANY LIMITED(THE)

Ownership Status

Wholly Owned

Ultimate Holding Company

WAKEFIELD SHIRT COMPANY LIMITED(THE)

 

Group structure

Company Name

Registered Number

Latest Key Financials

Consol. Accounts

Turnover

WAKEFIELD SHIRT COMPANY...

00361629

31.12.2013

Y

£17,559,602

THREADNEEDLE COMPANY I...

00362080

31.12.2013

N

 

WM SUGDEN & SONS LIMITED

00540051

31.12.2013

N

 

L. J. & M. REFSON LI...

00396588

31.12.2012

N

 

TOPFLIGHT UNIFORMS LIM...

00863454

31.12.2012

N

 

TOP TWENTY SHIRT COMPA...

00866090

31.12.2012

N

 

DOUBLE TWO (INTERNATIO...

00915580

31.12.2012

N

 

WAKEFIELD DRAPERS LIMITED

00947054

31.12.2012

N

 

SHIRTMASTER LIMITED

01116948

31.12.2012

N

 

COMPANY IMAGE LIMITED

02303967

31.12.2012

N

 

DOUBLE TWO LIMITED

00540034

31.12.2013

N

£12,835,212

KINGSWELLS (FASHION ST...

01300250

31.12.2012

N

 

 

 

FINANCIAL INFORMATION

 

Key Financials

Year to Date                  Turnover               Pre Tax Profit        Shareholder           Funds Employees

31/12/2013                    £12,835,212          £152,897                   £2,697,224               84

31/12/2012                    £11,952,455          £134,114                   £2,544,327               80

31/12/2011                    £19,857,375          £469,427                   £2,410,213               80

 

 

FOREIGN EXCHANGE RATES

 

Profit & Loss

Date Of Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

Weeks

52

(%)

52

(%)

52

(%)

52

(%)

52

Currency

GBP

(%)

GBP

(%)

GBP

(%)

GBP

(%)

GBP

Consolidated A/cs

N

(%)

N

(%)

N

(%)

N

(%)

N

Turnover

£12,835,212

7.4%

£11,952,455

-39.8%

£19,857,375

86.6%

£10,641,810

8.2%

£9,831,597

Export

£5,707,693

14.3%

£4,992,945

-51.8%

£10,354,314

-

-

-

£146,052

Cost of Sales

-

-

-

-

-

-

-

-100%

£5,410,890

Gross Profit

-

-

-

-

-

-

-

-

£4,420,707

Wages & Salaries

£2,187,015

4.3%

£2,096,794

0.9%

£2,078,365

1.4%

£2,049,632

-1.4%

£2,078,323

Directors Emoluments

-

-

-

-

-

-

-

-

-

Operating Profit

£228,203

29.9%

£175,634

-66.4%

£522,599

67.2%

£312,543

52%

£205,570

Depreciation

£85,388

-7.2%

£92,024

-23.3%

£119,910

-8.7%

£131,306

-2.7%

£135,000

Audit Fees

£15,990

-16.4%

£19,136

14.3%

£16,744

3%

£16,261

-5.8%

£17,255

Interest Payments

£118,559

10%

£107,827

102.8%

£53,172

120.5%

£24,113

-53.4%

£51,727

Pre Tax Profit

£152,897

14%

£134,114

-71.4%

£469,427

94.4%

£241,460

148.2%

£97,288

Taxation

-

-

-

-

-

-

-

-

-

Profit After Tax

£152,897

14%

£134,114

-71.4%

£469,427

94.4%

£241,460

148.2%

£97,288

Dividends Payable

-

-

-

-

-

-

-

-

-

Retained Profit

£152,897

14%

£134,114

-71.4%

£469,427

94.4%

£241,460

148.2%

£97,28

 

Balance Sheet

Date Of Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

Tangible Assets

£186,519

-26%

£251,907

-9.8%

£279,430

-17%

£336,582

-13.3%

£388,120

Intangible Assets

0

-

0

-

0

-

0

-

0

Total Fixed Assets

£186,519

-26%

£251,907

-9.8%

£279,430

-17%

£336,582

-13.3%

£388,120

Stock

£3,879,374

1.1%

£3,835,821

-4.2%

£4,003,814

28.3%

£3,119,897

11.9%

£2,789,142

Trade Debtors

£1,214,473

30.7%

£929,067

-33.6%

£1,398,443

21%

£1,155,601

59.5%

£724,637

Cash

£326,204

233.5%

£97,819

-30.5%

£140,821

116.5%

£65,043

-69.4%

£212,354

Other Debtors

£835,528

1.6%

£822,471

34.3%

£612,441

-20.6%

£771,576

39.4%

£553,444

Miscellaneous Current Assets

0

-

0

-

0

-

0

-

0

Total Current Assets

£6,255,579

10%

£5,685,178

-7.6%

£6,155,519

20.4%

£5,112,117

19.5%

£4,279,577

Trade Creditors

£1,492,137

14.4%

£1,304,252

-22.1%

£1,675,000

24.2%

£1,348,945

96.7%

£685,943

Bank Loans & Overdrafts

£778,098

-8.2%

£847,911

-24.2%

£1,119,225

37.9%

£811,358

36.4%

£594,834

Other Short Term Finance

£1,116,870

8.7%

£1,027,889

11.3%

£923,500

-16.2%

£1,101,618

-26%

£1,488,698

Miscellaneous Current Liabilities

£223,945

5.3%

£212,706

-30.7%

£307,011

24.8%

£245,992

23.7%

£198,896

Total Current Liabilities

£3,611,050

6.4%

£3,392,758

-15.7%

£4,024,736

14.7%

£3,507,913

18.2%

£2,968,371

Bank Loans & Overdrafts and LTL

£911,922

7.5%

£847,911

-24.2%

£1,119,225

37.9%

£811,358

36.4%

£594,834

Other Long Term Finance

0

-

0

-

0

-

0

-

0

Total Long Term Liabilities

£133,824

-

0

-

0

-

0

-

0

 

Capital & Reserves

Date Of Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

Called Up Share Capital

£4,000,000

-

£4,000,000

-

£4,000,000

-

£4,000,000

-

£4,000,000

P & L Account Reserve

-£1,304,166

10.5%

-£1,457,063

8.4%

-£1,591,177

22.8%

-£2,060,604

10.5%

-£2,302,064

Revaluation Reserve

-

-

-

-

-

-

-

-

-

Sundry Reserves

£1,390

-

£1,390

-

£1,390

-

£1,390

-

£1,390

Shareholder Funds

£2,697,224

6%

£2,544,327

5.6%

£2,410,213

24.2%

£1,940,786

14.2%

£1,699,326

 

Other Financial Items

Date Of Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

Net Worth

£2,697,224

6%

£2,544,327

5.6%

£2,410,213

24.2%

£1,940,786

14.2%

£1,699,326

Working Capital

£2,644,529

15.4%

£2,292,420

7.6%

£2,130,783

32.8%

£1,604,204

22.3%

£1,311,206

Total Assets

£6,442,098

8.5%

£5,937,085

-7.7%

£6,434,949

18.1%

£5,448,699

16.7%

£4,667,697

Total Liabilities

£3,744,874

10.4%

£3,392,758

-15.7%

£4,024,736

14.7%

£3,507,913

18.2%

£2,968,371

Net Assets

£2,697,224

6%

£2,544,327

5.6%

£2,410,213

24.2%

£1,940,786

14.2%

£1,699,326

 

Cash Flow

Date Of Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

Net Cashflow from Operations

-

-

-

-

-

-

-

-

-

Net Cashflow before Financing

-

-

-

-

-

-

-

-

-

Net Cashflow from Financing

-

-

-

-

-

-

-

-

-

Increase in Cash

-

-

-

-

-

-

-

-

-

 

Miscellaneous

Date Of Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

Contingent Liability

YES

-

YES

-

YES

-

YES

-

YES

Capital Employed

£2,831,048

11.3%

£2,544,327

5.6%

£2,410,213

24.2%

£1,940,786

14.2%

£1,699,326

Number of Employees

84

5%

80

-

80

-2.4%

82

-2.4%

84

Auditors

JOLLIFFE CORK LLP

Auditor Comments

The audit report contains no adverse comments

Bankers

YORKSHIRE BANK PLC

Bank Branch Code

05-09-62

 

Ratios

Date Of Accounts

31/12/13

31/12/12

31/12/11

31/12/10

31/12/09

Pre-tax profit margin %

1.19

1.12

2.36

2.27

0.99

Current ratio

1.73

1.68

1.53

1.46

1.44

Sales/Net Working Capital

4.85

5.21

9.32

6.63

7.50

Gearing %

33.80

33.30

46.40

41.80

35

Equity in %

41.90

42.90

37.50

35.60

36.40

Creditor Days

42.31

39.71

30.70

46.14

25.39

Debtor Days

34.44

28.29

25.63

39.52

26.82

Liquidity/Acid Test

0.65

0.54

0.53

0.56

0.50

Return On Capital Employed %

5.40

5.27

19.47

12.44

5.72

Return On Total Assets Employed %

2.37

2.25

7.29

4.43

2.08

Current Debt Ratio

1.33

1.33

1.66

1.80

1.74

Total Debt Ratio

1.38

1.33

1.66

1.80

1.74

Stock Turnover Ratio %

30.22

32.09

20.16

29.31

28.36

Return on Net Assets Employed %

5.66

5.27

19.47

12.44

5.72

 

 

ADDITIONAL INFORMATION

 

Enquiries Trend

There have been 67 enquiries in the last 12 months.

There are an average of 6 reports taken each month.

 

 

3 MONTHS

6 MONTHS

9 MONTHS

Enquiries

9

22

42

Show more

Total Current Directors

2

Total Current Secretaries

2

Total Previous Directors / Company Secretaries

4

 

Status History

No Status History found

 

Event History

Date

Description

21/08/2014

New Accounts Filed

21/08/2014

New Accounts Filed

21/01/2014

Annual Returns

11/06/2013

New Accounts Filed

11/06/2013

New Accounts Filed

22/01/2013

Annual Returns

16/06/2012

New Accounts Filed

16/06/2012

New Accounts Filed

19/04/2012

Change of Company Postcode

17/01/2012

Annual Returns

16/01/2012

Change of Company Postcode

01/07/2011

New Accounts Filed

01/07/2011

New Accounts Filed

22/01/2011

Annual Returns

08/09/2010

New Accounts Filed

 

 

NOTES & COMMENTS

 

Commentary

No exact match CCJs are recorded against the company.

Sales in the latest trading period increased 7.4% on the previous trading period.

Net Worth increased by 6% during the latest trading period.

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

 

A 8.5% growth in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 14% compared to the previous trading period.

The company saw an increase in their Cash Balance of 233.5% during the latest trading period.

The audit report contains no adverse comments.

No recent changes in directorship are recorded.

The company is part of a group.

The company was established over 59 years ago.


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.19

UK Pound

1

Rs.98.65

Euro

1

Rs.78.63

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

PDT

 

               

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

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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.