MIRA INFORM REPORT

 

 

Report No. :

508660

Report Date :

12.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

NEEDLE & THREAD DESIGN HOLDINGS LIMITED

 

 

Registered Office :

18-21 Corsham Street London N1 6dr

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

10.11.2014

 

 

Com. Reg. No.:

09303929

 

 

Legal Form :

Private limited with Share Capital

 

 

Line of Business :

Subject is engaged in wholesale of clothing and footwear

 

 

No. of Employees :

26

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Satisfactory

 

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

United Kingdom

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately 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. 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; the UK has been a net importer of energy since 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.

 

In 2008, 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 the UK’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. Facing burgeoning public deficits and debt levels, in 2010 the then CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated an austerity program, which has continued under the Conservative government. However, the deficit still remains one of the highest in the G7, standing at 3.6% of GDP as of 2017, and the UK has pledged to lower its corporation tax from 20% to 17% by 2020. The UK had a debt burden of 90.4% GDP at the end of 2017.

 

The UK’s economy has begun to slow since the referendum vote to leave the EU in June 2016. A sustained depreciation of the British pound has increased consumer and producer prices, weighing on consumer spending without spurring a meaningful increase in exports. The UK has an extensive trade relationship with other EU members through its single market membership and economic observers have warned the exit will jeopardize its position as the central location for European financial services. Prime Minister MAY is seeking a new “deep and special” trade relationship with the EU following the UK’s exit. However, economists doubt that the UK will be able to preserve the benefits of EU membership without the obligations.

 

Source : CIA

 

Company name and address

 

Company Name                                    : NEEDLE & THREAD DESIGN HOLDINGS LIMITED

Company No                                         : 09303929

Company Status                                   : Active - Accounts Filed

Registered Address                               : 18-21 CORSHAM STREETLONDONN1 6DR

 

 

Company Summary

 

Registered Address                               18-21 CORSHAM STREET
LONDON
N1 6DR

 

Trading Address                                    18-21 Corsham Street
LONDON
N1 6DR

 

Website Address                                   -

 

Telephone Number                                -

Fax Number

 

TPS                                                      -

FPS                                                      Yes

Incorporation Date                                 10/11/2014

 

 

Previous Name

 

Type                                                     Private limited with Share Capital

 

 

FTSE Index                                           -

Date of Change                                     -

Filing Date of Accounts                                     31/07/2017

Currency                                               GBP

Share Capital                                        £3

SIC07                                                   46420

Charity Number                                     -

SIC07 Description                                 WHOLESALE OF CLOTHING AND FOOTWEAR

Principal Activity

 

Additional Information

CCJ's                                                   0 (£0)

 

No CCJ Information To Display

Ultimate Holding Company                    NEEDLE & THREAD DESIGN HOLDINGS LIMITED

Accountant                                           -

Mortgages                                            0

Group                                                   2 companies

Linkages                                               0 companies

Countries                                              In 0 countries

 

 

Key Financials

 

 

Year to Date                 Turnover           Pre Tax Profit                Shareholder's Funds            Employees

31/03/2017                    -                       -                                   £3,258,000                                26

31/03/2016                    -                       -                                   £1,487,000                                15

 

 

Mortgage Summary

 

Total Mortgage 0

Outstanding 0

Satisfied 0

 

 

Trade Debtors / Bad Debt Summary

 

Total Number of Documented Trade 0

Total Value of Documented Trade £0

 

 

Commentary

 

This company has been treated as a Small company in respect of the rating/limit generated.

The latest Balance Sheet indicates a very positive net working capital position.

The latest cash balances represent a positive level in terms of the overall outstanding creditor obligations.

There has been an increase in shareholders funds compared with the previous balance sheet.

This company trades in an industry with a moderate level of corporate failures.

 

 

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 -

-

 

 

Current Directors

 

Title

Miss

Function

Director

Name

Hannah Ruth Coffin

Nationality

British

Date of Birth

03/1980

Present Appointments

4

Latest Address

18-21 Corsham Street, London

Appointment Date

10/11/2014

Post Code

N1 6DR

Title

Mr

Function

Director

Name

James Grant

Nationality

British

Date of Birth

09/1970

Present Appointments

2

Latest Address

18-21 Corsham Street, London

Appointment Date

11/12/2014

Post Code

N1 6DR

 

Title

Mr

Function

Director

Name

Mitesh Jatania

Nationality

British

Date of Birth

02/1965

Present Appointments

2

Latest Address

18-21 Corsham Street, London

Appointment Date

20/12/2014

Post Code

N1 6DR

Title

Ms

Function

Director

Name

Maria Gaynor McKee

Nationality

British

Date of Birth

05/1965

Present Appointments

1

Latest Address

18-21 Corsham Street, London

Appointment Date

29/04/2016

Post Code

N1 6DR

 

 

Current Company Secretary

 

Top Shareholders

Name

Currency

Share Count

Share Type

Nominal Value

% of Total Share Count

HANNAH RUTH COFFIN

GBP

1,000

ORDINARY A

0

28.86

VIBHAKER JATANIA

GBP

667

ORDINARY A

0

19.25

MITESH JATANIA

GBP

667

ORDINARY A

0

19.25

PRAVICHANDRA JATANIA

GBP

666

ORDINARY A

0

19.22

ASOS COM

GBP

250

ORDINARY B

0

7.22

MARIA MCKEE

GBP

90

ORDINARY B

0

2.6

VIBHAKER JATANIA

GBP

42

ORDINARY B

0

1.21

MITESH JATANIA

GBP

42

ORDINARY B

0

1.21

PRAVINCHANDRA JATANIA

GBP

41

ORDINARY B

0

1.18

 

 

Financials

 

Profit & Loss

Date Of Accounts

31/03/17

(%)

31/03/16

(%)

-

(%)

-

(%)

-

Weeks

52

(%)

52

(%)

-

(%)

-

(%)

-

Currency

GBP

(%)

GBP

(%)

-

(%)

-

(%)

-

Consolidated A/cs

N

(%)

N

(%)

-

(%)

-

(%)

-

Turnover

-

-

-

-

-

-

-

-

-

Export

-

-

-

-

-

-

-

-

-

Cost of Sales

-

-

-

-

-

-

-

-

-

Gross Profit

-

-

-

-

-

-

-

-

-

Wages & Salaries

£1,124,000

2%

£1,102,000

-

-

-

-

-

-

Directors Emoluments

-

-

-

-

-

-

-

-

-

Operating Profit

-

-

-

-

-

-

-

-

-

Depreciation

£37,000

-5.1%

£39,000

-

-

-

-

-

-

Audit Fees

-

-

-

-

-

-

-

-

-

Interest Payments

-

-

-

-

-

-

-

-

-

Pre Tax Profit

-

-

-

-

-

-

-

-

-

Taxation

-

-

-

-

-

-

-

-

-

Profit After Tax

-

-

-

-

-

-

-

-

-

Dividends Payable

-

-

-

-

-

-

-

-

-

Retained Profit

-

-

-

-

-

-

-

-

-

 

Balance Sheet

Date Of Accounts

31/03/17

(%)

31/03/16

(%)

-

(%)

-

(%)

-

Tangible Assets

£57,000

-28.8%

£80,000

-

-

-

-

-

-

Intangible Assets

£373,000

-26.6%

£508,000

-

-

-

-

-

-

Total Fixed Assets

£430,000

-26.9%

£588,000

-

-

-

-

-

-

Stock

£175,000

9.4%

£160,000

-

-

-

-

-

-

Trade Debtors

£1,070,000

37.4%

£779,000

-

-

-

-

-

-

Cash

£1,912,000

356.3%

£419,000

-

-

-

-

-

-

Other Debtors

£682,000

111.1%

£323,000

-

-

-

-

-

-

Miscellaneous Current Assets

0

-

0

-

-

-

-

-

-

Total Current Assets

£3,839,000

128.4%

£1,681,000

-

-

-

-

-

-

Trade Creditors

£302,000

-10.4%

£337,000

-

-

-

-

-

-

Bank Loans & Overdrafts

0

-

0

-

-

-

-

-

-

Other Short Term Finance

0

-

0

-

-

-

-

-

-

Miscellaneous Current Liabilities

£619,000

44.3%

£429,000

-

-

-

-

-

-

Total Current Liabilities

£921,000

20.2%

£766,000

-

-

-

-

-

-

Bank Loans & Overdrafts and LTL

£90,000

462.5%

£16,000

-

-

-

-

-

-

Other Long Term Finance

0

-

0

-

0

-

-

-

-

Total Long Term Liabilities

£90,000

462.5%

£16,000

-

-

-

-

-

-

.

Capital & Reserves

Date Of Accounts

31/03/17

(%)

31/03/16

(%)

-

(%)

-

(%)

-

Called Up Share Capital

-

-

-

-

-

-

-

-

-

P & L Account Reserve

£1,008,000

296.5%

-£513,000

-

-

-

-

-

-

Revaluation Reserve

-

-

-

-

-

-

-

-

-

Sundry Reserves

£2,250,000

12.5%

£2,000,000

-

-

-

-

-

-

Shareholder Funds

£3,258,000

119.1%

£1,487,000

-

-

-

-

-

-

 

Other Financial Items

Date Of Accounts

31/03/17

(%)

31/03/16

(%)

-

(%)

-

(%)

-

Net Worth

£2,885,000

194.7%

£979,000

-

-

-

-

-

-

Working Capital

£2,918,000

218.9%

£915,000

-

-

-

-

-

-

Total Assets

£4,269,000

88.1%

£2,269,000

-

-

-

-

-

-

Total Liabilities

£1,011,000

29.3%

£782,000

-

-

-

-

-

-

Net Assets

£3,258,000

119.1%

£1,487,000

-

-

-

-

-

-

 

Cash Flow

Date Of Accounts

31/03/17

(%)

31/03/16

(%)

-

(%)

-

(%)

-

Net Cashflow from Operations

-

-

-

-

-

-

-

-

-

Net Cashflow before Financing

-

-

-

-

-

-

-

-

-

Net Cashflow from Financing

-

-

-

-

-

-

-

-

-

Increase in Cash

-

-

-

-

-

-

-

-

-

 

Miscellaneous

Date Of Accounts

31/03/17

(%)

31/03/16

(%)

-

(%)

-

(%)

-

Contingent Liability

NO

-

NO

-

-

-

-

-

-

Capital Employed

£3,348,000

122.8%

£1,503,000

-

-

-

-

-

-

Number of Employees

26

73.3%

15

-

-

-

-

-

-

Accountants

Auditors

KPMG LLP

Auditor Comments

The audit report contains no adverse comments

Bankers

Bank Branch Code

 

Ratios

Date Of Accounts

31/03/17

31/03/16

-

-

-

Pre-tax profit margin %

-

-

-

-

-

Current ratio

4.17

2.19

-

-

-

Sales/Net Working Capital

-

-

-

-

-

Gearing %

2.80

1.10

-

-

-

Equity in %

83.60

84.40

-

-

-

Creditor Days

-

-

-

-

-

Debtor Days

-

-

-

-

-

Liquidity/Acid Test

3.97

1.98

-

-

-

Return On Capital Employed %

-

-

-

-

-

Return On Total Assets Employed %

-

-

-

-

-

Current Debt Ratio

0.28

0.51

-

-

-

Total Debt Ratio

0.31

0.52

-

-

-

Stock Turnover Ratio %

-

-

-

-

-

Return on Net Assets Employed %

-

-

-

-

-

 

Report Notes

There are no notes to display.

 

Status History

No Status History found

 

 

Event History

 

Date

Description

07/11/2017

Change in Reg.Office

07/11/2017

Change of Company Postcode

30/10/2017

Confirmation Statement

18/08/2017

New Accounts Filed

18/08/2017

New Accounts Filed

25/10/2016

Annual Returns

24/08/2016

New Accounts Filed

17/05/2016

New Board Member Ms M.G. McKee appointed

11/12/2015

Annual Returns

27/01/2015

New Board Member Mr M. Jatania appointed

25/12/2014

New Board Member Mr J. Grant appointed

12/11/2014

New Board Member Miss H.R. Coffin appointed

 

Previous Company Names

No Previous Names found

 

Writ Details

No writs found

 

Statistics

Group

2 companies

Linkages

0 companies

Countries

In 0 countries

 

 

Summary

 

Holding Company

NEEDLE & THREAD DESIGN HOLDINGS LIMITED

Ownership Status

Ultimately Owned

Ultimate Holding Company

NEEDLE & THREAD DESIGN HOLDINGS LIMITED

 

 

Group StructureFull

 

Company Name

Registered Number

Latest Key Financials

Consol. Accounts

Turnover

 NEEDLE & THREAD DESIGN H...

09303929

31.03.2017

N

 NEEDLE & THREAD IPR LI...

08351000

31.03.2016

N

 

Previous Director/Company Secretaries

No Previous Director Details

Total Persons With Significant Control

0

Total Statements

1

Active

0

Active

1

Ceased

0

Ceased

0

 

Active Persons With Significant Control

No Active Persons With Significant Control To Display

 

Ceased Persons With Significant Control

No Ceased Persons With Significant Control To Display

 

Active Statements

Statement

The company has not yet completed taking reasonable steps to find out if there is anyone who is a registrable person or a registrable relevant legal entity in relation to the company

Notified On

19/10/2016

 

Ceased Statements

No Ceased Statements To Display

Average Invoice Value

n/a

Invoices available

n/a

Paid

n/a

Outstanding

n/a

 

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

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 67.22

UK Pound

1

INR 90.87

Euro

1

INR 80.87

GBP

1

INR 91.29

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

DNS

 

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.