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REGISTERED NUMBER: 03765504 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2021

for

Dayes Limited

Previously known as
George East (Housewares) Limited

Dayes Limited (Registered number: 03765504)






Contents of the Financial Statements
for the Year Ended 31 December 2021




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 7

Statement of Comprehensive Income 10

Statement of Financial Position 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


Dayes Limited

Company Information
for the Year Ended 31 December 2021







DIRECTORS: W B J Meijerink
W M W Poppelaars
N Squire





REGISTERED OFFICE: 1-5 Masterlord Industrial Estate
Station Road
Leiston
Suffolk
IP16 4JD





REGISTERED NUMBER: 03765504 (England and Wales)





AUDITORS: Hamiltons Group Limited
Chartered Certified Accountants
Statutory Auditors
Meriden House
6 Great Cornbow
Halesowen
West Midlands
B63 3AB

Dayes Limited (Registered number: 03765504)

Strategic Report
for the Year Ended 31 December 2021

The directors present their strategic report for the year ended 31 December 2021.

REVIEW OF BUSINESS
Throughout 2021 the impact of the Covid pandemic, driving consumers to remain in the home and spend increased time and resource on Cooking and Cleaning, coupled with our marketing strategy saw gains in turnover and profitability.

The UK lockdowns saw retailers and suppliers struggle to adapt to changing rules, however our supply chain, warehouse and logistics teams were adaptable and committed to servicing these changing circumstances, delivering excellent service and strong fulfilment.

Dayes Group has a stable of strong brands and 2021 saw both our Cleaning and Petcare divisions continue to gain real traction in the UK market. The development and extension of group brands from our European portfolio remains a cornerstone of UK growth strategy.

Despite very challenging cost conditions, the company continues to perform delivering strong results within our sector, showing sales growth with key customers across all areas including independents, national accounts and particularly online business.

The business continues with a positive balance sheet position, and liquidity, allowing Dayes Limited to be able to meet its current obligations as they fall due.

PRINCIPAL RISKS AND UNCERTAINTIES
Brexit
The Brexit uncertainty has reduced although there are continued challenges in tariffs and import/export administration. The business continues to manage these areas to mitigate any potential risks and capitalise on any opportunity.
The European distribution hub in Holland has allowed us migrate some previously UK supplied customers and build the kitchenware turnover.

Reliance on key customers
Whilst the company engages with a wide range of customers, the company remains alert to the risk of reliance on key large customers and monitors this on an ongoing basis. Major customer reliance has reduced in the year resulting in a greater spread of turnover across wider portfolio of customers.

Foreign currency volatility
As much of our product is imported, we are vulnerable to significant currency fluctuations, and the company uses forward exchange contracts to minimise the risk.

Freight, energy, and general cost of goods
Whilst successful in adapting to vastly increased freight costs through the year, these remain significantly higher than pre-2020. Increased energy and raw material costs continue to drive the price of finished goods higher. The consumer is beginning to see the impact and, if they continue to rise, could alter purchasing habits. This combination represents the biggest threat and will put increasing pressure on margins for the foreseeable future. .


Dayes Limited (Registered number: 03765504)

Strategic Report
for the Year Ended 31 December 2021

KEY PERFORMANCE INDICATORS
The Directors consider the key performance indicators of the company to be:

(i) EBITDA for the financial year was £1,881,546 versus a prior year of £1,493,272, reflecting the growth in the business during the year.

(ii) A current ratio of 1.37 (2020: 1.39), being the ratio of current assets to current liabilities. Management consider this to be a positive indicator of the ability of the business to meet its short term obligations.

ON BEHALF OF THE BOARD:



N Squire - Director


14 April 2022

Dayes Limited (Registered number: 03765504)

Report of the Directors
for the Year Ended 31 December 2021

The directors present their report with the financial statements of the company for the year ended 31 December 2021.

CHANGE OF NAME
The company passed a special resolution on 6 August 2021 changing its name from George East (Housewares) Limited to Dayes Limited.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the importation, marketing and sale of household, beauty and pet products.

DIVIDENDS
Interim dividends per share on the Ordinary £1 shares were paid as follows:
£1.7408 - 21 June 2021
£1.1605 - 14 October 2021
£2.9013

The directors recommend that no final dividend be paid on these shares.

No interim dividend was paid on the Ordinary B £1 shares. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 December 2021 will be £ 1,000,000 .

FUTURE DEVELOPMENTS
The company continues to enhance its product range; with an increased focus on establishing select Dayes Group brands in the UK market.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2021 to the date of this report.

W B J Meijerink
W M W Poppelaars
N Squire


Dayes Limited (Registered number: 03765504)

Report of the Directors
for the Year Ended 31 December 2021

FINANCIAL INSTRUMENTS
Objectives and policies
The Company's operations expose it to a variety of financial risks that include credit risk, liquidity risk, cash flow risk and foreign exchange risk (as referred to above). Given the size of the Company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee board. The policies set by the board of directors are implemented by the Company's finance department.

Liquidity and cash flow risk
The Company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring it has sufficient liquid resources to meet the operating needs of the business. The Company also has access to short-term inter-company financing when required.

The company is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on bank overdrafts and loans.

Credit risk
Investments of cash surpluses and borrowings are made through banks and institutions which must fulfil credit rating criteria approved by the Board. All customers who wish to trade on credit terms are subject to credit verification procedures and we utilise credit insurance to minimise any risk. Trade debtors are reviewed on a regular basis and provision is made for doubtful debts when necessary.

Foreign exchange risk
The Company is exposed to currency risk on purchases, sales and borrowings that are denominated in a currency other than the respective functional currency which is in pound sterling. The company's balance sheet is exposed to movement in GBP/US$ and GBP/EUR. The company uses forward exchange contracts on their main purchases in US$ to minimise the risk.

QUALIFYING THIRD-PARTY INDEMNITY PROVISION
A qualifying third-party indemnity provision as defined in section 234 of the Companies Act 2006 was in force throughout the financial year and to the date of signing for the benefit of each of the directors in respect of liabilities incurred as a result of their office, to the extent permitted by law. In respect of those liabilities for which directors may not be indemnified, the company maintained a directors' and officers' liability insurance policy throughout the financial year and up to the date of signing the financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are 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 directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are 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. They are 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.



Dayes Limited (Registered number: 03765504)

Report of the Directors
for the Year Ended 31 December 2021


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





N Squire - Director


14 April 2022

Report of the Independent Auditors to the Members of
Dayes Limited
previously known as George East (Housewares) Limited

Opinion
We have audited the financial statements of Dayes Limited (the 'company') for the year ended 31 December 2021 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 31 December 2021 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.

Basis for opinion
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 Auditors' 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 directors' 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 directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Dayes Limited
previously known as George East (Housewares) Limited


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 identified material misstatements in the Strategic Report or the Report of the Directors.

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 directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and the industry in which it operates, we identified principal risks of non-compliance with laws and regulations related to breaches of the Sale of Goods Act 1979 and employment laws, and we considered the extent to which non-compliance might have a material effect on the financial statements. Additionally, we considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined the principal risks related to posting journal entries to manipulate financial performance, of management bias through judgements and assumptions in significant accounting estimates and significant one-off or unusual transactions. Audit procedures performed by the engagement team included:

- Discussions with management and those charged with governance including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
- Evaluation and testing of the operating effectiveness of management's entity level controls designed to prevent and detect irregularities;
- Performing testing on month-end adjustments;
- Incorporating unpredictability into the nature, timing and/or extent of our testing;
- Challenging assumptions and judgements made by management in their significant accounting estimates;
- Identifying and testing journal entries, in particular any journal entries posted by infrequent users or senior management or posted with descriptions indicating a higher level of risk.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Dayes Limited
previously known as George East (Housewares) Limited


Use of our 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 them in a Report of the Auditors 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.




Susan Bowdler FCCA (Senior Statutory Auditor)
for and on behalf of Hamiltons Group Limited
Chartered Certified Accountants
Statutory Auditors
Meriden House
6 Great Cornbow
Halesowen
West Midlands
B63 3AB

14 April 2022

Dayes Limited (Registered number: 03765504)

Statement of Comprehensive
Income
for the Year Ended 31 December 2021

2021 2020
Notes £    £   

REVENUE 3 24,386,099 20,475,563

Cost of sales (15,978,694 ) (13,661,519 )
GROSS PROFIT 8,407,405 6,814,044

Distribution costs (3,547,305 ) (2,803,410 )
Administrative expenses (3,239,132 ) (2,823,051 )
1,620,968 1,187,583

Other operating income - 115,693
1,620,968 1,303,276

Interest receivable and similar income 19 -
1,620,987 1,303,276

Interest payable and similar expenses 6 103,603 (203,695 )
PROFIT BEFORE TAXATION 7 1,724,590 1,099,581

Tax on profit 8 (337,348 ) (220,984 )
PROFIT FOR THE FINANCIAL YEAR 1,387,242 878,597

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,387,242

878,597

Dayes Limited (Registered number: 03765504)

Statement of Financial Position
31 December 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 59,725 89,588
Property, plant and equipment 11 1,720,223 1,741,851
1,779,948 1,831,439

CURRENT ASSETS
Inventories 12 6,411,581 4,616,675
Debtors 13 5,151,284 4,825,529
Cash at bank and in hand 92,456 241,383
11,655,321 9,683,587
CREDITORS
Amounts falling due within one year 14 8,490,423 6,952,905
NET CURRENT ASSETS 3,164,898 2,730,682
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,944,846

4,562,121

PROVISIONS FOR LIABILITIES 18 36,447 40,964
NET ASSETS 4,908,399 4,521,157

CAPITAL AND RESERVES
Called up share capital 19 362,820 362,820
Share premium 20 1,529,064 1,529,064
Capital redemption reserve 20 55,000 55,000
Retained earnings 20 2,961,515 2,574,273
SHAREHOLDERS' FUNDS 4,908,399 4,521,157

The financial statements were approved by the Board of Directors and authorised for issue on 14 April 2022 and were signed on its behalf by:





N Squire - Director


Dayes Limited (Registered number: 03765504)

Statement of Changes in Equity
for the Year Ended 31 December 2021

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   

Balance at 1 January 2020 362,820 1,695,676 1,529,064 55,000 3,642,560

Changes in equity
Total comprehensive income - 878,597 - - 878,597
Balance at 31 December 2020 362,820 2,574,273 1,529,064 55,000 4,521,157

Changes in equity
Dividends - (1,000,000 ) - - (1,000,000 )
Total comprehensive income - 1,387,242 - - 1,387,242
Balance at 31 December 2021 362,820 2,961,515 1,529,064 55,000 4,908,399

Dayes Limited (Registered number: 03765504)

Notes to the Financial Statements
for the Year Ended 31 December 2021

1. STATUTORY INFORMATION

Dayes Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in pound sterling, which is the functional currency of the business, and rounded to the nearest £.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 33.7.

Significant judgements and estimates
The preparation of the financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its own judgement in the process of applying the company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed further below.

Critical accounting judgements and estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period are addressed below:

Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

Dayes Limited (Registered number: 03765504)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

2. ACCOUNTING POLICIES - continued

Turnover
Revenue is measured at the fair value of consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added taxes.

The company recognises revenue when (a) significant risks and rewards of ownership have been transferred to the buyer; (b) the company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e) when the specific criteria relating to each of the company's sales channels have been met as described below.

The company buys and sells a range of household, beauty and pet products in the wholesale market. Sales of goods are recognised on delivery to the wholesaler, when the wholesaler has full discretion over the channel and price to sell the product and there is no unfulfilled obligation that could affect the wholesaler's acceptance of the product. Delivery occurs when the goods have been shipped to the location specified by the wholesaler, the risks of obsolescence or loss have been transferred to the wholesaler, the wholesaler has accepted the products in accordance with the sales contract, the acceptance provisions have lapsed or the company has objective evidence that all criteria for acceptance has been satisfied.

Goods sold to wholesalers are often sold with volume rebates and also with the provision for the wholesale customer to return faulty goods. Sales are measured at the prices specified in the sale contract, net of estimated volume rebates and returns. Volume rebates are assessment based on anticipated annual purchases. Accumulated experience is used to estimate and provide for the discounts and returns.

Sales are normally made with a credit term of 60 days. The element of financing is deemed immaterial and is disregarded in the measurement of revenue. Provision is made for credit notes based on expected levels of returns which is based on the historical experience of returns.

Goodwill
Goodwill arising on an acquisition of a business is carried out at cost less accumulated amortisation and impairment losses, if any. For the purposes of impairment testing, goodwill is allocated to each of the company's cash-generating units (or groups of cash-generating units) that is expected to benefit from synergies of the combination.

If there is an indication that there has been a significant change in amortisation rate or residual value of an asset, the amortisation of that asset is revised prospectively to reflect the new expectations.

If the net fair value of the identifiable assets and liabilities acquired exceeds the cost of a business combination, the excess of the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which non-monetary assets are recovered. Any excess exceeding the fair value of non-monetary assets acquired is recognised in profit or loss in the periods expected to be benefited.

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over the useful economic life of the brands concerned by the director as follows.

Goodwill - 10% straight line

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Dayes Limited (Registered number: 03765504)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when the cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of the assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Freehold property-0% - 2%on cost
Improvements to property- 16.7% on cost
Plant and machinery-25%on cost
Fixtures and fittings-16.7%on cost
Motor vehicles-25%on cost
Computer equipment-10% - 33%on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.

Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Dayes Limited (Registered number: 03765504)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

2. ACCOUNTING POLICIES - continued

Foreign currencies
Foreign currencies transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account except where deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings are presented in the profit and loss account.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Annual bonus plan
The company operates an annual bonus plan for employees. An expense is recognised in the profit and loss account when the company has a legal or constructive obligation to make payments under the plan as a result of past events and reliable estimate of the obligation can be made.

3. REVENUE

The revenue and profit before taxation are attributable to the one principal activity of the company.

An analysis of revenue by geographical market is given below:

2021 2020
£    £   
United Kingdom 20,901,315 17,841,868
Europe 2,414,047 2,224,248
Rest of the world 1,070,737 409,447
24,386,099 20,475,563

4. EMPLOYEES AND DIRECTORS
2021 2020
£    £   
Wages and salaries 3,108,468 2,523,662
Social security costs 243,899 205,398
Other pension costs 113,913 103,731
3,466,280 2,832,791

Dayes Limited (Registered number: 03765504)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2021 2020

Distribution 38 29
Administration and support 34 31
Management 1 1
Other 3 4
76 65

2021 2020
£    £   
Directors' remuneration 222,932 219,474
Directors' pension contributions to money purchase schemes 18,827 17,964

Information regarding the highest paid director is as follows:
2021 2020
£    £   
Emoluments etc 222,932 219,474
Pension contributions to money purchase schemes 18,827 17,964

5. EXCEPTIONAL ITEMS

The exceptional items of £104,484 are made up of non recurring costs in relation to group rebranding costs of £14,484 and exceptional retirement costs of £90,000.

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2021 2020
£    £   
Bank interest - 171
Asset based finance interest 102,932 90,785
(Gain) / loss on derivatives (206,535 ) 112,739
(103,603 ) 203,695

7. PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

2021 2020
£    £   
Depreciation - owned assets 126,051 162,883
Loss/(profit) on disposal of fixed assets 179 (2,750 )
Goodwill amortisation 29,863 29,864
Auditors' remuneration 20,250 15,500
Impairment of trade receivables - 42,975
Foreign exchange losses / (gains) (495,327 ) (177,582 )

Dayes Limited (Registered number: 03765504)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2021 2020
£    £   
Current tax:
UK corporation tax 341,865 67,871

Deferred tax (4,517 ) 153,113
Tax on profit 337,348 220,984

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2021 2020
£    £   
Profit before tax 1,724,590 1,099,581
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2020 - 19%)

327,672

208,920

Effects of:
Expenses not deductible for tax purposes 824 405
Depreciation in excess of capital allowances 13,369 24,360
Utilisation of tax losses - (165,814 )
Movement in deferred tax (4,517 ) 153,113
Total tax charge 337,348 220,984

9. DIVIDENDS
2021 2020
£    £   
Ordinary shares of £1 each
Interim 1,000,000 -

10. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2021
and 31 December 2021 470,349
AMORTISATION
At 1 January 2021 380,761
Amortisation for year 29,863
At 31 December 2021 410,624
NET BOOK VALUE
At 31 December 2021 59,725
At 31 December 2020 89,588

Dayes Limited (Registered number: 03765504)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

10. INTANGIBLE FIXED ASSETS - continued

Goodwill relates to the purchase of Manicare and O Elliotts divisions, which were acquired to expand sales of these products. The useful economic life remaining on goodwill is 2 years with a carrying value of £20,802 and £38,923 respectively.

Amortisation expense for the current and prior year is included in administrative expenses.

11. PROPERTY, PLANT AND EQUIPMENT
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 January 2021 1,891,304 - 110,686
Additions - 34,136 -
Disposals - - -
At 31 December 2021 1,891,304 34,136 110,686
DEPRECIATION
At 1 January 2021 384,996 - 109,566
Charge for year 28,773 186 746
Eliminated on disposal - - -
At 31 December 2021 413,769 186 110,312
NET BOOK VALUE
At 31 December 2021 1,477,535 33,950 374
At 31 December 2020 1,506,308 - 1,120

Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2021 536,388 913,379 3,451,757
Additions 38,955 31,511 104,602
Disposals - (921 ) (921 )
At 31 December 2021 575,343 943,969 3,555,438
DEPRECIATION
At 1 January 2021 480,680 734,664 1,709,906
Charge for year 21,832 74,514 126,051
Eliminated on disposal - (742 ) (742 )
At 31 December 2021 502,512 808,436 1,835,215
NET BOOK VALUE
At 31 December 2021 72,831 135,533 1,720,223
At 31 December 2020 55,708 178,715 1,741,851

Included in cost of land and buildings is freehold land of £ 485,794 (2020 - £ 0 ) which is not depreciated.

Dayes Limited (Registered number: 03765504)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

12. INVENTORIES
2021 2020
£    £   
Finished goods 6,411,581 4,616,675

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 4,264,355 4,703,549
Amounts owed by group undertakings 726,274 2,224
Other debtors 5,650 7,150
Tax - 11,850
Prepayments 155,005 100,756
5,151,284 4,825,529

Amounts owed by group undertakings do not bear interest and are repayable on demand. The amounts owed by group undertakings included a loan of £650,000, which was repaid in full on 20 January 2022.

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade creditors 2,777,549 2,915,714
Corporation tax 202,977 67,871
Social security and other taxes 805,963 251,757
Forward exchange contracts 1,163 207,698
Amounts due to invoice discounter 3,313,130 2,114,195
Accruals and deferred income 1,389,641 1,395,670
8,490,423 6,952,905

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2021 2020
£    £   
Within one year 255,375 265,833
Between one and five years 386,183 435,589
641,558 701,422

The amount of non-cancellable operating lease payments recognised as an expense during the year was £343,374 (2020 : £227,884)

16. SECURED DEBTS

On 1 October a charge over the freehold property was made in favour of ABN Amro Bank N.V was lodged with Companies House.

A second fixed and floating charge dated 1 October 2019 in favour of ABN Amro Bank N.V. was registered with Companies House.

Dayes Limited (Registered number: 03765504)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

17. FINANCIAL INSTRUMENTS

Financial (liabilities) / assets at fair value through profit and loss
2021 2020
£    £   
Forward exchange contracts (1,163 ) (207,698 )


2021 2020
Note £    £   
Financial assets that are debt instruments measured at amortised cost:
Trade debtors 12 4,264,355 4,703,549
Amounts owed by group undertakings 12 726,274 2,224
Other debtors 12 5,650 7,150
4,996,279 4,712,923

Financial liabilities measured at amortised cost:
Trade creditors 13 2,777,549 2,915,714
2,777,549 2,915,714

Derivative financial instruments
The company enters into forward foreign currency contracts to mitigate the exchange rate risk for certain foreign currency payables. At 31 December 2021, the outstanding contracts all matured within 12 months (2020: 12 months) of the year end. The company is committed to buy US $6,300,000 (2020: $6,200,000) and pay a fixed sterling amount.

The forward currency contracts are measured at fair value, which is determined using valuation techniques that utilise observable inputs. The key assumptions used in valuing the derivatives are the forward exchange rates for GBP:USD.

The fair value is a liability of £1,163 - (2020 £207,698 liability) and the change in value included in profit or loss is a gain of £206,535 (2020: £112,739 loss).

18. PROVISIONS FOR LIABILITIES
2021 2020
£    £   
Deferred tax 36,447 40,964

Deferred
tax
£   
Balance at 1 January 2021 40,964
Utilised during year (4,517 )
Balance at 31 December 2021 36,447

A deferred tax liability has arisen as a result of timing differences between depreciation and capital allowance claims on assets.

Dayes Limited (Registered number: 03765504)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

19. CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £    £   
344,679 Ordinary £1 344,679 344,679
18,141 Ordinary B £1 18,141 18,141
362,820 362,820

Rights, preferences and restrictions
Ordinary shares and Ordinary B shares have the following rights, preferences and restrictions:
The holders of Ordinary shares and Ordinary B shares are entitled to receive dividends as declared from time to time and are entitled to on vote per share at meetings of the company. All Ordinary shares and Ordinary B shares rank equally with regard to the company's residual assets.

20. RESERVES
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 January 2021 2,574,273 1,529,064 55,000 4,158,337
Profit for the year 1,387,242 1,387,242
Dividends (1,000,000 ) (1,000,000 )
At 31 December 2021 2,961,515 1,529,064 55,000 4,545,579

21. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £113,914 (2020: £101,950).

22. CONTINGENT LIABILITIES

The company has given a guarantee of £75,000 (2020: £75,000) to HM Revenue & Customs.

23. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Dayes Limited (Registered number: 03765504)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

24. ULTIMATE CONTROLLING PARTY

The company's immediate parent company is Dayes B.V. incorporated in the Netherlands.

The ultimate parent company is Nexus Newco B.V. incorporated in the Netherlands.

The largest group to consolidate these financial statements is Nexus Newco B.V. The smallest group to consolidate these financial statements is Dayes B.V.

The financial statements of the group are available upon request from the Dutch Registrar on payment of the appropriate fee.

The ultimate controlling party is not any individual party.