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REGISTERED NUMBER: 00391587 (England and Wales)

















AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2022

FOR

BRIGGS INDUSTRIAL FOOTWEAR LIMITED

BRIGGS INDUSTRIAL FOOTWEAR LIMITED (REGISTERED NUMBER: 00391587)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2022










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


BRIGGS INDUSTRIAL FOOTWEAR LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2022







DIRECTORS: Mr M Amin
Mr A Davis
Mr A Waris



REGISTERED OFFICE: Himalayan House
430 Thurmaston Boulevard
Thurmaston
Leicester
LE4 9LE



REGISTERED NUMBER: 00391587 (England and Wales)



INDEPENDENT AUDITORS: Watergates Ltd (Statutory Auditor)
109 Coleman Road
Leicester
Leicestershire
LE5 4LE



BANKERS: Bank of Baroda
59A Belgrave Road
Leicester
LE4 6AS

BRIGGS INDUSTRIAL FOOTWEAR LIMITED (REGISTERED NUMBER: 00391587)

STATEMENT OF FINANCIAL POSITION
31ST MARCH 2022

31/3/22 31/3/21
Notes £    £   
FIXED ASSETS
Tangible assets 4 1,856,424 1,891,902
Investment property 5 224,262 224,262
2,080,686 2,116,164

CURRENT ASSETS
Stocks 3,038,559 2,355,475
Debtors 6 1,812,791 1,623,825
Cash at bank and in hand 53,499 26,211
4,904,849 4,005,511
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

7

(2,664,635

)

(1,885,215

)
NET CURRENT ASSETS 2,240,214 2,120,296
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,320,900

4,236,460

CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR

8

(847,998

)

(860,492

)

PROVISIONS FOR LIABILITIES (48,316 ) (46,697 )
NET ASSETS 3,424,586 3,329,271

CAPITAL AND RESERVES
Called up share capital 11 408,441 408,441
Share premium 12 306,143 306,143
Revaluation reserve 12 233,127 235,980
Retained earnings 12 2,476,875 2,378,707
SHAREHOLDERS' FUNDS 3,424,586 3,329,271

BRIGGS INDUSTRIAL FOOTWEAR LIMITED (REGISTERED NUMBER: 00391587)

STATEMENT OF FINANCIAL POSITION - continued
31ST MARCH 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20th June 2022 and were signed on its behalf by:





Mr A Davis - Director


BRIGGS INDUSTRIAL FOOTWEAR LIMITED (REGISTERED NUMBER: 00391587)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2022


1. STATUTORY INFORMATION

Briggs Industrial Footwear 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

RELATED PARTY EXEMPTION
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.

GOING CONCERN
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax. Turnover represents revenue earned from the sale of goods.

Revenue is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on dispatch of the goods, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

BRIGGS INDUSTRIAL FOOTWEAR LIMITED (REGISTERED NUMBER: 00391587)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2022


2. ACCOUNTING POLICIES - continued

TANGIBLE FIXED ASSETS
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold property-straight line over 50 years
Plant and machinery-20% on cost
Fixtures and fittings-20% on cost
Motor vehicles- 20% on cost
Office equipment-20% on cost

The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

FIXED ASSET REVALUATION
The company has adopted the policy of revaluing tangible fixed assets using the revaluation model. Specifically freehold property within this category is carried at its revalued amount. Revaluation gains are recognised in other comprehensive income. Subsequent to the revaluation, the amount carried on the books is the asset's revalued amount, less subsequent accumulated depreciation and accumulated impairment losses.

INVESTMENT PROPERTY
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Fair value changes in investment properties initially recognised in the profit and loss reserve are transferred to the non-distributable revaluation reserve. Investment property revaluation is determined by directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided.

STOCKS
Stocks are stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each product to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

DEBTORS AND CREDITORS RECEIVABLE / PAYABLE WITHIN ONE YEAR
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

LOANS AND BORROWINGS
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

BRIGGS INDUSTRIAL FOOTWEAR LIMITED (REGISTERED NUMBER: 00391587)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2022


2. ACCOUNTING POLICIES - continued

DERIVATIVES
Derivative financial instruments are recognised at fair value using a valuation technique with any gains or losses being reported in profit or loss. Outstanding derivatives at reporting date are included under the appropriate format heading depending on the nature of the derivative.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

RESEARCH AND DEVELOPMENT
Expenditure on research and development is written off in the year in which it is incurred.


FOREIGN CURRENCIES
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2021 - 27 ) .

BRIGGS INDUSTRIAL FOOTWEAR LIMITED (REGISTERED NUMBER: 00391587)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2022


4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 1st April 2021 2,036,482 102,583 125,642
Additions - - 3,250
At 31st March 2022 2,036,482 102,583 128,892
DEPRECIATION
At 1st April 2021 170,083 102,583 106,832
Charge for year 26,930 - 18,054
At 31st March 2022 197,013 102,583 124,886
NET BOOK VALUE
At 31st March 2022 1,839,469 - 4,006
At 31st March 2021 1,866,399 - 18,810

Motor Office
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1st April 2021 113,295 288,999 2,667,001
Additions - 16,185 19,435
At 31st March 2022 113,295 305,184 2,686,436
DEPRECIATION
At 1st April 2021 106,602 288,999 775,099
Charge for year 6,692 3,237 54,913
At 31st March 2022 113,294 292,236 830,012
NET BOOK VALUE
At 31st March 2022 1 12,948 1,856,424
At 31st March 2021 6,693 - 1,891,902

Included in cost or valuation of land and buildings is freehold land of £ 690,000 (2021 - £ 690,000 ) which is not depreciated.

BRIGGS INDUSTRIAL FOOTWEAR LIMITED (REGISTERED NUMBER: 00391587)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2022


4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31st March 2022 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
Valuation in 2017 266,421 - -
Cost 1,770,061 102,583 128,892
2,036,482 102,583 128,892

Motor Office
vehicles equipment Totals
£    £    £   
Valuation in 2017 - - 266,421
Cost 113,295 305,184 2,420,015
113,295 305,184 2,686,436

If land and buildings had not been revalued they would have been included at the following historical cost:

31/3/22 31/3/21
£    £   
Cost 1,770,061 1,770,061
Aggregate depreciation 170,950 147,543

Value of land in freehold land and buildings 690,000 690,000

Land and buildings were valued on an fair value basis on 7th April 2017 by Spencers Druce Naylor Parkes (RICS) .

The directors have considered the value of the freehold property taking account of current use and
condition of the property and local market conditions prevailing at the balance sheet date. In their
opinion the cost shown within the financial statements is a materially true and fair value.

BRIGGS INDUSTRIAL FOOTWEAR LIMITED (REGISTERED NUMBER: 00391587)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2022


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st April 2021
and 31st March 2022 224,262
NET BOOK VALUE
At 31st March 2022 224,262
At 31st March 2021 224,262

Fair value at 31st March 2022 is represented by:
£   
Valuation in 2017 14,851
Cost 209,411
224,262

If investment property had not been revalued it would have been included at the following historical cost:

31/3/22 31/3/21
£    £   
Cost 209,411 209,411

Investment property was valued on an fair value basis on 7th April 2017 by Spencers Druce Naylor Parkes (RICS) .

The directors have considered the value of the investment property taking account of current use and
condition of the property and local market conditions prevailing at the balance sheet date. In their
opinion the cost shown within the financial statements is a materially true and fair value.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/22 31/3/21
£    £   
Trade debtors 1,684,760 1,454,332
Amounts owed by group undertakings 21,109 69,646
Other debtors 106,922 99,847
1,812,791 1,623,825

Amounts owed by group undertakings are unsecured, interest free, and repayable on demand.

BRIGGS INDUSTRIAL FOOTWEAR LIMITED (REGISTERED NUMBER: 00391587)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2022


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/22 31/3/21
£    £   
Bank loans and overdrafts 1,507,742 989,460
Trade creditors 261,386 138,687
Amounts owed to group undertakings 606,180 363,995
Taxation and social security 63,588 137,239
Other creditors 225,739 255,834
2,664,635 1,885,215

Amounts owed to group undertakings are unsecured, interest free, and repayable on demand.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/3/22 31/3/21
£    £   
Bank loans 847,998 860,492

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 740,646 681,128

9. SECURED DEBTS

The following secured debts are included within creditors:

31/3/22 31/3/21
£    £   
Bank overdrafts 446,488 178,731
Bank loans 1,909,252 1,671,221
2,355,740 1,849,952

HSBC UK Bank PLC hold a general pledge, negative pledge, fixed and floating charge covering all the property or undertaking of the company, including:

Second Legal Charge dated 24 July 2020 over Freehold Property known as S D I Displays James House, 430 Thurmaston Boulevard, Leicester, LE4 9LN

General Letter of Pledge dated 05 August 2020

Debenture including Fixed Charge over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertaking both present and future dated 24 July 2020

BRIGGS INDUSTRIAL FOOTWEAR LIMITED (REGISTERED NUMBER: 00391587)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2022


10. FINANCIAL INSTRUMENTS

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

11. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 31/3/22 31/3/21
value: £    £   
408,441 Ordinary £1 408,441 408,441

12. RESERVES
Retained Share Revaluation
earnings premium reserve Totals
£    £    £    £   

At 1st April 2021 2,378,707 306,143 235,980 2,920,830
Profit for the year 135,168 135,168
Dividends (37,000 ) (37,000 )
Freehold property revaluation - - (2,853 ) (2,853 )
At 31st March 2022 2,476,875 306,143 233,127 3,016,145

13. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Nazir Malida (Senior Statutory Auditor)
for and on behalf Watergates Ltd (Statutory Auditor)

14. GUARANTEES AND OTHER FINANCIAL COMMITMENTS

The company has a bank facility in place with HSBC, comprising of:
- Overdraft facility of up to £1,000,000
- Commercial mortgage loan facility of £914,090
- Bank guarantee in favour of HMRC for £95,000

15. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Superhouse Limited, an Indian registered company with registered office at 150 Feet Road, Jajmau, Kanpur, 208 010 India.