Company registration number 04995419 (England and Wales)
DEMON TWEEKS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
DEMON TWEEKS LIMITED
COMPANY INFORMATION
Directors
J G Minshaw
J Smith
K W Hayes
C R Turner
J L Minshaw
(Appointed 28 February 2023)
Secretary
J Smith
Company number
04995419
Registered office
75 Ash Road South
Wrexham Industrial Estate
Wrexham
LL13 9UG
Auditor
Afford Bond Holdings Limited
31 Wellington Road
Nantwich
Cheshire
CW5 7ED
Bankers
Royal Bank of Scotland
Leeds City Office
8 Park Row
Leeds
LS1 1QS
DEMON TWEEKS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9 - 10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 31
DEMON TWEEKS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Review of the business

The group's business is primarily derived from four key sales channels - motorsport, road performance and styling, motorcycles and cycles. Motorsport is historically the group's core activity and has provided the basic platform upon which the other sales channels have been developed.

The key routes to market for each sales channel are through a comprehensive catalogue generating both mail order and telephone sales. This is backed up by a website which is focused on developing internet sales. The group also generates sales via the ebay selling outlet and Amazon.

Principal risks and uncertainties

Across the broad range of products offered via the catalogue and the website, the group has few direct competitors. However, there are numerous smaller catalogue, internet companies and retail outlets which specialise in specific segments of the business. Management of this risk is by way of sales channel optimisation and customer retention initiatives discussed below.

 

The group continues to buy a major proportion of its stock from Europe, The Far East and the United States; consequently there is an ongoing exposure to both exchange gains and losses. The group has processes in place to manage the risk: there is no speculative buying of foreign currency and exchange rates are reviewed frequently.

Development and performance

The main objective for both the motorsport and the motorcycles sales channels are to look for initiatives which continue to grow this aspect of our business in terms of both turnover and gross margin. All divisions are expected to continue to show growth with the improved prominence on the internet.


The key strategies for growing the business are to have focused resource for each of the sales channels and to grow awareness through the continual development of the website and the implementation of e-retailing initiatives. The group will then couple this with the development of customer retention through enhanced customer service and loyalty schemes.

Key performance indicators

The key performance indicators by which the directors manage and measure the business are turnover, gross profit and adjusted net profit before interest, tax, depreciation and amortisation. All three measures have been satisfactory in the period.

Promoting the success of the company

The directors consider, both individually and collectively, that they have acted in ways that they believe in good faith to be most likely to promote the success of the group for the benefit of its members as a whole (having regard to the stakeholders and other matters set out in S172(1) if the Act) in the decisions they made during the period ended 31 December 2023.

 

We recognise our colleagues as a key asset and aim to be a responsible employer in our approach to the pay and benefits our employees receive. The health, safety and wellbeing of our colleagues are of the highest importance and ensuring this is maintained is a key consideration in how we do business.

 

Our customers are fundamental to the success of our business and we endeavour to serve them to the very best of our ability. We are committed to providing quality products at competitive prices, together with a swift and positive purchasing experience, and a responsive after sales service should the need arise.

 

We also aim to act responsibly and fairly in our engagement with suppliers, regulators, bankers, insurers and other stakeholders. We respond quickly and fully to queries from regulators, bankers, insurers if queries arise.

 

As the board of directors, our intention is always to behave responsibly and to ensure that the business operates in a responsible manner, adhering to high standards of business conduct and good governance. We recognise that the maintenance of our good reputation, founded on responsible behaviour, is fundamental to our continuing ability to achieve profitable growth for the benefit of our stakeholders in the future.

DEMON TWEEKS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

On behalf of the board

J G Minshaw
Director
22 March 2024
DEMON TWEEKS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the group continued to be that of retailing of motor parts and accessories.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J G Minshaw
J Smith
K W Hayes
C R Turner
J L Minshaw
(Appointed 28 February 2023)
Auditor

In accordance with the company's articles, a resolution proposing that Afford Bond Holdings Limited be reappointed as auditor of the group will be put at a General Meeting.

Energy and carbon report

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
J G Minshaw
Director
22 March 2024
DEMON TWEEKS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

The directors are responsible for preparing the Annual Report 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). 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

DEMON TWEEKS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DEMON TWEEKS LIMITED
- 5 -
Opinion

We have audited the financial statements of Demon Tweeks Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

DEMON TWEEKS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DEMON TWEEKS LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Our procedures are developed based on risks identified from our knowledge of the entity, its environment, the significant laws and regulations governing its activities and of the related parties and service organisations connected with it. We also consider how the systems and controls the entity has put in place over its activities might mitigate risks identified.

Audit response to risks identified

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we undertook procedures which included, but were not limited to:

 

- Enquiry of management, those charged with governance around actual and potential litigation and claims.

- Reviewing minutes of meetings of those charged with governance.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

DEMON TWEEKS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DEMON TWEEKS LIMITED
- 7 -

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 an auditor's report 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.

Paul Edwards FCCA CTA (Senior Statutory Auditor)
For and on behalf of Afford Bond Holdings Limited
22 March 2024
Chartered Accountants
Statutory Auditor
31 Wellington Road
Nantwich
Cheshire
CW5 7ED
DEMON TWEEKS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
46,259,460
47,459,152
Cost of sales
(36,538,928)
(37,634,609)
Gross profit
9,720,532
9,824,543
Administrative expenses
(8,263,575)
(8,896,670)
Operating profit
4
1,456,957
927,873
Interest receivable and similar income
7
29,733
2,855
Profit before taxation
1,486,690
930,728
Tax on profit
8
(748,556)
(325,978)
Profit for the financial year
738,134
604,750
Profit for the financial year is attributable to:
- Owners of the parent company
738,134
604,290
- Non-controlling interests
-
460
738,134
604,750
Total comprehensive income for the year is attributable to:
- Owners of the parent company
738,134
604,290
- Non-controlling interests
-
460
738,134
604,750

The profit and loss account has been prepared on the basis that all operations are continuing operations.

DEMON TWEEKS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
9
828,093
1,648,093
Other intangible assets
9
30,625
32,664
Total intangible assets
858,718
1,680,757
Tangible assets
10
13,117,932
8,125,464
13,976,650
9,806,221
Current assets
Stocks
13
6,356,773
7,265,316
Debtors
14
851,523
806,956
Cash at bank and in hand
390,099
2,342,288
7,598,395
10,414,560
Creditors: amounts falling due within one year
15
(5,266,794)
(5,140,399)
Net current assets
2,331,601
5,274,161
Total assets less current liabilities
16,308,251
15,080,382
Creditors: amounts falling due after more than one year
16
(123,750)
(123,750)
Provisions for liabilities
Deferred tax liability
18
1,150,839
605,604
(1,150,839)
(605,604)
Net assets
15,033,662
14,351,028
Capital and reserves
Called up share capital
20
14,880
14,880
Share premium account
6,145,040
6,145,040
Profit and loss reserves
8,873,742
8,137,533
Equity attributable to owners of the parent company
15,033,662
14,297,453
Non-controlling interests
-
53,575
15,033,662
14,351,028
DEMON TWEEKS LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
The financial statements were approved by the board of directors and authorised for issue on 22 March 2024 and are signed on its behalf by:
22 March 2024
J G Minshaw
Director
Company registration number 04995419 (England and Wales)
DEMON TWEEKS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
11
18,894,976
18,839,476
Current assets
Debtors
14
9,271,615
7,851,478
Cash at bank and in hand
568
2,522
9,272,183
7,854,000
Creditors: amounts falling due within one year
15
(1,238,761)
(1,165,078)
Net current assets
8,033,422
6,688,922
Total assets less current liabilities
26,928,398
25,528,398
Creditors: amounts falling due after more than one year
16
(123,750)
(123,750)
Net assets
26,804,648
25,404,648
Capital and reserves
Called up share capital
20
14,880
14,880
Share premium account
6,145,040
6,145,040
Profit and loss reserves
20,644,728
19,244,728
Total equity
26,804,648
25,404,648

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,400,000 (2022 - £1,400,000 profit).

The financial statements were approved by the board of directors and authorised for issue on 22 March 2024 and are signed on its behalf by:
22 March 2024
J G Minshaw
Director
Company registration number 04995419 (England and Wales)
DEMON TWEEKS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
£
Balance at 1 January 2022
14,880
6,145,040
7,533,243
13,693,163
53,115
13,746,278
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
604,290
604,290
460
604,750
Balance at 31 December 2022
14,880
6,145,040
8,137,533
14,297,453
53,575
14,351,028
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
738,134
738,134
-
738,134
Purchase of shares in subsidiary from non-controlling interest
-
-
(1,925)
(1,925)
(53,575)
(55,500)
Balance at 31 December 2023
14,880
6,145,040
8,873,742
15,033,662
-
0
15,033,662
DEMON TWEEKS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
14,880
6,145,040
17,844,728
24,004,648
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
1,400,000
1,400,000
Balance at 31 December 2022
14,880
6,145,040
19,244,728
25,404,648
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
1,400,000
1,400,000
Balance at 31 December 2023
14,880
6,145,040
20,644,728
26,804,648
DEMON TWEEKS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
3,582,427
2,391,084
Income taxes paid
(314,596)
(627,213)
Net cash inflow from operating activities
3,267,831
1,763,871
Investing activities
Purchase of intangible assets
-
(22,193)
Purchase of tangible fixed assets
(6,856,903)
(2,111,003)
Proceeds on disposal of tangible fixed assets
1,662,650
-
Interest received
29,733
2,855
Net cash used in investing activities
(5,164,520)
(2,130,341)
Financing activities
Purchase of shares in subsidiary from non-controlling interest
(55,500)
-
Net cash used in financing activities
(55,500)
-
Net decrease in cash and cash equivalents
(1,952,189)
(366,470)
Cash and cash equivalents at beginning of year
2,342,288
2,708,758
Cash and cash equivalents at end of year
390,099
2,342,288
DEMON TWEEKS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
23
(1,346,454)
(1,400,356)
Investing activities
Purchase of subsidiaries
(55,500)
-
0
Dividends received
1,400,000
1,400,000
Net cash generated from investing activities
1,344,500
1,400,000
Net decrease in cash and cash equivalents
(1,954)
(356)
Cash and cash equivalents at beginning of year
2,522
2,878
Cash and cash equivalents at end of year
568
2,522
DEMON TWEEKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
1
Accounting policies
Company information

Demon Tweeks Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 75 Ash Road South, Wrexham Industrial Estate, Wrexham, Clwyd, LL13 9UG.

 

The group consists of Demon Tweeks Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated group financial statements consist of the financial statements of the parent company Demon Tweeks Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

DEMON TWEEKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods 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.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development Costs
10 years straight line
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
15% Straight line
Computer equipment
25% Straight line
Motor vehicles
0 - 25% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

DEMON TWEEKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

DEMON TWEEKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

DEMON TWEEKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

DEMON TWEEKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

DEMON TWEEKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Sale of goods
46,259,460
47,459,152
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
38,545,817
39,202,430
Europe
1,744,779
1,570,450
Rest of the World
5,968,864
6,686,272
46,259,460
47,459,152
2023
2022
£
£
Other revenue
Interest income
29,733
2,855
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
356,273
330,210
Profit on disposal of tangible fixed assets
(154,488)
-
Amortisation of intangible assets
822,039
824,755
Operating lease charges
648,972
655,779
DEMON TWEEKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
20,609
19,825
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Sales
29
31
-
-
Administration
88
93
-
-
Management
25
27
-
-
Total
142
151
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
4,320,990
4,507,258
-
0
-
0
Social security costs
397,117
421,980
-
-
Pension costs
90,350
92,824
-
0
-
0
4,808,457
5,022,062
-
0
-
0
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
20,349
2,855
Other interest income
9,384
-
Total income
29,733
2,855
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
20,349
2,855
DEMON TWEEKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
203,321
194,169
Deferred tax
Origination and reversal of timing differences
545,235
131,809
Total tax charge
748,556
325,978

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
1,486,690
930,728
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
371,673
176,838
Tax effect of expenses that are not deductible in determining taxable profit
199
282
Effect of change in corporation tax rate
178,008
-
Permanent capital allowances in excess of depreciation
(414)
(6,942)
Amortisation on assets not qualifying for tax allowances
205,000
155,800
Other differences
(5,910)
-
0
Taxation charge
748,556
325,978
DEMON TWEEKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
9
Intangible fixed assets
Group
Goodwill
Development Costs
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
17,201,245
66,147
17,267,392
Amortisation and impairment
At 1 January 2023
15,553,152
33,483
15,586,635
Amortisation charged for the year
820,000
2,039
822,039
At 31 December 2023
16,373,152
35,522
16,408,674
Carrying amount
At 31 December 2023
828,093
30,625
858,718
At 31 December 2022
1,648,093
32,664
1,680,757
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
10
Tangible fixed assets
Group
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
2,013,824
2,653,033
7,211,364
11,878,221
Additions
55,961
260,132
6,540,810
6,856,903
Disposals
(52,665)
-
0
(1,561,955)
(1,614,620)
At 31 December 2023
2,017,120
2,913,165
12,190,219
17,120,504
Depreciation and impairment
At 1 January 2023
1,768,426
1,932,344
51,987
3,752,757
Depreciation charged in the year
67,748
280,880
7,645
356,273
Eliminated in respect of disposals
(52,628)
-
0
(53,830)
(106,458)
At 31 December 2023
1,783,546
2,213,224
5,802
4,002,572
Carrying amount
At 31 December 2023
233,574
699,941
12,184,417
13,117,932
At 31 December 2022
245,398
720,689
7,159,377
8,125,464
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
DEMON TWEEKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
11
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
18,894,976
18,839,476
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
18,839,476
Additions
55,500
At 31 December 2023
18,894,976
Carrying amount
At 31 December 2023
18,894,976
At 31 December 2022
18,839,476
12
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
DT (Automotives) Limited
UK
Ordinary
100.00
Kencourt Limited
UK
Ordinary
100.00
Uber Kids Limited
UK
Ordinary
100.00
13
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
6,356,773
7,265,316
-
0
-
0
DEMON TWEEKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
14
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
171,445
158,401
-
0
-
0
Corporation tax recoverable
211,461
97,472
-
0
-
0
Other debtors
108,986
46,931
-
0
-
0
Prepayments and accrued income
359,631
504,152
2,501
2,500
851,523
806,956
2,501
2,500
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
-
9,269,114
7,848,978
Total debtors
851,523
806,956
9,271,615
7,851,478
15
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
4,043,618
4,273,041
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
1,234,467
1,160,784
Corporation tax payable
9,175
6,461
-
0
-
0
Other taxation and social security
670,418
539,625
-
-
Other creditors
432,193
188,857
-
0
-
0
Accruals and deferred income
111,390
132,415
4,294
4,294
5,266,794
5,140,399
1,238,761
1,165,078
16
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Other borrowings
17
123,750
123,750
123,750
123,750
DEMON TWEEKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
17
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Preference shares
123,750
123,750
123,750
123,750
Payable after one year
123,750
123,750
123,750
123,750
18
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
1,150,839
605,604
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
605,604
-
Charge to profit or loss
545,235
-
Liability at 31 December 2023
1,150,839
-
19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
90,350
92,824

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

DEMON TWEEKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
20
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
9,720
9,720
9,720
9,720
Ordinary B shares of £1 each
5,160
5,160
5,160
5,160
14,880
14,880
14,880
14,880
21
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
336,462
330,285
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Rent of premises
Rent of premises
2023
2022
£
£
Group
Other related parties
633,000
633,000
Purchase of tangible assets
Sale of tangible assets
2023
2022
2023
2022
£
£
£
£
Group
Key management personnel
3,030,000
-
1,225,000
-

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2023
2022
£
£
Group
Key management personnel
277,079
77,192
DEMON TWEEKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
22
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
738,134
604,750
Adjustments for:
Taxation charged
748,556
325,978
Investment income
(29,733)
(2,855)
Gain on disposal of tangible fixed assets
(154,488)
-
Amortisation and impairment of intangible assets
822,039
824,755
Depreciation and impairment of tangible fixed assets
356,273
330,210
Movements in working capital:
Decrease in stocks
908,543
566,763
Decrease in debtors
69,422
14,078
Increase/(decrease) in creditors
123,681
(272,595)
Cash generated from operations
3,582,427
2,391,084
23
Cash absorbed by operations - company
2023
2022
£
£
Profit for the year after tax
1,400,000
1,400,000
Adjustments for:
Investment income
(1,400,000)
(1,400,000)
Movements in working capital:
Increase in debtors
(1,420,137)
(1,485,806)
Increase in creditors
73,683
85,450
Cash absorbed by operations
(1,346,454)
(1,400,356)
24
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
2,342,288
(1,952,189)
390,099
Borrowings excluding overdrafts
(123,750)
-
(123,750)
2,218,538
(1,952,189)
266,349
DEMON TWEEKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 31 -
25
Analysis of changes in net debt - company
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
2,522
(1,954)
568
Borrowings excluding overdrafts
(123,750)
-
(123,750)
(121,228)
(1,954)
(123,182)
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2023.300J G MinshawK W HayesC R TurnerJ L MinshawJ L MinshawJ 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