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Registered number: 12727611










GEORGE COX FOOTWEAR LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
GEORGE COX FOOTWEAR LIMITED
REGISTERED NUMBER: 12727611

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
76,422
95,934

Tangible assets
 5 
2,082
2,267

  
78,504
98,201

Current assets
  

Stocks
 6 
305,877
317,603

Debtors: amounts falling due within one year
 7 
126,348
185,033

Cash at bank and in hand
  
60,601
48,259

  
492,826
550,895

Creditors: amounts falling due within one year
 8 
(380,413)
(446,158)

Net current assets
  
 
 
112,413
 
 
104,737

Total assets less current liabilities
  
190,917
202,938

Creditors: amounts falling due after more than one year
 9 
(702,599)
(441,159)

  

Net liabilities
  
(511,682)
(238,221)


Capital and reserves
  

Called up share capital 
 10 
1
1

Profit and loss account
  
(511,683)
(238,222)

  
(511,682)
(238,221)


Page 1

 
GEORGE COX FOOTWEAR LIMITED
REGISTERED NUMBER: 12727611
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



................................................
R I Gallen
Director

Date: 9 July 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
GEORGE COX FOOTWEAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

George Cox Footwear Limited is a private limited company limited by shares domiciled and incorporated in the UK. The registered office is 37 Mount Pleasant, Clerkenwell, London, England, WC1X 0AA. The principal place of business is 160 Alexandra Road, Wellingborough, NN8 1EH.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. The Directors have considered relevant information, including the annual budget, and the impact of subsequent events in making their assessment. This analysis also considers the effectiveness of available measures to assist in mitigating the impact. The Company have also received confirmation of financial support from Fred Perry (Holdings) Limited, the Company's ultimate controlling party, for at least 12 months from the date that the Company's financial statements are approved.
Based on these assessments and having regard to the resources available to the entity, the Directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency 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 measured 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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
GEORGE COX FOOTWEAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Website design
-
5
years

 
2.7

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.

Page 4

 
GEORGE COX FOOTWEAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Plant and machinery
-
15% reducing balance
Computer equipment
-
3 years straight line

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 profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans
Page 5

 
GEORGE COX FOOTWEAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)

and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 3).


4.


Intangible assets




Website design

£



Cost


At 1 January 2023
97,560



At 31 December 2023

97,560



Amortisation


At 1 January 2023
1,626


Charge for the year on owned assets
19,512



At 31 December 2023

21,138



Net book value



At 31 December 2023
76,422



At 31 December 2022
95,934



Page 6

 
GEORGE COX FOOTWEAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Plant and machinery
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
626
2,056
2,682


Additions
-
731
731



At 31 December 2023

626
2,787
3,413



Depreciation


At 1 January 2023
174
241
415


Charge for the year on owned assets
68
848
916



At 31 December 2023

242
1,089
1,331



Net book value



At 31 December 2023
384
1,698
2,082



At 31 December 2022
452
1,815
2,267


6.


Stocks

2023
2022
£
£

Raw materials
71,645
75,179

Work in progress
11,320
8,869

Finished goods
222,912
233,555

305,877
317,603


Page 7

 
GEORGE COX FOOTWEAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors

2023
2022
£
£


Trade debtors
112,329
148,457

Other debtors
14,019
32,062

Prepayments and accrued income
-
4,514

126,348
185,033



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
93,074
188,147

Other taxation and social security
7,307
7,724

Other creditors
251,300
222,698

Accruals and deferred income
28,732
27,589

380,413
446,158



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
702,599
441,159



10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1



11.


Pension commitments

The Company operates a defined contribution scheme where the assets of the scheme are held separately from those of the Company. The amount of pension payments outstanding at the period end totalled £820 (2022 - £830) and are included within other creditors. 

Page 8

 
GEORGE COX FOOTWEAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Related party transactions

During the year, rent of £15,000 (2022 - £15,000) was paid to GJC Investments Limited, a company with a common director. As at 31 December 2023, balances due to GJC Investments Limited were £221,652 (2022 - £221,652). This balance is included in other creditors.


13.


Parent company

Fred Perry (Holdings) Limited, with registered office 37 Mount Pleasant, Clerkenwell, London, United Kingdom, WC1X 0AA, is both the parent undertaking of the Company and the parent undertaking of the smallest Group for which Group consolidated financial statements are prepared and of which the Company is a member. 


14.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was qualified.

The qualification in the audit report was as follows:
We were not appointed as auditor of the Company until after 31 December 2021 and thus did not observe the counting of physical inventories at the end of that period. We were unable to satisfy ourselves by alternative means concerning the inventory quantities of £202,969 held at 31 December 2021 by using audit procedures. Consequently we were unable to determine whether any adjustment to this amount at 31 December 2021 was necessary or whether there was any consequential effect on the cost of sales for the year ended 31 December 2022.

The audit report was signed on 9 July 2024 by Adam Young ACA (Senior Statutory Auditor) on behalf of MHA.

MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).

 
Page 9