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REGISTERED NUMBER: 12868130 (England and Wales)















Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 March 2024

for

DARTS CORNER HOLDINGS LIMITED

DARTS CORNER HOLDINGS LIMITED (REGISTERED NUMBER: 12868130)

Contents of the Consolidated Financial Statements
for the Year Ended 31 March 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Income Statement 7

Consolidated Balance Sheet 8

Company Balance Sheet 9

Consolidated Statement of Changes in Equity 10

Company Statement of Changes in Equity 11

Consolidated Cash Flow Statement 12

Notes to the Consolidated Cash Flow Statement 13

Notes to the Consolidated Financial Statements 15


DARTS CORNER HOLDINGS LIMITED

Company Information
for the Year Ended 31 March 2024







Directors: W M Taylor
J S Browning
M Tice
C Heenighan





Secretary: A B Webb





Registered office: Harewood House
Union Road
Bolton
BL2 2HE





Registered number: 12868130 (England and Wales)





Auditors: Haines Watts
Northern Assurance Buildings
9-21 Princess Street
Manchester
M2 4DN

DARTS CORNER HOLDINGS LIMITED (REGISTERED NUMBER: 12868130)

Group Strategic Report
for the Year Ended 31 March 2024


The directors present their strategic report of the company and the group for the year ended 31 March 2024.

Principal activity
The principal activity of the company and group is the distribution and sale of darts and associated equipment.

Going concern
The accounts have been prepared on a going concern basis, based on the strength of the company's principal subsidiary Darts Corner Limited and the ongoing support committed by the existing shareholders in the group.

Fair review of business
The group has continued to build its stable of global brands that are available across all of the channels it operates in. This group distributes a range of brands from the world of darts as well as continuing to grow its own brands, including Mission, Designa and Ruthless. This growth has ensured the group maintains its position as the leading distributor of darts products in the world today. The group has continued to invest in the development of innovative products to grow its own brands and support the continued growth and expansion into global markets.

The group's flagship brand Mission Darts continues to grow its sponsored player base, sponsoring up-and-coming amateur and professional players with ongoing success in regional, national and international competitions.

The group has continued to invest in its people and systems during the year across a range of areas. This investment has started to yield benefits across the business, with the Group positioned for continued growth in 2024.

Principal risks and uncertainties
Credit Risk - the majority of the group's transactions are e-commerce based with limited credit exposure. Where exposures exist to wholesale customers who have been granted credit terms, initial assessment and regular monitoring of the party's creditworthiness is undertaken.

Foreign Exchange Risk - The group is truly global and trades with suppliers and customers across many continents - a natural hedge exists to some extent between the location and currencies of suppliers and end customers. Where the company is exposed to currency fluctuations, it uses a combination of financial instruments to minimise these fluctuations, including forward foreign exchange contracts.

Interest Rate Risk - The group is not exposed to significant interest rate risk.

Commodity Price Fluctuations - The group is exposed to fluctuations in commodity prices in relation to the raw materials contained in its products. The group elects not to hedge these exposures.

Market Risk - The group is exposed to the continued growth of the darts market globally. This growth is continuing unabated and is only enhanced by global television and competition sponsorship.

Analysis of key performance indicators
The Group operates to the following key performance indicators:
- Turnover
- Gross Margin
- EBITDA

On behalf of the board:





C Heenighan - Director


31 July 2024

DARTS CORNER HOLDINGS LIMITED (REGISTERED NUMBER: 12868130)

Report of the Directors
for the Year Ended 31 March 2024


The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024.

Principal activity
The principal activity of the group in the year under review was that of a holding company. The subsidiaries are Darts Corner Limited and Tommy's Darts Limited who both sell darts products. Perfect Darts Limited is also part of the group through a 100% indirect interest. Perfect Darts Limited is a dormant entity.

Dividends
No dividends will be distributed for the year ended 31 March 2024.

Directors
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

W M Taylor
J S Browning

Other changes in directors holding office are as follows:

J D Hall - resigned 3 July 2023
M Tice - appointed 3 July 2023
C Heenighan - appointed 8 December 2023

Statement of directors' responsibilities
The directors are responsible for preparing the Group 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). 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 group'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 group's auditors are aware of that information.

On behalf of the board:





C Heenighan - Director


31 July 2024

Report of the Independent Auditors to the Members of
Darts Corner Holdings Limited


Opinion
We have audited the financial statements of Darts Corner Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 March 2024 and of the group's loss 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 group 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 the 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 directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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
Darts Corner Holdings Limited


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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 three, 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 group's and 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 group or the parent 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:

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the company engagement team included:

- identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;

- understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

- identifying and testing journal entries, in particular any journal entries posted with unusual account combinations;

- assessing management estimates by evaluating the significant assumptions and the choice of data used, this includes the review of goodwill, investments and the stock provision; and

- We have tested a sample of sales and ensured that they have been included correctly in the accounts as well as increasing the risk in our samples when testing trade debtors that we have tested by agreeing to underlying records and cash after date.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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
Darts Corner Holdings 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.




Antony Sassen FCA (Senior Statutory Auditor)
for and on behalf of Haines Watts
Northern Assurance Buildings
9-21 Princess Street
Manchester
M2 4DN

1 August 2024

DARTS CORNER HOLDINGS LIMITED (REGISTERED NUMBER: 12868130)

Consolidated
Income Statement
for the Year Ended 31 March 2024

2024 2023
Notes £    £   

Turnover 4 17,108,595 14,177,760

Cost of sales (12,939,672 ) (12,071,508 )
Gross profit 4,168,923 2,106,252

Administrative expenses (4,386,448 ) (3,937,291 )
Operating loss 6 (217,525 ) (1,831,039 )


Interest payable and similar expenses 7 (1,263,789 ) (1,269,550 )
Loss before taxation (1,481,314 ) (3,100,589 )

Tax on loss 8 (187,802 ) 294,648
Loss for the financial year (1,669,116 ) (2,805,941 )

DARTS CORNER HOLDINGS LIMITED (REGISTERED NUMBER: 12868130)

Consolidated Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
Assets

Fixed assets
Intangible assets 10 4,992,054 5,834,566
Tangible assets 11 296,080 263,803
Investments 12 - -
5,288,134 6,098,369

Current assets
Stocks 13 3,762,590 3,796,938
Debtors 14 1,126,712 929,852
Cash at bank 2,167,322 1,092,092
7,056,624 5,818,882
12,344,758 11,917,251

Capital, reserves and liabilities

Capital and reserves
Called up share capital 15 1,000 985
Retained earnings 16 (7,975,985 ) (6,306,869 )
Shareholders' funds (7,974,985 ) (6,305,884 )

Creditors
Amounts falling due within one year 18 7,665,709 5,569,101
Amounts falling due after more than one
year

19

12,654,034

12,654,034
20,319,743 18,223,135
12,344,758 11,917,251

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by:





C Heenighan - Director


DARTS CORNER HOLDINGS LIMITED (REGISTERED NUMBER: 12868130)

Company Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
Assets

Fixed assets
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 12,789,151 12,789,151
12,789,151 12,789,151

Current assets
Debtors 14 367,735 365,144
Cash at bank 3,769 3,838
371,504 368,982
13,160,655 13,158,133

Capital, reserves and liabilities

Capital and reserves
Called up share capital 15 1,000 985
Retained earnings 16 (4,034,033 ) (2,750,478 )
Shareholders' funds (4,033,033 ) (2,749,493 )

Creditors
Amounts falling due within one year 18 4,539,654 3,253,592
Amounts falling due after more than one
year

19

12,654,034

12,654,034
17,193,688 15,907,626
13,160,655 13,158,133

Company's loss for the financial year (1,283,555 ) (1,280,438 )

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by:





C Heenighan - Director


DARTS CORNER HOLDINGS LIMITED (REGISTERED NUMBER: 12868130)

Consolidated Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 945 (3,500,928 ) (3,499,983 )

Changes in equity
Issue of share capital 40 - 40
Total comprehensive income - (2,805,941 ) (2,805,941 )
Balance at 31 March 2023 985 (6,306,869 ) (6,305,884 )

Changes in equity
Issue of share capital 15 - 15
Total comprehensive income - (1,669,116 ) (1,669,116 )
Balance at 31 March 2024 1,000 (7,975,985 ) (7,974,985 )

DARTS CORNER HOLDINGS LIMITED (REGISTERED NUMBER: 12868130)

Company Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 945 (1,470,040 ) (1,469,095 )

Changes in equity
Issue of share capital 40 - 40
Total comprehensive income - (1,280,438 ) (1,280,438 )
Balance at 31 March 2023 985 (2,750,478 ) (2,749,493 )

Changes in equity
Issue of share capital 15 - 15
Total comprehensive income - (1,283,555 ) (1,283,555 )
Balance at 31 March 2024 1,000 (4,034,033 ) (4,033,033 )

DARTS CORNER HOLDINGS LIMITED (REGISTERED NUMBER: 12868130)

Consolidated Cash Flow Statement
for the Year Ended 31 March 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 543,888 (10,599 )
Interest paid - (5,763 )
Tax receipts 53,131 -
Net cash from operating activities 597,019 (16,362 )

Cash flows from investing activities
Purchase of intangible fixed assets - (144,093 )
Purchase of tangible fixed assets (85,737 ) (108,561 )
Net cash from investing activities (85,737 ) (252,654 )

Cash flows from financing activities
New loans in year 3,695,303 1,053,937
Loan repayments in year (3,053,660 ) (394,638 )
Share issue 15 40
Net cash from financing activities 641,658 659,339

Increase in cash and cash equivalents 1,152,940 390,323
Cash and cash equivalents at beginning
of year

2

962,481

572,158

Cash and cash equivalents at end of year 2 2,115,421 962,481

DARTS CORNER HOLDINGS LIMITED (REGISTERED NUMBER: 12868130)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 March 2024


1. Reconciliation of loss before taxation to cash generated from operations
2024 2023
£    £   
Loss before taxation (1,481,314 ) (3,100,589 )
Depreciation charges 895,973 927,152
Loss on disposal of fixed assets - 11,548
Impairment losses - 114,250
Finance costs 1,263,789 1,269,550
678,448 (778,089 )
Decrease in stocks 34,348 626,379
Increase in trade and other debtors (437,796 ) (72,083 )
Increase in trade and other creditors 268,888 213,194
Cash generated from operations 543,888 (10,599 )

2. Cash and cash equivalents

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31/3/24 1/4/23
£    £   
Cash and cash equivalents 2,167,322 1,092,092
Bank overdrafts (51,901 ) (129,611 )
2,115,421 962,481
Year ended 31 March 2023
31/3/23 1/4/22
£    £   
Cash and cash equivalents 1,092,092 572,158
Bank overdrafts (129,611 ) -
962,481 572,158


DARTS CORNER HOLDINGS LIMITED (REGISTERED NUMBER: 12868130)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 March 2024


3. Analysis of changes in net debt

Other
non-cash
At 1/4/23 Cash flow changes At 31/3/24
£    £    £    £   
Net cash
Cash at bank 1,092,092 1,075,230 2,167,322
Bank overdrafts (129,611 ) 77,710 (51,901 )
962,481 1,152,940 2,115,421
Debt
Debts falling due
within 1 year (3,670,506 ) (641,641 ) (1,263,789 ) (5,575,936 )
Debts falling due
after 1 year (12,654,034 ) - - (12,654,034 )
(16,324,540 ) (641,641 ) (1,263,789 ) (18,229,970 )
Total (15,362,059 ) 511,299 (1,263,789 ) (16,114,549 )

4. Major non-cash transactions

The major non-cash transactions consist of £1,263,789 of accrued interest. The accrued interest is classified as a current liability.

DARTS CORNER HOLDINGS LIMITED (REGISTERED NUMBER: 12868130)

Notes to the Consolidated Financial Statements
for the Year Ended 31 March 2024


1. Statutory information

Darts Corner Holdings 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. Statement of compliance

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.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The accounts are prepared on a going concern basis.

The company, and the group, incurred a loss in the year ended 31 March 2024.

The company, and the group, are dependent on the support of the loan note holders. The loan note holders have considered that they will not seek repayments of amounts due to them in excess of the company's, and the group, ability to pay.

As a result, the directors consider that the company, and the group, will be able to meet it's liabilities as they fall due for at least twelve months from the date of approval of these financial statements and that they should, therefore, be prepared on a going concern basis.

Basis of consolidation
The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2024.

Subsidiary undertakings are included using the acquisitions method of accounting. Under this method the group profit and loss account and statement of cashflows include the results and cashflows of subsidiaries from the date of acquisition and to the date of sale outside the group in the case of disposals of subsidiaries. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.

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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions on stock. The stock provision is calculated based on the age of the stock and the expected selling price required for the goods to sell. 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. There are not considered to be any critical judgements in applying the company's accounting policies. The company makes estimates and assumptions concerning the future. The resulting accounting estimates will by definition, seldom equal the actual results.

DARTS CORNER HOLDINGS LIMITED (REGISTERED NUMBER: 12868130)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


3. Accounting policies - continued

Turnover
Turnover comprises the fair value of the consideration received or receivable for the sale of darts, related products and associated deliver costs. Turnover is shown net of sales / value added tax , returns and discounts. The entity recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the group's activities. Turnover is recognised upon dispatch of the goods.

Goodwill
Goodwill, being the amount paid in connection with the acquisitions of businesses in 2020 and 2021, are being amortised evenly over their estimated useful life of 10 years.

The goodwill is reviewed on an annual basis, by using a discounted cashflow model.

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.

Patents and licences are being amortised evenly over their estimated useful life of ten years. No amortisation is charges in the year of acquisition.

Development costs are being amortised evenly over their estimated useful life of ten years. No amortisation is charged in the year of acquisition.

Computer software is being amortised evenly over its estimated life of 2 and 4 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - No charge
Fixtures and fittings - 15% on reducing balance
Computer equipment - 15% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses.

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

Financial instruments
Basic financial assets, including trade and other debtors and cash and bank, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

There are no assets which are initially measured at fair value.

(ii) Financial liabilities

Basic financial liabilities, including trade creditors, other creditors and preference shares 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 receipts discounted at a market rate of interest.

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


DARTS CORNER HOLDINGS LIMITED (REGISTERED NUMBER: 12868130)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


3. Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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

Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

4. Turnover

The turnover and loss before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Sale of dart products 17,108,595 14,177,760
17,108,595 14,177,760

DARTS CORNER HOLDINGS LIMITED (REGISTERED NUMBER: 12868130)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


4. Turnover - continued

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 9,266,574 6,666,720
Europe 5,421,235 5,440,465
North America 1,820,903 1,271,233
Rest of the World 599,883 799,342
17,108,595 14,177,760

5. Employees and directors
2024 2023
£    £   
Wages and salaries 2,124,811 1,946,681
Social security costs 184,987 199,148
Other pension costs 38,078 39,076
2,347,876 2,184,905

The average number of employees during the year was as follows:
2024 2023

Warehouse 34 46
Admin 29 26
63 72

The average number of employees by undertakings that were proportionately consolidated during the year was 63 (2023 - 72 ) .

2024 2023
£    £   
Directors' remuneration 160,987 140,000

6. Operating loss

The operating loss is stated after charging/(crediting):

2024 2023
£    £   
Other operating leases 5,283 5,542
Depreciation - owned assets 53,460 44,925
Loss on disposal of fixed assets - 11,548
Goodwill amortisation 762,875 726,889
Patents and licences amortisation 2,008 1,205
Development costs amortisation 3,985 3,985
Computer software amortisation 73,644 150,148
Auditors' remuneration 44,500 26,000
Foreign exchange differences (39,054 ) (4,993 )

DARTS CORNER HOLDINGS LIMITED (REGISTERED NUMBER: 12868130)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


7. Interest payable and similar expenses
2024 2023
£    £   
Interest payable 1,263,789 1,269,550

8. Taxation

Analysis of the tax charge/(credit)
The tax charge/(credit) on the loss for the year was as follows:
2024 2023
£    £   
Deferred tax 187,802 (294,648 )
Tax on loss 187,802 (294,648 )

UK corporation tax has been charged at 25 % .

Reconciliation of total tax charge/(credit) 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:

2024 2023
£    £   
Loss before tax (1,481,314 ) (3,100,589 )
Loss multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19 %)

(370,329

)

(589,112

)

Effects of:
Expenses not deductible for tax purposes 499,059 397,980
Capital allowances in excess of depreciation - (17,269 )
Depreciation in excess of capital allowances 21,257 -
Utilisation of tax losses (176,910 ) (2,090 )
Deferred tax 187,802 (294,648 )
Losses carried forward 26,923 210,491

Total tax charge/(credit) 187,802 (294,648 )

The group has £586,877 (2023:£1,238,856) of losses available that will be relieved at the corporate tax rate of 25%. This is expected to reverse in the following year.

9. Individual income statement

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


DARTS CORNER HOLDINGS LIMITED (REGISTERED NUMBER: 12868130)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


10. Intangible fixed assets

Group
Patents
and Development Computer
Goodwill licences costs software Totals
£    £    £    £    £   
Cost
At 1 April 2023
and 31 March 2024 7,367,394 10,709 39,854 294,558 7,712,515
Amortisation
At 1 April 2023 1,782,495 1,205 3,985 90,264 1,877,949
Amortisation for year 762,875 2,008 3,985 73,644 842,512
At 31 March 2024 2,545,370 3,213 7,970 163,908 2,720,461
Net book value
At 31 March 2024 4,822,024 7,496 31,884 130,650 4,992,054
At 31 March 2023 5,584,899 9,504 35,869 204,294 5,834,566

11. Tangible fixed assets

Group
Fixtures
Short Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
Cost
At 1 April 2023 29,045 1,426 350,840 111,556 492,867
Additions - - 81,605 4,132 85,737
At 31 March 2024 29,045 1,426 432,445 115,688 578,604
Depreciation
At 1 April 2023 - - 169,580 59,484 229,064
Charge for year - 583 38,179 14,698 53,460
At 31 March 2024 - 583 207,759 74,182 282,524
Net book value
At 31 March 2024 29,045 843 224,686 41,506 296,080
At 31 March 2023 29,045 1,426 181,260 52,072 263,803

DARTS CORNER HOLDINGS LIMITED (REGISTERED NUMBER: 12868130)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


12. Fixed asset investments

Company
Shares in
group
undertakings
£   
Cost
At 1 April 2023
and 31 March 2024 12,789,151
Net book value
At 31 March 2024 12,789,151
At 31 March 2023 12,789,151

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Darts Corner Limited
Registered office: Harewood House, Union Road, Bolton, England, BL2 2HE
Nature of business: Sale of dart products
%
Class of shares: holding
Ordinary shares 100.00
2024 2023
£    £   
Aggregate capital and reserves 4,212,377 3,794,842
Profit/(loss) for the year 417,535 (729,071 )

Tommy's Darts Limited
Registered office: Harewood House, Union Road, Bolton, England, BL2 2HE
Nature of business: Sale of dart products
%
Class of shares: holding
Ordinary shares 100.00
2024 2023
£    £   
Aggregate capital and reserves (61,676 ) 4,682
(Loss)/profit for the year (66,358 ) 2,318

Perfect Darts Limited
Registered office: Harewood House, Union Road, Bolton, England, BL2 2HE
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 100 100

Perfect Darts is a 100% indirect interest within the group.


DARTS CORNER HOLDINGS LIMITED (REGISTERED NUMBER: 12868130)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


13. Stocks

Group
2024 2023
£    £   
Finished goods 3,762,590 3,796,938

The finished goods include a stock provision of £275,283 (2023: £741,935).

14. Debtors: amounts falling due within one year

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 705,920 433,471 - -
Provision for bad debts (23,528 ) (25,000 ) - -
Amounts owed by group undertakings - - 364,544 364,544
Other debtors 86,633 17,905 - -
Tax - 53,131 - -
VAT - - 610 600
Deferred tax asset 56,261 244,063 - -
Prepayments 301,426 206,282 2,581 -
1,126,712 929,852 367,735 365,144

Deferred tax asset
Group Company
2024 2023 2024 2023
£    £    £    £   
Accelerated capital allowances (74,020 ) (65,651 ) - -
Tax losses carried forward 130,281 309,714 - -
56,261 244,063 - -

15. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
437 Ordinary A £1 437 437
232 Ordinary B1 £1 232 232
231 Ordinary B2 £1 231 231
100 Ordinary C £1 100 85
1,000 985

The following shares were issued during the year for cash at par :

15 Ordinary C shares of £1

DARTS CORNER HOLDINGS LIMITED (REGISTERED NUMBER: 12868130)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


15. Called up share capital - continued

Ordinary A shares carries the right to vote having 1.23 votes per share, carries the rights to receive dividend, entitles the holder to participate in a return of capital after the preference share holder and cannot be redeemed.

B1 shares carries the right to vote having 2 votes per share, carries the rights to receive dividend, entitles the holder to participate in a return of capital after the preference share holder and cannot be redeemed.

Ordinary C and B2 shares do not carry the right to vote, carry the right to receive dividends, entitles the holder to participate in a return of capital after the preference share holder and cannot be redeemed.

16. Reserves

Group
Retained
earnings
£   

At 1 April 2023 (6,306,869 )
Deficit for the year (1,669,116 )
At 31 March 2024 (7,975,985 )

Company
Retained
earnings
£   

At 1 April 2023 (2,750,478 )
Deficit for the year (1,283,555 )
At 31 March 2024 (4,034,033 )


17. Deferred tax

Group
£   
Balance at 1 April 2023 (244,063 )
Provided during year 8,369
Utilised during year 179,433
Balance at 31 March 2024 (56,261 )

DARTS CORNER HOLDINGS LIMITED (REGISTERED NUMBER: 12868130)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


18. Creditors: amounts falling due within one year

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 20) 1,342,863 778,930 - -
Other loans (see note 20) 4,284,974 3,021,187 4,284,974 3,021,187
Trade creditors 1,455,650 1,106,488 7,860 600
Amounts owed to group undertakings - - 241,820 226,805
Social security and other taxes - 51,313 - -
VAT 336,182 316,782 - -
Other creditors 17,110 89,945 - -
Directors' current accounts - 361 - -
Accruals and deferred income 228,930 204,095 5,000 5,000
7,665,709 5,569,101 4,539,654 3,253,592

19. Creditors: amounts falling due after more than one year

Group Company
2024 2023 2024 2023
£    £    £    £   
Other loans (see note 20) 12,654,034 12,654,034 12,654,034 12,654,034

20. Loans

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 51,901 129,611 - -
Bank loans 1,290,962 649,319 - -
Loan notes 4,284,973 3,021,186 4,284,973 3,021,186
Preference shares 1 1 1 1
5,627,837 3,800,117 4,284,974 3,021,187
Amounts falling due between two and five years:
Loan notes 12,654,034 12,654,034 12,654,034 12,654,034

The above loan notes are due for redemption on 9 November 2025 and attract interest of 10% per annum.

Preference shares included in liabilities are £1 (2023: £1).

DARTS CORNER HOLDINGS LIMITED (REGISTERED NUMBER: 12868130)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


21. Secured debts

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank overdrafts 51,901 129,611
Bank loans 1,290,962 649,319
Loan notes 16,944,007 15,675,220
18,286,870 16,454,150

Loan notes, bank loans and bank overdrafts are secured by; way of a first legal mortgage over the properties and all premises and fixtures and on each of the properties, by way of a first fixed charge over all assets of the group , by way of a floating charge over all assets and undertakings of the group, and by way of negative pledge.

22. Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amount to £38,077 (2023: £39,077). Contributions totalling £15,696 (2023: £7,418) were payable to the fund at the balance sheet date.

23. Contingent liabilities

The owners of the loan notes holds a cross guarantee between Darts Corner Holdings Limited, Darts Corner Limited and Perfect Darts Limited. The amount guaranteed was £16,942,237 (2023: £15,675,220).

24. Related party disclosures

Within the current, and non-current loan balances, there are the following balances owed to related parties. There is £4,067,756 (2023: £3,752,807) owing to the directors. There is £8,837,989 owing to shareholders (2023 - £8,178,032). There is also £4,017,223 (2023: £3,717,247) owing to the spouse of a director.

The above loan notes are due for redemption on 9 November 2025 and attract interest of 10% per annum.The interest accrued to related parties is £1,263,905 (2023: £1,263,905).

There were also monitoring fees charged by a shareholder of £67,847 (2023: £67,072).

25. Ultimate controlling party

The ultimate parent company is Key Capital Partners (Nominees) Limited by virtue of their majority shareholding.