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Company No: 08981830 (England and Wales)

ALLINGTON IP LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

ALLINGTON IP LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

ALLINGTON IP LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
ALLINGTON IP LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS Mr A Turner
Mr B Turner
Mrs G Turner
Mrs S Turner
SECRETARY Mr A Turner
REGISTERED OFFICE No 3 Greenways Business Park
Chippenham
SN15 1BN
United Kingdom
COMPANY NUMBER 08981830 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon EX2 7XE
ALLINGTON IP LIMITED

BALANCE SHEET

As at 31 December 2023
ALLINGTON IP LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 1,002,506 1,084,048
Investments 4 1,098 1,098
1,003,604 1,085,146
Current assets
Stocks 0 28,411
Debtors 5 401,618 146,669
Cash at bank and in hand 150,125 84,326
551,743 259,406
Creditors: amounts falling due within one year 6 ( 260,392) ( 396,044)
Net current assets/(liabilities) 291,351 (136,638)
Total assets less current liabilities 1,294,955 948,508
Net assets 1,294,955 948,508
Capital and reserves
Called-up share capital 7 2,500 2,500
Profit and loss account 1,292,455 946,008
Total shareholders' funds 1,294,955 948,508

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Allington IP Limited (registered number: 08981830) were approved and authorised for issue by the Board of Directors on 04 September 2024. They were signed on its behalf by:

Mr A Turner
Director
ALLINGTON IP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
ALLINGTON IP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Allington IP Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is No 3 Greenways Business Park, Chippenham, SN15 1BN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption in section 399 of the Companies Act 2006 not to prepare consolidated accounts, because the group it heads qualifies as small. The financial statements present information about the Company as an individual entity only.

Turnover

Turnover compromises royalties receivable in respect of the use of trademarks held by the company, net of value added tax. The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

Dividends on equity investments are recognised in income when receivable.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Trademarks, licences and customer-related assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Trademarks, patents and licences 20 years straight line
Trademarks, patents and licences

Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments over a period of 20 years which is their estimated useful economic life. Provision is made for any impairment.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Investments in joint ventures are carried at cost less impairment. An entity is treated as a joint venture where the company is party to a contractual agreement with one or more other parties to undertake an economic activity that is subject to joint control.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 1 1

3. Intangible assets

Trademarks, patents
and licences
Total
£ £
Cost
At 01 January 2023 2,240,967 2,240,967
Additions 8,504 8,504
Disposals ( 3,101) ( 3,101)
At 31 December 2023 2,246,370 2,246,370
Accumulated amortisation
At 01 January 2023 1,156,919 1,156,919
Charge for the financial year 87,467 87,467
Disposals ( 522) ( 522)
At 31 December 2023 1,243,864 1,243,864
Net book value
At 31 December 2023 1,002,506 1,002,506
At 31 December 2022 1,084,048 1,084,048

4. Fixed asset investments

2023 2022
£ £
Subsidiary undertakings 100 100
Participating interests 998 998
1,098 1,098

Investments in subsidiaries

2023
£
Cost
At 01 January 2023 100
At 31 December 2023 100
Carrying value at 31 December 2023 100
Carrying value at 31 December 2022 100

The company holds the entire called up share capital of V12 Footwear Limited (company number: 09126148), A.T.F.P Limited (07243437), B.T.F.P Limited (07243443). The relevant address is the company's registered office as disclosed in Note 1.

Investments in joint ventures Total
£ £
Cost or valuation before impairment
At 01 January 2023 998 998
At 31 December 2023 998 998
Carrying value at 31 December 2023 998 998
Carrying value at 31 December 2022 998 998

The company holds 998 Ordinary B shares of the 2,000 issued shares in Toffeln Ltd (company number 07564620) whose registered address is Unit 2 Bridge Road, Kingswood, Bristol, BS15 4FW.

5. Debtors

2023 2022
£ £
Amounts owed by Group undertakings 401,618 142,282
Other debtors 0 4,387
401,618 146,669

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 55 1,226
Amounts owed to joint ventures 7,069 0
Taxation and social security 102,775 77,697
Other creditors 150,493 317,121
260,392 396,044

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
7,500 Ordinary A shares of £ 0.10 each 750 750
7,500 Ordinary B shares of £ 0.10 each 750 750
5,000 Ordinary C shares of £ 0.10 each 500 500
5,000 Ordinary D shares of £ 0.10 each 500 500
2,500 2,500

8. Related party transactions

Summary of transactions with all subsidiaries

During the current and prior year a loan account existed between V12 Footwear Limited and Allington IP Limited. No interest was charged on this loan. The balance is repayable on demand. The amount due to the parent company at the year end was £401,618 (2022: £142,282).

During the year income of £82,000 (2022: £82,000) was received from Toffeln Ltd.

During the year income of £115,800 (2022: £123,000) was received from V12 Footwear Limited.

During the year royalties of £245,601 (2022: £204,312) were charged to V12 Footwear Limited.