Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Mr A Turner 11/07/2014 Mr C K Turner 01/01/2017 Mr G A Turner 01/01/2017 04 September 2024 The principal activity of the Company is wholesale of safety footwear. 09126148 2023-12-31 09126148 bus:Director1 2023-12-31 09126148 bus:Director2 2023-12-31 09126148 bus:Director3 2023-12-31 09126148 2022-12-31 09126148 core:CurrentFinancialInstruments 2023-12-31 09126148 core:CurrentFinancialInstruments 2022-12-31 09126148 core:ShareCapital 2023-12-31 09126148 core:ShareCapital 2022-12-31 09126148 core:OtherCapitalReserve 2023-12-31 09126148 core:OtherCapitalReserve 2022-12-31 09126148 core:RetainedEarningsAccumulatedLosses 2023-12-31 09126148 core:RetainedEarningsAccumulatedLosses 2022-12-31 09126148 core:Goodwill 2022-12-31 09126148 core:ComputerSoftware 2022-12-31 09126148 core:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 09126148 core:Goodwill 2023-12-31 09126148 core:ComputerSoftware 2023-12-31 09126148 core:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 09126148 core:LandBuildings 2022-12-31 09126148 core:PlantMachinery 2022-12-31 09126148 core:FurnitureFittings 2022-12-31 09126148 core:OfficeEquipment 2022-12-31 09126148 core:LandBuildings 2023-12-31 09126148 core:PlantMachinery 2023-12-31 09126148 core:FurnitureFittings 2023-12-31 09126148 core:OfficeEquipment 2023-12-31 09126148 bus:OrdinaryShareClass1 2023-12-31 09126148 2023-01-01 2023-12-31 09126148 bus:FilletedAccounts 2023-01-01 2023-12-31 09126148 bus:SmallEntities 2023-01-01 2023-12-31 09126148 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 09126148 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09126148 bus:Director1 2023-01-01 2023-12-31 09126148 bus:Director2 2023-01-01 2023-12-31 09126148 bus:Director3 2023-01-01 2023-12-31 09126148 core:Goodwill core:TopRangeValue 2023-01-01 2023-12-31 09126148 core:ComputerSoftware core:TopRangeValue 2023-01-01 2023-12-31 09126148 core:PatentsTrademarksLicencesConcessionsSimilar core:TopRangeValue 2023-01-01 2023-12-31 09126148 core:PatentsTrademarksLicencesConcessionsSimilar 2023-01-01 2023-12-31 09126148 core:LandBuildings core:TopRangeValue 2023-01-01 2023-12-31 09126148 core:PlantMachinery core:BottomRangeValue 2023-01-01 2023-12-31 09126148 core:PlantMachinery core:TopRangeValue 2023-01-01 2023-12-31 09126148 core:FurnitureFittings core:TopRangeValue 2023-01-01 2023-12-31 09126148 core:OfficeEquipment core:BottomRangeValue 2023-01-01 2023-12-31 09126148 core:OfficeEquipment core:TopRangeValue 2023-01-01 2023-12-31 09126148 2022-01-01 2022-12-31 09126148 core:Goodwill 2023-01-01 2023-12-31 09126148 core:ComputerSoftware 2023-01-01 2023-12-31 09126148 core:LandBuildings 2023-01-01 2023-12-31 09126148 core:PlantMachinery 2023-01-01 2023-12-31 09126148 core:FurnitureFittings 2023-01-01 2023-12-31 09126148 core:OfficeEquipment 2023-01-01 2023-12-31 09126148 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 09126148 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 09126148 (England and Wales)

V12 FOOTWEAR LIMITED

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

V12 FOOTWEAR LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

V12 FOOTWEAR LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
V12 FOOTWEAR LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS Mr A Turner
Mr C K Turner
Mr G A Turner
REGISTERED OFFICE V12 Footwear Limited
Greenways Business Park
Chippenham
SN15 1BN
United Kingdom
COMPANY NUMBER 09126148 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon EX2 7XE
V12 FOOTWEAR LIMITED

BALANCE SHEET

As at 31 December 2023
V12 FOOTWEAR LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 709,194 796,356
Tangible assets 4 192,370 328,867
901,564 1,125,223
Current assets
Stocks 2,078,875 3,763,241
Debtors 5 1,510,760 1,359,009
Cash at bank and in hand 98,339 198,187
3,687,974 5,320,437
Creditors: amounts falling due within one year 6 ( 1,621,212) ( 3,486,549)
Net current assets 2,066,762 1,833,888
Total assets less current liabilities 2,968,326 2,959,111
Provision for liabilities ( 69,000) ( 78,200)
Net assets 2,899,326 2,880,911
Capital and reserves
Called-up share capital 8 100 100
Other reserves ( 55,167 ) 24,499
Profit and loss account 2,954,393 2,856,312
Total shareholder's funds 2,899,326 2,880,911

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 V12 Footwear Limited (registered number: 09126148) were approved and authorised for issue by the Board of Directors on 04 September 2024. They were signed on its behalf by:

Mr G A Turner
Director
V12 FOOTWEAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
V12 FOOTWEAR 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

V12 Footwear 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 V12 Footwear Limited, Greenways Business Park, Chippenham, SN15 1BN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Change in accounting estimate

The depreciation policy for Plant & Machinery was changed during the year from 10-33 years on a straight line basis to a 3-10 years straight line policy following a review of the useful life of the assets within the class.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

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

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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Computer software 5 years straight line
Trademarks, patents and licences 5 years straight line
Trademarks, patents and licences

Separately acquired patents and trademarks are included at historical cost and amortised in equal annual instalments over their estimated useful economic life. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Land and buildings 10 years straight line
Plant and machinery 3 - 10 years straight line
Fixtures and fittings 10 years straight line
Office equipment 3 - 20 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

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.

Derivative financial instruments
The Company uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The Company does not hold or issue derivative financial instruments for speculative purposes.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in profit or loss immediately [unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.]

The Company does not apply hedge accounting.

Hedge accounting
The Company designates certain derivatives as hedging instruments in cash flow hedges and fair value hedges.

At the inception of the hedge relationship, the entity documents the economic relationship between the hedging instrument and the hedged item, along with its risk management objectives and clear identification of the risk in the hedged item that is being hedged by the hedging instrument. Furthermore, at the inception of the hedge the Company determines and documents causes for hedge ineffectiveness.

Cash flow hedges
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in the Statement of Comprehensive Income. The gain or loss relating to the ineffective portion is recognised immediately in the Profit and Loss Account. Amounts previously recognised in the Statement of Comprehensive Income and accumulated in equity are reclassified to the Profit and Loss Account in the periods in which the hedged item affects the Profit and Loss Account or when the hedging relationship ends, except for the hedging of inventory purchases when the amount is reclassified from the hedging reserve and included in the cost of inventory at initial recognition.

Hedge accounting is discontinued when the Company revokes the hedging relationship, the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for hedge accounting. Any gain or loss accumulated in equity at that time is reclassified to the Profit and Loss Account when the hedged item is recognised in the Profit and Loss Account. When a forecast transaction is no longer expected to occur, any gain or loss that was recognised in the Statement of Comprehensive Income is reclassified immediately to the Profit and Loss Account.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 28 32

3. Intangible assets

Goodwill Computer software Trademarks, patents
and licences
Total
£ £ £ £
Cost
At 01 January 2023 1,553,741 98,473 50,218 1,702,432
Additions 0 18,415 9,475 27,890
Disposals 0 ( 65,221) 0 ( 65,221)
At 31 December 2023 1,553,741 51,667 59,693 1,665,101
Accumulated amortisation
At 01 January 2023 831,740 62,551 11,785 906,076
Charge for the financial year 58,491 9,503 10,698 78,692
Disposals 0 ( 28,861) 0 ( 28,861)
At 31 December 2023 890,231 43,193 22,483 955,907
Net book value
At 31 December 2023 663,510 8,474 37,210 709,194
At 31 December 2022 722,001 35,922 38,433 796,356

4. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 January 2023 194,703 544,529 21,850 63,305 824,387
Additions 0 10,832 1,024 18,141 29,997
Disposals 0 ( 21,802) 0 ( 31,673) ( 53,475)
At 31 December 2023 194,703 533,559 22,874 49,773 800,909
Accumulated depreciation
At 01 January 2023 142,961 300,046 10,459 42,054 495,520
Charge for the financial year 19,505 110,768 1,798 7,961 140,032
Disposals 0 ( 8,900) 0 ( 18,113) ( 27,013)
At 31 December 2023 162,466 401,914 12,257 31,902 608,539
Net book value
At 31 December 2023 32,237 131,645 10,617 17,871 192,370
At 31 December 2022 51,742 244,483 11,391 21,251 328,867

5. Debtors

2023 2022
£ £
Trade debtors 1,376,434 1,212,825
Prepayments 121,866 78,438
Derivative financial instruments 0 59,749
VAT recoverable 11,037 7,997
Other debtors 1,423 0
1,510,760 1,359,009

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 31,304 1,410,239
Trade creditors 496,355 772,295
Amounts owed to Group undertakings 401,618 142,282
Amounts owed to directors 222,643 0
Other loans 0 1,000,000
Accruals 32,446 25,565
Taxation and social security 360,465 104,696
Derivative financial instruments 55,168 0
Other creditors 21,213 31,472
1,621,212 3,486,549

7. Financial instruments

The carrying values of the Company’s financial assets and liabilities measured at fair value through the profit and loss are summarised by category below:

2023 2022
£ £
Financial assets at fair value
Derivative financial assets due within one year 0 59,749
Financial liabilities at fair value
Derivative financial liabilities due within one year 55,168 0

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Financial commitments

Commitments

Capital commitments are as follows:

2023 2022
£ £
Contracted for but not provided for:
Finance leases entered into 96,241 0
Other 86,521 146,521
182,762 146,521

The total amount of financial commitments not included in the balance sheet is £182,762 (2022: £146,521).

10. Related party transactions

Summary of transactions with parent
Allington IP Ltd

During the current and prior year a loan account existed between the company and Allington IP Ltd. 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)

Summary of transactions with other related parties
Toffeln Ltd

During the year a loan account existed between the company and Toffeln Ltd. The loan balance is repayable within 1 year. Interest was charged on a monthly basis at 3.12%. The amount due (to)/from Toffeln Ltd at the year end was £NIL (2022: £(1,000,000)).

Summary of transactions with directors
During the year loan existed between company and company's directors. The loan is repayable on demand. The amount due to directors at year end was £222,643 (2022: £NIL)