Company registration number 04647222 (England and Wales)
EDWARD GREEN INVESTMENTS LIMITED (CONSOLIDATED)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
EDWARD GREEN INVESTMENTS LIMITED (CONSOLIDATED)
COMPANY INFORMATION
Director
H Freeman
Secretary
J Hemmings
Company number
04647222
Registered office
Cliftonville Road
Northampton
Northants
NN1 5BU
Auditor
Mercer & Hole LLP
The Pinnacle
170 Midsummer Boulevard
Milton Keynes
Buckinghamshire
MK9 1BP
EDWARD GREEN INVESTMENTS LIMITED (CONSOLIDATED)
CONTENTS
Page
Strategic report
1 - 3
Director's report
4
Director's responsibilities statement
5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
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
Notes to the financial statements
15 - 30
EDWARD GREEN INVESTMENTS LIMITED (CONSOLIDATED)
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The director presents the strategic report for the year ended 31 December 2023.

Fair review of the business

Turnover for the year remained stable with limited growth. The majority of wholesale production is exported, and we are focusing on meeting demand from our loyal international customers, taking on selected new outlets if capacity allows.

Our London store has seen little change in turnover instore or online, while individual made-to-order sales remain strong.

Edward Green Paris has seen steady sales and returned to profitability in 2023.  We continue to look for ways to control costs and address the intercompany debt to maintain a margin and improve the balance sheet.  Going forward we are exploring opportunities for EGP to increase its EU customer base, and we have signed a new lease on the Paris premises.

Principal risks and uncertainties

The challenging retail environment continues to produce volatility and uncertainty for our business. Wholesale demand has been inconsistent but our customers, particularly in Japan, USA and Italy are increasing their orders, although are not yet back to the peak quantities of 2017-18. Bulk stock orders are being replaced by more made-to-order or smaller lines from our stock.

Our exposure to bad debt has been minimal, external debt age profile is favourable and we carefully monitor our existing and new customers for creditworthiness via Debt Insurance.

Raw material costs have risen, and some materials and components are becoming harder to source given the limited number of footwear manufacturers in the UK.

With minimal borrowing our exposure to interest rates, which have remained high, are not a current threat.

Key Performance Indicators

The director of the business monitors its performance by reference to the following key performance indicators:

Turnover – Increase in turnover to £6.2m from £6.1m reflects flat trading in retail and wholesale with increasing lead times making it difficult to take advantage of increasing orders.

Operating profit – the operating profit before tax in 2023 of £364k (2022: £333k) reflects slow growth within difficult trading and cost pressures on margins and overheads. Financial performance is expected to remain steady for 2024.

Stock turnover – overall stocks have increased in relation to sales; however, it is necessary to maintain a high stock of raw materials and retail finished goods due to increasing lead times.

Non-financial key performance indicators include:

Delivery time – Our target is to deliver orders on a timely basis ideally within four months, however quality must never be compromised to achieve this.

Rejection rates – We aim to minimise rejection and recuts during the production process whilst still maintaining the highest quality control standards in the industry. Extra resource has been directed to this area. A certain volume of rejections is inevitable, with those that do not meet our highest retail standards being sold in our factory store.

EDWARD GREEN INVESTMENTS LIMITED (CONSOLIDATED)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Corporate Social Responsibility
We want to be a responsible business that meets the highest standards of ethics and environmental awareness.
Business ethics
We always conduct business with integrity and respect to legislation and human rights. We promote:

           • Safety and fair dealing

           • Respect towards the customer

           • Anti-bribery and anti-corruption practices
Protecting the environment
Our group recognises the need to protect the environment. Keeping our environment clean and unpolluted is a benefit to all. We always follow best practices when disposing of waste and using chemical substances. All our manufacturing takes place in Great Britain, and we require that our suppliers, UK and overseas, follow similar best practices, our group will proactively protect the environment, examples of relevant activities include:

           • Recycling

           • Conserving energy

           • Using environmentally friendly technologies

Our footwear is handmade and durable. We encourage our customers to return their shoes to us for repair and we can usually restore them to an “as new” condition, multiple time. That way, fewer pairs are disposed of.
Protecting people
We will ensure that:

           • We don't risk the health and safety of our employees and community

           • We support diversity and inclusion
Human Rights
Our group is dedicated to protecting human rights. We are committed to being an equal opportunity employer and will abide by all fair employment practices. We ensure that our activities do not directly or indirectly violate human rights in any country.
Donations and aid
Our group will from time to time make monetary donations to carefully selected charities or local community initiatives.
Learning
We actively invest in R&D. We provide relevant training, internal or external, to all employees.  We are open to suggestions and listen carefully to ideas. Our group will try to continuously improve the way it operates.
EDWARD GREEN INVESTMENTS LIMITED (CONSOLIDATED)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Future developments

We continue to develop “made to order” and bespoke footwear, which have higher margins, while incentivising bulk orders and promoting profitable and popular lines. Our footwear will always be handmade in Great Britain; however we use technology where appropriate, namely:

Research and Development

Due to the cost of our ongoing improvements in the use of technology as described above, where possible we submit claims for SME Research and Development Tax Credits against relevant expenditure. We intend to look at ways we can benefit from the scheme on an ongoing basis where applicable.

Financial risk management objectives and policies

We maintain the distinct channels of Wholesale, Retail Store and Web, whereby we can use their respective strengths to mitigate shortfalls in any of the channels.

Credit risk is managed by using a Credit Insurance Broker who provide background checks. Also, to underwrite credit requiring advance payment where credit terms carries excess risk.

We buy materials and sell product in both Sterling and Euro where applicable and aim to balance the funding requirements of Euro raw materials with sales invoicing in Euros to minimise risk of buying foreign currency. We will look at managing this risk in other currencies such as USD in the future.

Cashflow forecasting is carried out on a continuous basis to identify liquidity needs as early as possible.

Post Reporting date events

There are no events considered significant since the reporting date.

On behalf of the board

H Freeman
Director
2 September 2024
EDWARD GREEN INVESTMENTS LIMITED (CONSOLIDATED)
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

The director presents her annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company continued to be that of a holding company providing management services and co-ordinating group activities of its subsidiary undertakings whose principal activities are that of the production and sale of high quality leather goodyear welted footwear and accessories.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The director does not recommend payment of a final dividend.

Director

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

H Freeman
Auditor

The auditor, Mercer & Hole LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as the 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 director has taken all the necessary steps that they ought to have taken as director in order to make themself aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
H Freeman
Director
2 September 2024
EDWARD GREEN INVESTMENTS LIMITED (CONSOLIDATED)
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless she is 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 director is required to:

 

 

The director is 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. She is 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.

EDWARD GREEN INVESTMENTS LIMITED (CONSOLIDATED)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EDWARD GREEN INVESTMENTS LIMITED (CONSOLIDATED)
- 6 -
Opinion

We have audited the financial statements of Edward Green Investments 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 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 director's 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 director 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 director is 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:

EDWARD GREEN INVESTMENTS LIMITED (CONSOLIDATED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EDWARD GREEN INVESTMENTS LIMITED (CONSOLIDATED)
- 7 -
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 director's 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 director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the parent company or to cease operations, or has 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.

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. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Explanation as to what extent the audit was considered capable of detecting irregularities including fraud

We gained an understanding of the legal and regulatory framework applicable to the group and company and the industry in which they operate and considered the risk of acts by the group and company that were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, the Companies Act 2006 and tax legislation.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure and management bias in accounting estimates.

Audit procedures performed by the engagement team included:

EDWARD GREEN INVESTMENTS LIMITED (CONSOLIDATED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EDWARD GREEN INVESTMENTS LIMITED (CONSOLIDATED)
- 8 -

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non- compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

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.

Andrew Lawes MA MSc FCA (Senior Statutory Auditor)
For and on behalf of Mercer & Hole LLP
2 September 2024
Chartered Accountants
Statutory Auditor
The Pinnacle
170 Midsummer Boulevard
Milton Keynes
Buckinghamshire
MK9 1BP
EDWARD GREEN INVESTMENTS LIMITED (CONSOLIDATED)
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
6,171,844
6,080,940
Cost of sales
(3,781,858)
(3,891,100)
Gross profit
2,389,986
2,189,840
Distribution costs
(586,564)
(492,624)
Administrative expenses
(1,440,730)
(1,365,048)
Operating profit
4
362,692
332,168
Interest receivable and similar income
8
1,191
502
Profit before taxation
363,883
332,670
Tax on profit
9
(71,683)
(34,791)
Profit for the financial year
23
292,200
297,879
Other comprehensive income
Currency translation gain/(loss) taken to retained earnings
618
(7,785)
Total comprehensive income for the year
292,818
290,094
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
EDWARD GREEN INVESTMENTS LIMITED (CONSOLIDATED)
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
10
141,440
171,632
Other intangible assets
10
23,702
21,854
Total intangible assets
165,142
193,486
Tangible assets
11
483,541
386,734
648,683
580,220
Current assets
Stocks
14
3,929,917
2,830,807
Debtors
15
866,292
716,833
Cash at bank and in hand
1,230,784
2,200,740
6,026,993
5,748,380
Creditors: amounts falling due within one year
16
(1,491,937)
(1,494,044)
Net current assets
4,535,056
4,254,336
Total assets less current liabilities
5,183,739
4,834,556
Creditors: amounts falling due after more than one year
17
(22,480)
(4,356)
Provisions for liabilities
Provisions
19
95,000
95,000
Deferred tax liability
20
60,344
22,103
(155,344)
(117,103)
Net assets
5,005,915
4,713,097
Capital and reserves
Called up share capital
22
760
760
Capital redemption reserve
23
150
150
Other reserves
23
1,744
1,744
Profit and loss reserves
23
5,003,261
4,710,443
Total equity
5,005,915
4,713,097

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved and signed by the director and authorised for issue on 2 September 2024
02 September 2024
H Freeman
Director
Company registration number 04647222 (England and Wales)
EDWARD GREEN INVESTMENTS LIMITED (CONSOLIDATED)
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
12
1,130,890
1,130,890
Current assets
Debtors
15
745,920
832,250
Creditors: amounts falling due within one year
16
(410,592)
(501,210)
Net current assets
335,328
331,040
Net assets
1,466,218
1,461,930
Capital and reserves
Called up share capital
22
760
760
Capital redemption reserve
23
150
150
Profit and loss reserves
23
1,465,308
1,461,020
Total equity
1,466,218
1,461,930

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 £4,288 (2022 - £2,344 profit).

The financial statements were approved and signed by the director and authorised for issue on 2 September 2024
02 September 2024
H Freeman
Director
Company registration number 04647222 (England and Wales)
EDWARD GREEN INVESTMENTS LIMITED (CONSOLIDATED)
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2022
760
150
1,744
4,420,349
4,423,003
Year ended 31 December 2022:
Profit for the year
-
-
-
297,879
297,879
Other comprehensive income:
Currency translation differences
-
-
-
(7,785)
(7,785)
Total comprehensive income for the year
-
-
-
290,094
290,094
Balance at 31 December 2022
760
150
1,744
4,710,443
4,713,097
Year ended 31 December 2023:
Profit for the year
-
-
-
292,200
292,200
Other comprehensive income:
Currency translation differences
-
-
-
618
618
Total comprehensive income for the year
-
-
-
292,818
292,818
Balance at 31 December 2023
760
150
1,744
5,003,261
5,005,915
EDWARD GREEN INVESTMENTS LIMITED (CONSOLIDATED)
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
760
150
1,458,676
1,459,586
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
2,344
2,344
Balance at 31 December 2022
760
150
1,461,020
1,461,930
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
4,288
4,288
Balance at 31 December 2023
760
150
1,465,308
1,466,218
EDWARD GREEN INVESTMENTS LIMITED (CONSOLIDATED)
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
27
(748,251)
95,574
Income taxes (paid)/refunded
(44,769)
27,928
Net cash (outflow)/inflow from operating activities
(793,020)
123,502
Investing activities
Purchase of intangible assets
(17,059)
(16,037)
Purchase of tangible fixed assets
(149,181)
(43,134)
Interest received
1,191
502
Net cash used in investing activities
(165,049)
(58,669)
Financing activities
Payment of finance leases obligations
(13,077)
(2,586)
Net cash used in financing activities
(13,077)
(2,586)
Net (decrease)/increase in cash and cash equivalents
(971,146)
62,247
Cash and cash equivalents at beginning of year
2,200,740
2,136,556
Effect of foreign exchange rates
1,190
1,937
Cash and cash equivalents at end of year
1,230,784
2,200,740
EDWARD GREEN INVESTMENTS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
1
Accounting policies
Company information

Edward Green Investments Limited ("the company") is a private limited company domiciled and incorporated in England and Wales. The registered office is Cliftonville Road, Northampton, NN1 5BU.

 

The group consists of Edward Green Investments 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.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

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.

EDWARD GREEN INVESTMENTS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Edward Green Investments 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.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

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

1.5
Turnover

Turnover is recognised at the fair value of the consideration received for goods provided in the normal course of business and is shown net of VAT, other taxes and trade discounts.

Turnover is recognised when the risks and rewards of ownership are transferred to the customer which is when the goods are dispatched to the customer or at the point of sale for goods sold in shops.

1.6
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.

1.7
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.

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:

Software
4-8 years straight line
Trademarks
1-10 years straight line
Website development costs
3 years straight line
1.8
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.

EDWARD GREEN INVESTMENTS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -

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:

Leasehold land and buildings
Over the remaining term of the lease
Plant and equipment
4-10 years straight line
Fixtures and fittings
4-10 years 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.

1.9
Fixed asset investments

In the separate accounts of the company, interests in subsidiaries and associates are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments ae assessed for impairment at each reporting date ad any impairment losses are recognised immediately in the profit or loss.

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.

1.10
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.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowances for slow moving items, older stock, rejects and samples.

For raw material, the cost comprises the bought in price plus delivery charges where appropriate. For finished goods, cost is based on a standard cost calculation, which includes attributable elements of direct wages and factory overheads.

 

The cost of shoes under manufacture is included within work in progress, the cost is measured based on a standard costing and the stage of manufacture. No element of profit is included in the valuation of work in progress.

1.12
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.

1.13
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.

EDWARD GREEN INVESTMENTS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
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.

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

Basic financial liabilities, including creditors and loans from fellow group companies 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.

Derecognition of financial liabilities

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

1.14
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.

EDWARD GREEN INVESTMENTS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.15
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.

1.16
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.17
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.

1.18
Retirement benefits

For defined contribution schemes the amount charged to the profit or loss is the contributions payable in the year. Difference between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.

EDWARD GREEN INVESTMENTS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.19
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

1.20
Foreign exchange

Transactions in currencies other than the functional currency (foreign currency) are initially recorded at the exchange rate prevailing on the date of the transaction.

 

Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction. All such translation differences are taken to profit or loss.

 

Assets and liabilities of overseas subsidiaries (including goodwill in relation to overseas subsidiaries) are translated into the group's presentation currency at the rate ruling at the reporting date. Income and expenses of overseas subsidiaries are translated at the average rate for the year as the directors consider this to be a reasonable approximation to the rate at the date of the transaction. Translation differences are recognised in other comprehensive income and accumulated in equity.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is 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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stock Provision

Stock provision on slow moving and obsolete stock is assessed with reference to selling price, historical sales pattern and post year end trading performance

EDWARD GREEN INVESTMENTS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
1,516,321
1,571,438
Europe
1,727,084
1,833,196
United States of America
1,240,248
1,129,651
Asia
1,363,668
1,071,447
Rest of World
324,523
475,208
6,171,844
6,080,940
2023
2022
£
£
Other revenue
Interest income
1,191
502
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(16,572)
(142,019)
Depreciation of owned tangible fixed assets
92,165
92,365
Depreciation of tangible fixed assets held under finance leases
5,572
2,930
Loss/(profit) on disposal of tangible fixed assets
2,500
(854)
Amortisation of intangible assets
45,403
51,299
Operating lease charges
354,720
391,883
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
8,500
8,500
Audit of the financial statements of the company's subsidiaries
23,000
21,500
31,500
30,000
For other services
Other taxation services
5,000
4,500
All other non-audit services
5,500
5,500
10,500
10,000
EDWARD GREEN INVESTMENTS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
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
Admin
10
12
1
1
Production
66
60
-
-
Total
76
72
1
1

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
2,755,923
2,460,175
72,500
65,000
Social security costs
303,769
283,560
8,868
8,190
Pension costs
87,486
71,050
-
0
-
0
3,147,178
2,814,785
81,368
73,190
7
Director's remuneration
2023
2022
£
£
Remuneration for qualifying services
75,932
68,387
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
1,191
502
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
74,059
85,399
Adjustments in respect of prior periods
(40,617)
(34,430)
Total current tax
33,442
50,969
EDWARD GREEN INVESTMENTS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Taxation
2023
2022
£
£
(Continued)
- 23 -
Deferred tax
Origination and reversal of timing differences
38,241
(16,178)
Total tax charge
71,683
34,791

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
363,883
332,670
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
85,585
63,207
Tax effect of expenses that are not deductible in determining taxable profit
18,031
949
Adjustments in respect of prior years
(40,617)
(34,430)
Effect of change in corporation tax rate
1,750
(2,338)
Fixed asset permanent differences
2,616
(717)
Other permanent differences
(440)
11,269
Deferred tax adjustments in respect of prior years
4,758
(3,149)
Taxation charge
71,683
34,791
EDWARD GREEN INVESTMENTS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
10
Intangible fixed assets
Group
Goodwill
Software
Trademarks
Website development costs
Total
£
£
£
£
£
Cost
At 1 January 2023
301,917
261,922
49,932
107,252
721,023
Additions
-
0
17,059
-
0
-
17,059
Exchange adjustments
-
0
(71)
-
0
-
(71)
At 31 December 2023
301,917
278,910
49,932
107,252
738,011
Amortisation and impairment
At 1 January 2023
130,285
242,188
47,812
107,252
527,537
Amortisation charged for the year
30,192
14,479
732
-
45,403
Exchange adjustments
-
0
(71)
-
0
-
(71)
At 31 December 2023
160,477
256,596
48,544
107,252
572,869
Carrying amount
At 31 December 2023
141,440
22,314
1,388
-
165,142
At 31 December 2022
171,632
19,734
2,120
-
193,486
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
EDWARD GREEN INVESTMENTS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
11
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2023
560,230
1,268,688
485,113
2,314,031
Additions
8,750
181,572
7,384
197,706
Disposals
-
0
(71,017)
-
0
(71,017)
Exchange adjustments
-
0
-
0
(4,353)
(4,353)
At 31 December 2023
568,980
1,379,243
488,144
2,436,367
Depreciation and impairment
At 1 January 2023
476,600
1,051,311
399,386
1,927,297
Depreciation charged in the year
12,618
78,229
6,890
97,737
Eliminated in respect of disposals
-
0
(68,517)
-
0
(68,517)
Exchange adjustments
-
0
-
0
(3,691)
(3,691)
At 31 December 2023
489,218
1,061,023
402,585
1,952,826
Carrying amount
At 31 December 2023
79,762
318,220
85,559
483,541
At 31 December 2022
83,630
217,377
85,727
386,734
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2023
2022
2023
2022
£
£
£
£
Plant and equipment
46,955
4,002
-
0
-
0
12
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
1,130,890
1,130,890
EDWARD GREEN INVESTMENTS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
1,130,890
Carrying amount
At 31 December 2023
1,130,890
At 31 December 2022
1,130,890
13
Subsidiaries

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

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Edward Green & Company Limited
Production and sale of high quality leather goodyear welted footwear and accessories
Ordinary
100.00
Edward Green Paris
Sale of high quality leather goodyear welted footwear and accessories
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Cliftonville Road, Northampton, NN1 5BU
2
199B Boulevard Saint-Germain, 75007 Paris
14
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
964,344
789,188
-
-
Work in progress
502,684
402,931
-
-
Finished goods and goods for resale
2,462,889
1,638,688
-
0
-
0
3,929,917
2,830,807
-
-
EDWARD GREEN INVESTMENTS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
15
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
420,412
429,616
-
0
-
0
Amounts owed by group undertakings
-
-
745,920
832,250
Other debtors
247,721
82,201
-
0
-
0
Prepayments and accrued income
198,159
205,016
-
0
-
0
866,292
716,833
745,920
832,250
16
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
18
18,981
1,657
-
0
-
0
Trade creditors
461,353
423,793
-
0
-
0
Corporation tax payable
72,616
83,943
1,006
615
Other taxation and social security
93,895
97,270
-
-
Other creditors
619,911
689,583
396,336
489,595
Accruals and deferred income
225,181
197,798
13,250
11,000
1,491,937
1,494,044
410,592
501,210
17
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
18
22,480
4,356
-
0
-
0
18
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
18,981
1,657
-
0
-
0
In two to five years
22,480
4,356
-
0
-
0
41,461
6,013
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

EDWARD GREEN INVESTMENTS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
19
Provisions for liabilities
Group
Company
2023
2022
2023
2022
£
£
£
£
Dilapidation provision
95,000
95,000
-
-
Movements on provisions:
Dilapidation provision
Group
£
At 1 January 2023 and 31 December 2023
95,000

Dilapidations provision relates to the cost of putting back a property at the end of the lease into the same condition it was when the lease commenced.

20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
87,454
53,147
Unrealised profits on stock
(27,110)
(31,044)
60,344
22,103
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
22,103
-
Charge to profit or loss
38,241
-
Liability at 31 December 2023
60,344
-
EDWARD GREEN INVESTMENTS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
87,486
71,050

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.

22
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
7,600
7,600
760
760
23
Reserves
Capital redemption reserve

The nominal value of the shares repurchased and still held at the end of the reporting period.

Merger reserve

The difference between the retained earning and the consideration paid on the liquidation of an intermediate company.

Profit and loss reserves

Cumulative profit and loss net of distributions to owners.

24
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
280,000
280,000
-
-
Between two and five years
1,120,000
1,120,000
-
-
In over five years
202,740
482,740
-
-
1,602,740
1,882,740
-
-
EDWARD GREEN INVESTMENTS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
25
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2023
2022
2023
2022
£
£
£
£
Acquisition of tangible fixed assets
-
18,834
-
-
26
Related party transactions

During the year advances were made to the director totaling £1,461 (2022: £1,329). At the year end the amount owed to the director was £396,336 (2022: £489,595)

27
Cash (absorbed by)/generated from group operations
2023
2022
£
£
Profit for the year after tax
292,200
297,879
Adjustments for:
Taxation charged
71,683
34,791
Investment income
(1,191)
(502)
Loss/(gain) on disposal of tangible fixed assets
2,500
(854)
Amortisation and impairment of intangible assets
45,403
51,299
Depreciation and impairment of tangible fixed assets
97,737
95,295
Increase in provisions
-
9,000
Movements in working capital:
Increase in stocks
(1,099,110)
(216,722)
Increase in debtors
(149,459)
(265,700)
(Decrease)/increase in creditors
(8,014)
91,088
Cash (absorbed by)/generated from operations
(748,251)
95,574
28
Analysis of changes in net funds - group
1 January 2023
Cash flows
New finance leases
Exchange rate movements
31 December 2023
£
£
£
£
£
Cash at bank and in hand
2,200,740
(971,146)
-
1,190
1,230,784
Obligations under finance leases
(6,013)
13,077
(48,525)
-
(41,461)
2,194,727
(958,069)
(48,525)
1,190
1,189,323
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.200H FreemanJ 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