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Registration number: 08782079

Dryrobe Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 December 2023

image-name
 

Dryrobe Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3 to 4

Independent Auditor's Report

5 to 9

Consolidated Profit and Loss Account

10

Consolidated Statement of Comprehensive Income

11

Consolidated Balance Sheet

12

Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16

Notes to the Financial Statements

17 to 33

 

Dryrobe Limited

Company Information

Directors

Mr G D Bright

Mr N G Osmond

Mr T Bell

Mr P C Dainton

Registered office

Unit 4 Velator Way
BRAUNTON
Devon
EX33 2FB

Auditors

Glover Stanbury
Chartered Accountants and Registered Auditors
30 Bear Street
BARNSTAPLE
Devon
EX32 7DD

 

Dryrobe Limited

Strategic Report for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

Principal activity

The principal activity of the group is the retail and wholesale sales of sportswear

Fair review of the business

The directors report that group turnover has increased by 19% from £16.64m to £19.86m. However the group reported profit before tax has decreased by 20% compared to the previous year mainly due to marketing and advertising expenditure incurred to expand market share and penetrate into new markets. As expected, stock on hand has again decreased this year returning to a more normal sustainable level now that supply disruption experienced following the Covid-19 pandemic has subsided.

The group has a very strong balance sheet and at the end of the year, net assets totalled £12,633,101 (2022 - £13,957,653).

The group's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2023

2022

Turnover

£

19,859,210

16,635,774

Gross profit margin

%

50

49

Profit before tax

£

3,277,291

4,094,562

Principal risks and uncertainties

Due to the nature of the online trade, demand can vary and forward visibility of orders can be minimal. However as the group's turnover has grown in previous years, the expected level of turnover has become less unpredictable and previous seasonality of sales has diminished. The company is dependent upon supply from China and thus there is the risk of disruption to these supplies occuring. These risks have been mitigated by the use of more than one supplier and active steps are being taken to mitigate this risk further by consideration of expanding the supplier base.

Approved by the Board on 23 September 2024 and signed on its behalf by:



Mr G D Bright
Director

 

Dryrobe Limited

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the consolidated financial statements for the year ended 31 December 2023.

Directors of the group

The directors who held office during the year were as follows:

Mr G D Bright

Mr R B Langdon, non-executive (ceased 6 September 2023)

Mr N G Osmond

Mrs S Williams (ceased 20 October 2023)

The following directors were appointed after the year end:

Mr T Bell (appointed 1 July 2024)

Mr P C Dainton (appointed 5 September 2024)


Directors' responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report 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 group and the company 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 apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Dryrobe Limited

Directors' Report for the Year Ended 31 December 2023

Financial instruments

Objectives and policies

As referred to within the strategic report, the company has substantial net assets and in particular cash reserves which should shelter it from any adverse financial risks should there be a downturn in sales activity. The nature of the products being sold is that they have a long shelf life and are not a fast fashion item that would be expected to quickly become out of date or need clearance sale due to seasonality.

Price risk, credit risk, liquidity risk and cash flow risk

The business‘ principal financial instruments comprise bank balances, trade debtors, trade creditors and loans to the business. The main purpose of these instruments is to finance the business' operations.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of accumulated cash reserves. All of the business' cash balances are held in publicly quoted banks and well established online providers.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors. Trade creditors‘ liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Loans comprise loans from the director.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved by the Board on 23 September 2024 and signed on its behalf by:


Mr G D Bright
Director

 

Dryrobe Limited

Independent Auditor's Report to the Members of Dryrobe Limited

Opinion

We have audited the financial statements of Dryrobe Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and 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 the parent company's affairs as at 31 December 2023 and of the group's profit 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 auditor 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 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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.

 

Dryrobe Limited

Independent Auditor's Report to the Members of Dryrobe Limited

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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

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 3], 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 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 directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so.

 

Dryrobe Limited

Independent Auditor's Report to the Members of Dryrobe Limited

Auditor 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.

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

Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
1. The nature of the industry and sector, control environment and business performance;
2. results of our enquiries of management about their own identification and assessment of the risks of irregularities;
3. any matters we identified having obtained and reviewed the group’s documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
4. the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in income. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, UK corporate governance legislation and UK tax legislation.

 

Dryrobe Limited

Independent Auditor's Report to the Members of Dryrobe Limited

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group’s ability to operate or to avoid a material penalty.
Audit response to risks identified
As a result of performing the above, we have not identified any contradictory evidence during our enquiries.
Our procedures to respond to risks identified included the following:
- Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management concerning actual and potential litigation and claims;
- performing procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- reading minutes of meetings of those charged with governance;
and
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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 auditor's report.

 

Dryrobe Limited

Independent Auditor's Report to the Members of Dryrobe 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 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.





Nigel Bennett FCA (Senior Statutory Auditor)
For and on behalf of Glover Stanbury, Statutory Auditor

30 Bear Street
BARNSTAPLE
Devon
EX32 7DD

23 September 2024

 

Dryrobe Limited

Consolidated Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

3

19,859,210

16,635,774

Cost of sales

 

(9,840,956)

(8,457,434)

Gross profit

 

10,018,254

8,178,340

Administrative expenses

 

(6,870,027)

(4,096,031)

Operating profit

4

3,148,227

4,082,309

Other interest receivable and similar income

5

129,064

13,772

Interest payable and similar expenses

6

-

(1,519)

   

129,064

12,253

Profit before tax

 

3,277,291

4,094,562

Tax on profit

10

(941,841)

(860,863)

Profit for the financial year

 

2,335,450

3,233,699

Profit/(loss) attributable to:

 

Owners of the company

 

2,335,450

3,233,699

 

Dryrobe Limited

Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2023

2023
£

2022
£

Profit for the year

2,335,450

3,233,699

Foreign currency translation of group undertakings gains/(losses)

26,829

(17,744)

Total comprehensive income for the year

2,362,279

3,215,955

Total comprehensive income attributable to:

Owners of the company

2,362,279

3,215,955

 

Dryrobe Limited

(Registration number: 08782079)
Consolidated Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed Assets

 

Tangible Assets

12

157,911

47,805

Current assets

 

Stocks

14

3,526,145

4,726,214

Debtors

15

1,094,144

596,507

Cash at bank and in hand

 

13,089,613

10,574,925

 

17,709,902

15,897,646

Creditors: Amounts falling due within one year

17

(5,204,220)

(1,976,103)

Net current assets

 

12,505,682

13,921,543

Total assets less current liabilities

 

12,663,593

13,969,348

Provisions for liabilities

18

(30,492)

(11,695)

Net assets

 

12,633,101

13,957,653

Capital and Reserves

 

Called up share capital

20

78

78

Capital redemption reserve

22

22

Retained Earnings

12,633,001

13,957,553

Equity attributable to owners of the company

 

12,633,101

13,957,653

Shareholders' funds

 

12,633,101

13,957,653

Approved and authorised for issue by the Board on 23 September 2024 and signed on its behalf by:
 


Mr G D Bright

Director

 

Dryrobe Limited

(Registration number: 08782079)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed Assets

 

Tangible Assets

12

156,935

46,777

Investments

13

183

183

 

157,118

46,960

Current assets

 

Stocks

14

3,047,878

3,849,654

Debtors

15

1,936,364

1,572,908

Cash at bank and in hand

 

12,480,821

10,330,940

 

17,465,063

15,753,502

Creditors: Amounts falling due within one year

17

(4,954,693)

(1,836,971)

Net current assets

 

12,510,370

13,916,531

Total assets less current liabilities

 

12,667,488

13,963,491

Provisions for liabilities

18

(30,492)

(11,695)

Net assets

 

12,636,996

13,951,796

Capital and Reserves

 

Called up share capital

20

78

78

Capital redemption reserve

22

22

Retained Earnings

12,636,896

13,951,696

Shareholders' funds

 

12,636,996

13,951,796

The company made a profit after tax for the financial year of £2,372,031 (2022 - profit of £3,302,860).

Approved and authorised for issue by the Board on 23 September 2024 and signed on its behalf by:
 


Mr G D Bright

Director

 

Dryrobe Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2023
Equity attributable to the parent company

Share capital
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

Total equity
£

At 1 January 2023

78

22

13,957,553

13,957,653

13,957,653

Profit for the year

-

-

2,335,450

2,335,450

2,335,450

Other comprehensive income

-

-

26,829

26,829

26,829

Total comprehensive income

-

-

2,362,279

2,362,279

2,362,279

Dividends

-

-

(3,686,831)

(3,686,831)

(3,686,831)

At 31 December 2023

78

22

12,633,001

12,633,101

12,633,101

Share capital
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

Total equity
£

At 1 January 2022

78

22

11,084,798

11,084,898

11,084,898

Profit for the year

-

-

3,233,699

3,233,699

3,233,699

Other comprehensive income

-

-

(17,744)

(17,744)

(17,744)

Total comprehensive income

-

-

3,215,955

3,215,955

3,215,955

Dividends

-

-

(343,200)

(343,200)

(343,200)

At 31 December 2022

78

22

13,957,553

13,957,653

13,957,653

 

Dryrobe Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Capital redemption reserve
£

Retained Earnings
£

Total
£

At 1 January 2023

78

22

13,951,696

13,951,796

Profit for the year

-

-

2,372,031

2,372,031

Dividends

-

-

(3,686,831)

(3,686,831)

At 31 December 2023

78

22

12,636,896

12,636,996

Share capital
£

Capital redemption reserve
£

Retained Earnings
£

Total
£

At 1 January 2022

78

22

10,992,036

10,992,136

Profit for the year

-

-

3,302,860

3,302,860

Dividends

-

-

(343,200)

(343,200)

At 31 December 2022

78

22

13,951,696

13,951,796

 

Dryrobe Limited

Consolidated Statement of Cash Flows for the Year Ended 31 December 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

2,335,450

3,233,699

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

53,368

32,404

Profit on disposal of tangible assets

-

(1,446)

Finance income

5

(129,064)

(13,772)

Finance costs

6

-

1,519

Share based payment transactions

 

-

(19,678)

Income tax expense

10

941,841

860,863

Foreign exchange gains/losses

 

26,881

(17,851)

 

3,228,476

4,075,738

Working capital adjustments

 

Decrease in stocks

14

1,200,069

2,486,499

Increase in debtors

15

(497,637)

(308,422)

Increase/(decrease) in creditors

17

2,959,633

(1,041,135)

Cash generated from operations

 

6,890,541

5,212,680

Income taxes paid

10

(654,606)

(634,584)

Net cash flow from operating activities

 

6,235,935

4,578,096

Cash flows from investing activities

 

Interest received

129,064

13,772

Acquisitions of tangible assets

(163,526)

(31,612)

Proceeds from sale of tangible assets

 

-

1,446

Net cash flows from investing activities

 

(34,462)

(16,394)

Cash flows from financing activities

 

Interest paid

6

-

(1,519)

Dividends paid

(3,686,831)

(343,200)

Net cash flows from financing activities

 

(3,686,831)

(344,719)

Net increase in cash and cash equivalents

 

2,514,642

4,216,983

Cash and cash equivalents at 1 January

 

10,574,925

6,357,942

Cash and cash equivalents at 31 December

 

13,089,567

10,574,925

 

Dryrobe Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

These financial statements present the results of the Dryrobe Group.

These financial statements were authorised for issue by the Board on 23 September 2024.

The address of its registered office is:
Unit 4 Velator Way
BRAUNTON
Devon
EX33 2FB

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

All amounts are in £'s.

Summary of disclosure exemptions

The parent company, as a qualifying entity, has taken advantage of the disclosure exemptions under FRS102 paragraph 1.12 not to include a statement of cashflows, nor disclosure of key management personnel compensation.

Going concern

The financial statements have been prepared on a going concern basis.

 

Dryrobe Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Judgements

There are no judgements which management have made in the process of applying the accounting policies.

Key sources of estimation uncertainty

There are no key sources of estimation uncertainty that have a significant risk of causing a material adjustment to assets and liabilities to be disclosed.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2023. No profit and loss account is presented for the company as permitted by section 408 of the Companies Act 2006.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

The subsidiary companies financial statements were prepared in their base currencies of US dollars and Euros. For consolidation the individual balance sheets at 31 December 2023 and profit and loss has been translated at the relevant year end exchange rate.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the group's activities. Turnover is shown net of value added tax, returns and discounts and after eliminating sales and management charges within the group. The group recognises revenue when the goods have been delivered.

 

Dryrobe Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

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 measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred corporation tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred corporation tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible Assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Fixtures, fittings & equipment

straight line over 3 years

Motor vehicles

straight line over 3 years

Leasehold improvements

straight line over 3 years

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Dryrobe Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life. Goodwill on consolidation has been viewed to have a negligible useful life so has been written down in the year of acquisition.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at cost less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the debts.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at cost.

 

Dryrobe Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans are recognised as employee benefit expense when they are due.

 

Dryrobe Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Financial instruments

Classification
Basic financial assets include trade and other debtors, cash and bank balances and loans to fellow Group companies. Basic financial liabilities include trade and other payables.

 Recognition and measurement
Basic financial assets 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. Other debtors are classified as current assets if payment is due within one year or less and are initially recorded at transaction price and subsequently measured at the undiscounted amount of the cash expected to be received. Trade debtors are referred to above.

Basic financial liabilities 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. 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. Other creditors are classified as current liabilities if payment is due within one year or less and are recognised initially at transaction price and subsequently measured at the undiscounted amount of the cash expected to be paid. If not, they are presented as non-current liabilities and are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Trade creditors are referred to above.

 Impairment
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 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.

3

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

2023
£

2022
£

Sale of goods

19,859,210

16,635,774

 

Dryrobe Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

53,368

32,404

Research and development cost

83

310

Foreign exchange losses/(gains)

110,871

(228,281)

Operating lease expense - plant and machinery

-

2,049

Profit on disposal of property, plant and equipment

-

(1,446)

Operating lease - property

11,005

3,332

5

Other interest receivable and similar income

2023
£

2022
£

Interest income on bank deposits

128,459

13,772

Other finance income

605

-

129,064

13,772

6

Interest payable and similar expenses

2023
£

2022
£

Interest on bank overdrafts and borrowings

-

10

Interest expense on other finance liabilities

-

1,509

-

1,519

7

Auditors' remuneration

2023
£

2022
£

Audit of these financial statements

29,500

25,000


 

 

Dryrobe Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

1,674,245

1,231,191

Social security costs

186,731

137,568

Pension costs, defined contribution scheme

25,552

19,938

1,886,528

1,388,697

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Production

2

2

Management and administration

11

11

Sales and marketing

22

15

35

28

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

662,591

472,860

Contributions paid to money purchase schemes

2,481

2,518

665,072

475,378

In respect of the highest paid director:

2023
£

2022
£

Remuneration

575,270

325,172

Company contributions to money purchase pension schemes

1,321

1,321

 

Dryrobe Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

10

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

923,044

854,468

UK corporation tax adjustment to prior periods

-

3,739

923,044

858,207

Deferred taxation

Arising from origination and reversal of timing differences

18,797

(150)

Arising from changes in tax rates and laws

-

2,806

Total deferred taxation

18,797

2,656

Tax expense in the income statement

941,841

860,863

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - higher than the standard rate of corporation tax in the UK) of 23.52% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

3,277,291

4,094,562

Corporation tax at standard rate

770,835

777,967

Effect of expense not deductible in determining taxable profit (tax loss)

5,986

(2,681)

Effect of tax losses

162,121

80,835

Deferred tax expense relating to changes in tax rates or laws

-

2,806

Increase in UK and foreign current tax from adjustment for prior periods

-

3,739

Tax increase/(decrease) from effect of capital allowances and depreciation

2,899

(1,803)

Total tax charge

941,841

860,863

 

Dryrobe Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

11

Intangible assets

Group

Goodwill
 £

Total
£

Cost

At 1 January 2023

157,382

157,382

At 31 December 2023

157,382

157,382

Amortisation

At 1 January 2023

157,382

157,382

At 31 December 2023

157,382

157,382

Carrying amount

At 31 December 2023

-

-

 

Dryrobe Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

12

Tangible Assets

Group

Short leasehold land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost

At 1 January 2023

16,511

122,399

18,000

156,910

Additions

59,422

57,609

46,495

163,526

Transfers

3,258

(3,258)

-

-

Foreign exchange movements

-

(170)

-

(170)

At 31 December 2023

79,191

176,580

64,495

320,266

Depreciation

At 1 January 2023

16,511

74,594

18,000

109,105

Charge for the year

13,727

29,309

10,332

53,368

Foreign exchange movements

-

(118)

-

(118)

At 31 December 2023

30,238

103,785

28,332

162,355

Carrying amount

At 31 December 2023

48,953

72,795

36,163

157,911

At 31 December 2022

-

47,805

-

47,805

 

Dryrobe Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Company

Short leasehold land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost

At 1 January 2023

16,511

120,255

18,000

154,766

Additions

59,422

57,609

46,495

163,526

Transfers

3,258

(3,258)

-

-

At 31 December 2023

79,191

174,606

64,495

318,292

Depreciation

At 1 January 2023

16,511

73,478

18,000

107,989

Charge for the year

13,727

29,309

10,332

53,368

At 31 December 2023

30,238

102,787

28,332

161,357

Carrying amount

At 31 December 2023

48,953

71,819

36,163

156,935

At 31 December 2022

-

46,777

-

46,777

13

Investments

Company

2023
£

2022
£

Investments in subsidiaries

183

183

Subsidiaries

£

Cost

At 1 January 2023

183

Provision

Carrying amount

At 31 December 2023

183

At 31 December 2022

183

 

Dryrobe Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Dryrobe Inc

300 DELAWARE AVE STE 210-A, WILMINGTON, New Castle, DE, 19801

USA

Ordinary

100%

100%

Dryrobe Europe B.V.

Ladonkseweg 9, Boxtel, 5281RN, Netherlands

Ordinary

100%

100%

Subsidiary undertakings

Dryrobe Inc

The principal activity of Dryrobe Inc is the retail and wholesale sales of sportswear.

Dryrobe Europe B.V.

The principal activity of Dryrobe Europe B.V. is retail and wholesale sales of sportswear.

14

Stocks

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Goods for resale

3,412,002

4,726,214

2,933,735

3,849,654

Other inventories

114,143

-

114,143

-

3,526,145

4,726,214

3,047,878

3,849,654

 

Dryrobe Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

15

Debtors

 

Group

Company

Current

2023
£

2022
£

2023
£

2022
£

Debtors

266,381

211,281

255,491

203,705

Amounts owed by group undertakings

-

-

672,246

1,016,004

Other debtors

1,530

16,079

155

550

Prepayments

815,233

366,647

788,747

283,945

Accrued income

11,000

2,500

219,725

68,704

 

1,094,144

596,507

1,936,364

1,572,908

16

Cash and cash equivalents

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Cash on hand

2,114

612

1,550

612

Cash at bank

13,087,499

10,574,313

12,479,271

10,330,328

13,089,613

10,574,925

12,480,821

10,330,940

Bank overdrafts

(46)

-

-

-

Cash and cash equivalents in statement of cash flows

13,089,567

10,574,925

12,480,821

10,330,940

17

Creditors

   

Group

Company

Note

2023
£

2022
£

2023
£

2022
£

Due within one year

 

Loans and borrowings

21

415,789

11,341

415,743

11,341

Creditors

 

1,807,531

860,692

1,685,977

741,653

Social security and VAT

 

1,143,687

684,475

1,060,357

677,473

Outstanding defined contribution pension costs

 

7,373

6,481

7,373

6,481

Other payables

 

604,395

7,833

574,780

-

Accruals

 

679,198

127,472

664,216

122,214

Corporation tax liability

10

546,247

277,809

546,247

277,809

 

5,204,220

1,976,103

4,954,693

1,836,971

 

Dryrobe Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

18

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 January 2023

11,695

11,695

Increase (decrease) in existing provisions

18,797

18,797

At 31 December 2023

30,492

30,492

The deferred tax provision comprises the difference between accumulated depreciation and capital allowances.

Company

Deferred tax
£

Total
£

At 1 January 2023

11,695

11,695

Increase (decrease) in existing provisions

18,797

18,797

At 31 December 2023

30,492

30,492

The deferred tax provision comprises the difference between accumulated depreciation and capital allowances.

19

Pension and other schemes

Defined contribution pension scheme

The group contributes to a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £25,552 (2022 - £19,938).

Contributions totalling £7,373 (2022 - £6,481) were payable to the scheme at the end of the year and are included in creditors.

 

Dryrobe Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

20

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.001 each

78,000

78

78,000

78

         

Rights

Ordinary shares have the following rights:
Unrestricted ordinary shares with full voting rights and distribution of dividends.

21

Loans and borrowings

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

46

-

-

-

Loans from key management personnel

415,743

11,341

415,743

11,341

415,789

11,341

415,743

11,341

22

Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

18,900

-

Later than one year and not later than five years

29,804

-

48,704

-

The amount of non-cancellable operating lease payments recognised as an expense during the year was £11,005 (2022 - £5,381).

23

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £47.27 (2022 - £4.40) per ordinary share

 

3,686,831

 

343,200

         
 

Dryrobe Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

24

Related party transactions

Group

Key management compensation

2023
£

2022
£

Salaries and other short term employee benefits

750,451

539,201

Other transactions with directors

Consultancy fees charged from a company which is controlled by Mr R B Langdon totals £56,435 which was recognised as an expense in the year.

Company

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Mr G D Bright

Directors loan account - no interest charged & repayable on demand

(11,341)

3,352,485

(3,756,886)

(415,743)

         
       

Mr N G Osmond

Directors loan account - no interest charged & repayable on demand

-

67

(67)

-

         
       

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Mr G D Bright

Directors loan account - no interest charged & repayable on demand

(6,460)

788,369

(793,250)

(11,341)

         
       

Mr N G Osmond

Directors loan account - no interest charged & repayable on demand

-

40,333

(40,333)

-

         
       

 

   

2023
£

 

2022
£

Mr G D Bright

       

Dividends paid to director during the year

 

3,686,831

 

343,200