Company registration number SC314389 (Scotland)
GL DAMECK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
GL DAMECK LIMITED
COMPANY INFORMATION
Directors
K M Ryan
E C Scott
C W Scott
M A F Scott
Secretary
K M Ryan
Company number
SC314389
Registered office
Yard Road
Blairgowrie
Perthshire
PH10 6NW
Auditor
MHA
Chartered Accountants
6 St Colme Street
Edinburgh
EH3 6AD
Solicitors
Thorntons
Whitehouse
33 Yeaman Shore
Dundee
DD1 4BJ
GL DAMECK LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 7
Independent auditor's report
8 - 10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 41
GL DAMECK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -

The directors present the strategic report for the year ended 31 January 2024.

Review of the business

The results of the Group for the year show a profit on ordinary activities before tax of £586K (2023 £122K) a 1% net profit margin (2023 0.18%) after an increase in the year end stock provision of £844K as we continue in the 2024/25 financial year within the group to manage through historical excess stock levels in certain areas of the wider business. The overall performance of the Group for the year will be covered in the following sections respectively:

 

Annual trading conditions

The current year was an exciting year for the Umbro brand on pitch with West Ham winning the UEFA Europa Conference League against Fiorentina in Prague, in the first half of the financial year with the brand getting exposure throughout their journey in the competition, reaching an international audience both on pitch to a capacity of up to 50,000 people as well as the related media coverage.

We started the 23/24 football season with an exciting new addition to our sponsorship division, which strategically allowed us to work with the world’s greenest football club, Forest Green Rovers FC to provide them with match kit, training wear and off-field kit which aligns with their club strategy and is an exciting step for the Umbro brand to work with the only vegan football club in the world.

Hearts of Midlothian football club celebrated their 150th anniversary during the 23/24 football season. We were excited to work with the club to create a 3rd kit design for the event with an oversized club crest developed to represent the first heart worn from 1874.

The start of the football season was followed by the 2023 Rugby World Cup in France in the second half of the financial year with the brand getting international exposure throughout the competition, with England Rugby narrowly finishing in 3rd place after losing by a single point to South Africa in the semi final.

These events allowed us to reach a wider audience with the Umbro brand and an increase in sales of 28% on prior year which leads nicely into the brands milestone year next financial year where the Umbro brand is celebrating its 100 years of Umbro, in April 2024.

Off pitch the company continued to work on consolidation and improving efficiency, with a key focus on stock holding and stock turnover, successfully reducing comparable stock days to 113 (2023: 130).

Strengthening balance sheet

With a second year of profitable trading and continued focus in the organisation in the 2024/25 financial year as we work towards a strategy of achieving a benchmark return on investment, the company and group has made some difficult decisions over the year to protect the business to ensure long term success. In the current financial year, we have recognised £328,000 of a deferred tax asset on balance sheet which was sitting off balance sheet due to the performance of the business in previous years.

The business has accelerated capital loan repayments to its RLS loan in the financial year by £800,000 and further accelerated capital repayments have been made post year end as part of our strategy for achieving a benchmark return on investment as we work towards minimising the burden of borrowing costs on the company and group while managing cash reserves in the wider business.

In the current financial year the companies shareholding is now 100% owned by Dameck Holdings Ltd and it now directly holds its investment in Diamond Icons Ltd (24.5% shareholding).

GL DAMECK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -

Strategic focus

The company and groups strategic focus over the last 12 months within all areas of the business has been consolidation and efficiency within the company and group as we work towards achieving a benchmark return on investment. There have been a number of steps taken in the year, including a focus on cost reduction, while we continue to navigate our way through the challenging economic conditions within the UK/EU retail sector.

As part of these steps the company and group completed a full restructure on the 31st of January 2024 to help strengthen the strategic focus of each brand and re-organise resources to ensure we are operating efficiently and effectively in the current economic environment and managing our risks appropriately.

The effect of the restructure on GL Dameck Limited is that the remaining operations now focus on one brand, Umbro and any assets or liabilities related to the other brands transferred as part of the reorganisation to sister companies Amplified Clothing Ltd and Ardblair Sports Importers Limited.

On 19th March 2024 the exclusive Umbro Professional Team Sports sub-license agreement between the company and Castore was announced creating a partner in this groundbreaking elite sports relationship. Castore’s technology-led approach combined with Umbro’s century of authenticity in sports enables both partners to increase visibility on the field of play, whilst providing consumers with first class kit design and innovation.

Principal risks and uncertainties

At the date of signing the accounts, the UK economy continues to be impacted by the after effects of the pandemic; energy price rises; War in Ukraine; interest rate rises; and the UK cost of living crisis and an annual inflation below average. The business experienced further increases in services and supply prices for the year squeezing margins and overall profitability.

 

During 2023 the company and group welcomed a steady reduction of shipping rates as the container prices returned for the first time since 2019 to pre covid shipping costs. At the end of the financial year in January 2024, we saw a dramatic increase in shipping rates, which continues to rise over 2024 as the company and group navigate the instability in global supply chain, which has a number of fragile links, where disruption to one of these can have a global impact, and as a result an increase in prices including but not limited to:

 

 

The company and group, in line with businesses in many industries, has been impacted by these measures but as demonstrated in the profitability, we are taking steps to manage this and working towards increasing the return on investment for the period to January 2025.

The company and group finances its short to medium term funding requirements through a combination of third-party bank funding (net nil overdraft facility with sister companies), invoice discounting, import loan facilities and government backed loan. The company and group has taken a number of measures following detailed focus on the profitability within each segment in the business and continues to review and react to the changing environment to ensure it continues to grow the strength of the business with each change.

 

The company and group has completed a base case forecast based on its continued bank facilities which have the company and group repaying some of the external debt early post balance sheet date, as the business is committed to reducing its reliance on debt in the current economic environment. To the date of signing we had repaid £1,683,961 early on our government backed loan from available company and group funds. There is of course a credit risk associated with the company and group’s debtor book but the directors have some credit insurance in place, have diversified the risk where possible and continue to monitor closely.

 

Based on the above, the directors are confident that the actions and strategies in place, results in the company and group being able to mitigate business threats as they arise.

GL DAMECK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
Financial key performance indicators

In reviewing the Groups performance, management regularly review and, at brand level, consider the Groups sales achievements, forward order levels, purchasing costs including production, importing, storage and distribution and profit generation. At corporate level the Group reviews revenues, overall profitability, working capital and cashflow on a regular basis.

 

Key performance indicators:

 

 

2024

2023

 

Turnover (£000’s)

63,796

69,087

Total sales

Gross profit (%)

47.1%

48.8%

Gross profit/turnover

Profit before taxation (£’000’s)

585

122

profit before taxation

EBITDA to turnover (%)

1.1%

1.7%

EBITDA/turnover

 

Other performance indicators

With the exception of the financial key performance indicators listed above, there are no other key performance indicators of the group.

Promoting the success of the company

The board of directors of GL Dameck Group consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in 172(1)(a) to (f) Companies Act 2006) in doing so have regard (amongst other matters) to:

 

 

The directors fulfil these duties through the following:

Risk Management

As we grow, we have approved a business plan to January 2025 to allow the board to manage and evaluate the business, to ensure we can control both our resources and costs to meet the continued growth within the business. Our business and risk environment evolves with the growing economic and regulatory changes we face. It is therefore vital that we effectively identify, evaluate, manage and mitigate the risks we face, and that we continue to develop and adapt our approach to risk management to meet the group’s needs.

 

For details of our principal risks and uncertainties and how we manage our risk environment, please see page 2.

Our People

The group is committed to being a responsible business. People are at the heart of our business and for our business to succeed we need to manage our people’s performance and develop and bring through talent while ensuring we operate as efficiently as possible. We must also ensure we share common values that inform and guide our behavior so we achieve our goals in the right way.

GL DAMECK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
Business Relationships

Our continued growth of the group is driven off the development and nurturing of existing relationships together with the expansion of new relationships both with customers, suppliers and business partners.

 

Community and Environment

The Group continues to support its people to create positive change for the people and communities with which we interact. We try to minimise our environmental impact and the Group have taken measures to utilise alternative carbon neutral sources of energy within the Groups head office and continues to monitor opportunities to limit our environmental impact. The company has actively participated in charitable donations of excess, out of season and out of licence stock product to encourage the reuse of product that otherwise may have contributed to landfill.

 

Shareholders

As the Board of Directors, our intention is to behave responsibly toward our shareholders and treat them fairly and equally, so they too may benefit from the successful delivery of our plan.

 

On behalf of the board

K M Ryan
Director
4 October 2024
GL DAMECK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -

The directors present their annual report and financial statements for the year ended 31 January 2024.

Principal activities

The principal activity of the group during the year continued to be that of designing, importing, wholesale and retail of branded footwear and clothing.

Results and dividends

The results for the year are set out on page 11.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Going concern

At the year end the company and group was operating using a RLS loan facility of £3.6M (2023: £7M) repayable over a fixed term plus an ongoing Trade Import facility of £3M (2023: £6M), an Invoice Finance facility of £2.5M (2023: £7.5M) and a net nil group overdraft facility which are due for review in January 2025. The reduction in the facility requirement is as a result of the restructure completed at year end which was completed to reduce the risks and strengthen the business as shown in the discontinued operations on Page 11.

At the date of signing the company and group had repaid just over £2.18M of the of the RLS loan facility and interest on the facility, which includes £1.68M of early repayment. Part of this overpayment was achieved through operational and revenue measures which were started in 2022 and are regularly reviewed by management and the directors to continue to put the company in a stronger trading position, the benefits of these changes are partially demonstrated in improved net profit for the year and further improvements in the net profit level are being realised post year end together with the use of funds from sister companies.

The company and group has completed scenario forecasting and stress testing for the period to 31 January 2025.

As part of this exercise the directors have assessed that the banking facilities available and the actions and strategies available to them to mitigate business threats under stress testing. The forecasts demonstrate that the group could operate within its available funding arrangements.

The directors have also had detailed discussions around the scenario forecasting and stress testing with the bank in preparation for the facility review in January 2025. As a result the directors expect that adequate facilities, with suitable covenants, will be made available when the January 2025 review is concluded.

Based on the above management and the directors have assessed the company and the group’s ability to be able to continue as a going concern. In their opinion adequate facilities are in place at present, and there is no reason to expect that adequate facilities will not continue to be in place following the facility review in January 2025.

Considering this, and all other factors, the directors have concluded that the going concern basis of preparation of the accounts is appropriate and thus the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.

On the basis of their assessment of the company and group’s financial position, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future (more than 12 months). Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Directors

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

K M Ryan
E C Scott
C W Scott
M A F Scott
GL DAMECK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
Auditor

Geoghegans resigned as auditors following their merger with MHA on 1 February 2024, MHA were subsequently appointed as auditors. In accordance with the company's articles, a resolution proposing that MHA be reappointed as auditors of the company will be put at a General Meeting.

Energy and carbon report
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
318,208
953,968
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
8.07
27.68
Scope 2 - indirect emissions
- Electricity purchased
66.12
194.73
Total gross emissions
74.19
222.41
Intensity ratio
Tonnes C02e per £1m turnover
1.156
3.219
2024
2023
Energy generation
metric tonnes
metric tonnes
Generated from biomass and solar panels
50.82
151.46
Quantification and reporting methodology

The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting

GL DAMECK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
Statement of directors' responsibilities

The directors are responsible 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 company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are 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. They are 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.

Statement of disclosure to auditor

So far as each person who was a 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 directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
K M Ryan
Director
4 October 2024
GL DAMECK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GL DAMECK LIMITED
- 8 -
Opinion

We have audited the financial statements of GL Dameck Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are 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:

GL DAMECK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GL DAMECK LIMITED
- 9 -
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 directors' 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 directors

As explained more fully in the directors' responsibilities statement, 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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

 

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 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.

GL DAMECK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GL DAMECK LIMITED
- 10 -

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.

Iain Binnie
(Senior Statutory Auditor)
for and on behalf of MHA, Statutory Auditor
Edinburgh, United Kingdom
4 October 2024
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
GL DAMECK LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024
- 11 -
Continuing
Discontinued
31 January
Continuing
Discontinued
31 January
operations
operations
2024
operations
operations
2023
Notes
£
£
£
£
£
£
Turnover
3
22,524,433
41,271,788
63,796,221
23,783,742
45,303,088
69,086,830
Cost of sales
(14,993,434)
(18,725,488)
(33,718,922)
(16,334,627)
(19,016,871)
(35,351,498)
Gross profit
7,530,999
22,546,300
30,077,299
7,449,115
26,286,217
33,735,332
Distribution costs
(235,965)
(698,411)
(934,376)
(240,111)
(804,385)
(1,044,496)
Administrative expenses
(6,219,074)
(23,361,079)
(29,580,153)
(8,632,365)
(24,944,638)
(33,577,003)
Other operating income
496,044
-
496,044
1,746,868
-
1,746,868
Operating profit
4
1,572,004
(1,513,190)
58,814
323,507
537,194
860,701
Share of results of associates and joint ventures
1,565,583
-
1,565,583
-
-
-
Interest receivable and similar income
8
342
-
342
1,330
-
1,330
Interest payable and similar expenses
9
(1,038,858)
-
(1,038,858)
(739,625)
-
(739,625)
Gain on sale of subsidiaries
55,575
-
55,575
-
-
-
Profit before taxation
2,154,646
(1,513,190)
641,456
(414,788)
537,194
122,406
Tax on profit
10
326,563
-
326,563
85,704
-
85,704
Profit for the financial year
2,481,209
(1,513,190)
968,019
(329,084)
537,194
208,110
Other comprehensive income
Cash flow hedges gain/(loss) arising in the year
456,195
(544,911)
Total comprehensive income for the year
1,424,214
(336,801)
GL DAMECK LIMITED
GROUP BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
-
0
52,630
Tangible assets
13
137,966
211,736
Investments
14
522,951
-
0
660,917
264,366
Current assets
Stocks
18
5,667,600
12,583,648
Debtors
19
13,846,371
17,325,169
Cash at bank and in hand
1,860,259
2,550,631
21,374,230
32,459,448
Creditors: amounts falling due within one year
20
(21,012,834)
(29,531,744)
Net current assets
361,396
2,927,704
Total assets less current liabilities
1,022,313
3,192,070
Creditors: amounts falling due after more than one year
21
(2,233,332)
(5,833,333)
Net liabilities
(1,211,019)
(2,641,263)
Capital and reserves
Called up share capital
26
650
650
Share premium account
3,024,450
3,024,450
Hedging reserve
(88,716)
(544,911)
Other reserves
3,693
(2,337)
Profit and loss reserves
(4,151,096)
(4,108,737)
Equity attributable to owners of the parent company
(1,211,019)
(1,630,885)
Non-controlling interests
-
(1,010,378)
(1,211,019)
(2,641,263)
The financial statements were approved by the board of directors and authorised for issue on 4 October 2024 and are signed on its behalf by:
04 October 2024
K M Ryan
Director
Company registration number SC314389 (Scotland)
GL DAMECK LIMITED
COMPANY BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
-
0
52,630
Tangible assets
13
131,319
205,089
Investments
14
522,951
100
654,270
257,819
Current assets
Stocks
18
5,667,600
12,567,102
Debtors
19
13,739,313
17,179,764
Cash at bank and in hand
1,854,492
2,475,300
21,261,405
32,222,166
Creditors: amounts falling due within one year
20
(20,990,574)
(29,332,159)
Net current assets
270,831
2,890,007
Total assets less current liabilities
925,101
3,147,826
Creditors: amounts falling due after more than one year
21
(2,233,332)
(5,833,333)
Net liabilities
(1,308,231)
(2,685,507)
Capital and reserves
Called up share capital
26
650
650
Share premium account
3,024,450
3,024,450
Hedging reserve
(88,716)
(544,911)
Profit and loss reserves
(4,244,615)
(5,165,696)
Total equity
(1,308,231)
(2,685,507)

As permitted by s408 Companies Act 2006, the company has not presented its own Statement of Comprehensive Income and related notes. The company’s profit for the year was £921,081 (2023 - £200,120 ).

The financial statements were approved by the board of directors and authorised for issue on 4 October 2024 and are signed on its behalf by:
04 October 2024
K M Ryan
Director
Company registration number SC314389 (Scotland)
GL DAMECK LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 14 -
Share capital
Share premium account
Hedging reserve
Currency translation reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
£
£
£
Balance at 1 February 2022
650
3,024,450
-
0
(9,117)
(4,316,847)
(1,300,864)
(1,010,378)
(2,311,242)
Year ended 31 January 2023:
Profit for the year
-
-
-
-
208,410
208,110
-
208,110
Other comprehensive income:
Currency translation differences
-
-
-
6,780
-
0
6,780
-
6,780
Cash flow hedges gains
-
-
(544,911)
-
-
(544,911)
-
(544,911)
Total comprehensive income
-
-
(544,911)
6,780
208,110
(330,021)
-
(336,801)
Balance at 31 January 2023
650
3,024,450
(544,911)
(2,337)
(4,108,737)
(1,630,885)
(1,010,378)
(2,641,263)
Year ended 31 January 2024:
Profit for the year
-
-
-
-
968,019
968,019
-
968,019
Other comprehensive income:
Currency translation differences
-
-
-
6,030
-
0
6,030
-
6,030
Cash flow hedges gains
-
-
456,195
-
-
456,195
-
456,195
Total comprehensive income
-
-
456,195
6,030
968,019
419,866
-
1,424,214
Release of minority interest
(1,010,378)
(1,010,378)
1,010,378
-
Balance at 31 January 2024
650
3,024,450
(88,716)
3,693
(4,151,096)
(1,211,019)
-
0
(1,211,019)
GL DAMECK LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 15 -
Share capital
Share premium account
Hedging reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 February 2022
650
3,024,450
-
0
(4,965,576)
(1,940,476)
Year ended 31 January 2023:
Loss for the year
-
-
-
(200,120)
(200,120)
Other comprehensive income:
Cash flow hedges gains arising in the year
-
-
(544,911)
-
(544,911)
Total comprehensive income for the year
-
-
(544,911)
(200,120)
(745,031)
Balance at 31 January 2023
650
3,024,450
(544,911)
(5,165,696)
(2,685,507)
Year ended 31 January 2024:
Profit for the year
-
-
-
921,081
921,081
Other comprehensive income:
Cash flow hedges gains arising in the year
-
-
456,195
-
456,195
Total comprehensive income for the year
-
-
456,195
921,081
1,377,276
Balance at 31 January 2024
650
3,024,450
(88,716)
(4,244,615)
(1,308,231)
GL DAMECK LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
3,005,803
1,890,560
Interest paid
(1,038,858)
(739,625)
Income taxes refunded/(paid)
30,259
(96,478)
Net cash inflow from operating activities
1,997,204
1,054,457
Investing activities
Purchase of intangible assets
-
(15,300)
Purchase of tangible fixed assets
(5,860)
(42,663)
Proceeds from disposal of tangible fixed assets
5,516
667
Income received from associates
1,042,632
-
Interest received
342
1,330
Net cash generated from/(used in) investing activities
1,042,630
(55,966)
Financing activities
Net movement on borrowings
(167,482)
(1,113,923)
Net movement on bank loans
(4,790,848)
2,801,598
Gain/(loss) on maturing derivatives
-
(415,811)
Net cash (used in)/generated from financing activities
(4,958,330)
1,271,864
Net (decrease)/increase in cash and cash equivalents
(1,918,496)
2,270,355
Cash and cash equivalents at beginning of year
(2,093,561)
(4,363,916)
Cash and cash equivalents at end of year
(4,012,057)
(2,093,561)
Relating to:
Cash at bank and in hand
1,860,259
2,550,631
Bank overdrafts included in creditors payable within one year
(5,872,316)
(4,644,192)
GL DAMECK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 17 -
1
Accounting policies
Company information

GL Dameck Limited (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is Yard Road, Blairgowrie, Perthshire, PH10 6NW.

 

The group consists of GL Dameck 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 unless otherwise stated in the accounting policies below. 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:

 

The financial statements of the company are consolidated in the financial statements of Dameck Holdings Limited. These consolidated financial statements are available from its registered office.

 

The ultimate controlling party is Dameck Holdings Limited, a company registered in Scotland, with their registered office being Yard Road, Blairgowrie, Perthshire, PH10 6NW.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company GL Dameck 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 January 2024. 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.

GL DAMECK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 18 -

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

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

The subsidiary company Addict Holdings Limited is exempt from the requirement of the Companies Act 2006 relating to the audit of financial statements under section 479A.

GL DAMECK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 19 -
1.3
Going concern

At the year end the company and group was operating using a RLS loan facility of £3.6M (2023: £7M) repayable over a fixed term plus an ongoing Trade Import facility of £3M (2023: £6M), an Invoice Finance facility of £2.5M (2023: £7.5M) and a net nil group overdraft facility which are due for review in January 2025. The reduction in the facility requirement is as a result of the restructure completed at year end which was completed to reduce the risks and strengthen the business as shown in the discontinued operations on Page 11.

At the date of signing the company and group had repaid just over £2.18M of the of the RLS loan facility and interest on the facility, which includes £1.68M of early repayment. Part of this overpayment was achieved through operational and revenue measures which were started in 2022 and are regularly reviewed by management and the directors to continue to put the company in a stronger trading position, the benefits of these changes are partially demonstrated in improved net profit for the year and further improvements in the net profit level are being realised post year end together with the use of funds from sister companies.

The company and group has completed scenario forecasting and stress testing for the period to 31 January 2025.

As part of this exercise the directors have assessed that the banking facilities available and the actions and strategies available to them to mitigate business threats under stress testing. The forecasts demonstrate that the group could operate within its available funding arrangements.

The directors have also had detailed discussions around the scenario forecasting and stress testing the bank in preparation for the facility review in January 2025. As a result the directors expect that adequate facilities, with suitable covenants, will be made available when the January 2025 review is concluded.

Based on the above management and the directors have assessed the company and the group’s ability to be able to continue as a going concern. In their opinion adequate facilities are in place at present, and there is no reason to expect that adequate facilities will not continue to be in place following the facility review in January 2025.

Considering this, and all other factors, the directors have concluded that the going concern basis of preparation of the accounts is appropriate and thus the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.

On the basis of their assessment of the company and group’s financial position, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future (more than 12 months). Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

GL DAMECK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 20 -
1.4
Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration receivable takes into account returns, trade discounts, settlement discounts and volume rebates.

 

When the group acts as an agent in a principal and agent relationship with another party, the company only includes in turnover the amount of its commission. The amounts collected on behalf of the principal are not recognised in revenue and costs.

 

The group recognises revenue when all of the following conditions are satisfied:

 

 

The specific criteria of the group's sales channels are described below.

Sale of goods - retail

 

Turnover from the sale of retail goods is recognised on sale to the customer, which is considered the point of delivery.

 

Sale of goods - internet based transactions

 

Turnover from the sale of goods via the internet is recognised when the risks and rewards of the goods is passed to the customer. For goods that are delivered to the customer this is the point of acceptance of the goods by the customer, and for 'click and collect' transactions this is the point of collection by the customer.

 

Provision is made for credit notes where required based on the actual return levels since the financial year end and on estimated return levels calculated based upon historical experience.

 

Sale of goods - wholesale

 

Turnover from wholesale sales is recognised when the risks and rewards of the goods is passed to the customer, which is usually at the point of dispatch of the goods.

1.5
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.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

GL DAMECK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 21 -
1.6
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; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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
3 years
Brand names & trademarks
10 years
License fees
5-7 years
1.7
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.

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 improvements
4-5 years
Plant and equipment
4 years
Motor vehicles
5 years

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.

1.8
Fixed asset investments

In the parent company financial statements, interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses are recognised immediately in 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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
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.

GL DAMECK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 22 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
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.

1.12
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.

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.

GL DAMECK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 23 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

GL DAMECK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 24 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.13
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.

1.14
Hedge accounting

The company designates certain hedging instruments, including derivatives, embedded derivatives and non-derivatives, as either fair value hedges or cash flow hedges. At the inception of the hedge relationship, the company documents the relationship between the hedging instrument and the hedged item along with risk management objectives and strategy for undertaking various hedge transactions. At the inception of the hedge and on an ongoing basis, the company documents whether the hedging instrument is highly effective in offsetting changes in fair values or cash flows of the hedged item.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

For derivatives that are designated and qualify as cash flow hedges, the effective portion of changes in the fair value of the hedge is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss.

 

Any gain or loss previously recognised in other comprehensive income is reclassified to profit or loss when the hedge relationship ends. This occurs when the hedging instrument expires or no longer meets the hedging criteria, the forecast transaction is no longer highly probable, the hedged debt instrument is derecognised, or the hedging instrument is terminated.

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.

GL DAMECK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 25 -
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
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.

1.17
Retirement benefits

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

1.18
Leases

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.

1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.20

Sponsorship costs

The group sponsors a number of sports teams from which it then generates wholesale turnover.

 

The sponsorship costs for these relationships are recognised in accordance with the teams season to which they relate. Costs are split into two parts, apparel and advertising rights, with the former being determined by the calculation of a fair gross margin for each club based on estimated sales and the balance being allocated to advertising rights. The relevant costs are allocated on the following basis:

 

Apparel rights - these costs are spread over the period in which apparel sales occurred;

 

Advertising rights - these costs are allocated to the period in which their benefit is deemed to be received.

GL DAMECK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 26 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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.

 

In preparing these financial statements, the directors have made the following judgements:

 

Critical judgements and key sources of estimation uncertainty

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Tangible fixed assets useful life and residual value

Tangible fixed assets are depreciated over their useful lives taking into account expected residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In assessing asset lives factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider factors such as current and future market conditions, the expected remaining life of the asset and projected disposal values.

Recoverability of trade debtors

Recoverability of trade debtors are evaluated and provisions for doubtful debts are made where appropriate. Provisions are based on experience, the age of debt, customer relations and payment history. The actual level of debt collected may differ from the estimated level of recovery and can therefore impact future operating results.

Stock valuation and provision

Stocks are valued at the lower of cost and net realisable value (NRV). Cost is calculated by establishing the cumulative value of the weighted average purchase price, the cost of duty, commission and shipping. These costs are reassessed regularly. NRV is calculated as the resale price less any expected further sales costs and discounts.

 

The stock provision is calculated using estimates and judgements by management. The provision is calculated to provide for prior season stock, slow moving stock, stock selling at a loss and out of license products.

GL DAMECK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 27 -
3
Turnover
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
53,780,140
44,269,076
Rest of Europe
9,663,550
24,503,508
Rest of the World
352,531
314,246
63,796,221
69,086,830
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(44,845)
(139,368)
Depreciation of owned tangible fixed assets
164,261
162,661
Loss on disposal of tangible fixed assets
3,651
7,352
Amortisation of intangible assets
40,291
139,219
(Profit)/loss on disposal of intangible assets
-
162
Operating lease charges
1,426,351
903,600

 

5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
39,000
37,725
Audit of the financial statements of the company's subsidiaries
6,300
6,000
45,300
43,725
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors
4
4
4
4
Administration
100
98
100
98
Sales
13
50
13
49
Total
117
152
117
151
GL DAMECK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
6
Employees
(Continued)
- 28 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,751,755
4,252,935
3,751,755
4,136,447
Social security costs
353,065
425,630
353,065
417,494
Pension costs
84,475
98,771
84,475
98,771
4,189,295
4,777,336
4,189,295
4,652,712
7
Directors' remuneration

The directors have considered the key management personnel of the business and have concluded that the key management personnel are limited to the board of directors. The total key management personnel remuneration for the year amounted to £nil (2023: £Nil).

 

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
342
-
0
Interest receivable
-
0
1,330
Total income
342
1,330
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
1,015,428
715,002
Other interest
23,430
24,623
Total finance costs
1,038,858
739,625

Other interest relates to interest payable on related party loans and borrowings.

10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
(13,862)
Benefit arising from a previously unrecognised tax loss or credit
(325,778)
-
0
Group tax relief
-
0
(71,842)
Total current tax
(325,778)
(85,704)
GL DAMECK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
10
Taxation
2024
2023
£
£
(Continued)
- 29 -
Deferred tax
Origination and reversal of timing differences
(2,920)
-
0
Adjustment in respect of prior periods
2,135
-
0
Total deferred tax
(785)
-
0
Total tax credit
(326,563)
(85,704)

The actual credit 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:

2024
2023
£
£
Profit before taxation
641,456
122,406
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
160,364
23,257
Tax effect of expenses that are not deductible in determining taxable profit
60,565
-
0
Tax effect of income not taxable in determining taxable profit
(276,712)
-
0
Unutilised tax losses carried forward
-
0
10,400
Change in unrecognised deferred tax assets
(325,778)
-
0
Adjustments in respect of prior years
-
0
16,126
Group relief
(14,894)
(71,842)
Other tax adjustments
72,812
(63,645)
Fixed asset timing differences
(2,920)
-
0
Taxation credit
(326,563)
(85,704)
11
Discontinued operations

On 31 January 2024 the company transferred the business relating to certain sports brands to a fellow subsidiary company of the Dameck Holdings group, Ardblair Sports Importers Limited. The company also entered into an arrangement with a third party relating to its sponsorship business.

GL DAMECK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 30 -
12
Intangible fixed assets
Group
Goodwill
Software
Brand names & trademarks
License fees
Total
£
£
£
£
£
Cost
At 1 February 2023
832,617
359,246
216,920
533,333
1,942,116
Disposals
(832,617)
(5,905)
(148,531)
(200,000)
(1,187,053)
At 31 January 2024
-
353,341
68,389
333,333
755,063
Amortisation and impairment
At 1 February 2023
832,617
353,509
199,349
504,011
1,889,486
Amortisation charged for the year
-
0
5,737
5,232
29,322
40,291
Disposals
(832,617)
(5,905)
(136,192)
(200,000)
(1,174,714)
At 31 January 2024
-
353,341
68,389
333,333
2,420,297
Carrying amount
At 31 January 2024
-
-
-
-
(1,665,234)
At 31 January 2023
-
5,737
17,571
29,322
52,630
Company
Software
Brand names & trademarks
License fees
Total
£
£
£
£
Cost
At 1 February 2023
359,246
148,531
533,333
1,041,110
Disposals
(5,905)
(148,531)
(200,000)
(354,436)
At 31 January 2024
353,341
-
0
333,333
686,674
Amortisation and impairment
At 1 February 2023
353,509
130,960
504,011
988,480
Amortisation charged for the year
5,737
5,232
29,322
40,291
Disposals
(5,905)
(136,192)
(200,000)
(342,097)
At 31 January 2024
353,341
-
0
333,333
686,674
Carrying amount
At 31 January 2024
-
0
-
0
-
0
-
0
At 31 January 2023
5,737
17,571
29,322
52,630
GL DAMECK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 31 -
13
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2023
708,739
254,163
220,532
1,183,434
Additions
-
0
5,860
-
0
5,860
Disposals
(406,498)
(7,632)
(39,513)
(453,643)
At 31 January 2024
302,241
252,391
181,019
735,651
Depreciation and impairment
At 1 February 2023
637,970
213,284
120,444
971,698
Depreciation charged in the year
20,529
18,614
31,320
70,463
Eliminated in respect of disposals
(397,331)
(7,633)
(39,514)
(444,476)
At 31 January 2024
261,168
224,267
112,250
597,685
Carrying amount
At 31 January 2024
41,073
28,124
68,769
137,966
At 31 January 2023
70,769
40,880
100,087
211,736
Company
Leasehold improvements
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2023
708,739
197,741
214,067
1,120,547
Additions
-
0
5,860
-
0
5,860
Disposals
(406,498)
(7,632)
(39,514)
(453,644)
At 31 January 2024
302,241
195,969
174,553
672,763
Depreciation and impairment
At 1 February 2023
637,970
157,044
120,444
915,458
Depreciation charged in the year
20,529
18,614
31,320
70,463
Eliminated in respect of disposals
(397,331)
(7,632)
(39,514)
(444,477)
At 31 January 2024
261,168
168,026
112,250
541,444
Carrying amount
At 31 January 2024
41,073
27,943
62,303
131,319
At 31 January 2023
70,769
40,697
93,623
205,089
GL DAMECK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 32 -
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
-
0
100
Investments in associates
16
522,951
-
0
522,951
-
0
522,951
-
0
522,951
100
Movements in fixed asset investments
Group
Shares in associates
£
Cost or valuation
At 1 February 2023
-
Additions
522,951
At 31 January 2024
522,951
Carrying amount
At 31 January 2024
522,951
At 31 January 2023
-
Movements in fixed asset investments
Company
Shares in subsidiaries and associates
£
Cost or valuation
At 1 February 2023
198,100
Additions
522,951
Disposals
(100)
At 31 January 2024
720,951
Impairment
At 1 February 2023
-
Impairment losses
198,000
At 31 January 2024
198,000
Carrying amount
At 31 January 2024
522,951
At 31 January 2023
100
GL DAMECK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 33 -
15
Subsidiaries

Details of the company's subsidiaries at 31 January 2024 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Diamond Sport Retail Limited
1
Retailing of sports apparel and merchandise
Ordinary
100.00
GLD (Europe) GmbH
2
Management services
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Yard Road, Blairgowrie, Scotland, PH10 6NW
2
Brandstwiete, 320457, Hamburg, Germany

The parent company GL Dameck Limited has provided a guarantee in respect of its former subsidiary company Addict Holdings Limited, company registration number SC314389. This subsidiary is therefore exempt from the requirements of the Companies Act relating to the audit of its individual financial statements.

 

On 31 January 2024 GLD Brands Limited, Swallowtail Lifestyle Limited and Addict Holdings Limited became wholly owed subsidiaries of Ardblair Sports Importers Limited (ultimately owned by Dameck Holdings Limited). The results of GLD Brands Limited, Swallowtail Lifestyle Limited and Addict Holdings Limited are included in the consolidated financial statements of GL Dameck Limited to 30 January 2024 and within the consolidated financial statements of Ardblair Sports Importers Limited as at 31 January 2024.

 

GL DAMECK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 34 -
16
Associates

Details of associates at 31 January 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Diamond Icon Ltd
UK
Sports apparel development and sourcing
Ordinary
25

On 21 September 2023 the company acquired 500 ordinary shares in Diamond Icon Ltd. Income is recognised in line with the equity accounting method.

17
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial liabilities
Measured at fair value through the Statement of Comprehensive Income
- Other financial liabilities
456,195
(544,911)
456,195
(544,911)

Financial instruments measured at fair value through the Statement of Comprehensive Income comprise cash flow hedges for foreign currency forward contracts recognised as derivative financial instruments.

18
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
5,667,600
12,583,648
5,667,600
12,567,102

Stock is held after provisions for impairment of £577,142 (2023 - £857,619). The movement on the stock impairment provision is recognised through cost of sales.

GL DAMECK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 35 -
19
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
6,659,702
13,276,569
6,659,702
13,198,092
Corporation tax recoverable
80,081
110,340
80,081
110,340
Amounts owed by group undertakings
-
-
102,581
350,343
Amounts owed by undertakings in which the company has a participating interest
-
153,111
-
77,966
Other debtors
6,476,989
2,106,248
6,267,350
1,806,818
Prepayments and accrued income
300,901
1,678,901
300,901
1,636,205
13,517,673
17,325,169
13,410,615
17,179,764
Deferred tax asset (note 24)
328,698
-
0
328,698
-
0
13,846,371
17,325,169
13,739,313
17,179,764
20
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
22
8,044,197
8,006,920
8,044,197
8,006,884
Other borrowings
22
1,110,052
1,277,534
1,110,052
1,277,534
Trade creditors
4,789,823
9,010,115
4,787,423
8,880,036
Amounts owed to parent
325,677
37,326
308,281
-
0
Amounts owed to related parties
-
0
99,612
-
0
-
0
Other taxation and social security
85,865
198,103
85,501
210,876
Other creditors
928,327
1,569,313
928,327
1,565,867
Accruals and deferred income
5,728,893
9,332,821
5,726,793
9,390,962
21,012,834
29,531,744
20,990,574
29,332,159
21
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
22
2,233,332
5,833,333
2,233,332
5,833,333
GL DAMECK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 36 -
22
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
4,405,213
9,196,061
4,405,213
9,196,061
Bank overdrafts
5,872,316
4,644,192
5,872,316
4,644,156
Other loans
1,110,052
1,277,534
1,110,052
1,277,534
11,387,581
15,117,787
11,387,581
15,117,751
Payable within one year
9,288,938
9,284,454
9,154,249
9,284,418
Payable after one year
2,233,332
5,833,333
2,233,332
5,833,333

Bank loans

Included within bank loans is a RLS loan with a balance of £3,633,332 (2023: £7,000,000). This loan is repayable in monthly installments of £116,667 over 5 years following a 12 month capital payment holiday and interest is being charged at 4.25% over the Bank of England base rate.

 

The group and company have a Trade Import line facility with HSBC Bank PLC for a total value of £6,000,000 (2023: £6,000,000) to assist the company with its overseas purchases. Interest is charged at 2.95% above the Bank of England base rate. The facility balance at 31 January 2024 was £771,881 (2023 £2,196,061) and is included in bank loans above.

 

Bank overdrafts

Bank overdrafts represent the overdraft facility in place with HSBC. The company is part of a group which have a net nil overdraft facility in place with HSBC. The group and company were utilising £5,872,316 (2023: £4,644,192) of the facility at the year end.

 

Other loans

Other loans represent the invoice finance facility in place with HSBC. The company has a facility of £7,500,000 (2023: £7,500,000) of which £1,110,052 (2023: £1,277,534) was drawn down at the year end. The facility carries an interest charge of 2.45% above the Bank of England base rate and the facility is secured over trade debtors.

23
Banking security

The company is party to a multilateral agreement with its bankers for guarantees provided in respect of the bank borrowings of Ardblair Sports Importers Limited, Dameck Holdings Limited, GL Dameck Limited, Diamond Sports Retail Limited, Swallowtail Lifestyle Limited and Kappa G.B. Limited.

 

HSBC UK Bank PLC holds a floating charge over the all assets of the company in respect of loans and a

security over trade debtors in respect of the invoice finance facility.

 

Post year end HSBC UK Bank PLC holds a fixed charge over cash deposits in respect of all assets owned.

 

GL DAMECK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 37 -
24
Deferred taxation

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

Assets
Assets
2024
2023
Group
£
£
Accelerated capital allowances
2,920
-
Tax losses
325,778
-
328,698
-
Assets
Assets
2024
2023
Company
£
£
Accelerated capital allowances
2,920
-
Tax losses
325,778
-
328,698
-
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 February 2023
-
-
Credit to profit or loss
(328,698)
(328,698)
Asset at 31 January 2024
(328,698)
(328,698)

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.

25
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
84,475
98,771

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. The unpaid contributions outstanding at period end amounted to £nil (2023 - £nil).

GL DAMECK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 38 -
26
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
6,500
6,500
650
650

 

27
Financial commitments, guarantees and contingent liabilities

At the reporting end date there were letters of credit outstanding to the value of £750,077 (2023 - £762,216).

 

The company sponsor a number of football teams over the season. Through the sponsorship agreement, there are performance bonuses which are payable on meeting certain conditions by the end of the football season in June. The quantum of the bonus is dependent on the individual agreement, relevant league level and the performance of the club over the season. No provision is included in these financial statements in relation to these agreements as these conditions have not been met.

 

The company is currently involved in a dispute with HMRC over previous import duties paid by the company. The company are of the opinion that these import duties amounting to £234,797, of which £127,154 has been paid to date, were not actually due as the payments were in relation to buying commission which would not attract import duty. The company are liaising with professional advisors.

28
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
2024
2023
2024
2023
£
£
£
£
Within one year
431,536
432,952
245,940
247,356
Between two and five years
739,836
932,333
684,900
745,551
1,171,372
1,365,285
930,840
992,907
GL DAMECK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 39 -
29
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Expense recharges
Expense recharges
2024
2023
£
£
Group
Entities with control, joint control or significant influence over the group
24,268
7,857
Other related parties
42,148
67,130
Company
Entities with control, joint control or significant influence over the company
24,268
7,857
Other related parties
42,148
67,130
Overheads and management charges
Loan interest
2024
2023
2024
2023
£
£
£
£
Group
Entities with control, joint control or significant influence over the company
-
18,827
-
(228,169)
Other related parties
12,155
(39,473)
13,883
(239,980)
Company
Entities with control, joint control or significant influence over the company
-
18,827
-
(228,169)
Other related parties
12,155
(39,473)
13,883
(239,980)

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Other related parties
108,105
549,174
Company
Other related parties
108,105
549,174
GL DAMECK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
29
Related party transactions
(Continued)
- 40 -

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Other related parties
1,493
77,966
Company
Entities with control, joint control or significant influence over the company
1,087
88,102
Other related parties
1,493
77,966
Other information

On 31 January 2024 the company transferred its shareholding in the subsidiary undertakings, GLD Brands Limited, Swallowtail Lifestyle Limited and Addict Holdings Limited to a fellow subsidiary company of the Dameck Holdings group, Ardblair Sports Importers Limited.

 

On 31 January 2024 the company transferred certain elements of its business to a fellow subsidiary company of the Dameck Holdings group, Ardblair Sports Importers Limited, this included stock net of provisions totalling £3,837,146, debtors totalling £969,466 and creditors totalling £153,664. Intangible assets with a net book value of £12,333 were disposed of for a consideration of £12,133 and tangible fixed assets with a net book value of £9,167 were disposed of for a consideration of £4,766 to Ardblair Sports Importers Limited and its subsidiaries.

 

Loan interest amounts for the year ended 31 January 2024 included interest forgiveness of £497,411 (2023: £440,572) for entities with control, joint control or significant influence over the company and £Nil (2023: £249,377) for other related entities. Overheads and management charges for the year ended 31 January 2024 include rent forgiveness of £Nil (2023: £129,361) for other relates parties.

 

The directors are of the opinion that all other related party transactions are conducted under normal market conditions and on an arm's length basis.

GL DAMECK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 41 -
30
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
968,019
208,110
Adjustments for:
Share of results of associates and joint ventures
(1,565,583)
-
Taxation credited
(326,563)
(13,862)
Finance costs
1,038,858
746,405
Investment income
(342)
(1,330)
Loss on disposal of tangible fixed assets
3,651
7,352
Loss on disposal of intangible assets
-
162
Amortisation and impairment of intangible assets
40,291
139,219
Depreciation and impairment of tangible fixed assets
70,463
162,661
Other gains and losses
(55,575)
-
Movements in working capital:
Decrease/(increase) in stocks
6,916,048
(430,636)
Decrease in debtors
3,777,237
456,850
(Decrease)/increase in creditors
(7,860,701)
615,629
Cash generated from operations
3,005,803
1,890,560
31
Analysis of changes in net debt - group
1 February 2023
Cash flows
31 January 2024
£
£
£
Cash at bank and in hand
2,550,631
(690,372)
1,860,259
Bank overdrafts
(4,644,192)
(1,228,124)
(5,872,316)
(2,093,561)
(1,918,496)
(4,012,057)
Borrowings excluding overdrafts
(10,473,595)
4,958,330
(5,515,265)
(12,567,156)
3,039,834
(9,527,322)
2024-01-312023-02-01falseCCH SoftwareCCH Accounts Production 2024.200E C ScottC W ScottM A F ScottM A F ScottK M 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