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REGISTERED NUMBER: 03280008 (England and Wales)















LYNDHURST SHOE COMPANY LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024






LYNDHURST SHOE COMPANY LIMITED (REGISTERED NUMBER: 03280008)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 9

Statement of Financial Position 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


LYNDHURST SHOE COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: S Morley
A M Morley
A Morley-Doidge
R L Morley



SECRETARY: L Hunter



REGISTERED OFFICE: Units 1-7 Fallbarn Road
Rawtenstall
Rossendale
BB4 7NT



REGISTERED NUMBER: 03280008 (England and Wales)



AUDITORS: DJH Audit Limited
Accountants
Statutory Auditors
The Exchange
5 Bank Street
Bury
BL9 0DN



BANKERS: Lloyds TSB Bank plc
Church Street
Blackburn
Lancashire
BB2 1JQ

LYNDHURST SHOE COMPANY LIMITED (REGISTERED NUMBER: 03280008)

STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024


The directors present their strategic report for the year ended 29 February 2024.

REVIEW OF BUSINESS
The results for the period and financial position of the company are shown in the annexed financial statements.

The directors are satisfied with the increase in turnover and results achieved in the year. These have been achieved despite the continuing difficulties facing the retail and footwear industry. As in the prior year, the majority of sales are generated from the company's key brands.

The company's gross profit margin fluctuates year on year due to a number of factors including:

- Exchange rate variation impacting the purchase price of goods.

- The sales mix of product type sold

- The ratio of wholesale and cash and carry

Going forward, the directors believe that it will be very difficult to sustain the current year's results but they will aim to do so by improving the product range and building on strong relationships with customers.

PRINCIPAL RISKS AND UNCERTAINTIES
The main ongoing risks facing the company are falling demand, foreign currency exposure and bad debts.

The shoe industry is highly competitive and a general downturn in consumer spending has seen increased pressure from customers in relation to prices. The current downturn in consumer spending will continue to put sales under pressure over the next twelve months. Demand may be further impacted by unseasonal weather patterns.

Falling demand - the directors aim to mitigate this risk by sourcing new customers and also continually offering new product designs.

Rising cost of raw materials and manufacturing cost - price increases will be passed on to customers where possible to help mitigate against this risk.

Fluctuations in shipping costs - as some customers move to freight on board (FOB) it will help to mitigate against this risk.

Bad debt risk - As retail outlets continue to suffer, the risk of bad debts is expected to increase in the coming year. The directors operate a strong credit control function, impose strict credit limits and continually monitor balances owed.

KEY PERFORMANCE INDICATORS
The key performance indicators used by the directors are:-

i) Monthly sales data - which is compared to results in the prior year.

ii) Monthly sales ledger - which is is analysed by age of balance.

iii) Profit margins on a product by product basis.


LYNDHURST SHOE COMPANY LIMITED (REGISTERED NUMBER: 03280008)

STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

FUTURE DEVELOPMENTS
Trading since the year end has continued to be challenging, in light of the cost of living crisis.

ON BEHALF OF THE BOARD:





S Morley - Director


18 October 2024

LYNDHURST SHOE COMPANY LIMITED (REGISTERED NUMBER: 03280008)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 29 FEBRUARY 2024


The directors present their report with the financial statements of the company for the year ended 29 February 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the design, import and sale of footwear.

DIVIDENDS
No dividends will be distributed for the year ended 29 February 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 March 2023 to the date of this report.

S Morley
A M Morley
A Morley-Doidge
R L Morley

DISCLOSURE IN THE STRATEGIC REPORT
Identification of the information for which the company has chosen, in accordance with s414C(11) of the Companies Act, to set out in the company's strategic report which would otherwise be required by Schedule 7 of the 'Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008' to be contained in the directors' report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
-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 company's transactions and disclose with reasonable accuracy at any time the financial position of 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

LYNDHURST SHOE COMPANY LIMITED (REGISTERED NUMBER: 03280008)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 29 FEBRUARY 2024


AUDITORS
DJH Audit Limited has indicated its willingness to be reappointed for another term and appropriate arrangements are being made for it to be deemed reappointed as auditor in the absence of an Annual General Meeting.

ON BEHALF OF THE BOARD:





S Morley - Director


18 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LYNDHURST SHOE COMPANY LIMITED


Opinion
We have audited the financial statements of Lyndhurst Shoe Company Limited (the 'company') for the year ended 29 February 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity 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 company's affairs as at 29 February 2024 and of its 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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.

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 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 the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LYNDHURST SHOE COMPANY LIMITED


Matters on which we are required to report by exception
In the light of the 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 or the Report of the Directors.

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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 four, 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 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.

Auditors' 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 a Report of the Auditors 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:

As part of our planning process:
- We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud.
- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006 and Health & Safety at Work 1974.
- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
- Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
- Identifying and testing journal entries, in particular those that were significant and unusual.
- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to bad debt.
- Assessing the extent of compliance, or lack of, with the relevant laws and regulations.
- Testing key revenue lines, for evidence of management bias.
- Documenting and verifying all significant related party balances and transactions.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LYNDHURST SHOE COMPANY LIMITED

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.

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 Report of the Auditors.

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 a Report of the Auditors 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.




Kate Hughes (Senior Statutory Auditor)
for and on behalf of DJH Audit Limited
Accountants
Statutory Auditors
The Exchange
5 Bank Street
Bury
BL9 0DN

18 October 2024

LYNDHURST SHOE COMPANY LIMITED (REGISTERED NUMBER: 03280008)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024 2023
Notes £    £   

REVENUE 3 10,996,317 10,272,816

Cost of sales (8,279,940 ) (8,292,271 )
GROSS PROFIT 2,716,377 1,980,545

Administrative expenses (637,206 ) (402,389 )
2,079,171 1,578,156

Other operating income 4 55,711 14,210
OPERATING PROFIT 6 2,134,882 1,592,366

Income from fixed asset investments 7,908 5,525
Interest receivable and similar income 7 1,222,325 253,575
3,365,115 1,851,466

Interest payable and similar expenses 8 (1,400 ) (3,064 )
PROFIT BEFORE TAXATION 3,363,715 1,848,402

Tax on profit 9 (810,250 ) (363,762 )
PROFIT FOR THE FINANCIAL YEAR 2,553,465 1,484,640

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,553,465

1,484,640

LYNDHURST SHOE COMPANY LIMITED (REGISTERED NUMBER: 03280008)

STATEMENT OF FINANCIAL POSITION
29 FEBRUARY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 10 - -
Property, plant and equipment 11 151,554 68,351
Investments 12 3,027,918 1,590,185
3,179,472 1,658,536

CURRENT ASSETS
Inventories 13 330,467 893,239
Debtors 14 2,821,885 2,042,108
Cash at bank 24,879,618 16,382,633
28,031,970 19,317,980
CREDITORS
Amounts falling due within one year 15 (17,095,775 ) (9,414,314 )
NET CURRENT ASSETS 10,936,195 9,903,666
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,115,667

11,562,202

CAPITAL AND RESERVES
Called up share capital 16 2 2
Retained earnings 14,115,665 11,562,200
SHAREHOLDERS' FUNDS 14,115,667 11,562,202

The financial statements were approved by the Board of Directors and authorised for issue on 18 October 2024 and were signed on its behalf by:




S Morley - Director A Morley-Doidge - Director




R L Morley - Director


LYNDHURST SHOE COMPANY LIMITED (REGISTERED NUMBER: 03280008)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 March 2022 2 10,077,560 10,077,562

Changes in equity
Total comprehensive income - 1,484,640 1,484,640
Balance at 28 February 2023 2 11,562,200 11,562,202

Changes in equity
Total comprehensive income - 2,553,465 2,553,465
Balance at 29 February 2024 2 14,115,665 14,115,667

LYNDHURST SHOE COMPANY LIMITED (REGISTERED NUMBER: 03280008)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024


1. STATUTORY INFORMATION

Lyndhurst Shoe Company Limited is a private company, limited by shares, registered in England and Wales, registration number 03280008. The registered office is 1-7 Fallbarn Road, Rawtenstall, Lancashire BB4 7NT.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern
The company had net assets of £14,115,667 (2023: £11,562,202) and a cash balance of £24,879,618 (2023: £16,382,633) at the year end and so is well placed to meet all its cash requirements for the next 12 months. The company has continued to trade profitably post-year end. The directors believe that the company can manage the risk it faces at these challenging times and therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 33.7.

Critical accounting estimates and judgements
In the application of the company's accounting policies, the directors are required to make estimates and judgement. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

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

Making judgement based on historical experience on the level of provision required for impairment of inventory. Further information received after the statement of financial position date may impact on the level of provision required.

The directors use judgement to provide against bad debts using knowledge of customers and experience. The provisions are revisited after the statement of financial position date to ensure appropriate.

LYNDHURST SHOE COMPANY LIMITED (REGISTERED NUMBER: 03280008)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


2. ACCOUNTING POLICIES - continued

Revenue
Revenue comprises the aggregate of the fair value of the sale of footwear, net of value-added tax. Revenue is recognised when the company has delivered goods to the customer, the customer has accepted the goods and collection of the related receivables is anticipated.

Trademarks
Trademarks are accounted for at cost. Trademarks are amortised over the following useful economic lives:

Groundwork - over 10 years
Cushion Walk - over 10 years

The directors also consider the need for impairment annually, if any such impairment is noted it is recognised in the income statement immediately. Trademarks were amortised in full in the prior year.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 2% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

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 statement of comprehensive income.

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks and other short term liquid investments with original maturities of three months or less.

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Costs, which comprise purchase price, duty and shipping are based on the average cost for the period. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

Financial instruments
The company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, and impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost.


LYNDHURST SHOE COMPANY LIMITED (REGISTERED NUMBER: 03280008)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period in which they relate.

Fixed asset investments
Listed investments are included at fair value, with changes in fair value being recognised in the income statement.

Dividends
Equity dividends are recognised when they become legally payable and are no longer at the discretion of the company.

3. REVENUE

The revenue and profit before taxation are attributable to the one principal activity of the company.

An analysis of revenue by geographical market is given below:

2024 2023
£    £   
United Kingdom 9,224,288 9,326,779
Europe 856,262 475,827
Rest of the world 915,767 470,210
10,996,317 10,272,816

LYNDHURST SHOE COMPANY LIMITED (REGISTERED NUMBER: 03280008)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


4. OTHER OPERATING INCOME
2024 2023
£    £   
Rents received 55,711 14,210

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 181,028 175,823
Social security costs 9,700 12,669
Other pension costs 4,196 3,368
194,924 191,860

The average number of employees during the year was as follows:
2024 2023

Administration 7 7
Warehouse 3 3
10 10

2024 2023
£    £   
Directors' remuneration 36,238 37,349

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 28,008 11,854
Profit on disposal of fixed assets - (5,353 )
Auditors' remuneration 8,500 8,500
Foreign exchange differences 8,717 (219,959 )
Revaluation of investments 42,186 31,236

LYNDHURST SHOE COMPANY LIMITED (REGISTERED NUMBER: 03280008)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


7. INTEREST RECEIVABLE AND SIMILAR INCOME
2024 2023
£    £   
Deposit account interest 1,222,292 250,339
Corporation tax interest 33 3,236
1,222,325 253,575

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Interest on late corporation tax 1,400 3,064

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 820,848 363,762
Overprovision in prior year (10,598 ) -

Tax on profit 810,250 363,762

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 3,363,715 1,848,402
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

840,929

351,196

Effects of:
Expenses not deductible for tax purposes 2,264 119
Income not taxable for tax purposes (9,980 ) (1,049 )
Depreciation in excess of capital allowances 4,668 2,252
Chargeable gain - 646
Overprovision in prior year (10,598 ) 10,598
Effect in change of tax rate (17,033 ) -
Total tax charge 810,250 363,762

LYNDHURST SHOE COMPANY LIMITED (REGISTERED NUMBER: 03280008)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


10. INTANGIBLE FIXED ASSETS
Trademarks
£   
COST
At 1 March 2023
and 29 February 2024 2,577,588
AMORTISATION
At 1 March 2023
and 29 February 2024 2,577,588
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 -

11. PROPERTY, PLANT AND EQUIPMENT
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 March 2023 62,819 13,356 67,679
Additions - 7,812 103,399
At 29 February 2024 62,819 21,168 171,078
DEPRECIATION
At 1 March 2023 25,539 12,893 64,104
Charge for year 1,256 587 19,240
At 29 February 2024 26,795 13,480 83,344
NET BOOK VALUE
At 29 February 2024 36,024 7,688 87,734
At 28 February 2023 37,280 463 3,575

LYNDHURST SHOE COMPANY LIMITED (REGISTERED NUMBER: 03280008)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


11. PROPERTY, PLANT AND EQUIPMENT - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 March 2023 53,884 68,076 265,814
Additions - - 111,211
At 29 February 2024 53,884 68,076 377,025
DEPRECIATION
At 1 March 2023 28,289 66,638 197,463
Charge for year 6,397 528 28,008
At 29 February 2024 34,686 67,166 225,471
NET BOOK VALUE
At 29 February 2024 19,198 910 151,554
At 28 February 2023 25,595 1,438 68,351

12. FIXED ASSET INVESTMENTS
Listed
investments
£   
COST OR VALUATION
At 1 March 2023 1,590,185
Additions 1,497,866
Disposals (100,000 )
Revaluations 39,867
At 29 February 2024 3,027,918
NET BOOK VALUE
At 29 February 2024 3,027,918
At 28 February 2023 1,590,185

LYNDHURST SHOE COMPANY LIMITED (REGISTERED NUMBER: 03280008)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


12. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 29 February 2024 is represented by:

Listed
investments
£   
Valuation in 2024 39,867
Valuation in 2023 (31,236 )
Valuation in 2022 (10,176 )
Valuation in 2021 968
Valuation in 2020 (13,023 )
Valuation in 2019 (107,934 )
Valuation in 2018 2,425
Valuation in 2017 (55,121 )
Valuation in 2016 (90,076 )
Valuation in 2015 (66,016 )
Cost 3,358,240
3,027,918

13. INVENTORIES
2024 2023
£    £   
Finished goods 330,467 514,959
Goods in transit - 378,280
330,467 893,239

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,062,385 1,712,209
Other debtors 65,931 70,444
VAT debtor 25,248 -
S455 taxation debtor 134 134
Accrued interest 581,770 176,740
Prepayments 86,417 82,581
2,821,885 2,042,108

LYNDHURST SHOE COMPANY LIMITED (REGISTERED NUMBER: 03280008)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 232,344 427,413
Corporation tax 340,559 339,309
Social security and other taxes 4,195 4,756
Other creditors 28,042 128,847
Amounts due to related parties 14,311,077 6,436,205
Directors' loan account 2,134,095 2,008,990
Accrued expenses 45,463 68,794
17,095,775 9,414,314

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2

17. ULTIMATE PARENT COMPANY

The immediate parent company is LSC Holdings Limited, company registered in England and Wales.

The ultimate parent company is LSC Group Limited, company registered in England and Wales. The results of the company are included within the consolidated financial statements of LSC Group Limited, copies of which can be obtained from the company's registered office at Units 1 - 7 Fallbarn Road, Rawtenstall, Rossendale, Lancashire, BB4 7NT.

18. RELATED PARTY DISCLOSURES

Rent amounting to £46,000 (2023: £46,000) was paid to a director for the occupation of the properties used by the company.

Included within creditors falling due within one year are amounts due to related parties of £14,311,077 (2023: £6,436,205) These loans are interest free, unsecured and repayable on demand.

All related party loans are due from or to companies which are under the control of the directors of Lyndhurst Shoe Company Limited.

19. ULTIMATE CONTROLLING PARTY

The company is controlled jointly by A Morley-Doidge, R L Morley and S Morley as shareholders of the ultimate parent company LSC Group Limited. No single shareholder has overall control.