REGISTERED NUMBER: |
LYNDHURST SHOE COMPANY LIMITED |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Accountants |
Statutory Auditors |
The Exchange |
5 Bank Street |
Bury |
BL9 0DN |
BANKERS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Accountants |
Statutory Auditors |
The Exchange |
5 Bank Street |
Bury |
BL9 0DN |
LYNDHURST SHOE COMPANY LIMITED (REGISTERED NUMBER: 03280008) |
STATEMENT OF COMPREHENSIVE |
INCOME |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
REVENUE | 3 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
2,079,171 | 1,578,156 |
Other operating income | 4 |
OPERATING PROFIT | 6 |
Income from fixed asset investments |
Interest receivable and similar income | 7 |
3,365,115 | 1,851,466 |
Interest payable and similar expenses | 8 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 9 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
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 |
Investments | 12 |
CURRENT ASSETS |
Inventories | 13 |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Total comprehensive income | - |
Balance at 28 February 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 29 February 2024 |
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 |
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 |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
Europe |
Rest of the world | 915,767 | 470,210 |
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 |
5. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Administration | 7 | 7 |
Warehouse | 3 | 3 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) |
Auditors' remuneration |
Foreign exchange differences | ( |
) |
Revaluation of investments |
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 |
Corporation tax interest |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Interest on late corporation tax |
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 |
Overprovision in prior year | (10,598 | ) | - |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) | ( |
) |
Depreciation in excess of capital allowances |
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 |
AMORTISATION |
At 1 March 2023 |
and 29 February 2024 |
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 |
Additions |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
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 |
Additions |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
12. | FIXED ASSET INVESTMENTS |
Listed |
investments |
£ |
COST OR VALUATION |
At 1 March 2023 |
Additions |
Disposals | ( |
) |
Revaluations |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
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 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
VAT debtor | 25,248 | - |
S455 taxation debtor | 134 | 134 |
Accrued interest |
Prepayments |
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 |
Corporation tax |
Social security and other taxes |
Other creditors |
Amounts due to related parties | 14,311,077 | 6,436,205 |
Directors' loan account | 2,134,095 | 2,008,990 |
Accrued expenses |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
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. |