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Registered number: 07746818










DRAGONFLY VENTURE GROUP LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
DRAGONFLY VENTURE GROUP LIMITED
 
 
COMPANY INFORMATION


Director
C Maughan 




Registered number
07746818



Registered office
32 Portland Terrace

Newcastle upon Tyne

NE2 1QP




Independent auditors
Robson Laidler Accountants Limited

Fernwood House

Fernwood Road

Jesmond

Newcastle upon Tyne

Tyne & Wear

NE2 1TJ





 
DRAGONFLY VENTURE GROUP LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 3
Director's Report
4 - 5
Independent Auditors' Report
6 - 9
Consolidated Statement of Comprehensive Income
10
Consolidated Balance Sheet
11
Company Balance Sheet
12
Consolidated Statement of Changes in Equity
13
Company Statement of Changes in Equity
14
Consolidated Statement of Cash Flows
15 - 16
Consolidated Analysis of Net Debt
17
Notes to the Financial Statements
18 - 38


 
DRAGONFLY VENTURE GROUP LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The principal activities of the Group are the design, manufacture and sale of footwear, outdoor accessories, and workwear.

Business review
 
During the period the Group saw turnover and gross profit increase. These movements were principally the result of an increase in trading activity and movements in currency exchange rates. The Group continued with its strategic move away from low margin/high volume sales and continued to develop new markets and new products. The Group continues to adopt this approach in an attempt to grow its turnover and maintain its gross profit going forward.    

Principal risks and uncertainties
 
Competitive risk
The Group's core markets remain highly competitive. It is difficult to see any improvement in the Group's trading conditions in its largest single market, the UK, in the current period. The Group continues to face price pressures from both customers and suppliers. This means that the Group is likely to continue to face competitive pressures for some time to come.
Legislative risk
The Group holds a number of licences with a number of different licensors. The Group takes care so as to ensure that it is able to meet the requirements of these licences such that it is not in breach of them. Any loss of these licences would have a significant impact upon the Group's ability to generate income.
The Group is governed by a wide range of other legislation. The Group takes great care to keep up to date with all new legislation and regulations to ensure that it can maintain its position within the industry.
Financial risk
The Group's main area of financial risk is foreign currency risk. It also faces credit and liquidity risk.
The Group makes the majority of its purchases in US dollars while a significant proportion of its sales are in sterling. A strengthening US dollar therefore leads to an erosion in the Group's profit margins. The Group aims to mitigate foreign currency risk by holding sufficient US dollars to meet its day to day needs and by growing sales in dollars.
The Group's policy is to minimise credit risk by ensuring that credit terms are only granted to customers who demonstrate an appropriate history and credit position.
Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with financial liabilities. The Group aims to mitigate liquidity risk by managing cash generation from its activities on a regular basis.
Due to a number of factors the Group continues to face a challenging trading environment at the year end, but it believes it has sufficient resources to meet these challenges.

Page 1

 
DRAGONFLY VENTURE GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Financial key performance indicators
 
The Group regularly analyses several key performance indicators to monitor the financial performance and health of the business. 
The principal key performance indicators for the period were: 
1. Turnover - The Group's turnover for the period increased by 2% to £110,832,958;
2. Gross Profit -  The Group's gross profit for the period increased by £3,691,431 to £33,006,664;
3. Operating Profit percentage - The Group's operating profit percentage increased from 18.6% to 19.3%;
4. Cash balances - The Group's overall cash holdings decreased from £106.4m to £97.9m.
The director is satisfied with the Group's performance against these KPI's during the period. 

Other key performance indicators
 
The Group uses a number of non-financial performance indicators in order to measure performance, including the number of units of products sold in a period.  
During the current period the number of units of product sold by the Group increased by 8.7% compared to the previous period. 

Page 2

 
DRAGONFLY VENTURE GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Section 172 statement
 
This statement sets out how the director has met his responsibilities under section 172 Companies Act 2006. The director believes, in good faith, that he has acted in a way that has promoted the success of the Group as a whole. 
Long-term consequences of decisions 
The director has consistently managed the strategy of the business with a view to long-term financial stability and sustainable growth. This is evidenced by the strength of the Group's own brands, the strength of the brands that the Group partners with via licencing agreements, and the positive financial position of the Group at the year end.
Employees and culture
The director supports internal employee development across the Group and a strong culture ensures that all employees are engaged and actively contribute to the Group's long-term success.
Business relationships
The director actively seeks to establish and maintain long-term relationships with suppliers, customers and licence holders that are both financially and non-financially mutually beneficial to all parties involved. This is evidenced by the maintenance of licence agreements with licence holders for more than 15 years.
Community and environmental impact
The director works with appropriate stakeholders where necessary to ensure the business complies with any local requirements around community engagement and environmental standards. 
Business conduct
The director sets high expectations on business conduct and must continuously meet these standards to protect the Group's key stakeholder relationships, including key suppliers, customers and licence holders.
Acting in a manner which is fair to all members of the Company
The director is also a member of the Company and is committed to treating all members fairly. 

The Company's energy usage was less than 40,000 kWh during the period, therefore the Company is exempt from the Streamlined Energy and Carbon Reporting regulations.


This report was approved by the board on 13 January 2025 and signed on its behalf.



................................................
C Maughan
Director

Page 3

 
DRAGONFLY VENTURE GROUP LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The director presents his report and the financial statements for the year ended 31 March 2024.

Director

The director who served during the year was:

C Maughan 

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £19,980,084 (2023 - £17,937,185).

The director recommends the payment of a dividend of £NIL (2023 - £2,000 to all 'A' shareholders).

Director's responsibilities statement

The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

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

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Future developments

Since the period end the Group has continued to develop new markets and products in an attempt to maintain its turnover and its margin going forward. 

Page 4

 
DRAGONFLY VENTURE GROUP LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Auditors

The auditorsRobson Laidler Accountants Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 13 January 2025 and signed on its behalf.
 





................................................
C Maughan
Director

Page 5

 
DRAGONFLY VENTURE GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DRAGONFLY VENTURE GROUP LIMITED
 

Opinion


We have audited the financial statements of Dragonfly Venture Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 March 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


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


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


Page 6

 
DRAGONFLY VENTURE GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DRAGONFLY VENTURE GROUP LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual ReportOur 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.


Opinion 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 Group Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.


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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Director's Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 7

 
DRAGONFLY VENTURE GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DRAGONFLY VENTURE GROUP LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 4, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Group or the parent 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 an Auditors' 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• the engagement director ensured that the engagement team collectively had the appropriate                                competence, capabilities and skills to identify or recognise non-compliance with applicable laws and    regulations;
• we identified the laws and regulations applicable to the Group through discussions with directors and   other management, and from our commercial knowledge and experience of the sector in which the    Group operates;
• we focused on specific laws and regulations which we considered may have a direct material effect on    the financial statements or the operations of the Group, including the Companies Act 2006 and     taxation legislation;
• we assessed the extent of compliance with the laws and regulations identified above through making    enquiries of management and inspecting legal correspondence; and
• we ensured that the identified laws and regulations were communicated within the audit team regularly    and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: -
• making enquiries of management as to where they considered there was susceptibility to fraud and      their knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and    regulations.
 
Page 8

 
DRAGONFLY VENTURE GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DRAGONFLY VENTURE GROUP LIMITED (CONTINUED)


To address the risk of fraud through management bias and override of controls, we: -
• performed analytical procedures to identify any unusual or unexpected relationships;
• tested journal entries to identify unusual transactions; and
• assessed whether judgements and assumptions made in determining the accounting estimates were    indicative of potential bias.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: -
• agreeing financial statement disclosures to underlying supporting documentation;
• reading the minutes of meetings of those charged with governance;
• enquiring of management as to actual and potential litigation and claims; and
• reviewing correspondence with HMRC, and the Group’s legal advisers where appropriate.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be more difficult to detect than those that arise from error as they may involve deliberate concealment or collusion.


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 Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our 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 Auditors' 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.





Peter Charles BSc FCA (Senior Statutory Auditor)
for and on behalf of
Robson Laidler Accountants Limited
Statutory Auditor
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne & Wear
NE2 1TJ

13 January 2025
Page 9

 
DRAGONFLY VENTURE GROUP LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
110,832,958
108,588,631

Cost of sales
  
(77,826,294)
(79,273,398)

Gross profit
  
33,006,664
29,315,233

Distribution costs
  
(5,948,370)
(7,368,939)

Administrative expenses
  
(6,087,816)
(1,366,008)

Fair value movements
  
427,356
(382,460)

Operating profit
 5 
21,397,834
20,197,826

Income from fixed assets investments
  
63,232
103,731

Interest receivable and similar income
 10 
4,864,634
2,370,532

Interest payable and similar expenses
 11 
(533)
(18,082)

Profit before taxation
  
26,325,167
22,654,007

Tax on profit
 12 
(6,262,740)
(4,717,292)

Profit for the financial year
  
20,062,427
17,936,715

Profit for the year attributable to:
  

Non-controlling interests
  
82,343
(470)

Owners of the parent Company
  
19,980,084
17,937,185

  
20,062,427
17,936,715

Total comprehensive income for the year attributable to:
  

Non-controlling interest
  
82,343
(470)

Owners of the parent Company
  
19,980,084
17,937,185

  
20,062,427
17,936,715

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 18 to 38 form part of these financial statements.

Page 10

 
DRAGONFLY VENTURE GROUP LIMITED
REGISTERED NUMBER: 07746818

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 16 
2,611
6,488

Investments
 17 
5,966,713
5,422,238

  
5,969,324
5,428,726

Current assets
  

Stocks
 18 
8,413,951
14,039,449

Debtors: amounts falling due within one year
 19 
21,775,584
15,299,411

Cash at bank and in hand
 20 
97,884,970
106,411,231

  
128,074,505
135,750,091

Creditors: amounts falling due within one year
 21 
(9,816,282)
(36,931,952)

Net current assets
  
 
 
118,258,223
 
 
98,818,139

Total assets less current liabilities
  
124,227,547
104,246,865

Provisions for liabilities
  

Deferred taxation
 23 
(36,601)
(82,541)

Net assets
  
 
 
124,190,946
 
 
104,164,324


Capital and reserves
  

Called up share capital 
 24 
10,000
10,000

Capital redemption reserve
 25 
206
206

Profit and loss account
 25 
124,167,013
104,186,929

Equity attributable to owners of the parent Company
  
124,177,219
104,197,135

Non-controlling interests
  
13,727
(32,811)

  
124,190,946
104,164,324


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 January 2025.


................................................
C Maughan
Director

The notes on pages 18 to 38 form part of these financial statements.

Page 11

 
DRAGONFLY VENTURE GROUP LIMITED
REGISTERED NUMBER: 07746818

COMPANY BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 17 
5,963,792
5,419,317

  
5,963,792
5,419,317

Current assets
  

Debtors: amounts falling due within one year
 19 
15,933,475
19,304,462

Cash at bank and in hand
 20 
90,470,823
101,635,113

  
106,404,298
120,939,575

Creditors: amounts falling due within one year
 21 
(18,697,719)
(36,293,178)

Net current assets
  
 
 
87,706,579
 
 
84,646,397

Total assets less current liabilities
  
93,670,371
90,065,714

  

  

Net assets
  
93,670,371
90,065,714


Capital and reserves
  

Called up share capital 
 24 
10,000
10,000

Capital redemption reserve
 25 
206
206

Profit and loss account
 25 
93,660,165
90,055,508

  
93,670,371
90,065,714


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 January 2025.


................................................
C Maughan
Director

The notes on pages 18 to 38 form part of these financial statements.

Page 12

 
DRAGONFLY VENTURE GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Non-controlling interests
Total equity

£
£
£
£
£


At 1 April 2022
10,000
206
86,251,744
-
86,261,950



Profit for the year
-
-
17,937,185
(470)
17,936,715

Dividends
-
-
(2,000)
(32,341)
(34,341)



At 1 April 2023
10,000
206
104,186,929
(32,811)
104,164,324



Profit for the year
-
-
19,980,084
82,343
20,062,427

Dividends
-
-
-
(35,805)
(35,805)


At 31 March 2024
10,000
206
124,167,013
13,727
124,190,946


The notes on pages 18 to 38 form part of these financial statements.

Page 13

 
DRAGONFLY VENTURE GROUP LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2022
10,000
206
65,360,350
65,370,556



Profit for the year
-
-
24,697,158
24,697,158

Dividends
-
-
(2,000)
(2,000)



At 1 April 2023
10,000
206
90,055,508
90,065,714



Profit for the year
-
-
3,604,657
3,604,657


At 31 March 2024
10,000
206
93,660,165
93,670,371


The notes on pages 18 to 38 form part of these financial statements.

Page 14

 
DRAGONFLY VENTURE GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
20,062,427
17,936,715

Adjustments for:

Depreciation of tangible assets
3,877
12,071

Loss on disposal of tangible assets
-
5,596

Interest paid
533
18,082

Interest received
(4,927,866)
(2,474,263)

Taxation charge
6,262,740
4,717,293

Decrease/(increase) in stocks
5,625,498
(3,836,274)

(Increase)/decrease in debtors
(6,261,786)
8,017,115

(Decrease) in creditors
(26,773,066)
(12,228,210)

Net fair value (gains)/losses recognised in P&L
(427,356)
382,460

Corporation tax (paid)
(7,428,996)
(4,762,197)

Derivatives
-
237,470

Net cash generated from operating activities

(13,863,995)
8,025,858


Cash flows from investing activities

Purchase of unlisted and other investments
(2,577,483)
(1,976,128)

Sale of unlisted and other investments
2,460,364
1,917,111

Interest received
4,864,634
2,370,532

Dividends received
63,232
103,731

Net cash from investing activities

4,810,747
2,415,246
Page 15

 
DRAGONFLY VENTURE GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


2024
2023

£
£



Cash flows from financing activities

Dividends paid
-
(2,000)

Interest paid
(533)
(18,082)

Dividends paid to non-controlling interests
(35,805)
(32,341)

Net cash used in financing activities
(36,338)
(52,423)

Net (decrease)/increase in cash and cash equivalents
(9,089,586)
10,388,681

Cash and cash equivalents at beginning of year
106,411,076
96,022,395

Cash and cash equivalents at the end of year
97,321,490
106,411,076


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
97,884,970
106,411,231

Bank overdrafts
(563,480)
(155)

97,321,490
106,411,076


The notes on pages 18 to 38 form part of these financial statements.

Page 16

 
DRAGONFLY VENTURE GROUP LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024




At 1 April 2023
Cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

106,411,231

(8,526,261)

97,884,970

Bank overdrafts

(155)

(563,325)

(563,480)

Debt due within 1 year

(96,489)

96,489

-


106,314,587
(8,993,097)
97,321,490

The notes on pages 18 to 38 form part of these financial statements.

Page 17

 
DRAGONFLY VENTURE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Dragonfly Venture Group Limited (Company no: 07746818) is a private company limited by shares, which is incorporated and registered in England and Wales. The Company and Group's principal place of business is 3A Holywell Hill, St Albans, Hertfordshire, AL1 1ER.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The financial statements are prepared in sterling, which is the functional currency of the Company and the Group. Monetary amounts in these financial statements are rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 April 2014.

 
2.3

Going concern

The Group meets its working capital requirements through its own cash reserves and it has no external debt.
A review of the Group's business activities is provided within the strategic report. In addition, the strategic report also discloses the Group's principal risks and uncertainties, including exposures to competitive, legislative and financial risk.
Having regard to the above, the director believes it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

Page 18

 
DRAGONFLY VENTURE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 19

 
DRAGONFLY VENTURE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 20

 
DRAGONFLY VENTURE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.11

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.12

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Brands
-
5
years

Page 21

 
DRAGONFLY VENTURE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
33%
straight line
Motor vehicles
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 22

 
DRAGONFLY VENTURE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 23

 
DRAGONFLY VENTURE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.20

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement
Page 24

 
DRAGONFLY VENTURE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.20
Financial instruments (continued)

would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

 
2.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Stock is valued at the lower of cost or net realisable value, which is determined with reference to the expected selling prices for the goods in question. 
The Group makes allowances for doubtful debts based on an assessment of the recoverability of debtors. Allowances are applied to debtors where events or changes in circumstances indicate that the carrying amounts may not be wholly recoverable. Management specifically analyses historical bad debts and current trading trends when making a judgement to evaluate the adequacy of any bad debt provision. 


4.


Turnover

The whole of the turnover is attributable to the Group's principal activities, that of design, manufacture and sale of footwear, accessories and workwear.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
39,303,159
31,204,008

Rest of the world
71,529,799
77,384,623

110,832,958
108,588,631


Page 25

 
DRAGONFLY VENTURE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Operating profit

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

2024
2023
£
£

Depreciation of tangible fixed assets
3,877
12,071

Exchange differences
1,560,764
(2,938,831)

Defined contribution pension cost
35,326
35,219

Operating lease payments
71,172
78,782


6.


Auditors' remuneration

2024
2023
£
£

Fees payable to the Group's auditors and its associates for the audit of the Group's annual financial statements
13,900
13,500

 
Fees payable to the Group's auditor and its associates in respect of:

The auditing of accounts of subsidiaries of the Group pursuant to legislation
48,025
45,900


7.


Employees

Staff costs were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
2,155,939
2,007,687
-
-

Social security costs
184,081
172,814
-
-

Cost of defined contribution scheme
95,326
79,219
-
-

2,435,346
2,259,720
-
-


The average monthly number of employees, including the director, during the year was as follows:


        2024
        2023
            No.
            No.







Sales and administration
31
27



Distribution
1
1

32
28

Page 26

 
DRAGONFLY VENTURE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Director's remuneration

2024
2023
£
£

Group contributions to defined contribution pension schemes
60,000
44,000

60,000
44,000


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.


9.


Income from investments

2024
2023
£
£



Dividends received from listed investments
63,232
103,731

63,232
103,731



10.


Interest receivable

2024
2023
£
£


Other interest receivable
4,864,634
2,370,532

4,864,634
2,370,532


11.


Interest payable and similar expenses

2024
2023
£
£


Other interest payable
533
18,082

533
18,082

Page 27

 
DRAGONFLY VENTURE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
6,134,260
4,352,335

Adjustments in respect of previous periods
-
9,171


6,134,260
4,361,506

Foreign tax


Foreign tax on income for the year
174,420
342,635

174,420
342,635

Total current tax
6,308,680
4,704,141

Deferred tax


Origination and reversal of timing differences
(45,940)
13,151

Total deferred tax
(45,940)
13,151


Taxation on profit on ordinary activities
6,262,740
4,717,292
Page 28

 
DRAGONFLY VENTURE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
26,325,167
22,654,007


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
6,581,292
4,304,261

Effects of:


Capital allowances for year in excess of depreciation
354
2,859

Utilisation of tax losses
-
18,269

Higher rate taxes on overseas earnings
(127,498)
342,635

Adjustments to tax charge in respect of prior periods
-
9,171

Short term timing difference leading to an increase / (decrease) in taxation
(72,311)
187

Other timing differences leading to an increase in taxation
45,592
(26,199)

Book (profit) on chargeable assets
(102,941)
72,667

Dividends from UK companies
(15,808)
(19,709)

Deferred tax (credit) for year
(45,940)
13,151

Total tax charge for the year
6,262,740
4,717,292


Factors that may affect future tax charges

The Group carries forward a provision for staff commission and bonuses, which is allowable for tax
purposes upon payment. There are no other factors affecting future tax charges.


13.


Dividends

2024
2023
£
£


Dividends paid on equity capital
-
2,000

-
2,000

Page 29

 
DRAGONFLY VENTURE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £3,604,657 (2023 - £24,697,158).


15.


Intangible assets

Group





Brands

£



Cost


At 1 April 2023
152,600



At 31 March 2024

152,600



Amortisation


At 1 April 2023
152,600



At 31 March 2024

152,600



Net book value



At 31 March 2024
-



At 31 March 2023
-



Company
The Company had no intangible assets at 31 March 2023 or 31 March 2024, or at any point in either year.

Page 30

 
DRAGONFLY VENTURE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

16.


Tangible fixed assets

Group






Plant and machinery
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 April 2023
9,399
35,750
45,149



At 31 March 2024

9,399
35,750
45,149



Depreciation


At 1 April 2023
3,655
35,006
38,661


Charge for the year on owned assets
3,133
744
3,877



At 31 March 2024

6,788
35,750
42,538



Net book value



At 31 March 2024
2,611
-
2,611



At 31 March 2023
5,744
744
6,488


17.


Fixed asset investments

Group





Listed investments

£



Cost or valuation


At 1 April 2023
5,422,238


Additions
2,577,483


Disposals
(2,460,364)


Revaluations
427,356



At 31 March 2024
5,966,713




Page 31

 
DRAGONFLY VENTURE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Company





Investments in subsidiary companies
Listed investments
Total

£
£
£



Cost or valuation


At 1 April 2023
1,079
5,418,238
5,419,317


Additions
-
2,577,483
2,577,483


Disposals
-
(2,460,364)
(2,460,364)


Revaluations
-
427,356
427,356



At 31 March 2024
1,079
5,962,713
5,963,792





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

W.I.P. (Work In Progress) Limited
Ordinary
100%
W.I.P. (Workwear) Limited
Ordinary
100%
Dragonfly Venture (UK) Limited
Ordinary
100%
Dragonfly Venture (Trading) Limited
Ordinary
100%
WIP INC
Class A
89%
Golden Dragon Footwear Limited
Ordinary
100%
W.I.P. (Workwear Europe) Limited
Ordinary
100%
Dragonfly Venture B.V.
Ordinary
100%

The registered office of WIP INC is 212 14th Street, Oregon City, OR 97045, USA. 
The registered office of W.I.P. (Workwear Europe) Limited is First Floor Block One, Quayside Business Park, Dundalk, Co. Louth, A91 DP8R, Ireland.
The registered office of Dragonfly Venture B.V. is Logistiekweg 18, 4906 AB, Oosterhout, Netherlands.
The registered office of all other subsidiaries is 32 Portland Terrace, Newcastle upon Tyne, NE2 1QP. The principal place of business of these other subsidiaries is 3A Holywell Hill, St Albans, Hertfordshire, AL1 1ER.
All of the subsidiaries listed above are included in the consolidated financial statements. 

Page 32

 
DRAGONFLY VENTURE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

18.


Stocks

Group
Group
2024
2023
£
£

Finished goods and goods for resale
8,413,951
14,039,449

8,413,951
14,039,449



19.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
16,053,924
10,901,699
-
-

Amounts owed by group undertakings
-
-
11,889,438
17,895,577

Other debtors
5,294,299
2,723,421
4,044,038
1,408,885

Prepayments and accrued income
427,361
1,674,291
(1)
-

21,775,584
15,299,411
15,933,475
19,304,462



20.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
97,884,970
106,411,231
90,470,823
101,635,113

Less: bank overdrafts
(563,480)
(155)
(555,872)
-

97,321,490
106,411,076
89,914,951
101,635,113


Page 33

 
DRAGONFLY VENTURE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

21.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
563,480
155
555,872
-

Trade creditors
4,109,436
6,967,999
-
-

Amounts owed to group undertakings
-
-
17,395,620
10,583,770

Corporation tax
283,611
952,075
-
826,733

Other taxation and social security
372,666
180,489
225,960
27,774

Other creditors
1,095,449
25,273,958
435,563
24,546,827

Accruals and deferred income
3,391,640
3,319,806
84,704
70,604

Derivatives
-
237,470
-
237,470

9,816,282
36,931,952
18,697,719
36,293,178


The Company's bank facilities are secured by an unlimited multilateral guarantee given by the Company, Dragonfly Venture (Trading) Limited, W.I.P. (Work in Progress) Limited, W.I.P. (Workwear) Limited and Dragonfly Venture (UK) Limited dated 10 August 2012.

Page 34

 
DRAGONFLY VENTURE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

22.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
103,851,683
111,833,469
96,433,536
107,053,351

Financial assets measured at amortised cost
18,572,869
13,625,120
15,635,530
19,304,462

122,424,552
125,458,589
112,069,066
126,357,813


Financial liabilities

Financial liabilities measured at amortised cost
(9,160,001)
(35,465,431)
(18,471,760)
(35,104,712)

Other financial liabilities measured at fair value through profit or loss
-
(237,470)
-
(237,470)

(9,160,001)
(35,702,901)
(18,471,760)
(35,342,182)


Financial assets measured at fair value through profit or loss comprise listed investments, cash at bank and cash equivalents, including those held in foreign currencies, and foreign exchange contracts where they represent an asset at the year end. Fair value for listed investments is determined by reference to market value at the year end date. Fair value of foreign exchange contracts is based on a mark to market exercise using an estimated exchange rate at the date of settlement. Cash balances held in foreign currencies are converted to GBP at the spot rate on the year end date.


Financial assets measured at amortised cost comprise trade debtors, other debtors and amounts owed by group undertakings


Financial liabilities measured at amortised cost comprise trade creditors, other creditors (excluding director's loans), amounts owed to group undertakings and accruals.

Page 35

 
DRAGONFLY VENTURE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

23.


Deferred taxation


Group



2024


£






At beginning of year
(82,541)


Charged to profit or loss
21,488


Utilised in year
24,452



At end of year
(36,601)

Company


2024






At end of year
-
Group
Group
2024
2023
£
£

Accelerated capital allowances
8,987
8,633

Other timing differences
(45,588)
(91,174)

(36,601)
(82,541)


24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2,600 A Ordinary shares of £1.00 each
2,600
2,600
2,510 B Ordinary shares of £1.00 each
2,510
2,510
3,890 C Ordinary shares of £1.00 each
3,890
3,890
500 D Ordinary shares of £1.00 each
500
500
500 E Ordinary shares of £1.00 each
500
500

10,000

10,000

All classes of share capital have the same voting rights and right to dividends.


Page 36

 
DRAGONFLY VENTURE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

25.


Reserves

Capital redemption reserve

This reserve represents the nominal value of share capital cancelled during the current and prior periods. The movement is detailed in the Consolidated Statement of Changes in Equity.

Profit and loss account

This reserve represents retained profits/(losses) of current and prior periods. The movement is detailed in the Consolidated Statement of Changes in Equity.


26.


Contingent liabilities

The Company has made an unlimited multilateral guarantee along with its subsidiaries. No amounts are owed under this guarantee at present and the Company has not been called on to make any payments as a result of this in the past.


27.


Pension commitments

The Group operates various defined contributions pension schemes. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £95,326 (2023 - £79,219). Contributions totalling £3,360 (2023 - £2,997) were payable to the fund at the balance sheet date and are included in creditors.


28.


Commitments under operating leases

The Group and the Company had no commitments under non-cancellable operating leases at the balance sheet date.

Page 37

 
DRAGONFLY VENTURE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

29.


Related party transactions

Included within other debtors is £269,943 due from (2023 - other creditors - £96,489 due to) C Maughan, the Company's director. This amount is repayable on demand and bears interest at the HMRC beneficial loan interest rate. 
Included within other debtors is an amount due from Dragonfly Sourcing Company (HK) Limited of £215,250 (2023 - £215,250). Included within other creditors is an amount due to Dragonfly Sourcing Company (HK) Limited of £18,725 (2023 - £18,725). During the year £336,611 (2023 - £323,363) was debited to the profit and loss account in relation to sourcing and other services provided to the Group by Dragonfly Sourcing Company (HK) Limited. Dragonfly Sourcing Company (HK) Limited is a company incorporated in Hong Kong and owned by C Maughan.
Included within other debtors (2023 - other creditors) is an amount of £2,010,988 due from (2023 - £23,994,169 due to) Radlett Holdings Limited. Radlett Holdings Limited is a company controlled by C Maughan.
At the year end the Group owed £435,472 (2023 - £456,078) to Golden Dragon Properties Limited. During the period the Group was charged rent and service charges of £43,769 (2023 - £43,820). Golden Dragon Properties Limited is a company controlled by C Maughan. 
Key management personnel
All directors and senior employees who have authority and responsibility for planning, directing and controlling the activities of the group are considered to be key management personnel, in accordance with Financial Reporting Standard 102. 
Total remuneration in respect of these individuals is £60,000 (2023 - £44,000). This figure excludes Employer's National Insurance.


30.


Controlling party

C Maughan is the group's controlling party by virtue of his direct and indirect ownership of the majority of the issued share capital of Dragonfly Venture Group Limited.

 
Page 38