REGISTERED NUMBER: 08435132 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
BOLT SHOES HOLDINGS LIMITED |
REGISTERED NUMBER: 08435132 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
BOLT SHOES HOLDINGS LIMITED |
BOLT SHOES HOLDINGS LIMITED (REGISTERED NUMBER: 08435132) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 19 |
BOLT SHOES HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
The Octagon |
Suite 2E, 2nd Floor |
Middleborough |
Colchester |
Essex |
CO1 1TG |
BOLT SHOES HOLDINGS LIMITED (REGISTERED NUMBER: 08435132) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JUNE 2024 |
The directors present their strategic report of the company and the group for the year ended 30 June 2024. |
REVIEW OF BUSINESS |
The group is an online retailer across various core product categories including footwear, home appliances and luggage as well as carrying out property development and letting, by purchasing and modernising properties within the UK. |
The group operates under various own brands and is also an authorised distributor for licensed brands. |
The group operates through dedicated brand websites and via strategic partnerships with several well-known online marketplaces, to bring its products to market. |
The year under review saw maintained sales revenue; this was a result of; |
- Increased sales of existing products, particularly those launched the year prior. |
- Introducing new products to existing brands |
- New brands introduced for key product categories |
- Increased product availability to new geographical markets. |
Despite this growth, there were cost pressures associated with the investments for the businesses future growth and volatility in the market, primarily around exchange rate fluctuations, inflationary pressures and global supply chain challenges. |
Looking ahead, profit growth will be achieved in four ways, additions of new sales channels, additions of new geographic markets, additions of new products and cost optimisation. |
BOLT SHOES HOLDINGS LIMITED (REGISTERED NUMBER: 08435132) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JUNE 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The financial year to 30 June 2024 was another year of unprecedented challenges which the group responded to exceptionally well. |
USA - China Trade War |
The current USA administration has introduced an additional 10% tariff on goods from China, the world's largest exporter, and has proposed million-dollar port entry fees for Chinese-built ships. The current USA administration has threatened to levy an additional 10% tariff on Chinese goods. |
The group will continue to monitor the situation closely and is developing a three prong strategy to mitigate any risks; |
1. Adjust pricing strategies to reflect tariff costs while remaining competitive against non-Chinese suppliers. |
2. Supply chain cost optimisation through negotiating more competitive cost prices. |
3. Supply Chain Reconfiguration, exploring production sites outside of China |
Red Sea Crisis |
The Red Sea is one of the world's most vital maritime trade routes, connecting the Mediterranean to the Indian Ocean via the Suez Canal. It facilitates nearly 12% of global trade and 30% of global container traffic. Recent attacks by the Houthi militants on merchant ships have forced major shipping companies to reroute around the Cape of Good Hope, leading to increased costs, supply chain delays, and security concerns. Shipping giants like Maersk and MSC have suspended operations in the Red Sea, forcing alternative routes. Detours around Africa increase transit time by 10-15 days, raising fuel and insurance costs. Monitoring transit times, shipping routes and working with suppliers to adjust productions and shipping schedules will help the business mitigate any disruption until a longer term political solution is found to mitigate the crisis |
Inflation and the Cost of Living |
Global energy prices have continued to soar as well as many essentials including food, contributing to a cost of living crisis within the UK and many countries the company operates within, affecting consumer confidence and levels of disposable income. |
The group continues to monitor and develop its product ranges as well as closely monitor its pricing to ensure it remains competitive in the current climate. |
At the time of writing this report, inflation has fallen to 3% in UK. To get inflation under control it has been widely publicised that there has been a reduction in consumer demand and spend, this is a situation the group will continue to monitor with stricter stock controls. |
Stock Levels |
The group operates in many seasonal lines which present significant stock holding challenges due to fluctuation in demand based on the level of seasonality of any one period. Not selling through all the stock due to reasons such as 'mild winters' results in additional storage costs and reduced liquidity of the group. The group uses historic trends and data to forecast demand and manage this risk and utilises more cost effective storage locations. |
Interest rates |
The Bank of England has in recent times has reduced the base rate of interest. the cost of borrowing still remains high in comparisons to recent years. The group manages this risk by exploring different facilities and providers of working capital, seeking to mitigate 3rd party providers and secure the best terms possible with suppliers whilst using robust forecasts with varying interest rates on the cost of borrowing as a sensitivity. |
BOLT SHOES HOLDINGS LIMITED (REGISTERED NUMBER: 08435132) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JUNE 2024 |
Currency |
The group purchases in both GBP and USD. The impact of exchange rate movements remains a key risk for the group. The group also sells in multiple currencies which produces a natural hedge within the group. |
FINANCIAL REVIEW |
During the year group turnover decreased by £11,399,656 (32.2%). Gross profit decreased by £267,363 from £4,326,798 for 2023, with an increase in gross profit margin to 16.9% from 12.2% in 2023. |
Administrative expenses increased, going from £2,624,782 to £3,143,538 for the period, primarily due to investments made in launching new products and entering new markets which have positioned the business well for significant future growth. |
Profit before tax decreased from £2,066,265 to £1,036,640 for this financial period largely as result of the decrease in turnover and increased administration expense. |
ON BEHALF OF THE BOARD: |
27 March 2025 |
BOLT SHOES HOLDINGS LIMITED (REGISTERED NUMBER: 08435132) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JUNE 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024. |
DIVIDENDS |
No dividends will be distributed for the year ended 30 June 2024. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Affinia (Colchester), will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BOLT SHOES HOLDINGS LIMITED |
Qualified opinion |
We have audited the financial statements of Bolt Shoes Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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, except for the possible effects on the corresponding figures of the matter described in the basis for qualified opinion section of our report, the financial statements: |
- give a true and fair view of the state of the company’s affairs as at 30 June 2024 and of the company’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 qualified opinion |
We were not appointed as auditor of the company until after 30 June 2022 and thus did not observe the counting of physical inventories at the end of the year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 30 June 2022, which are included in the comparative information at £13,658,626, by using other audit procedures. |
Consequently we were unable to determine whether there was any consequential effect on the costs of sales for the year ended 30 June 2023. Our audit opinion on the financial statements for the year ended 30 June 2023 was modified accordingly. Our opinion on the current year's financial statements is also modified because of the possible effect of this matter on the comparability of the current period's figures for cost of sales and related balances and the corresponding figures. |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. |
We are independent of the 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 qualified opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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 directors with respect to going concern are described in the relevant sections of this report. |
Key audit matters |
Except for the matter described in the basis for qualified opinion section, we have determined that there are no key audit matters to be communicated in our report. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BOLT SHOES HOLDINGS LIMITED |
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. |
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. |
As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities of £13,658,626 held at 30 June 2022. We have concluded that where the other information refers to the inventory balance or related balances such as cost of sales, it may be materially misstated for the same reason. |
Opinions on other matters prescribed by the Companies Act 2006 |
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit: |
- the information given in the strategic report and the directors' report for the financial year for which the financial |
statements are prepared is consistent with the financial statements; and |
- the strategic report and the directors' report have been prepared in accordance with applicable legal |
requirements. |
Matters on which we are required to report by exception |
Except for the matter described in the basis for qualified opinion section of our report, 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 directors' report. |
Arising solely from the limitation on the scope of our work relating to inventory, referred to above: |
- we have not obtained all the information and explanations that we considered necessary for the purpose of our |
audit; and |
- we were unable to determine whether adequate accounting records have been kept. |
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: |
- 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 |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BOLT SHOES HOLDINGS LIMITED |
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: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
. The engagement partner 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 company through discussions with directors and |
other management, and from our commercial knowledge and experience of the telecommunications sector; |
. 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 company, including the Companies Act 2006, taxation legislation, |
data protection, anti-bribery, employment, environmental and health and safety legislation; |
. We assessed the extent of compliance with the laws and regulations identified above through making enquiries |
of management and inspecting legal correspondence; and |
. 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 company'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, 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. |
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; |
. Reviewed the internal controls in place, specifically around payroll and bank transactions; and |
. Assessed whether judgements and assumptions made in determining the accounting estimates around |
depreciation were indicative of potential bias. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
Our audit approach has assessed and tested a number of areas where we deemed there to be the greatest risk of a material error due to fraud or non compliance with key laws and we have obtained sufficient appropriate evidence as required, however we cannot guarantee these financial statements are free from such errors. |
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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BOLT SHOES HOLDINGS LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in 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 |
The Octagon |
Suite 2E, 2nd Floor |
Middleborough |
Colchester |
Essex |
CO1 1TG |
BOLT SHOES HOLDINGS LIMITED (REGISTERED NUMBER: 08435132) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 | 24,000,258 | 35,399,914 |
Cost of sales | 19,940,823 | 31,073,116 |
GROSS PROFIT | 4,059,435 | 4,326,798 |
Administrative expenses | 3,143,538 | 2,624,782 |
915,897 | 1,702,016 |
Other operating income | 208,801 | 223,336 |
OPERATING PROFIT | 5 | 1,124,698 | 1,925,352 |
Interest receivable and similar income | 13,100 | 10,325 |
1,137,798 | 1,935,677 |
Gain/loss on revaluation of investment property |
435,000 |
635,809 |
1,572,798 | 2,571,486 |
Interest payable and similar expenses | 6 | 536,158 | 505,221 |
PROFIT BEFORE TAXATION | 1,036,640 | 2,066,265 |
Tax on profit | 7 | 269,055 | 451,625 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 767,585 | 1,614,640 |
BOLT SHOES HOLDINGS LIMITED (REGISTERED NUMBER: 08435132) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 767,585 | 1,614,640 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
767,585 |
1,614,640 |
Total comprehensive income attributable to: |
Owners of the parent | 767,585 | 1,614,640 |
BOLT SHOES HOLDINGS LIMITED (REGISTERED NUMBER: 08435132) |
CONSOLIDATED BALANCE SHEET |
30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 2,359 | 2,696 |
Tangible assets | 10 | 22,096 | 20,365 |
Investments | 11 | - | - |
Investment property | 12 | 6,835,000 | 6,400,000 |
6,859,455 | 6,423,061 |
CURRENT ASSETS |
Stocks | 13 | 11,133,797 | 12,713,325 |
Debtors | 14 | 2,710,414 | 2,096,208 |
Cash at bank and in hand | 63,568 | 84,900 |
13,907,779 | 14,894,433 |
CREDITORS |
Amounts falling due within one year | 15 | 10,873,942 | 12,216,918 |
NET CURRENT ASSETS | 3,033,837 | 2,677,515 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 9,893,292 | 9,100,576 |
CREDITORS |
Amounts falling due after more than one year |
16 |
(2,274,278 |
) |
(2,362,709 |
) |
PROVISIONS FOR LIABILITIES | 18 | (444,781 | ) | (331,219 | ) |
NET ASSETS | 7,174,233 | 6,406,648 |
CAPITAL AND RESERVES |
Called up share capital | 19 | 1,000 | 1,000 |
Retained earnings | 20 | 7,173,233 | 6,405,648 |
SHAREHOLDERS' FUNDS | 7,174,233 | 6,406,648 |
The financial statements were approved by the Board of Directors and authorised for issue on 27 March 2025 and were signed on its behalf by: |
A Hassan - Director |
BOLT SHOES HOLDINGS LIMITED (REGISTERED NUMBER: 08435132) |
COMPANY BALANCE SHEET |
30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
Investment property | 12 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
Company's profit/(loss) for the financial year |
323,076 |
(5,896 |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
BOLT SHOES HOLDINGS LIMITED (REGISTERED NUMBER: 08435132) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JUNE 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 July 2022 | 1,000 | 4,791,008 | 4,792,008 |
Changes in equity |
Total comprehensive income | - | 1,614,640 | 1,614,640 |
Balance at 30 June 2023 | 1,000 | 6,405,648 | 6,406,648 |
Changes in equity |
Total comprehensive income | - | 767,585 | 767,585 |
Balance at 30 June 2024 | 1,000 | 7,173,233 | 7,174,233 |
BOLT SHOES HOLDINGS LIMITED (REGISTERED NUMBER: 08435132) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JUNE 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 July 2022 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30 June 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 June 2024 |
BOLT SHOES HOLDINGS LIMITED (REGISTERED NUMBER: 08435132) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (587,260 | ) | 2,813,865 |
Interest paid | (536,158 | ) | (505,221 | ) |
Tax paid | (23,522 | ) | (182,748 | ) |
Net cash from operating activities | (1,146,940 | ) | 2,125,896 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (7,360 | ) | (16,027 | ) |
Interest received | 13,100 | 10,325 |
Net cash from investing activities | 5,740 | (5,702 | ) |
Cash flows from financing activities |
New loans in year | 2,168,000 | 449,000 |
Loan repayments in year | (1,510,143 | ) | (1,502,109 | ) |
Amount withdrawn by directors | (170,836 | ) | (234,620 | ) |
Net cash from financing activities | 487,021 | (1,287,729 | ) |
(Decrease)/increase in cash and cash equivalents | (654,179 | ) | 832,465 |
Cash and cash equivalents at beginning of year |
2 |
(2,107,563 |
) |
(2,940,028 |
) |
Cash and cash equivalents at end of year | 2 | (2,761,742 | ) | (2,107,563 | ) |
BOLT SHOES HOLDINGS LIMITED (REGISTERED NUMBER: 08435132) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 1,036,640 | 2,066,265 |
Depreciation charges | 5,966 | 4,584 |
Gain on revaluation of fixed assets | (435,000 | ) | (635,809 | ) |
Finance costs | 536,158 | 505,221 |
Finance income | (13,100 | ) | (10,325 | ) |
1,130,664 | 1,929,936 |
Decrease in stocks | 1,579,528 | 945,301 |
Increase in trade and other debtors | (443,370 | ) | (456,974 | ) |
(Decrease)/increase in trade and other creditors | (2,854,082 | ) | 395,602 |
Cash generated from operations | (587,260 | ) | 2,813,865 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 June 2024 |
30/6/24 | 1/7/23 |
£ | £ |
Cash and cash equivalents | 63,568 | 84,900 |
Bank overdrafts | (2,825,310 | ) | (2,192,463 | ) |
(2,761,742 | ) | (2,107,563 | ) |
Year ended 30 June 2023 |
30/6/23 | 1/7/22 |
£ | £ |
Cash and cash equivalents | 84,900 | 5,087 |
Bank overdrafts | (2,192,463 | ) | (2,945,115 | ) |
(2,107,563 | ) | (2,940,028 | ) |
BOLT SHOES HOLDINGS LIMITED (REGISTERED NUMBER: 08435132) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1/7/23 | Cash flow | At 30/6/24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 84,900 | (21,332 | ) | 63,568 |
Bank overdrafts | (2,192,463 | ) | (632,847 | ) | (2,825,310 | ) |
(2,107,563 | ) | (654,179 | ) | (2,761,742 | ) |
Debt |
Debts falling due within 1 year | (74,555 | ) | (746,288 | ) | (820,843 | ) |
Debts falling due after 1 year | (2,362,709 | ) | 88,431 | (2,274,278 | ) |
(2,437,264 | ) | (657,857 | ) | (3,095,121 | ) |
Total | (4,544,827 | ) | (1,312,036 | ) | (5,856,863 | ) |
BOLT SHOES HOLDINGS LIMITED (REGISTERED NUMBER: 08435132) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | STATUTORY INFORMATION |
Bolt Shoes Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 " The Financial Reporting Standard applicable in the UK and Republic of Ireland" and Companies Act 2006. |
The financial statements have been prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies are set out below. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Fixtures and fittings | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. |
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential. |
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss. |
BOLT SHOES HOLDINGS LIMITED (REGISTERED NUMBER: 08435132) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 |
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market for the year ended 30 June 2024 and 30 June 2023 is given below: |
2024 | 2023 |
£ | £ |
United Kingdom | 15,336,965 | 24,019,628 |
Europe | 5,751,424 | 5,601,193 |
Rest of World | 2,911,869 | 5,779,093 |
24,000,258 | 35,399,914 |
Turnover represents sale of goods in entirety. |
BOLT SHOES HOLDINGS LIMITED (REGISTERED NUMBER: 08435132) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 414,019 | 366,444 |
Social security costs | 35,202 | 29,549 |
Other pension costs | 5,183 | 3,188 |
454,404 | 399,181 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Staff | 12 | 12 |
Directors | 2 | 2 |
The average number of employees by undertakings that were proportionately consolidated during the year was 14 (2023 - 14 ) . |
2024 | 2023 |
£ | £ |
Directors' remuneration | 48,000 | 48,000 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Depreciation - owned assets | 5,629 | 4,247 |
Patents and licences amortisation | 337 | 337 |
Auditors' remuneration | 26,680 | 26,000 |
Foreign exchange differences | (25,974 | ) | (469,033 | ) |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank interest | 253,194 | - |
Bank loan interest | 221,178 | 214,626 |
Other loan interest | 26,108 | 283,971 |
Other interest payable | - | 2,933 |
Interest payable | 35,678 | 3,691 |
536,158 | 505,221 |
BOLT SHOES HOLDINGS LIMITED (REGISTERED NUMBER: 08435132) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
7. | 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 | 155,493 | 290,325 |
Deferred tax | 113,562 | 161,300 |
Tax on profit | 269,055 | 451,625 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 1,036,640 | 2,066,265 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 20.495 %) |
259,160 |
423,481 |
Effects of: |
Expenses not deductible for tax purposes | 2,476 | 209 |
Capital allowances in excess of depreciation | (507 | ) | (3,055 | ) |
Gain/Loss on revaluation | (108,750 | ) | (130,310 | ) |
Deferred tax movement | 113,562 | 161,300 |
Losses carried forward | 3,114 | - |
Total tax charge | 269,055 | 451,625 |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
BOLT SHOES HOLDINGS LIMITED (REGISTERED NUMBER: 08435132) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Patents |
and |
licences |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 | 3,370 |
AMORTISATION |
At 1 July 2023 | 674 |
Amortisation for year | 337 |
At 30 June 2024 | 1,011 |
NET BOOK VALUE |
At 30 June 2024 | 2,359 |
At 30 June 2023 | 2,696 |
10. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
and |
fittings |
£ |
COST |
At 1 July 2023 | 48,990 |
Additions | 7,360 |
At 30 June 2024 | 56,350 |
DEPRECIATION |
At 1 July 2023 | 28,625 |
Charge for year | 5,629 |
At 30 June 2024 | 34,254 |
NET BOOK VALUE |
At 30 June 2024 | 22,096 |
At 30 June 2023 | 20,365 |
BOLT SHOES HOLDINGS LIMITED (REGISTERED NUMBER: 08435132) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 1 Pindar Road, Hoddesdon, Hertfordshire, EN11 0BZ |
Nature of business: |
% |
Class of shares: | holding |
2024 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: 1 Pindar Road, Hoddesdon, Hertfordshire, EN11 0BZ |
Nature of business: |
% |
Class of shares: | holding |
2024 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
BOLT SHOES HOLDINGS LIMITED (REGISTERED NUMBER: 08435132) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
12. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 July 2023 | 6,400,000 |
Revaluations | 435,000 |
At 30 June 2024 | 6,835,000 |
NET BOOK VALUE |
At 30 June 2024 | 6,835,000 |
At 30 June 2023 | 6,400,000 |
Fair value at 30 June 2024 is represented by: |
£ |
Valuation in 2021 | 672,875 |
Valuation in 2023 | 635,809 |
Valuation in 2024 | 435,000 |
Cost | 5,091,316 |
6,835,000 |
13. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Finished goods | 11,133,797 | 12,713,325 |
14. | DEBTORS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 354,061 | 259,247 |
Amounts owed by group undertakings | - | - |
Other debtors | 443,721 | 460,103 |
Amount due from related party | 1,109,223 | 594,223 | - | - |
Directors' current accounts | 96,998 | 92,998 | - | - |
Prepayments and accrued income | 25,267 | 173,633 |
Prepayments | 6,724 | 8,420 |
2,035,994 | 1,588,624 |
BOLT SHOES HOLDINGS LIMITED (REGISTERED NUMBER: 08435132) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
14. | DEBTORS - continued |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due after more than one | year: |
Directors' loan accounts | 674,420 | 507,584 | - | - |
Aggregate amounts | 2,710,414 | 2,096,208 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | 3,646,153 | 2,267,018 |
Trade creditors | 6,092,515 | 7,104,996 |
Amounts owed to group undertakings | - | - |
Tax | 616,819 | 484,848 |
Social security and other taxes | 10,496 | 7,608 |
VAT | 204,238 | 2,121,223 | - | - |
Other creditors | 211,176 | 11,833 |
Accruals and deferred income | 92,545 | 219,392 |
10,873,942 | 12,216,918 |
A subsidiary company has provided security for the following amounts included within bank loans and overdrafts: |
£3,135,767(2023: £2,257,184) is secured by way of a fixed and floating charge over the assets of the subsidiary company. |
£10,386 (2023: £9,834) is secured by way of a fixed charge over the freehold properties owned by the subsidiary company, and a floating charge over the remaining assets. |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Bank loans (see note 17) | 2,274,278 | 2,362,709 |
Creditors amounts falling due after more than one year includes amounts totalling £1,854,595 (2023: £1,854,595) which are secured by way a first legal charge over property owned by a subsidary company with a carrying value of £3,250,000 (2023: £3,000,000). |
The Directors have also provided personal guarantees for the borrowings. |
A total of £419,683 (2023: £508,114), included with bank loans and overdrafts over one year, is secured by way of a fixed charge over the freehold properties owed by a subsidiary company, and a floating charge over the remaining assets. |
BOLT SHOES HOLDINGS LIMITED (REGISTERED NUMBER: 08435132) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | 2,825,310 | 2,192,463 |
Bank loans | 820,843 | 74,555 |
3,646,153 | 2,267,018 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 419,683 | 508,114 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst | 1,854,595 | 1,854,595 |
18. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax | 444,781 | 331,219 |
Group |
Deferred |
tax |
£ |
Balance at 1 July 2023 | 331,219 |
Provided during year | 113,562 |
Balance at 30 June 2024 | 444,781 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
BOLT SHOES HOLDINGS LIMITED (REGISTERED NUMBER: 08435132) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
20. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 July 2023 | 6,405,648 |
Profit for the year | 767,585 |
At 30 June 2024 | 7,173,233 |
Company |
Retained |
earnings |
£ |
At 1 July 2023 |
Profit for the year |
At 30 June 2024 |
21. | FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES |
A subsidiary company within the group has provided, security for a loan taken out by One Hundred Commercial Limited, a related company under common control, by way of a first legal charge over property owned with a carrying value of £2,800,000 (2023: £2,600,000). |
22. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 June 2024 and 30 June 2023: |
2024 | 2023 |
£ | £ |
M R Ison |
Balance outstanding at start of year | 298,803 | 182,185 |
Amounts advanced | 105,835 | 116,618 |
Amounts repaid | (20,357 | ) | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 384,281 | 298,803 |
A Hassan |
Balance outstanding at start of year | 301,780 | 183,777 |
Amounts advanced | 105,810 | 118,003 |
Amounts repaid | (20,453 | ) | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 387,137 | 301,780 |
BOLT SHOES HOLDINGS LIMITED (REGISTERED NUMBER: 08435132) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
23. | RELATED PARTY DISCLOSURES |
At the year end, the group was owed £21,238 (2023: £21,238) by a company under the control of one of the directors. |
At the year end, the group was owed £1,145,985 (2023: £572,985) by a related company under common control of the directors. |
During the year £NIL (2023: £441,708) sales were made to a related company, under control of one of the directors. |