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Registered number: 02188064









Deckers Trading Ltd









Annual Report and Financial Statements

For the year ended 30 September 2024

 
Deckers Trading Ltd
 
 
Company Information


Directors
C Brierley 
M Brierley 
A Waller 
V Cosgrove 




Company secretary
V Cosgrove



Registered number
02188064



Registered office
Unit F
Royle Pennine Trading Estate

Lynroyle Way

Rochdale

OL11 3EX




Independent auditors
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors

3 Stockport Exchange

Stockport

Cheshire

SK1 3GG




Bankers
HSBC UK Bank Plc
Landmark

St Peter's Square

1 Oxford Street

Manchester

M1 4PB




Solicitors
Gunnercooke LLP
53 King Street

Manchester

M2 4LQ





 
Deckers Trading Ltd
 

Contents



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Statement of comprehensive income
 
9
Balance sheet
 
10
Statement of changes in equity
 
11
Notes to the financial statements
 
12 - 28

 
Deckers Trading Ltd
 
 
Strategic Report
For the year ended 30 September 2024

Introduction
 
The directors present their strategic report for the year ended 30 September 2024.

Business review
 
Both the wholesale drinks business and the butchery saw strong growth with an overall 16% increase in turnover, following the 17% increase in the previous year.  This was driven by a wider customer base and strengthening route to market initiatives with suppliers.  With the increasing cost of distribution, Deckers Trading offers suppliers a route to market that is a consolidated approach.  The advantages being a cost effective and sustainable supply chain.  The directors were pleased with the growth trajectory and consistency in the margin.  
The butchery benefitted from the investment in equipment helping with automation and increasing output.
Overheads and inflationary costs pressures were proportionally higher in line with the market.  The company made a net profit before tax of £563,155 with net assets increasing to £3,463m.

Principal risks and uncertainties
 
The company is part of a group headed by Deckers Hospitality Group Limited ("the group").  The directors consider the principal risks and uncertainties facing the group to be financial, liquidity, credit and legislative.
Pandemic Risk
Although the risk of another Pandemic exists, the directors believe the learnings from Covid 19 can be applied to mitigate the impact of any future closures.
Financial Risk
The directors monitor the interest rate closely. The company has previously used interest rate hedges and may do so again in the future if the directors consider it necessary to reduce the uncertainty.
Liquidity Risk
The company aims to mitigate liquidity risk by managing cash generation from operations.
Investment is carefully monitored, with authorisation limits operating up to Board level. The approval procedures apply to all capital items. The method of funding to be used is dictated in each case by the cash flow implications.
Credit Risk
Debtors represent a significant level of the group’s financial assets. Levels of credit are carefully monitored and reviewed by the directors. The group manages its credit risk through credit insurance for the substantial part of the debt contained within the wholesale business.
Compliance Risk
The company is subject to the Alcohol Wholesaler Registration Scheme (AWRS) and the Warehousekeepers and Owners of Warehoused Goods Regulations 1999 (WOWGR). The directors consider compliance with these regulations as critical to the operation of the business and have implemented appropriate procedures and controls.
 
Page 1

 
Deckers Trading Ltd
 

Strategic Report (continued)
For the year ended 30 September 2024

Legislative Risk
The group is subject to Health, Hygiene and Safety legislation which is constantly reviewed. Compliance imposes costs and failure to comply with these standards could result in the business being unable to operate. The group has a Health & Safety policy and promotes the culture of a safe working environment. All employees are included in the internal training programme.
Employee legislation is subject to continuous revision and any new Directive may have a material impact on the ability of the group to operate profitably.


Financial key performance indicators
 
The company uses a number of key performance indicators in assessing and driving performance.  The key financial and non-financial indicators used by the company are sales, gross margin, net profit, bank balances, and net assets, which are discussed in the business review.

2024
2023
Mvt

£000
£000
%
Turnover
42,748
36,736
16.37
Gross profit
3,412
2,860
19.32
Profit before tax
563
376
49.73
Cash at bank
855
1,071
(20.20)
Net assets
3,463
3,370
2.78

Non-financial key performance indicators monitored by management comprise delivery targets and customer feedback.

 

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



V Cosgrove
Director

Date: 13 June 2025
Page 2

 
Deckers Trading Ltd
 
 
 
Directors' Report
For the year ended 30 September 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, the directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


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

make judgments 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £543,769 (2023 - £358,956).

A dividend of £450,000 (2023: £310,000) was paid during the year.  The directors do not recommend the payment of a final dividend.

Directors

The directors who served during the year were:

C Brierley 
M Brierley 
A Waller 
V Cosgrove 

Page 3

 
Deckers Trading Ltd
 
 
 
Directors' Report (continued)
For the year ended 30 September 2024

Future developments

The “cost of living crisis” and the level of consumer disposable income remain challenges for our hospitality industry customers.  Maintaining margin in a competitive environment and controlling cost to serve are the directors key areas of focus.  Choice of fleet and transport options is a significant area of cost for the business that is continually assessed. 
The butchery faces challenges from the large rises in meat prices and the ability to pass these on to customers.  
The business is financed centrally by Deckers Hospitality Group. The directors have no concerns over the viability of the business to continue as a going concern.  Forecasts are done by company and on a consolidated basis.  Actual sales performance along with forecast sales remain strong in conjunction with cash availability forecast to be more than sufficient.

Disclosure of information to auditors

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director 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's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

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

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





V Cosgrove
Director

Date: 13 June 2025
Page 4

 
Deckers Trading Ltd
 
 
 
Independent Auditors' Report to the Members of Deckers Trading Ltd
 

Opinion


We have audited the financial statements of Deckers Trading Ltd (the 'Company') for the year ended 30 September 2024, which comprise the statement of comprehensive income, the balance sheet, the 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 Company's affairs as at 30 September 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


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


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


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The directors are 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.


Page 5

 
Deckers Trading Ltd
 
 
 
Independent Auditors' Report to the Members of Deckers Trading Ltd (continued)


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 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
 

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.


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


Responsibilities of directors
 

As explained more fully in the directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
Deckers Trading Ltd
 
 
 
Independent Auditors' Report to the Members of Deckers Trading Ltd (continued)


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 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:

Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
 
The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud. 
Supporting documentation relating to the Company's policies and procedures for:
°Identifying, evaluating, and complying with laws and regulations
°Detecting and responding to the risks of fraud
The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company,  including the Alcohol Wholesaler Registration Scheme, the Warehousekeepers and Owners of Warehoused Goods Regulations, General Data Protection requirements, and Anti-bribery and Corruption legislation.

Audit response to risks identified
Our procedures to respond to the risks identified included the following:
 
Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities.
Enquiring of management about any actual and potential litigation and claims.
Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.



 
Page 7

 
Deckers Trading Ltd
 
 
 
Independent Auditors' Report to the Members of Deckers Trading Ltd (continued)



 
We have also considered the risk of fraud through management override of controls by:
 
Testing the appropriateness of journal entries and other adjustments. 
Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them.  Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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.





Helen Besant-Roberts (senior statutory auditor)
for and on behalf of
Hurst Accountants Limited
Chartered Accountants
Statutory Auditors
3 Stockport Exchange
Stockport
Cheshire
SK1 3GG

15 June 2025
Page 8

 
Deckers Trading Ltd
 
 
Statement of Comprehensive Income
For the year ended 30 September 2024

2024
2023
Note
£
£

  

Turnover
 4 
42,747,575
36,735,526

Cost of sales
  
(39,335,183)
(33,875,599)

Gross profit
  
3,412,392
2,859,927

Distribution costs
  
(1,258,487)
(1,159,434)

Administrative expenses
  
(1,528,131)
(1,285,145)

Operating profit
 5 
625,774
415,348

Interest payable and similar expenses
 9 
(62,619)
(39,459)

Profit before tax
  
563,155
375,889

Tax on profit
 10 
(19,386)
(16,933)

Profit for the financial year
  
543,769
358,956

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

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

The notes on pages 12 to 28 form part of these financial statements.
Page 9

 
Deckers Trading Ltd
Registered number: 02188064

Balance Sheet
As at 30 September 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
414,076
346,858

  
414,076
346,858

Current assets
  

Stocks
 13 
3,300,023
3,113,598

Debtors: amounts falling due within one year
 14 
5,279,532
4,582,813

Cash at bank and in hand
 15 
854,567
1,070,966

  
9,434,122
8,767,377

Creditors: amounts falling due within one year
 16 
(6,192,489)
(5,569,424)

Net current assets
  
 
 
3,241,633
 
 
3,197,953

Total assets less current liabilities
  
3,655,709
3,544,811

Creditors: amounts falling due after more than one year
 17 
(37,150)
(37,591)

Provisions for liabilities
  

Deferred tax
 19 
(96,761)
(79,191)

Other provisions
 20 
(58,498)
(58,498)

  
 
 
(155,259)
 
 
(137,689)

Net assets
  
3,463,300
3,369,531


Capital and reserves
  

Called up share capital 
 21 
272,000
272,000

Other reserves
 22 
34,000
34,000

Profit and loss account
 22 
3,157,300
3,063,531

  
3,463,300
3,369,531


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




V Cosgrove
Director

Date: 13 June 2025

The notes on pages 12 to 28 form part of these financial statements.
Page 10

 
Deckers Trading Ltd
 

Statement of Changes in Equity
For the year ended 30 September 2024


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£


At 1 October 2022
272,000
34,000
3,014,575
3,320,575


Comprehensive income for the year

Profit for the year
-
-
358,956
358,956

Dividends: Equity capital
-
-
(310,000)
(310,000)



At 1 October 2023
272,000
34,000
3,063,531
3,369,531


Comprehensive income for the year

Profit for the year
-
-
543,769
543,769

Dividends: Equity capital
-
-
(450,000)
(450,000)


At 30 September 2024
272,000
34,000
3,157,300
3,463,300


The notes on pages 12 to 28 form part of these financial statements.

Page 11

 
Deckers Trading Ltd
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

1.


General information

Deckers Trading Ltd is a private company limited by shares and incorporated in England, registered number 02188064.  The registered office is Unit F, Royle Pennine Trading Estated, Lynroyle Way, Rochdale, OL11 3EX.
The company's principal activities and nature of its operations during the period was that of a butcher and drinks wholesaler.

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 management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Deckers Hospitality Group Limited as at 30 September 2024 and these financial statements may be obtained from Companies House.

Page 12

 
Deckers Trading Ltd
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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 Company has transferred the significant risks and rewards of ownership to the buyer;
the Company 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 Company 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.

 
2.4

Operating leases: the Company as lessee

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

 
2.5

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.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

Page 13

 
Deckers Trading Ltd
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.7

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 operates and generates 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.

 
2.8

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  and on a reducing balance basis.

Depreciation is provided on the following basis:

Long-term leasehold property
-
2% straight line over the life of the lease
Motor vehicles
-
25% reducing balance
Fixtures, fittings and equipment
-
On straight line basis over 5 to 20 years

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.

Page 14

 
Deckers Trading Ltd
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.9

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 weighted average 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.

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

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 15

 
Deckers Trading Ltd
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its 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 Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans 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.

 

Page 16

 
Deckers Trading Ltd
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

 
2.15

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.


Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and amounts reported for revenues and expenses during the year. The nature of estimation means that actual outcomes could be different from those estimates. The items in the financial statements where these judgements and estimates have been made include:
Stock provisions
Stock is reviewed to assess obsolescence on a regular basis. In determining whether provision for obsolescence should be recorded in profit and loss, the company makes judgements as to whether there is any observable data indicating that there is future saleability of the product and the estimated net realisable value for such product. Accordingly, provision for impairment is made where net realisable value is less than the cost based on best estimates by the management. The provision for obsolescence of stock is based on the ageing and historical sales pattern. At the year end, a stock provision of £15,013 has been recognised in the financial statements (2023: £35,895).

Page 17

 
Deckers Trading Ltd
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Liquor sales
40,367,687
34,594,051

Food sales
2,347,277
2,093,023

Distribution charges
32,611
48,452

42,747,575
36,735,526


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
154,152
141,484

Depreciation
54,823
60,305


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
20,500
19,475

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 18

 
Deckers Trading Ltd
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

7.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
-
1,013,278

Social security costs
-
90,957

Cost of defined contribution scheme
-
18,127

-
1,122,362


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


        2024
        2023
            No.
            No.







Administration
-
4



Operational
-
27

0
31

Page 19

 
Deckers Trading Ltd
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

8.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
-
1,013,278

Social security costs
-
90,957

Cost of defined contribution scheme
-
18,127

-
1,122,362


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


        2024
        2023
            No.
            No.







Administration
-
4



Operational
-
27

0
31

During the financial year, all employees of the company were transferred to the parent entity as part of a group-wide payroll centralisation initiative. Consequently, the average number of employees reported for the company has decreased to nil.  Staff costs are bourne by the parent company and recharged to Deckers Trading Ltd.  The average number of employees who are employed by the parent company for Deckers Trading Ltd was 35. The statutory directors of the company are not employees of Deckers Trading Ltd and are therefore excluded from the average employee numbers disclosed above.


9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
59,422
38,095

Finance leases and hire purchase contracts
3,197
1,364

62,619
39,459

Page 20

 
Deckers Trading Ltd
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,816
-


Total current tax
1,816
-

Deferred tax


Origination and reversal of timing differences
17,570
16,933

Total deferred tax
17,570
16,933


Tax on profit
19,386
16,933

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 22%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
563,155
375,889


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2023 - 22%)
106,999
82,696

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
889
-

Super-deduction enhancement
-
(314)

Other differences leading to an increase in the tax charge
-
430

Remeasurement of deferred tax for changes in tax rates
4,218
-

Group relief
(92,720)
(65,879)

Total tax charge for the year
19,386
16,933


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 21

 
Deckers Trading Ltd
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

11.


Dividends

2024
2023
£
£


Ordinary dividends paid
450,000
310,000

450,000
310,000


12.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 October 2023
186,219
415,163
330,595
931,977


Additions
-
86,196
46,000
132,196


Disposals
-
-
(54,362)
(54,362)



At 30 September 2024

186,219
501,359
322,233
1,009,811



Depreciation


At 1 October 2023
36,189
318,972
229,958
585,119


Charge for the year on owned assets
931
26,006
7,191
34,128


Charge for the year on financed assets
-
4,278
16,417
20,695


Disposals
-
-
(44,207)
(44,207)



At 30 September 2024

37,120
349,256
209,359
595,735



Net book value



At 30 September 2024
149,099
152,103
112,874
414,076



At 30 September 2023
150,030
96,191
100,637
346,858

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
43,416
-

Motor vehicles
47,402
63,203

90,818
63,203

Page 22

 
Deckers Trading Ltd
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

13.


Stocks

2024
2023
£
£

Raw materials and consumables
1,005
1,005

Finished goods and goods for resale
3,299,018
3,112,593

3,300,023
3,113,598


The carrying value of stocks are stated net of impairment losses totalling £15,013 (2023: £35,895).  Impairment gains totalling £20,882 (2023: £158) were recognised in profit and loss.


14.


Debtors

2024
2023
£
£


Trade debtors
3,520,784
2,900,251

Amounts owed by group undertakings
1,209,478
1,152,324

Other debtors
87,209
19,347

Prepayments and accrued income
462,061
510,891

5,279,532
4,582,813


At the balance sheet date, the Company had an amount receivable of £1.2 million (2024: £1.2 million) from fellow group undertakings. These balances are unsecured, interest-free, and repayable on demand.


15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
854,567
1,070,966

854,567
1,070,966


Page 23

 
Deckers Trading Ltd
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
4,486,781
3,423,042

Amounts owed to group undertakings
214,629
237,684

Corporation tax
6,295
4,479

Other taxation and social security
-
141,897

Obligations under finance lease and hire purchase contracts
38,241
24,244

Advances from invoice discounting
1,357,267
1,515,670

Other creditors
201
1,467

Accruals and deferred income
89,075
220,941

6,192,489
5,569,424


At the balance sheet date, the Company owed £215k (2023: £238k) to fellow group undertakings. These balances are unsecured, interest-free, and repayable on demand.

The following liabilities were secured:

2024
2023
£
£



Advances from invoice discounting
1,357,267
1,515,670

Obligations under finance lease and hire purchase contracts
38,241
24,244

1,395,508
1,539,914

Details of security provided:

Advances from invoice discounting are secured by way of a charge and negative pledge date 30 November 2015 over the book debts of the company.
Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.


17.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
37,150
37,591

37,150
37,591


Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.

Page 24

 
Deckers Trading Ltd
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

18.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
43,145
24,244

Between 1-5 years
38,833
37,591

81,978
61,835
Page 25

 
Deckers Trading Ltd
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

19.


Deferred taxation




2024


£






At beginning of year
79,191


Charged to profit or loss
17,570



At end of year
96,761

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
96,761
79,191


20.


Provisions




Dilapidations

£





At 1 October 2023
58,498



At 30 September 2024
58,498

The dilapidations provision is an estimate of costs payable by the company on exit from the properties from which it operates.


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



272,000 (2023 - 272,000) Ordinary shares of £1.00 each
272,000
272,000


Page 26

 
Deckers Trading Ltd
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

22.


Reserves

Other reserves

The nominal value of shares repurchased by the company and still held at the year end of the reporting date.

Profit and loss account

The profit and loss acccount includes all current and prior year period retained profit and losses after dividends paid.


23.


Financial commitments, guarantees and contingent liabilities

Contingent liabilities with the company's bankers
There is a group cross-company unlimited guarantee dated 2 May 2013 in favour of HSBC Bank plc. The guarantee was given by Deckers Hospitality Group Limited, Deckers Trading Limited, Sale Waterpark Restaurant Limited, and The Royal Toby Hotel (Castleton) Limited.
The company’s ultimate parent has a bank loan. This bank loan is secured by a debenture including a fixed and floating charge over the group's present freehold and leasehold property, book and other debts, chattels, goodwill, and uncalled capital, dated 3 May 2013. The total amount of loan outstanding at the balance sheet date was £2,216,117 (2023: £2,440,756).


24.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £Nil (2023 - £18,127) . Contributions totalling £Nil (2023 - £1,336) were payable to the fund at the balance sheet date and are included in creditors.


25.


Commitments under operating leases

At 30 September 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
167,399
155,244

Later than 1 year and not later than 5 years
638,654
39,152

Later than 5 years
25,798
-

831,851
194,396


26.


Related party transactions

The company has taken advantage of the exemption under FRS 102 Section 33 'Related Party Transactions' from disclosing transactions with wholly owned members of Deckers Hospitality Group.

Page 27

 
Deckers Trading Ltd
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

27.


Controlling party

The immediate and ultimate parent company is Deckers Hospitality Group Limited, a company incorporated in England & Wales. Deckers Hospitality Group Limited is the parent company of the smallest and largest group for which consolidated accounts are prepared. The registered address of Deckers Hospitality Group Limited is Unit F, Royle Pennine Trading Estate, Lynroyle Way, Rochdale, OL11 3EX.
The ultimate controlling parties are Mr C Brierley, Mr M Brierley and Mrs V Cosgrove.

Page 28