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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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OVERLAND SHOES LIMITED
COMPANY INFORMATION
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OVERLAND SHOES LIMITED
CONTENTS
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OVERLAND SHOES LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The principal activity of the Group continued to be that of footwear design and wholesale distribution.
The Group showed a strong financial performance throughout 2023. During the year, revenue increased by 6.1% to £62.9m (2022: £59.3m), mainly driven by strong organic growth and online presence, particularly across mainland Europe. This was offset by an increase in operating expenses by 32.7% to £11.6m (2022: £8.8m).
Financial risk - Overland is a privately owned group and is reliant upon the investment and continued support of parent companies.
Foreign currency - we have foreign currency exposure related to non-UK revenues and costs, which must be translated to GBP. Fluctuation in foreign currency exchange rates, particularly a strengthening of USD versus EUR may adversely affect operating profits. Relationship with licensors - Overland sells licensed product. Our success is dependent upon many factors linked to our licensors including our relationship with them, their strategy, reputation, and brand popularity. A change in our customers buying patterns, quantities, and terms could have a material adverse effect on our business. Our success depends on consumer's demand for our products, our path to the consumer is via third party owned and operated retail store owners (be it bricks and mortar or websites). There is a trend among retailers to demand ever improving terms from wholesalers in discounts and credit terms. Doing business abroad - our arrangements with foreign manufacturers and customers are subject to the usual risks of doing business abroad including currency fluctuations, political or labour instability and potential import restrictions.
Overland is continually monitoring and striving to improve its financial performance in areas such as sales, profitability, and cash flow. It looks at many KPIs including gross margin, debtor days, customer sales comparison, order book variance, sell through analysis budgets and cash flow forecasts to assist in the effective management of the business.
2023 2022 Gross Profit % 34% 31% Debtor days 87 75 Creditor days 39 53
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OVERLAND SHOES LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1. Revenue
Total revenue has increased by 6.1% and the change year on year by destination is as follows: Country of Destination % Change in Revenue 2023 % Change in Revenue 2022 United Kingdom Decrease 40% Increase 1% Rest of Europe Increase 13% Increase 58% Rest of the world Decrease 32% Decrease 18% 2. Profitability The results for 2023 showed a profit before tax of £9.7m which compares to a profit of £9.3m in 2022 which is an increase of £0.4m. 3. Employees The average number of employees increased to 57 during 2023 (2022: 47) as a result of new hires to support the strong growth of the Company.
The Board is accountable to its stakeholders and understands the importance of incorporating stakeholder considerations into the Board discussions and decision-making.
The Director confirms that, during FY23 they have acted in the way which is in good faith and most likely to promote the success of the Group over the long-term for the benefit of its members, having regard to the stakeholders and matters set out in s.172(1) (a) to (f) of the Companies Act 2006, being: a) The likely consequences of any decision in the long term b) The interests of the Group’s employees c) The need to foster the Group’s business relationships with suppliers, customers, and others d) The impact of the Group’s operations on the community and the environment e) The desirability of the Group maintaining a reputation for high standards of business conduct f) The need to act fairly between members of the Group.
This report was approved by the board on 15 July 2025 and signed on its behalf.
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OVERLAND SHOES LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The director presents his report and the financial statements for the year ended 31 December 2023.
The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £8,004,291 (2022 - £7,169,127).
No dividends have been claimed in the year (2022: £Nil).
The director who served during the year was:
Whilst the economic backdrop remains challenging, management remains confident that the current strategy will continue to deliver sustainable growth and positive cash flows. The Group has reaffirmed its commitment to a growth strategy of an increase in revenue and strong customer engagement through on-trend designs and an increase in targeted marketing.
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OVERLAND SHOES LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The Directors have identified the Company’s key stakeholders to be customers, employees, suppliers, and the community. Each stakeholder group has their own individual priorities which are considered by the Directors in their decision-making. This is not only the right thing to do but is also vital in achieving the Group’s long-term objectives.
Our Customers Engaging regularly with our customers is essential to ensure that we can provide what they want and when they want it. We have increased brand awareness through key strategic marketing efforts. This has translated into a growing loyal customer base together with a growing interest in our products. We have revised our delivery processes to be aligned to customer demands and activity. Our Employees Creating an employee experience that employees can learn, collaborate, and embrace change is a top priority to help us strive towards long term success. We have hosted quarterly sessions to connect employees with our strategy whilst sharing updates on new styles and latest trends. Our Suppliers Maintaining close working relationships with our suppliers to create relevant footwear ranges is fundamental to our long-term success. We have processes in place to closely monitor the social standards of our manufacturing partners to ensure that they operate in line with policies and legislation. Our Community Operating responsibly is foremost in driving positive outcomes for the communities in which we operate. We have partnered with a sustainability agency, to understand and reduce our carbon footprint. We have introduced a range of footwear made with sustainable materials.
The Group has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.
There have been no significant events affecting the Group since the year end.
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OVERLAND SHOES LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The auditors, Haslers, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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OVERLAND SHOES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OVERLAND SHOES LIMITED
We have audited the financial statements of Overland Shoes Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting 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).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
As explained in note 2.2, this is the first year that the Company has prepared consolidated financial statements due to the Company identifying that an investment in a French trading entity constituted a subsidiary.
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
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OVERLAND SHOES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OVERLAND SHOES LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual Report. 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 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Director's report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Director's report.
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OVERLAND SHOES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OVERLAND SHOES LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that: • had a direct effect on the determination of material amounts and disclosures in the financial statements. These included the UK Companies Act and tax legislation etc; and • do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. These include those rules governing the footwear design and wholesale distribution. We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the audit engagement team included: • Identifying and testing journal entries, in particular any unusual journal entries posted around the year end and journal entries. • Assessing the extent of compliance with the relevant laws and regulations. • Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud. • Testing of standard cost for year end stock. • Challenging assumptions and judgements made by management in its significant accounting estimates; and, • Carrying out a review of large and unusual bank transactions.
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OVERLAND SHOES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OVERLAND SHOES LIMITED (CONTINUED)
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.
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.
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 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
Old Station Road
Essex
IG10 4PL
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OVERLAND SHOES LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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OVERLAND SHOES LIMITED
REGISTERED NUMBER: 05339126
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023
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OVERLAND SHOES LIMITED
REGISTERED NUMBER: 05339126
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 20 to 38 form part of these financial statements.
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OVERLAND SHOES LIMITED
REGISTERED NUMBER: 05339126
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
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OVERLAND SHOES LIMITED
REGISTERED NUMBER: 05339126
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 20 to 38 form part of these financial statements.
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OVERLAND SHOES LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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OVERLAND SHOES LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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OVERLAND SHOES LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
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OVERLAND SHOES LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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OVERLAND SHOES LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023
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OVERLAND SHOES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Overland Shoes Limited is a private company, limited by shares, domiciled in England and Wales, registration number 05339126. The registered office is 1 Lawfords Wharf, Lyme Street, London, England, NW1 0SF. The principal activity of the company continued to be that of footwear design and wholesale distribution.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 31 December 2023.
This is the first year that the Company is presenting consolidated financial statements. This is because it emerged that its investment in its French trading entity constituted a subsidiary company which should have been included within consolidated financial statements. As a result, the consolidated results of the group have been prepared for the current and comparative periods.
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OVERLAND SHOES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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OVERLAND SHOES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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OVERLAND SHOES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
This is with the exception of leasehold property which is recorded under the revaluation model. Under this model the asset is carried at a revalued amount, being its fair value at the date of revaluation less subsequent depreciation and impairment, provided that fair value can be measured reliably.
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OVERLAND SHOES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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.
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OVERLAND SHOES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for
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OVERLAND SHOES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
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.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group 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 Group 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 Group's contractual obligations expire or are discharged or cancelled.
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OVERLAND SHOES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. The director does not believe that there have been judgements (apart from those involving estimates) made in the process of applying the above accounting policies that have had a significant effect onamounts recognised in the financial statements.
Analysis of turnover by country of destination:
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OVERLAND SHOES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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OVERLAND SHOES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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OVERLAND SHOES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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OVERLAND SHOES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
11.Taxation (continued)
There were no factors that may affect future tax charges.
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OVERLAND SHOES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
12.Tangible fixed assets (continued)
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OVERLAND SHOES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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OVERLAND SHOES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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OVERLAND SHOES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The aggregate amount of secured liabilities is £1,150,105 (2022: £1,201,499). The loans are secured on the properties of the company.
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OVERLAND SHOES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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OVERLAND SHOES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
20.Share capital (continued)
The redeemable preference shares are redeemable at the discretion of the company with a months notice period. There is no premium upon redemption. Upon liquidation the redeemable preference shares rank in preference to any distribution made on the ordinary shares. The redeemable preference shares carry no voting rights.
Profit and loss account
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 £53,638 (2022: £74,618).
Contributions totalling £NIL (2022: £NIL) were payable to the fund at the balance sheet date and are included in creditors.
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OVERLAND SHOES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The company's ultimate control rests with the
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