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Registered number: 00161147














DEWHURST DENT PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

 
DEWHURST DENT PLC
 
 
COMPANY INFORMATION


Directors
Robert Yentob FCA 
Alan Khazam LLB 
Arran Yentob BSc 
Linda Khalastchi MBA BSc MA 
Anne Khazam MA 
Deborah Moore 




Company secretary
Robert Yentob FCA



Registered number
00161147



Registered office
Dents
Furnax Lane

Warminster

Wiltshire

BA12 8PE




Independent auditors
Sopher + Co LLP
Chartered Accountants & Statutory Auditors

5 Elstree Gate

Elstree Way

Borehamwood

Hertfordshire

WD6 1JD




Bankers
HSBC Bank PLC
1-3 Victoria Square

Bolton

BL1 1RJ





 
DEWHURST DENT PLC
 

CONTENTS



Page
Group Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Consolidated Statement of Comprehensive Income
 
9
Consolidated Statement of Financial Position
 
10 - 11
Company Statement of Financial Position
 
12
Consolidated Statement of Changes in Equity
 
13
Company Statement of Changes in Equity
 
14
Consolidated Statement of Cash Flows
 
15 - 16
Consolidated Analysis of Net Debt
 
16
Notes to the Financial Statements
 
17 - 38

 
DEWHURST DENT PLC
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2025

Introduction
 
The directors present their Group strategic report for the year ended 31 January 2025.

Business review
 
During the year the Group made an operating profit of £513,531 (2024 - £936,346) which the directors consider to be a satisfactory outcome in a difficult trading year.
The traditional wholesale business in the UK continues to decline but our on-line business continued to grow. As predicted exports slowed this year especially in China and in Europe.
Corgi Hosiery Limited suffered from the effects of a flood and made a loss for the year, despite insurance claim receipts. The effect on earnings will continue into the current year.
Group turnover reduced in total by £1.1m to £7.3m this year. Half of the drop was due to reduced sales from Corgi Hosiery Limited as a result of the flood and the balance from a drop in Dents sales. Net assets have improved compared to the previous year and cash balances remain strong.
Trading conditions continue to be difficult, and labour costs have risen so profits will be lower in the coming year.
The Group has strong cash balances and is well placed to manage going forward.

Principal risks and uncertainties
 
Market risk
Market risk encompasses three types of risk, being currency risk, fair value interest rate risk and price risk. The Group's policies for managing fair value interest rate risk are considered along with those for managing cash flow interest rate risk and are set out in the subsection entitled "interest rate risk" below.
Currency risk
The Group is exposed to currency exchange rate risk due to a proportion of its receivables being denominated in non-sterling currencies. These sales are priced in the local currency of the company making the sale. About 44% (2024 - 47%) of the Group's sales are to customers outside the UK. The net exposure of each currency is monitored and managed by the use of forward foreign exchange contracts or currency bank accounts. The forward foreign exchange contracts all mature within 12 months. The Group's subsidiary, Dents Gloves Pty, is exposed to currency exchange risk arising from non-sterling currencies but, as this is not significant, no active management of this risk is undertaken.
Interest rate risk
The Group finances its operations through retained profits and existing bank facilities. The Company minimises its exposure to interest rate fluctuation by managing its working capital available within the Group and use of a floating rate.
Credit risk
The Group's principal financial assets are cash and trade debtors. The principal credit risk arises therefore from its trade debtors. In order to manage credit risk the directors set limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed by the credit controller on a regular basis in conjunction with debt ageing and collection history.

Financial key performance indicators
 
The directors consider the key performance indicators of the Group to be turnover and operating profit as set out in the Consolidated Statement of Comprehensive Income on page 9 and net assets as set out in the Consolidated Statement of Financial Position on page 10. 

Page 1

 
DEWHURST DENT PLC
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025

Directors' statement of compliance with duty to promote the success of the Group
 
The directors consider the successful running of the Group and the Company centres around their long-term strategy of maintaining a sustainable, profitable business with brand reputation at its centre. The directors consider that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Group for the benefit of its members as a whole (having regard to the stakeholders and matters set out in S172(1)(a-f) of the Act) in the decisions taken during the financial year ended 31 January 2025.
In coming to this conclusion, the directors have considered the following:
 
Consideration of long-term consequences are an inherent part of the Group's decision-making processes. As a privately-owned Group, the board considers that the interests of the Group and its shareholders are aligned in seeking sustainable value creation over the longer term through the Group's operations, promoting long term strategic decision-making.

The directors continue to ensure that a reputation for high standards of business conduct with customers and other stakeholders is maintained.

The Group has continued throughout the year to provide employees with relevant information and to seek their views on matters of common concern. Priority is given to ensuring that employees are aware of all significant matters affecting the Group.

When taking decisions, the board considers the potential impact the decisions they take may have on the environment and socially. Given the size of the business and nature of its business, the impact of the Group’s operations on the community and environment is not considerable.

The integrity of the Group is underpinned with policies in relation to bribery and corruption, data protection, equality, diversity, fraud and whistleblowing, each of which is reinforced through appropriate training.

The directors confirm that throughout the year they have acted in the way they consider, in good faith, to be most likely to promote the success of the Company and the Group for the benefit of its members as a whole.


This report was approved by the board on 17 July 2025 and signed on its behalf.



Robert Yentob FCA
Director
Page 2

 
DEWHURST DENT PLC
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2025

The directors present their report and the financial statements for the year ended 31 January 2025.

Directors

The directors who served during the year were:

Robert Yentob FCA 
Alan Khazam LLB 
Arran Yentob BSc 
Linda Khalastchi MBA BSc MA 
Anne Khazam MA 
Deborah Moore 

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £416,829 (2024 - £765,627).

During the year, dividends of £126,000 (2024 - £126,000) were paid to preference shareholders as recommended by the directors.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 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 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 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.

Page 3

 
DEWHURST DENT PLC
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025

Future developments

The Group remains confident that it is well positioned to take advantage of opportunities in the market place for the production and sale of fashion accessories. Key drivers for the business continue to be new and emerging markets and online sales.

Qualifying third party indemnity provisions

The Company maintains directors’ and officers’ liability insurance which gives appropriate cover for any legal action brought against its directors. In accordance with section 236 of the Companies Act 2006, qualifying third-party indemnity provisions are in place for the directors in respect of liabilities incurred as a result of their office, to the extent permitted by law. Both the insurance and indemnities applied throughout the financial year ended 31 January 2025 and through to the date of this report.

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 and the Group'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 and the Group's auditors are aware of that information.

Events after the reporting date

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

Auditors

Under section 487(2) of the Companies Act 2006Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 17 July 2025 and signed on its behalf.
 





Robert Yentob FCA
Director
Page 4

 
DEWHURST DENT PLC
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DEWHURST DENT PLC
 

Opinion


We have audited the financial statements of Dewhurst Dent Plc (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 January 2025, which comprise the Group Statement of Comprehensive Income, the Group and Company Statements of Financial Position, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 January 2025 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the 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 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 directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
DEWHURST DENT PLC
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DEWHURST DENT PLC (CONTINUED)

Other information


The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statementsour 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' 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 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 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 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of 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 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.


Page 6

 
DEWHURST DENT PLC
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DEWHURST DENT PLC (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 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:

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 clothing and fashion industry; 
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 and 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; 
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and 
understanding the design of the Company’s remuneration policies. 

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; 
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and 
investigated the rationale behind significant or unusual transactions. 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 
 
agreeing financial statement disclosures to underlying supporting documentation; 
reading the minutes of meetings of those charged with governance; 
enquiring of management as to actual and potential litigation and claims; and 
reviewing correspondence with HMRC.
Page 7

 
DEWHURST DENT PLC
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DEWHURST DENT PLC (CONTINUED)


There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. 
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.




Stephen Iseman FCA (Senior Statutory Auditor)
  
for and on behalf of
Sopher + Co LLP
 
Chartered Accountants
Statutory Auditors
  
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD

17 July 2025
Page 8

 
DEWHURST DENT PLC
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2025

2025
2024
Note
£
£

  

Turnover
 4 
7,280,660
8,386,064

Cost of sales
  
(3,592,397)
(3,838,696)

Gross profit
  
3,688,263
4,547,368

Distribution costs
  
(403,055)
(427,103)

Administrative expenses
  
(3,593,564)
(3,543,674)

Other operating income
 5 
821,887
359,755

Operating profit
  
513,531
936,346

Interest receivable and similar income
  
83,390
52,023

Interest payable and similar expenses
 10 
(23,027)
(38,359)

Fair value movement in fixed asset investments
  
(57,685)
58,736

Profit before taxation
  
516,209
1,008,746

Taxation
 11 
(103,075)
(229,966)

Profit for the financial year
  
413,134
778,780

Other comprehensive income for the year
  

Currency translation differences
  
(36,477)
(97,031)

Total comprehensive income for the year
  
376,657
681,749

Profit for the year attributable to:
  

Non-controlling interests
  
(3,695)
13,153

Owners of the parent Company
  
416,829
765,627

  
413,134
778,780

Total comprehensive income for the year attributable to:
  

Non-controlling interest
  
(3,695)
13,153

Owners of the parent Company
  
380,352
668,596

  
376,657
681,749

There were no recognised gains and losses for 2025 or 2024 other than those included in the consolidated statement of comprehensive income.

The notes on pages 17 to 38 form part of these financial statements.

Page 9

 
DEWHURST DENT PLC
REGISTERED NUMBER:00161147

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2025

2025
2024
Note
£
£

Fixed assets
  

Intangible assets
 14 
-
-

Tangible fixed assets
 15 
3,172,455
3,198,349

Fixed asset investments
 16 
529,081
701,026

  
3,701,536
3,899,375

Current assets
  

Stocks
 17 
2,302,507
2,541,218

Debtors: amounts falling due within one year
 18 
1,293,448
1,331,977

Cash at bank and in hand
 19 
3,940,964
3,353,057

  
7,536,919
7,226,252

Current liabilities
  

Creditors: amounts falling due within one year
 20 
(1,378,990)
(1,391,035)

Net current assets
  
 
 
6,157,929
 
 
5,835,217

Total assets less current liabilities
  
9,859,465
9,734,592

Creditors: amounts falling due after more than one year
 21 
(102,953)
(174,123)

Provisions for liabilities
  

Other provisions
 24 
(171,398)
(171,474)

Accruals and deferred income
 23 
(70,077)
(54,895)

Net assets
  
9,515,037
9,334,100


Capital and reserves
  

Called up share capital 
 25 
3,382,669
3,382,669

Profit and loss account
 26 
5,957,347
5,758,771

Equity attributable to owners of the parent Company
  
9,340,016
9,141,440

Non-controlling interests
  
175,021
192,660

  
9,515,037
9,334,100

Page 10

 
DEWHURST DENT PLC
REGISTERED NUMBER:00161147
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2025

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 July 2025.




Robert Yentob FCA
Director

The notes on pages 17 to 38 form part of these financial statements.
Page 11

 
DEWHURST DENT PLC
REGISTERED NUMBER:00161147

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2025

2025
2024
Note
£
£

Fixed assets
  

Intangible assets
 14 
-
-

Tangible fixed assets
 15 
2,730,114
2,757,230

Fixed asset investments
 16 
1,637,869
1,809,814

  
4,367,983
4,567,044

Current assets
  

Stocks
 17 
1,495,223
1,616,751

Debtors: amounts falling due after more than one year
 18 
189,239
210,906

Debtors: amounts falling due within one year
 18 
1,024,216
940,251

Cash at bank and in hand
 19 
3,762,024
3,272,181

  
6,470,702
6,040,089

Current liabilities
  

Creditors: amounts falling due within one year
 20 
(2,792,842)
(2,871,315)

Net current assets
  
 
 
3,677,860
 
 
3,168,774

Total assets less current liabilities
  
8,045,843
7,735,818

Provisions for liabilities
  

Other provisions
 24 
(171,398)
(171,474)

Net assets
  
7,874,445
7,564,344


Capital and reserves
  

Called up share capital 
 25 
3,382,669
3,382,669

Profit and loss account carried forward
 26 
4,491,776
4,181,675

  
7,874,445
7,564,344


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 July 2025.




Robert Yentob FCA
Director

The notes on pages 17 to 38 form part of these financial statements.
Page 12

 
DEWHURST DENT PLC
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2025


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity

£
£
£
£
£


At 1 February 2023
3,382,669
5,275,979
8,658,648
194,459
8,853,107



Profit for the year
-
765,627
765,627
13,153
778,780

Currency translation differences
-
(97,031)
(97,031)
-
(97,031)

Dividends: Equity capital
-
(126,000)
(126,000)
-
(126,000)

Other transfer to minority interest
-
(59,804)
(59,804)
59,804
-

Dividends paid to non-controlling interests
-
-
-
(74,756)
(74,756)



At 1 February 2024
3,382,669
5,758,771
9,141,440
192,660
9,334,100



Profit for the year
-
416,829
416,829
(3,695)
413,134

Currency translation differences
-
(36,477)
(36,477)
-
(36,477)

Dividends: Equity capital
-
(126,000)
(126,000)
-
(126,000)

Other transfer to minority interest
-
(55,776)
(55,776)
55,776
-

Dividends paid to non-controlling interests
-
-
-
(69,720)
(69,720)


At 31 January 2025
3,382,669
5,957,347
9,340,016
175,021
9,515,037


The notes on pages 17 to 38 form part of these financial statements.

Page 13

 
DEWHURST DENT PLC
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2025


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 February 2023
3,382,669
3,626,851
7,009,520



Profit for the year
-
680,824
680,824

Dividends: Equity capital
-
(126,000)
(126,000)



At 1 February 2024
3,382,669
4,181,675
7,564,344



Profit for the year
-
436,101
436,101

Dividends: Equity capital
-
(126,000)
(126,000)


At 31 January 2025
3,382,669
4,491,776
7,874,445


The notes on pages 17 to 38 form part of these financial statements.
Page 14

 
DEWHURST DENT PLC
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2025

2025
2024
£
£

Cash flows from operating activities

Profit for the financial year
413,134
778,780

Adjustments for:

Depreciation of tangible assets
109,625
88,050

Interest payable
23,027
38,359

Interest receivable
(83,390)
(52,023)

Taxation charge
103,075
229,966

Decrease/(increase) in stocks
238,711
(73,361)

Decrease/(increase) in debtors
43,711
(209,366)

Increase/(decrease) in creditors
97,052
(169,335)

Decrease in provisions
(76)
(76)

Corporation tax paid
(216,648)
(133,314)

Change in fair value of fixed asset investments
88,689
10,021

Government grants
15,182
(4,670)

Net cash generated from operating activities

832,092
503,031

Cash flows from investing activities

Purchase of tangible fixed assets
(83,732)
(45,105)

Purchase of other investments
(31,004)
(68,757)

Sale of other investments
114,260
445,991

Interest received
83,390
52,023

Net cash from investing activities

82,914
384,152
Page 15

 
DEWHURST DENT PLC
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025


2025
2024

£
£



Cash flows used in financing activities

Repayment of loans
(71,170)
(348,147)

Dividends paid
(126,000)
(126,000)

Interest paid
(23,027)
(38,359)

Dividends paid to non-controlling interests
(69,720)
(74,756)

Net cash used in financing activities
(289,917)
(587,262)

Net increase in cash and cash equivalents
625,089
299,921

Cash and cash equivalents at beginning of year
3,352,352
3,149,462

Foreign exchange gains and losses
(36,477)
(97,031)

Cash and cash equivalents at the end of year
3,940,964
3,352,352


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,940,964
3,353,057

Bank overdrafts
-
(705)

3,940,964
3,352,352



 
 
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2025




At 1 February 2024
Cash flows
At 31 January 2025
£

£

£

Cash at bank and in hand

3,353,057

587,907

3,940,964

Bank overdrafts

(705)

705

-

Debt due after 1 year

(174,123)

71,170

(102,953)

Debt due within 1 year

(83,800)

2,680

(81,120)


3,094,429
662,462
3,756,891

The notes on pages 17 to 38 form part of these financial statements.
Page 16

 
DEWHURST DENT PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

1.


General information

Dewhurst Dent Plc is a public limited liability company incorporated in England and Wales, with its business and registered office address at Dents, Furnax Lane, Warminster, Wiltshire, BA12 8PE.
The principal activities of the Group during the year continued to be the production and sale of fashion accessories.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

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

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

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of Group and its own subsidiaries ("the Group") as if they formed 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 Statement of Financial Position, 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.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Wholesale sales are recognised when the significant risks and rewards of ownership have transferred to the customer, with provisions made for expected returns. Concession sales, returns and allowances are reflected at the dates of transactions with customers.

Page 17

 
DEWHURST DENT PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)

 
2.4

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the acquisition of a business and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

 
2.5

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and any accumulated impairment losses. 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.
The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the Consolidated Statement of Comprehensive Income during the period in which they are incurred.
Land and buildings are stated at deemed cost for land and buildings held at valuation at the date of transition to FRS102 less accumulated depreciation and accumulated impairment costs.

Land is not depreciated. Depreciation on other assets 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:

Freehold property
-
1-2% per annum
Plant and machinery
-
33.33% per annum
Motor vehicles
-
25.00% per annum
Fixtures and fittings
-
33.33% per annum

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

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

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to the Consolidated Statement of Comprehensive Income on a straight-line basis over the lease term.

Page 18

 
DEWHURST DENT PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)

 
2.7

Valuation of investments

Subsidiary undertakings
Investments in subsidiaries are measured at cost less accumulated impairment.
Other investments
Investments held as fixed assets are measured at their fair value at the reporting date and changes in their fair value from the previous year end are recognised in the Consolidated Statement of Comprehensive Income.

 
2.8

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 reporting 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 the Consolidated Statement of Comprehensive Income.

 
2.9

Debtors

Short term debtors are measured at the 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.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty.
In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.11

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.

 
2.12

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

Page 19

 
DEWHURST DENT PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)

 
2.13

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

 
2.14

Financial instruments

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost  using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Derivatives, including forward foreign exchange contracts, are not basic financial instruments.  Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. The Group currently applies cashflow hedge accounting for foreign exchange derivatives.
Page 20

 
DEWHURST DENT PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)

 
2.15

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is £ Sterling.

Transactions and balances

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

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

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

 
2.16

Finance costs

Finance costs are charged to the Consolidated Statement of Comprehensive Income 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.

 
2.17

Dividends

Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 21

 
DEWHURST DENT PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)

 
2.18

Pensions

Defined contribution pension plan
The Company contributes to 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 payments obligations.
The contributions are recognised as an expense in the Income Statement when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered fund.
There are separate pension arrangements for the employees of Corgi Hosiery Limited, one of the subsidiaries.
Defined benefit pension plan
The Company also contributes to a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.
The pension costs charged against profits are based on actuarial methods and assumptions designed to spread the anticipated pension costs over the service lives of the employees in the scheme, so as to ensure that the regular pension cost represents a substantially level percentage of the current and expected future pensionable payroll. Variations from regular cost are spread over the remaining service lives of current employees in the scheme.
Details of Group pension obligations are set out in note 27.

 
2.19

Interest income

Interest income is recognised in the Consolidated Statement of Comprehensive Income using the effective interest method.

 
2.20

Borrowing costs

All borrowing costs are recognised in the Consolidated Statement of Comprehensive Income in the year in which they are incurred.

 
2.21

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 22

 
DEWHURST DENT PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)

 
2.22

Taxation

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 reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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.




3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the directors have made the following judgements:
 
To determine whether there are indicators of impairment of the Group’s tangible assets and investments, factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset, and where it is a component of a larger asset, the viability and expected future performance of that asset.

To determine provision of impairment for stock and work in progress, the directors perform an assessment of each product line taking into consideration the product age, style and demand.

Other key sources of estimation uncertainty
 
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Page 23

 
DEWHURST DENT PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

4.


Turnover

The whole of the turnover is attributable to the sale of fashion accessories.

Analysis of turnover by country of destination:

2025
2024
£
£

United Kingdom
4,095,257
4,477,965

Rest of Europe
835,335
1,253,361

Rest of the world
2,350,068
2,654,738

7,280,660
8,386,064



5.


Other operating income

2025
2024
£
£

Net rents receivable
144,156
146,844

Royalty receivable
56,464
-

Government grants receivable
14,539
4,675

Insurance claims receivable
600,346
193,000

Foreign exchange difference
6,382
15,236

821,887
359,755



6.


Operating profit

The operating profit is stated after charging:

2025
2024
£
£

Exchange differences
(6,382)
(14,865)

Other operating lease rentals
41,917
43,697
Page 24

 
DEWHURST DENT PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

7.


Auditors' remuneration

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


2025
2024
£
£

Audit of the consolidated and parent Company's financial statements
32,000
31,000

Other services

11,750
11,000

43,750
42,000


8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2025
2024
2025
2024
£
£
£
£

Wages and salaries
2,579,700
2,508,091
1,338,139
1,281,858

Social security costs
211,946
216,891
119,523
129,689

Cost of defined benefit scheme
128,400
128,400
128,400
128,400

Cost of defined contribution scheme
102,582
106,882
73,630
77,696

3,022,628
2,960,264
1,659,692
1,617,643


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



Group
Group
Company
Company
        2025
        2024
        2025
        2024
            No.
            No.
            No.
            No.









United Kingdom
102
108
48
49



Australia
1
1
-
-

103
109
48
49

Page 25

 
DEWHURST DENT PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

9.


Directors' remuneration

2025
2024
£
£

Directors' emoluments
418,582
348,117

Group contributions to defined contribution pension schemes
-
2,272

418,582
350,389


During the year retirement benefits were accruing to no directors (2024 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £215,554 (2024 - £164,210).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2024 - £2,272).


10.


Interest payable and similar expenses

2025
2024
£
£


Bank interest payable
10,807
30,789

Other loan interest payable
1,783
7,567

Other interest payable
10,437
3

23,027
38,359


11.


Taxation


2025
2024
£
£

Corporation tax


Current tax on profits for the year
150,895
229,966

Adjustments in respect of previous periods
(47,820)
-

Total current tax
103,075
229,966
Page 26

 
DEWHURST DENT PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2024 - lower than) the standard (2024 - composite) rate of corporation tax in the UK of 25.00% (2024 - 24.03%). The differences are explained below:

2025
2024
£
£


Profit on ordinary activities before tax
516,210
1,008,746


Profit on ordinary activities multiplied by the standard (2024 - composite) rate of corporation tax in the UK of 25.00% (2024 - 24.03%)
129,053
242,402

Effects of:


Expenses not deductible for tax purposes
39,544
13,305

Capital allowances for year in excess of depreciation
(19,136)
(17,986)

Other adjustments to tax charge in respect of prior periods
(47,820)
-

Short-term timing difference leading to a decrease in taxation
(19)
(19)

Utilisation of tax losses
-
(7,736)

Unrelieved tax losses carried forward
1,123
-

Difference due to change in tax rate
330
-

Total tax charge for the year
103,075
229,966


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2025
2024
£
£


Dividends paid on preference shares
126,000
126,000


13.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £436,101 (2024 - £680,824).

Page 27

 
DEWHURST DENT PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

14.


Intangible assets

Group and Company





Goodwill

£



Cost


At 1 February 2024
119,015



At 31 January 2025

119,015



Amortisation


At 1 February 2024
119,015



At 31 January 2025

119,015



Net book value



At 31 January 2025
-



At 31 January 2024
-



Page 28

 
DEWHURST DENT PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

15.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 February 2024
3,545,176
1,161,022
86,198
4,792,396


Additions
-
83,732
-
83,732


Disposals
-
(256,039)
-
(256,039)


Exchange adjustments
-
(618)
(733)
(1,351)



At 31 January 2025

3,545,176
988,097
85,465
4,618,738



Depreciation


At 1 February 2024
413,428
1,094,422
86,198
1,594,048


Charge for the year on owned assets
30,149
79,476
-
109,625


Disposals
-
(256,039)
-
(256,039)


Exchange adjustments
-
(618)
(733)
(1,351)



At 31 January 2025

443,577
917,241
85,465
1,446,283



Net book value



At 31 January 2025
3,101,599
70,856
-
3,172,455



At 31 January 2024
3,131,748
66,600
-
3,198,348

If the freehold properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2025
2024
£
£
Historic cost

3,324,184

3,324,184
 
Accumulated depreciation


(402,006)

(372,348)
 
2,922,178

2,951,836
 

Page 29

 
DEWHURST DENT PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

           15.Tangible fixed assets (continued)


Company






Freehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£

Cost or valuation


At 1 February 2024
3,050,913
522,925
70,447
3,644,285


Additions
-
4,015
-
4,015


Disposals
-
(256,039)
-
(256,039)



At 31 January 2025

3,050,913
270,901
70,447
3,392,261



Depreciation


At 1 February 2024
302,617
513,992
70,447
887,056


Charge for the year on owned assets
24,850
6,280
-
31,130


Disposals
-
(256,039)
-
(256,039)



At 31 January 2025

327,467
264,233
70,447
662,147



Net book value



At 31 January 2025
2,723,446
6,668
-
2,730,114



At 31 January 2024
2,748,296
8,933
-
2,757,229






If the freehold properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2025
2024
£
£
Historic cost

3,050,913

3,050,913
 
Accumulated depreciation

(327,467)

(302,617)
 
2,723,446

2,748,296
 

Page 30

 
DEWHURST DENT PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

16.


Fixed asset investments

Group





Unlisted investments
Other fixed asset investments
Total

£
£
£



Cost


At 1 February 2024
39,381
1,499,782
1,539,163


Additions
-
31,004
31,004


Disposals
-
(114,260)
(114,260)



At 31 January 2025

39,381
1,416,526
1,455,907



Impairment


At 1 February 2024
39,381
798,756
838,137


Reversal of impairment losses
-
88,689
88,689



At 31 January 2025

39,381
887,445
926,826



Net book value



At 31 January 2025
-
529,081
529,081



At 31 January 2024
-
701,026
701,026

Page 31

 
DEWHURST DENT PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
Company





Investments in subsidiary companies
Unlisted investments
Other fixed asset investments
Total

£
£
£
£



Cost


At 1 February 2024
1,449,304
39,381
1,499,782
2,988,467


Additions
-
-
31,004
31,004


Disposals
-
-
(114,260)
(114,260)



At 31 January 2025

1,449,304
39,381
1,416,526
2,905,211



Impairment


At 1 February 2024
340,516
39,381
798,756
1,178,653


Reversal of impairment losses
-
-
88,689
88,689



At 31 January 2025

340,516
39,381
887,445
1,267,342



Net book value



At 31 January 2025
1,108,788
-
529,081
1,637,869



At 31 January 2024
1,108,788
-
701,026
1,809,814


Direct subsidiary undertakings


The following were direct subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

Corgi Hosiery Limited
Design & manufacture of knitwear and socks
Ordinary
80%
Fownes Gloves Limited
Dormant
Ordinary
100%
Dents Limited
Dormant
Ordinary
100%

Page 32

 
DEWHURST DENT PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

Indirect subsidiary undertaking


The following was an indirect subsidiary undertaking of the Company:

Name

Principal activity

Class of shares

Holding

Dents Gloves Pty
Manufacture & distribution of gloves
Ordinary
100%

The registered office address of Fownes Gloves Limited and Dents Limited is at Dents, Furnax Lane, Warminster, Wiltshire, BA12 8PE. The registered office address of Corgi Hosiery Limited is at New Road, Ammanford, Carmarthenshire, SA18 3DS and Dents Gloves Pty is at Level 1, 123 Camberwell Road, Hawthorn East VIC 3123, Australia.


17.


Stocks

Group
Group
Company
Company
2025
2024
2025
2024
£
£
£
£

Raw materials and consumables
440,343
562,333
60,202
125,719

Work in progress (goods to be sold)
126,017
137,630
27,269
29,438

Finished goods and goods for resale
1,736,147
1,841,255
1,407,752
1,461,594

2,302,507
2,541,218
1,495,223
1,616,751


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 33

 
DEWHURST DENT PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

18.


Debtors

Group
Group
Company
Company
2025
2024
2025
2024
£
£
£
£

Due after more than one year

Amounts owed by group undertakings
-
-
189,239
210,906


Group
Group
Company
Company
2025
2024
2025
2024
£
£
£
£

Due within one year

Trade debtors
652,982
814,066
447,123
453,323

Amounts owed by group undertakings
-
-
328,189
206,008

Other debtors
159,577
184,879
147,226
178,075

Prepayments and accrued income
480,889
333,032
101,678
102,845

1,293,448
1,331,977
1,024,216
940,251



19.


Cash and cash equivalents

Group
Group
Company
Company
2025
2024
2025
2024
£
£
£
£

Cash at bank and in hand
3,940,964
3,353,057
3,762,024
3,272,181

Less: bank overdrafts
-
(705)
-
(705)

3,940,964
3,352,352
3,762,024
3,271,476


Page 34

 
DEWHURST DENT PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2025
2024
2025
2024
£
£
£
£

Bank overdrafts
-
705
-
705

Bank loans
78,754
78,754
-
-

Trade creditors
279,557
269,242
175,324
186,843

Amounts owed to group undertakings
-
-
1,667,929
1,751,951

Corporation tax
121,574
229,966
121,574
202,924

Other taxation and social security
310,758
298,275
287,327
263,866

Other creditors
64,363
61,243
37,616
40,022

Accruals and deferred income
523,984
452,850
503,072
425,004

1,378,990
1,391,035
2,792,842
2,871,315



21.


Creditors: Amounts falling due after more than one year

Group
Group
2025
2024
£
£

Bank loans
102,953
174,123


The bank loans bear interest at 3% and are being repaid by regular monthly installments. 
Bank facilities are secured by fixed and floating charges on the Group's assets.


22.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2025
2024
£
£

Amounts falling due within one year

Bank loans
78,754
78,754

Amounts falling due 2-5 years

Bank loans
102,953
174,123

Amounts falling due after more than 5 years

181,707
252,877


Page 35

 
DEWHURST DENT PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

23.


Accruals and deferred income

Group
Group
2025
2024
£
£

Grants
70,077
54,895



24.


Provisions


Group






Pension obligations
Total

£
£


At 1 February 2024
171,474
171,474


Charged to profit or loss
(76)
(76)



At 31 January 2025
171,398
171,398

Company





Pension obligations
Total

£
£


At 1 February 2024
171,474
171,474


Charged to profit or loss
(76)
(76)



At 31 January 2025
171,398
171,398


25.


Share capital

2025
2024
£
£
Allotted, called up and fully paid



21,226,686 (2024 - 21,226,686) Ordinary shares of £0.10 each
2,122,669
2,122,669
1,260,000 (2024 - 1,260,000) 10% Convertible redeemable cumulative preference shares of £1.00 each
1,260,000
1,260,000

3,382,669

3,382,669


Page 36

 
DEWHURST DENT PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

26.


Reserves

Share premium account

This reserve represents the amount above the nominal value received for issued share capital, less transaction costs.

Profit and loss account

This reserve represents the cumulative balance of retained profits and losses to the reporting date, all of which are distributable.


27.


Pension commitments

The Company contributes to a defined benefit pension scheme in the United Kingdom covering certain permanent employees. 
At 30 April 2022 being the date of the last actuarial valuation report, the pension scheme had an estimated deficit of £210,000. The Company has a brought forward provision of £166,000 (2024 - £166,000) included within provisions for liabilities and charges in respect of this deficit. To reduce the deficit in accordance with actuaries' advice, the Company paid employer contributions at 29.70% of pensionable salaries until 30 April 2023, with an increase in contributions to 41.25% thereafter. The Company will also continue to make annual contribution of £100,000 until 31 March 2028. 
The scheme has been closed for new employees since 1 December 1997 and contributions frozen to a fixed annual salary on 1 May 2010.
The net pension cost for the Group for the year under review was £230,982 (2024 - £235,282).
These are separate pension arrangements for the employees of Corgi Hosiery Limited.

Page 37

 
DEWHURST DENT PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

28.


Commitments under operating leases

At 31 January 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2025
2024
2025
2024
£
£
£
£

Not later than 1 year
38,400
3,200
38,400
3,200

Later than 1 year and not later than 5 years
3,200
-
3,200
-

41,600
3,200
41,600
3,200

Operating leases: lessor
At 31 January 2025 the Group and the Company had future minimum lease payments receivable from third parties under non-cancellable operating leases as follows:


Group
Group
Company
Company
2025
2024
2025
2024
£
£
£
£

Not later than 1 year
135,000
135,000
135,000
135,000

Later than 1 year and not later than 5 years
174,375
309,375
174,375
309,375

309,375
444,375
309,375
444,375


29.


Related party transactions

Company
At the reporting date the Company owed £2,366 (2024 - £5,406) and accrued interest of £191 (2024 - £6,140) to a director of the Company. The loan bear interest at 5% per annum. There are no fixed repayment terms.
During the year, the Company recharged various overhead expenses at cost and charged loan interest of £29,789 (2023 - £25,376) to its subsidiary, Corgi Hosiery Limited. At the reporting date, the Company was owed £189,239 (2024 - £210,906) by Corgi Hosiery Limited. 
During the year, the Company paid remuneration of £86,000 (2024 - £86,000) to its key management personnel.
The Company has taken advantage of the exemption under FRS102 33.1A Related Party Disclosures not to disclose transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group.


30.


Controlling party

In the opinion of the directors there is no overall controlling party for the Group as no one individual owns a majority of the shares of Dewhurst Dent Plc.

Page 38

 
DEWHURST DENT PLC