Silverfin false false 31/12/2024 01/01/2024 31/12/2024 Mr A Turner 01/01/2017 Mr G A Turner 01/01/2017 Mr C K Turner 11/07/2014 31 July 2025 The principal activity of the Company is wholesale of safety footwear. 09126148 2024-12-31 09126148 bus:Director1 2024-12-31 09126148 bus:Director2 2024-12-31 09126148 bus:Director3 2024-12-31 09126148 2023-12-31 09126148 core:CurrentFinancialInstruments 2024-12-31 09126148 core:CurrentFinancialInstruments 2023-12-31 09126148 core:ShareCapital 2024-12-31 09126148 core:ShareCapital 2023-12-31 09126148 core:OtherCapitalReserve 2024-12-31 09126148 core:OtherCapitalReserve 2023-12-31 09126148 core:RetainedEarningsAccumulatedLosses 2024-12-31 09126148 core:RetainedEarningsAccumulatedLosses 2023-12-31 09126148 core:Goodwill 2023-12-31 09126148 core:ComputerSoftware 2023-12-31 09126148 core:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 09126148 core:Goodwill 2024-12-31 09126148 core:ComputerSoftware 2024-12-31 09126148 core:PatentsTrademarksLicencesConcessionsSimilar 2024-12-31 09126148 core:LandBuildings 2023-12-31 09126148 core:PlantMachinery 2023-12-31 09126148 core:FurnitureFittings 2023-12-31 09126148 core:OfficeEquipment 2023-12-31 09126148 core:LandBuildings 2024-12-31 09126148 core:PlantMachinery 2024-12-31 09126148 core:FurnitureFittings 2024-12-31 09126148 core:OfficeEquipment 2024-12-31 09126148 bus:OrdinaryShareClass1 2024-12-31 09126148 2024-01-01 2024-12-31 09126148 bus:FilletedAccounts 2024-01-01 2024-12-31 09126148 bus:SmallEntities 2024-01-01 2024-12-31 09126148 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 09126148 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 09126148 bus:Director1 2024-01-01 2024-12-31 09126148 bus:Director2 2024-01-01 2024-12-31 09126148 bus:Director3 2024-01-01 2024-12-31 09126148 core:Goodwill core:TopRangeValue 2024-01-01 2024-12-31 09126148 core:ComputerSoftware core:BottomRangeValue 2024-01-01 2024-12-31 09126148 core:ComputerSoftware core:TopRangeValue 2024-01-01 2024-12-31 09126148 core:PatentsTrademarksLicencesConcessionsSimilar core:TopRangeValue 2024-01-01 2024-12-31 09126148 core:LandBuildings core:TopRangeValue 2024-01-01 2024-12-31 09126148 core:PlantMachinery core:BottomRangeValue 2024-01-01 2024-12-31 09126148 core:PlantMachinery core:TopRangeValue 2024-01-01 2024-12-31 09126148 core:FurnitureFittings core:TopRangeValue 2024-01-01 2024-12-31 09126148 core:OfficeEquipment core:BottomRangeValue 2024-01-01 2024-12-31 09126148 core:OfficeEquipment core:TopRangeValue 2024-01-01 2024-12-31 09126148 2023-01-01 2023-12-31 09126148 core:Goodwill 2024-01-01 2024-12-31 09126148 core:ComputerSoftware 2024-01-01 2024-12-31 09126148 core:PatentsTrademarksLicencesConcessionsSimilar 2024-01-01 2024-12-31 09126148 core:LandBuildings 2024-01-01 2024-12-31 09126148 core:PlantMachinery 2024-01-01 2024-12-31 09126148 core:FurnitureFittings 2024-01-01 2024-12-31 09126148 core:OfficeEquipment 2024-01-01 2024-12-31 09126148 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 09126148 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 09126148 (England and Wales)

V12 FOOTWEAR LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

V12 FOOTWEAR LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

V12 FOOTWEAR LIMITED

BALANCE SHEET

As at 31 December 2024
V12 FOOTWEAR LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 835,219 709,194
Tangible assets 4 196,569 192,370
1,031,788 901,564
Current assets
Stocks 2,387,009 2,078,875
Debtors 5 1,928,788 1,510,760
Cash at bank and in hand 5,564 98,339
4,321,361 3,687,974
Creditors: amounts falling due within one year 6 ( 2,037,863) ( 1,621,212)
Net current assets 2,283,498 2,066,762
Total assets less current liabilities 3,315,286 2,968,326
Provision for liabilities ( 13,754) ( 69,000)
Net assets 3,301,532 2,899,326
Capital and reserves
Called-up share capital 8 100 100
Other reserves 61,131 ( 55,167 )
Profit and loss account 3,240,301 2,954,393
Total shareholder's funds 3,301,532 2,899,326

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of V12 Footwear Limited (registered number: 09126148) were approved and authorised for issue by the Board of Directors on 31 July 2025. They were signed on its behalf by:

Mr G A Turner
Director
V12 FOOTWEAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
V12 FOOTWEAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

V12 Footwear Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is V12 Footwear Limited, Greenways Business Park, Chippenham, SN15 1BN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Computer software 3 - 5 years straight line
Trademarks, patents and licences 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Land and buildings 10 years straight line
Plant and machinery 3 - 10 years straight line
Fixtures and fittings 10 years straight line
Office equipment 3 - 20 years straight line
Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Derivative financial instruments
The Company uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The Company does not hold or issue derivative financial instruments for speculative purposes.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in the statement of other comprehensive income.

The Company does not apply hedge accounting.

Cash flow hedges
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in the Statement of Comprehensive Income. The gain or loss relating to the ineffective portion is recognised immediately in the Profit and Loss Account. Amounts previously recognised in the Statement of Comprehensive Income and accumulated in equity are reclassified to the Profit and Loss Account in the periods in which the hedged item affects the Profit and Loss Account or when the hedging relationship ends, except for the hedging of inventory purchases when the amount is reclassified from the hedging reserve and included in the cost of inventory at initial recognition.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 26 28

3. Intangible assets

Goodwill Computer software Trademarks, patents
and licences
Total
£ £ £ £
Cost
At 01 January 2024 1,553,741 51,667 59,693 1,665,101
Additions 0 183,829 17,599 201,428
Disposals 0 ( 9,737) ( 2,095) ( 11,832)
At 31 December 2024 1,553,741 225,759 75,197 1,854,697
Accumulated amortisation
At 01 January 2024 890,231 43,193 22,483 955,907
Charge for the financial year 58,491 4,027 12,885 75,403
Disposals 0 ( 9,737) ( 2,095) ( 11,832)
At 31 December 2024 948,722 37,483 33,273 1,019,478
Net book value
At 31 December 2024 605,019 188,276 41,924 835,219
At 31 December 2023 663,510 8,474 37,210 709,194

4. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 January 2024 194,703 533,559 22,874 49,773 800,909
Additions 7,045 101,575 0 30,701 139,321
Disposals 0 ( 49,896) 0 ( 27,587) ( 77,483)
At 31 December 2024 201,748 585,238 22,874 52,887 862,747
Accumulated depreciation
At 01 January 2024 162,466 401,914 12,257 31,902 608,539
Charge for the financial year 20,092 96,823 2,172 10,449 129,536
Disposals 0 ( 44,310) 0 ( 27,587) ( 71,897)
At 31 December 2024 182,558 454,427 14,429 14,764 666,178
Net book value
At 31 December 2024 19,190 130,811 8,445 38,123 196,569
At 31 December 2023 32,237 131,645 10,617 17,871 192,370

5. Debtors

2024 2023
£ £
Trade debtors 1,596,344 1,376,434
Prepayments 146,214 121,866
Derivative financial instruments 81,907 0
VAT recoverable 14,525 11,037
Other debtors 89,798 1,423
1,928,788 1,510,760

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank overdrafts 0 31,304
Trade creditors 669,293 496,355
Amounts owed to Group undertakings 506,343 401,618
Amounts owed to directors 262,625 222,643
Accruals 46,976 32,446
Taxation and social security 369,890 360,465
Derivative financial instruments 0 55,168
Other creditors 182,736 21,213
2,037,863 1,621,212

7. Financial instruments

The carrying values of the Company’s financial assets and liabilities measured at fair value through the profit and loss are summarised by category below:

2024 2023
£ £
Financial assets at fair value
Derivative financial assets due within one year 81,907 0
Financial liabilities at fair value
Derivative financial liabilities due within one year 0 55,168

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Financial commitments

Commitments

Capital commitments are as follows:

2024 2023
£ £
Contracted for but not provided for:
Finance leases entered into 61,594 96,241
Other 26,521 86,521
88,115 182,762

The total amount of financial commitments not included in the balance sheet is £88,115 (2023: £182,762).

10. Related party transactions

Summary of transactions with parent
Allington IP Ltd

During the current and prior year a loan account existed between the company and Allington IP Ltd. A commercial rate of interest was charged on this loan. The balance is repayable on demand. The amount due to the parent company at the year end was £506,343 (2023: £401,618)

Summary of transactions with directors
During the year loans existed between the company and company's directors. The loans are repayable on demand. The amount due to directors at year end was £262,625 (2023: £222,643)