Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Intangible assets | 3 |
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| Tangible assets | 4 |
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| 1,031,788 | 901,564 | |||
| Current assets | ||||
| Stocks |
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| Debtors | 5 |
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| Cash at bank and in hand |
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| 4,321,361 | 3,687,974 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current assets | 2,283,498 | 2,066,762 | ||
| Total assets less current liabilities | 3,315,286 | 2,968,326 | ||
| Provision for liabilities | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 8 |
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| Other reserves |
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| Profit and loss account |
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| Total shareholder's funds |
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Directors' responsibilities:
The financial statements of V12 Footwear Limited (registered number:
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Mr G A Turner
Director |
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.
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 £.
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.
Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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.
| Goodwill |
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| Computer software |
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| Trademarks, patents and licences |
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| Land and buildings |
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| Plant and machinery |
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| Fixtures and fittings |
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| Office equipment |
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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.
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.
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.
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.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Goodwill | Computer software | Trademarks, patents and licences |
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| £ | £ | £ | £ | ||||
| Cost | |||||||
| At 01 January 2024 |
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| Additions |
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| Disposals |
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| At 31 December 2024 |
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| Accumulated amortisation | |||||||
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| Charge for the financial year |
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| Disposals |
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| At 31 December 2024 |
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| Net book value | |||||||
| At 31 December 2024 |
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| At 31 December 2023 |
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| Land and buildings | Plant and machinery | Fixtures and fittings | Office equipment | Total | |||||
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| Cost | |||||||||
| At 01 January 2024 |
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| Additions |
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| Disposals |
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| At 31 December 2024 |
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| Accumulated depreciation | |||||||||
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| Charge for the financial year |
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| Disposals |
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| At 31 December 2024 |
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| Net book value | |||||||||
| At 31 December 2024 |
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| At 31 December 2023 |
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| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors |
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| Prepayments |
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| Derivative financial instruments |
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| VAT recoverable |
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| Other debtors |
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| £ | £ | ||
| Bank overdrafts |
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| Trade creditors |
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| Amounts owed to Group undertakings |
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| Amounts owed to directors |
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| Accruals |
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| Taxation and social security |
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| Derivative financial instruments |
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| Other creditors |
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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 |
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| Financial liabilities at fair value | |||
| Derivative financial liabilities due within one year |
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| 2024 | 2023 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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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 | |
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The total amount of financial commitments not included in the balance sheet is £88,115 (2023: £182,762).
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)