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Registered number:
FOR THE YEAR ENDED 31 MARCH 2025
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W.I.P. (WORKWEAR) LIMITED
COMPANY INFORMATION
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W.I.P. (WORKWEAR) LIMITED
CONTENTS
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W.I.P. (WORKWEAR) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The company's principal activity continued to be that of the design and sale of footwear and outdoor accessories.
During the year the Company saw turnover and gross profit increase. These movements were principally the result of movements in currency exchange rates. The Company continues to develop new markets and products in an attempt to maintain its turnover and its margin going forward.
Competitive risk
The Company's core markets remain highly competitive. It is difficult to see any improvement in the Company's trading conditions in the current period. The Company continues to face price pressures from both customers and suppliers. This means that the Company is likely to continue to face competitive pressures for some time to come. Legislative risk The Company holds a number of licences. The Company takes care so as to ensure that it is able to meet the requirements of these licences such that it is not in breach of them. Any loss of these licences would have a significant impact upon the Company's ability to generate income. The Company is governed by a wide range of legislation. The Company takes great care to keep up to date with all new legislation and regulations to ensure that it can maintain its position within the industry. Financial risk The Company's main area of financial risk is exchange risk. A weakening in sterling can have a materially negative impact on margins and competitiveness. The Company aims to mitigate the effects of this risk by holding foreign currencies and by growing non-sterling sales. Due to a number of factors the Company continues to face a challenging trading environment at the year end, but it believes it has sufficient resources to meet these challenges.
The Company's key performance indicators for the year were turnover and gross profit. The Company's turnover for the year increased by 23% to £19,716,707. The Company's gross profit for the year increased by £2,719,225 to £7,563,627.
The Company uses a number of non-financial performance indicators in order to measure performance, including the number of new products. During the current period the Company introduced more new products than during the previous period.
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W.I.P. (WORKWEAR) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
This report was approved by the board on 23 December 2025 and signed on its behalf.
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W.I.P. (WORKWEAR) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
The directors who served during the year were:
The profit for the year, after taxation, amounted to £4,937,393 (2024 - £3,072,910).
The directors recommend payment of a dividend of £4,937,393 (2024 - £6,429,646).
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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W.I.P. (WORKWEAR) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The auditors, Robson Laidler Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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W.I.P. (WORKWEAR) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF W.I.P. (WORKWEAR) LIMITED
We have audited the financial statements of W.I.P. (Workwear) Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of Income and Retained Earnings, the Balance Sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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W.I.P. (WORKWEAR) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF W.I.P. (WORKWEAR) LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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W.I.P. (WORKWEAR) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF W.I.P. (WORKWEAR) LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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:
• the engagement director 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 sector in which the company operates; • 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 and taxation legislation; • we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and • we ensured that the 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 and their knowledge of actual, suspected and alleged fraud; and • considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
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W.I.P. (WORKWEAR) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF W.I.P. (WORKWEAR) LIMITED (CONTINUED)
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; and • assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias. 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, and the Company’s legal advisers where appropriate. 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 more difficult 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.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditor
Fernwood House
Fernwood Road
Jesmond
Tyne & Wear
NE2 1TJ
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W.I.P. (WORKWEAR) LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2025
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W.I.P. (WORKWEAR) LIMITED
REGISTERED NUMBER: 06213038
BALANCE SHEET
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 11 to 19 form part of these financial statements.
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W.I.P. (WORKWEAR) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
W.I.P. (Workwear) Limited (Company no: 06213038) is a private company limited by shares incorporated in England and Wales. The Company's principal place of business is 3a Holywell Hill, St Albans, Hertfordshire, AL1 1ER.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Dragonfly Venture Group Limited as at 31 March 2025 and these financial statements may be obtained from Companies House.
The Company meets its working capital requirements through its own cash reserves and those of the wider group, and it has no external debt.
A review of the Company's business activities is provided within the strategic report. In addition, the strategic report also discloses the Company's principal risks and uncertainties, including exposures to competitive, legislative and financial risk. Having regard to the above, the directors believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements.
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W.I.P. (WORKWEAR) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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W.I.P. (WORKWEAR) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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W.I.P. (WORKWEAR) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Where goods are expected to sell for less than cost, they are valued at NRV, which is calculated based on expected selling prices for the goods in question, less costs to sell. There is necessarily an element of judgement involved in determing expected sale prices for these goods.
The whole of the turnover is attributable to the Company's principal activity.
Analysis of turnover by country of destination:
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W.I.P. (WORKWEAR) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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W.I.P. (WORKWEAR) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
9.Taxation (continued)
There were no factors that may affect future tax charges.
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W.I.P. (WORKWEAR) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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W.I.P. (WORKWEAR) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Profit and loss account
The Company has made an unlimited multilateral guarantee along with other companies within the Dragonfly Venture Group. No amounts are owed under this guarantee at present and the Company has not been called on to make any payments as a result of this in the past.
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W.I.P. (WORKWEAR) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The ultimate controlling party of the Company is C Maughan through his control of the Company's ultimate parent undertaking Dragonfly Venture Group Limited, a company incorporated in England and Wales, which has its registered office at 32 Portland Terrace, Newcastle upon Tyne, NE2 1QP. Dragonfly Venture Group Limited prepares group financial statements and copies can be obtained from Companies House.
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