The directors present the strategic report for the year ended 30 June 2025.
The group is an online retailer across various core product categories including footwear, home appliances and luggage as well as carrying out property development and letting, by purchasing and modernising properties within the UK.
The group operates under various own brands and is also an authorised distributor for licensed brands.
The group operates through dedicated brand websites and via strategic partnerships with several well-known online marketplaces, to bring its products to market.
The year in review saw the decrease in turnover of approximately 25% that can be attributed to a combination of market conditions and deliberate strategic decisions made during the period most notably being;
Reduced consumer demand and pricing pressure across core categories, driven by cost-of-living constraints and weaker discretionary spending, alongside lower seasonal demand due to unfavourable weather patterns.
Planned pause in new product development during a refinancing period, temporarily limiting new launches and constraining growth in certain categories.
Ongoing product portfolio rationalisation, with discontinuation of lower-margin lines, reducing short-term sales but improving long-term margin quality and profitability.
Normalisation of luggage sales following the post-COVID period, as late-returning competitors re-entered the market, restoring pre-pandemic levels of competition and reducing previously elevated demand.
Continued cost pressures associated with investment for the group’s future growth strategy and wider market volatility, particularly in relation to exchange rate fluctuations, energy price volatility, wage inflation, freight costs, geopolitical instability and global supply chain disruption.
The ecommerce sector continued to evolve during the period with increasing competition from low-cost international marketplaces, changing consumer purchasing behaviour and growing expectations around delivery speed and customer service. The business continued to invest in operational efficiencies, stock management and digital marketing initiatives to maintain competitiveness and protect margins.
The group also continued to review its sourcing strategy and supplier relationships to improve supply chain resilience and reduce dependency on individual territories or manufacturers.
Looking ahead, profit growth is expected to be achieved through:
Addition of new sales channels.
Expansion into new geographic markets.
Introduction of new products and brands.
Continued cost optimisation and operational efficiencies.
Increased use of automation and technology within operational processes.
The financial year to 30 June 2025 continued to present a challenging and uncertain trading environment, although inflationary pressures and supply chain disruption showed signs of stabilisation compared with previous years.
Global Trade and Tariffs
Global trade conditions remain uncertain due to ongoing geopolitical tensions and changes in international trade policy. Following a period of significant disruption and tariff escalation between the USA and China, trading conditions have shown greater stability through the back end of 2025 and into 2026, albeit at import tariff levels that remain materially higher than historic norms. These higher import costs continue to influence global manufacturing, sourcing and pricing dynamics across international retail markets.
The group continues to monitor developments closely and is implementing a multi-pronged strategy to mitigate risk:
Reviewing pricing strategies to remain competitive while protecting gross margins.
Continuing negotiations with suppliers to improve cost efficiencies.
Diversifying sourcing and exploring production opportunities within and outside China.
Increasing supply chain flexibility through additional supplier relationships and inventory planning.
Supply Chain Disruption and Freight Costs
Whilst global freight markets have improved compared with prior years, disruption within key shipping routes, including the Red Sea region, continues to create uncertainty around transit times and shipping costs.
The Red Sea remains a strategically important global trade route and ongoing geopolitical instability in the region has continued to affect international shipping operations. Some carriers have continued to reroute vessels around the Cape of Good Hope, resulting in extended lead times and increased freight and insurance costs.
The group continues to monitor shipping schedules closely, maintain regular communication with suppliers and logistics partners, and adjust purchasing timelines where necessary to mitigate disruption.
Middle East Conflict, International Travel and Energy Market Volatility
The escalation of conflict involving Iran during 2026, together with disruption risks affecting the Strait of Hormuz, has increased volatility within global energy, freight and international travel markets. The Strait of Hormuz remains one of the world’s most strategically important shipping routes for oil and liquefied natural gas exports and instability within the region has contributed to increased oil prices and uncertainty across international logistics markets.
The conflict has also resulted in disruption to global aviation markets, including airspace restrictions, route diversions and flight cancellations by several international airlines operating within the Middle East and wider international travel corridors. Higher jet fuel prices and reduced airline capacity may negatively impact international travel demand and broader consumer confidence.
As a retailer operating within the luggage category, prolonged disruption to leisure and business travel markets may adversely affect consumer demand for travel-related products, particularly if consumers reduce or delay international travel plans due to increased travel costs or geopolitical uncertainty. Broader inflationary pressures linked to energy markets may also impact discretionary consumer spending across the group’s wider product categories.
Potential impacts on the group include:
Increased freight and container shipping costs.
Increased supplier manufacturing costs.
Reduced consumer confidence and discretionary spending resulting from broader inflationary pressures.
Reduced demand within luggage and travel-related product categories resulting from lower international travel activity.
Volatility in consumer purchasing patterns caused by geopolitical uncertainty.
The group continues to monitor developments closely and maintains regular dialogue with suppliers, freight forwarders, logistics partners and key marketplace channels to help mitigate disruption where possible.
Mitigation strategies include:
Diversifying freight routes and logistics providers where commercially viable.
Maintaining tighter inventory forecasting and stock planning, particularly within seasonal and travel-related product categories.
Closely monitoring consumer demand trends and adjusting purchasing activity accordingly.
Maintaining a diversified product portfolio across multiple non-travel-related categories to reduce dependency on any one sector.
Reviewing pricing strategies and promotional activity regularly to maintain competitiveness and manage stock exposure.
Continuing to diversify sourcing locations to reduce reliance on any single geographic region.
Maintaining prudent cash flow forecasting and working capital management in response to market volatility.
Whilst the long-term economic impact of geopolitical instability remains uncertain, management continues to monitor developments and assess potential impacts on operations, supply chain continuity, consumer demand and international travel markets.
Inflation and the Cost of Living
Although UK inflation reduced significantly during the period compared with prior years, the wider cost of living environment continued to impact consumer confidence and discretionary spending patterns.
Increased operating costs, including wages, utilities, warehousing and fulfilment expenses, have continued to place pressure on margins across the retail sector.
The group continues to monitor pricing, product mix and promotional activity carefully to ensure products remain competitively positioned whilst protecting profitability. The group also maintains close control over overheads and inventory levels in response to fluctuations in consumer demand.
Competition within Ecommerce
The online retail sector remains highly competitive with increased market presence from global marketplaces and low-cost overseas sellers, particularly within value-driven product categories.
Consumer expectations regarding pricing, delivery speed and returns processes continue to increase.
The group continues to invest in brand development, customer experience, marketplace relationships and operational efficiency in order to remain competitive and diversify revenue streams.
Stock Levels
The group operates within a number of seasonal product categories which present stock holding challenges due to fluctuations in demand and changing weather conditions.
Failure to sell through seasonal inventory can result in increased storage costs, reduced liquidity and margin pressure from discounted clearance activity.
The group uses historical sales data, forecasting tools and ongoing inventory analysis to manage this risk and continues to utilise cost-effective warehousing solutions and tighter purchasing controls.
Interest Rates
Whilst UK interest rates began to stabilise and reduce during the period, the overall cost of borrowing remains elevated compared with historic levels.
The group manages this risk by maintaining robust cash flow forecasting, reviewing financing facilities regularly, seeking competitive funding arrangements and maintaining close relationships with finance providers and suppliers.
Currency
The group purchases goods in both GBP and USD and therefore remains exposed to foreign exchange fluctuations.
The group also generates sales in multiple currencies, which provides a partial natural hedge against exchange rate movements.
Management continues to monitor currency markets closely and considers foreign exchange exposure when pricing products, negotiating supplier agreements and forecasting margins.
Financial Review
During the year group turnover decreased by £6,214,904 (25.9%). Gross profit decreased by £272,002 from £4,059,435 for 2024, with an increase in gross profit margin to 21.3% from 16.9% in 2025.
Administrative expenses decreased, going from £3,143,538 to £2,511,490 for the period.
Profit before tax increased from £1,036,640 to £1,041,833 for this financial period however is comparable to last year.
On behalf of the board
The directors present their annual report and financial statements for the year ended 30 June 2025.
Ordinary dividends were paid amounting to £929,200. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
In accordance with the company's articles, a resolution proposing that Affinia (Colchester) be reappointed as auditor of the group will be put at a General Meeting.
United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and parent company, 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 and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent company, and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the exemptions of the small companies regime.
We have audited the financial statements of Bolt Shoes Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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).
Basis for 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 and 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.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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.
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 have 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;
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, 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 house 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; and
Considering the internal controls in place to mitigate risk of fraud and non-compliance with laws and regulations
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;
Reviewed the internal controls in place, specifically around payroll and bank transactions; and
Assessed whether judgements and assumptions made in determining the accounting estimates around depreciation were indicative of potential bias.
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 is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the parent 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 parent company’s members those matters we are required to state to them in an auditor's 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,355,720 (2024 - £323,076 profit).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
Bolt Shoes Holdings Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 1 Pindar Road, Hoddesdon, United Kingdom, EN11 0BZ.
The group consists of Bolt Shoes Holdings Ltd and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
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 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 financial instruments at fair value. The principal accounting policies adopted are set out below.
The consolidated group financial statements consist of the financial statements of the parent company Bolt Shoes Holdings Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 30 June 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
At the time of approving the financial statements, the directors have a reasonable expectation that the group and parent company have adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.
When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
Investment property comprises of a historical cost value of £5,091,316 (2024: £5,091,316). The fair value of the investment property has been arrived at on the basis of a valuation carried by management as at 30 June 2025.
Management complete the valuations on an annual basis.
Details of the company's subsidiaries at 30 June 2025 are as follows:
A subsidiary company has provided security for the following amounts included within bank loans and overdrafts.
£2,189,026 (2024: £3,135,767) is secured by way of a fixed and floating charge over the assets of the subsidiary company.
£NIL (2024: £10,386) is secured by way of a fixed charge over the freehold properties owned by the subsidiary company, and a floating charge over the remaining assets.
Creditors amounts falling due after more than one year includes amounts totalling £1,854,595 (2024: £1,854,595) which are secured by way a first legal charge over property owned by a subsidiary company with a carrying value of £3,250,000 (2024: £3,325,000).
The Directors have also provided personal guarantees for the borrowings.
A total of £NIL (2024: £419,683), included with bank loans and overdrafts over one year, is secured by way of a fixed charge over the freehold properties owed by a subsidiary company, and a floating charge over the remaining assets.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
A subsidiary company within the group has provided, security for a loan taken out by One Hundred Commercial Limited, a related company under common control, by way of a first legal charge over property owned with a carrying value of £2,800,000 (2024: £2,800,000).
At the year end, the group was owed £21,238 (2024: £21,238) by a company under the control of one of the directors.
At the year end, the group was owed £1,583,985 (2024: £1,145,985) by a related company under common control of the directors.