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Registered number:
FOR THE YEAR ENDED 31 JANUARY 2026
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GL DAMECK LIMITED
COMPANY INFORMATION
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GL DAMECK LIMITED
CONTENTS
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GL DAMECK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2026
The Board of Directors is pleased to present its report for the financial year ended 31 January 2026.
Financial Highlights
*where Net debt total liabilities minus its cash in hand
Looking ahead, we continue to build on the momentum established in the 2025 year whilst navigating an ever increasing level of compliance for businesses. Specific focus areas for the coming year include:
• Optimisation of stock across the Company’s distribution network • Review of services and efficiencies, making cost saving changes where appropriate for the business. • Strategic reinvestment of savings to support ROI-led decision making • Continuous assessment of product and customer profitability to enhance margin delivery • Since year end the Company strategically increased its investment in Artificial Intelligence (AI) technologies to optimize core business processes and drive sustainable operational efficiency. • Preparation for the EU Packaging and Packaging Waste Regulation and the extension of packaging producer responsibility obligations in both the UK and EU • Preparing for digital product passport requirements under the EU Ecodesign for Sustainable Products Regulation, including supplier data collection and product information system capability
1. Economic Pressures
In the year UK market inflationary pressure eased but consumer confidence remained subdued and discretionary spending stayed cautious. In the UK, the increase in employer National Insurance contributions and in the National Living Wage from April 2025 raised the cost base directly. 2. Freight Disruption & Increased Costs Container freight rates have been volatile due to global events • Proposed tariff increases in the US global altered the standard Q1 cooling, with orders front-loaded to mitigate the ongoing Red Sea shipping crisis. 3. Customs & Regulatory Complexity EU border compliance remained a time and cost-intensive challenge, particularly with evolving packaging and labelling regulations under EU green initiatives. 4. Labour & Logistics Cost Inflation Domestic warehousing and logistics costs continued to rise, necessitating further efficiency investments and lean stock strategies.
5. Cybersecurity and IT resilience
A number of UK retail and distribution businesses suffered operationally disruptive cyber attacks during the year, in several cases halting trading and fulfilment for extended periods. The Company continues to review its resilience to these attacks to mitigate and manage the risks through controls and insurance protection. As we expand our AI capabilities, the Board remains deeply committed to robust governance, data security, and
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GL DAMECK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
the mitigation of associated technological risks. We have established an AI working committee for oversight of the roll out, updated policies and procedures have been put in place and we are working on a soft roll out.
The company, in line with businesses in many industries, has been impacted by these measures but as demonstrated in the profitability, they are taking steps to manage this and continue to work towards increasing the return on investment for the period to Jan 26. The company finances its short to medium term funding requirements through a combination of third-party bank funding, invoice discounting, import loan facilities. The Company has taken a number of measures following detailed focus on the profitability within each segment in the business and continues to review and react to the changing environment to ensure it continues to grow the strength of the business with each change. The company has completed a base case forecast based on its continued bank facilities. A reverse stress test is not considered appropriate given headroom in place. There is of course a credit risk associated with the company’s debtor book but the directors have some credit insurance in place, have diversified the risk where possible and continue to monitor closely. Based on the above, the directors are confident that the actions and strategies in place, results in the company being able to mitigate business threats as they arise.
The board of directors of GL Dameck consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in 172(1)(a) to (f) Companies Act 2006) in doing so have regard (amongst other matters) to:
• the likely consequences of any decisions in the long-term • the interests of the Company’s employees • the need to foster the Company’s business relationships with suppliers, customers and others • the impact of the Company’s operation on the community and environment • the desirability of the Company’s maintaining a reputation for high standards of business conduct • the need to act fairly as between shareholders of the Company. The directors fulfil these duties through the following: Risk management As we grow, we have approved a business plan to January 2027 to allow the board to manage and evaluate the business, to ensure we can control both our resources and costs to meet the continued growth within the business. Our business and risk environment evolves with the growing economic and regulatory changes we face. It is therefore vital that we effectively identify, evaluate, manage and mitigate the risks we face, and that we continue to develop and adapt our approach to risk management to meet the Company’s needs. For details of our principal risks and uncertainties and how we manage our risk environment, please see page 1. Our People The Company is committed to being a responsible business. People are at the heart of our business and for our business to succeed we need to manage our people’s performance and develop and bring through talent while ensuring we operate as efficiently as possible. We must also ensure we share common values that inform and guide our behaviour so we achieve our goals in the right way Business Relationships Our continued growth of the Company is driven off the development and nurturing of existing relationships together with the expansion of new relationships both with customers, suppliers and business partners.
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GL DAMECK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
Community and Environment
The Company continues to support its people to create positive change for the people and communities with which we interact. We try to minimise our environmental impact and the Company have taken measures to utilise alternative carbon neutral sources of energy within the Companys head office and continues to monitor opportunities to limit our environmental impact. The Company has actively participated in charitable donations of excess, out of season and out of licence stock product to encourage the reuse of product that otherwise may have contributed to landfill. Shareholders As the Board of Directors, our intention is to behave responsibly toward our shareholders and treat them fairly and equally, so they too may benefit from the successful delivery of our plan.
The Board is encouraged by the continued results achieved from the Company’s strategy and the movement towards positive reserves and reducing creditors both intercompany and bank facilities.
While market conditions remain dynamic, the Company is well-positioned to drive long-term, sustainable returns for shareholders. The Board thanks our employees, customers, shareholders, and stakeholders for their continued support.
This report was approved by the board on 14 September 2026 and signed on its behalf.
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GL DAMECK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2026
The directors present their report and the financial statements for the year ended 31 January 2026.
Principal activities
The principal activities of the company during the year continued to be that of designing, importing, wholesale and retail of branded footwear and clothing.
The profit for the year, after taxation, amounted to £1,096,532 (2025 - £1,099,274).
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Going Concern The company has completed scenario forecasting and stress testing for the period to 31 January 2028. As part of this exercise the directors have assessed that the banking facilities available and the actions and strategies available to them to mitigate business threats under stress testing. The forecasts demonstrate that the group could operate within its available funding arrangements. The directors have assessed the company's ability to be able to continue as a going concern. In their opinion adequate facilities are in place at present, and there is no reason to expect that adequate facilities will not continue to be in place following the facility review in January 2027. Considering this, and all other factors, the directors have concluded that the going concern basis of preparation of the accounts is appropriate and thus the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business. On the basis of their assessment of the company's financial position, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future (more than 12 months). Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
The directors who served during the year were:
The auditor, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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GL DAMECK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
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 judgments 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 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.
This report was approved by the board on
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GL DAMECK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GL DAMECK LIMITED
We have audited the financial statements of GL Dameck Limited (the 'company') for the year ended 31 January 2026, which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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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GL DAMECK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GL DAMECK 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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GL DAMECK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GL DAMECK 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:
∙Enquiry of management, those charged with governance around actual and potential litigation and claims;
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
∙Reviewing minutes of meetings of those charged with governance;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
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GL DAMECK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GL DAMECK LIMITED (CONTINUED)
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 MHA, Statutory Auditor
Edinburgh, United Kingdom
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)
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GL DAMECK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2026
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GL DAMECK LIMITED
REGISTERED NUMBER: SC314389
BALANCE SHEET
AS AT 31 JANUARY 2026
The Company has taken advantage of the exemptions available to medium-sized companies under the Companies Act 2006 in respect of the disclosure of certain information in the notes to the financial statements.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 35 form part of these financial statements.
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