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Registered number: 06590653
ALPARGATAS UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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ALPARGATAS UK LIMITED
REGISTERED NUMBER:06590653
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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Mr H Van de Camp
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The notes on pages 3 to 12 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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Comprehensive income for the year
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Comprehensive income for the year
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The notes on pages 3 to 12 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The company is a private company limited by shares and is domiciled and incorporated in England and Wales. The registered office is Carpenter Court 1 Maple Road, Bramhall, Stockport, Cheshire, SK7 2DH.
2.Accounting policies
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Basis of preparation of financial statements
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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 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
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Financial Reporting Standard 102 - reduced disclosure exemptions
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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 Alpargatas S.A as at 31 December 2025 and these financial statements may be obtained from Av.dr. Cardoso De Melo 1336 7 Andar, Vila Olimpic, Sao Paulo, Brazil.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The company has focused on improving its operational efficiency through a comprehensive restructuring plan in FY24, including centralizing back-office positions and transitioning to a fully remote workforce outside of Spain. These actions have lead to reduced costs and an improved profit margin in FY25, which is expected to continue going forward.
The Company continues to receive support from its group and at the time of approving the financial statements, the directors have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future.
The directors have carefully assessed the company's ability to continue as a going concern, taking into account current financial performance, forecasts, and available resources. Based on this assessment, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover comprises revenue recognised by the company in respect of goods and services, for the marketing and sale of goods, supplied exclusive of value added tax and trade discounts.
Sale of goods
Footwear and related products are sold via retail outlets. Revenue is recognised on these at the point of sale.
Marketing services
The company provides marketing services to group companies for which revenue is recognised in line with the respective service agreement. The company also receives commission on direct sales made by group entities into the territory on national accounts which is recognised at the time of sale.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Improvements to leasehold property Over period of lease
Fixtures, fittings & equipment 25% - 33% straight line
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 credited or charged to profit or loss.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Impairment of non-current assets
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The company reviews its tangible assets for imapirment at each reporting period. If an asset's recoverable amount is less than its carrying amount, the asset is written down, and the impairment loss is recognised in the income statement. Impairment losses are reversed if the reasons for the impairment no longer apply.
Inventories are stated at the lower of cost and net realisable value. Cost is calculated on a weighted average basis.
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Cash and cash equivalents
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Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Loans and receivables
Trade receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.
Impairment of financial assets
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in the income statement.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Basic financial liabilities are initially measured at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Other financial liabilities classified at fair value through the income statement are measured at fair value.
Other financial liabilities
Other financial liabilities, are initially measured at cost, adjusted to fair value, net of transaction costs. They are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis.
The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability to the net carrying amount on initial recognition.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Full provision is made for material deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Operating leased assets
Leases which do not transfer all the risks and rewards of ownership are classified as operating leases. All other leases are classified as finance leases. Payments under operating leases are charged to the Statement of Income and retained earnings on a straight line basis over the period of the lease.
Lease incentives
Incentives received to enter into an operating lease are credited to the Statement of income and retained earnings, to reduce the lease expense, on a straight line basis over the period of the lease.
Government grants are recognised at the fair value of the amount received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
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.
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Provisions and contingencies
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Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Interest income is recognised in profit or loss using the effective interest method.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Staff costs were as follows:
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Cost of defined contribution scheme
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No directors remuneration was paid during the year (2024 - £Nil).
No director accrued benefits under long term incentive schemes (2024 - £Nil).
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The average monthly number of employees, including the directors, during the year was as follows:
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Sales and administration staff
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Improvements to leasehold property
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Fixtures, fittings & equipment
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Disposal of fully depreciated assets
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Elimination of historic assets
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Charge for the year on owned assets
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Disposal of fully depreciated assets
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Finished goods and goods for resale
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Amounts owed by group undertakings
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Prepayments and accrued income
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Included within amounts owed by group undertakings is a loan of £4,256,194 (2024: £3,690,711) which is interest free and repayable on demand.
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Creditors: amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Charged to profit or loss
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
8.Deferred taxation (continued)
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The deferred tax asset is made up as follows:
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Accelerated capital allowances
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Allotted, called up and fully paid
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1 (2024 - 1) Ordinary share of £1.00
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The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
The pension charge for the year was £19,148 (2024: £26,227). Contributions totalling £10,483 (2024: £3,759) were owing to the fund at the balance sheet date.
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Related party transactions
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The company has taken advantage of the exemption under section 33 of FRS 102 regarding the disclosure of transactions between two or more members of a group for wholly owned members of that group.
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Ultimate controlling party
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The directors declare that at the period end, Alpargatas UK Limited is a wholly owned subsidiary of Alpargatas Europe SLU. a Spanish company . This is the smallest group for which consolidated accounts are prepared.
The ultimate parent company is Alpargatas S.A, a company incorporated in Brazil and listed on the Brazilian stock exchange. Group accounts are available on request from Alpargatas S.A, Av.dr. Cardoso De Melo 1336 7 Andar, Vila Olimpic, Sao Paulo, Brazil.
In the opinion of the directors there is no ultimate controlling party.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The auditors' report on the financial statements for the year ended 31 December 2025 was qualified.
The qualification in the audit report was as follows:
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:
∙give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of its profit for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙has been prepared in accordance with the requirements of the Companies Act 2006.
Basis for qualified opinion
Although we were able to observe the inventory count at the end of the year, systems weaknesses meant we were unable to satisfy ourselves that inventories were correctly reconciled to the accounting records or had been correctly valued. There were no alternative means available to us of verifying the stock volumes or values. Therefore the scope of our audit work was limited in this regard.
Since inventories enter into the determination of financial performance for the year, we were unable to determine whether adjustments might have been necessary in respect of the profit for the year reported in the statement of comprehensive income. Equally we were unable to determine whether any adjustment might have been required in the statement of financial position at the end of the year.
The audit report was signed on 2 October 2026 by Colin Edney (Senior Statutory Auditor) on behalf of Warrener Stewart.
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