REGISTERED NUMBER: 12868130 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 March 2023 |
for |
DARTS CORNER HOLDINGS LIMITED |
REGISTERED NUMBER: 12868130 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 March 2023 |
for |
DARTS CORNER HOLDINGS LIMITED |
DARTS CORNER HOLDINGS LIMITED (REGISTERED NUMBER: 12868130) |
Contents of the Consolidated Financial Statements |
for the year ended 31 March 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Consolidated Income Statement | 7 |
Consolidated Balance Sheet | 8 |
Company Balance Sheet | 9 |
Consolidated Statement of Changes in Equity | 10 |
Company Statement of Changes in Equity | 11 |
Consolidated Cash Flow Statement | 12 |
Notes to the Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Financial Statements | 15 |
DARTS CORNER HOLDINGS LIMITED |
Company Information |
for the year ended 31 March 2023 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Auditors: |
Northern Assurance Buildings |
9-21 Princess Street |
Manchester |
M2 4DN |
DARTS CORNER HOLDINGS LIMITED (REGISTERED NUMBER: 12868130) |
Group Strategic Report |
for the year ended 31 March 2023 |
The directors present their strategic report of the company and the group for the year ended 31 March 2023. |
Principal activity |
The principal activity of the company and group is the distribution and sale of darts and associated equipment. |
Going concern |
The accounts have been prepared on a going concern basis, based on the strength of the company's principal subsidiary Darts Corner Limited and the ongoing support committed by the existing shareholders in the group. |
Fair review of business |
The group has continued to build its stable of global brands that are available across all of the channels it operates in. This group distributes a range of brands from the world of darts as well as continuing to grow its own brands, including Mission, McCoys and Ruthless. This growth has ensured the group maintains its position as the leading distributor of darts products in the world today. The group has continued to invest in the development of innovative products to grow its own brands and support the continued growth and expansion into global markets. |
The group's flagship brand Mission Darts continues to grow its sponsored player base, sponsoring up-and-coming amateur and professional players with ongoing success in regional, national and international competitions. |
The group has continued to invest in its people and systems during the year across a range of areas. This investment has started to yield benefits across the business, with the Group positioned for continued growth in 2024. |
Principal risks and uncertainties |
Credit Risk - The majority of the group's transactions are e-commerce based with limited credit exposure. Where exposures exist to wholesale customers who have been granted credit terms, initial assessment and regular monitoring of the party's creditworthiness is undertaken. |
Foreign Exchange Risk - The group is truly global and trades with suppliers and customers across many continents - a natural hedge exists to some extent between the location and currencies of suppliers and end customers. Where the company is exposed to currency fluctuations, it uses a combination of financial instruments to minimise these fluctuations, including forward foreign exchange contracts. |
Interest Rate Risk - The group is not exposed to significant interest rate risk. |
Commodity Price Fluctuations - The group is exposed to fluctuations in commodity prices in relation to the raw materials contained in its products. The group elects not to hedge these exposures. |
Market Risk - The group is exposed to the continued growth of the darts market globally. This growth is continuing unabated and is only enhanced by global television and competition sponsorship. |
Analysis of key performance indicators |
The Group operates to the following key performance indicators: |
- Turnover |
- Gross Margin |
- EBITDA |
On behalf of the board: |
DARTS CORNER HOLDINGS LIMITED (REGISTERED NUMBER: 12868130) |
Report of the Directors |
for the year ended 31 March 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2023. |
Principal activity |
The principal activity of the group in the year under review was that of a holding company. The subsidiaries are Darts Corner Limited and Tommy's Darts Limited who both sell darts products. Perfect Darts Limited is also part of the group through a 100% direct interest. |
Dividends |
No dividends will be distributed for the year ended 31 March 2023. |
Directors |
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
Statement of directors' responsibilities |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the 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 company and the group 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; |
- | 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Statement as to disclosure of information to auditors |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
On behalf of the board: |
Report of the Independent Auditors to the Members of |
Darts Corner Holdings Limited |
Opinion |
We have audited the financial statements of Darts Corner Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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 our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2023 and of the group's loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our 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 the 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 |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Darts Corner Holdings Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the company engagement team included: |
- identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; |
- understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; |
- identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; |
- assessing management estimates by evaluating the significant assumptions and the choice of data used, this includes the review of goodwill, investments and the stock provision; and |
- We have tested a sample of sales and ensured that they have been included correctly in the accounts as well as increasing the risk in our samples when testing trade debtors that we have tested by agreeing to underlying records and cash after date. |
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 Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Darts Corner Holdings Limited |
Use of our 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 a Report of the Auditors 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 |
Northern Assurance Buildings |
9-21 Princess Street |
Manchester |
M2 4DN |
DARTS CORNER HOLDINGS LIMITED (REGISTERED NUMBER: 12868130) |
Consolidated |
Income Statement |
for the year ended 31 March 2023 |
2023 | 2022 |
Notes | £ | £ |
Turnover | 4 | 14,177,760 | 12,845,022 |
Cost of sales | (12,071,508 | ) | (10,037,726 | ) |
Gross profit | 2,106,252 | 2,807,296 |
Administrative expenses | (3,937,291 | ) | (3,562,950 | ) |
(1,831,039 | ) | (755,654 | ) |
Operating loss | 6 | (1,831,039 | ) | (755,654 | ) |
Interest payable and similar expenses | 8 | (1,269,550 | ) | (1,291,198 | ) |
Loss before taxation | (3,100,589 | ) | (2,046,852 | ) |
Tax on loss | 9 | 294,648 | (14,040 | ) |
Loss for the financial year | ( |
) | ( |
) |
DARTS CORNER HOLDINGS LIMITED (REGISTERED NUMBER: 12868130) |
Consolidated Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Assets |
Fixed assets |
Intangible assets | 11 | 5,834,566 | 6,686,950 |
Tangible assets | 12 | 263,803 | 211,714 |
Investments | 13 | - | - |
6,098,369 | 6,898,664 |
Current assets |
Stocks | 14 | 3,796,938 | 4,423,317 |
Debtors | 15 | 929,852 | 666,837 |
Cash at bank | 1,092,092 | 572,158 |
5,818,882 | 5,662,312 |
11,917,251 | 12,560,976 |
Capital, reserves and liabilities |
Capital and reserves |
Called up share capital | 16 | 985 | 945 |
Retained earnings | 17 | (6,306,869 | ) | (3,500,928 | ) |
Shareholders' funds | (6,305,884 | ) | (3,499,983 | ) |
Provisions for liabilities | 18 | - | 50,585 |
Creditors |
Amounts falling due within one year | 19 | 5,569,101 | 3,306,320 |
Amounts falling due after more than one year |
20 |
12,654,034 |
12,704,054 |
18,223,135 | 16,010,374 |
11,917,251 | 12,560,976 |
The financial statements were approved by the Board of Directors and authorised for issue on 13 December 2023 and were signed on its behalf by: |
J S Browning - Director |
DARTS CORNER HOLDINGS LIMITED (REGISTERED NUMBER: 12868130) |
Company Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Assets |
Fixed assets |
Intangible assets | 11 |
Tangible assets | 12 |
Investments | 13 |
Current assets |
Debtors | 15 |
Cash at bank |
13,158,133 | 13,160,003 |
Capital, reserves and liabilities |
Capital and reserves |
Called up share capital | 16 |
Retained earnings | 17 | ( |
) | ( |
) |
Shareholders' funds | ( |
) | ( |
) |
Creditors |
Amounts falling due within one year | 19 |
Amounts falling due after more than one year |
20 |
15,907,626 | 14,629,098 |
Company's loss for the financial year | (1,280,438 | ) | (1,149,698 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on |
DARTS CORNER HOLDINGS LIMITED (REGISTERED NUMBER: 12868130) |
Consolidated Statement of Changes in Equity |
for the year ended 31 March 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2021 | 900 | (1,440,036 | ) | (1,439,136 | ) |
Changes in equity |
Issue of share capital | 45 | - | 45 |
Total comprehensive income | - | (2,060,892 | ) | (2,060,892 | ) |
Balance at 31 March 2022 | 945 | (3,500,928 | ) | (3,499,983 | ) |
Changes in equity |
Issue of share capital | 40 | - | 40 |
Total comprehensive income | - | (2,805,941 | ) | (2,805,941 | ) |
Balance at 31 March 2023 | 985 | (6,306,869 | ) | (6,305,884 | ) |
DARTS CORNER HOLDINGS LIMITED (REGISTERED NUMBER: 12868130) |
Company Statement of Changes in Equity |
for the year ended 31 March 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2021 | ( |
) | ( |
) |
Changes in equity |
Issue of share capital | - |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 March 2022 | ( |
) | ( |
) |
Changes in equity |
Issue of share capital | - |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 March 2023 | ( |
) | ( |
) |
DARTS CORNER HOLDINGS LIMITED (REGISTERED NUMBER: 12868130) |
Consolidated Cash Flow Statement |
for the year ended 31 March 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (10,599 | ) | 177,871 |
Interest paid | (5,763 | ) | (63,789 | ) |
Finance costs paid | - | 1 |
Tax paid | - | (35,475 | ) |
Net cash from operating activities | (16,362 | ) | 78,608 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (144,093 | ) | (643,901 | ) |
Purchase of tangible fixed assets | (108,561 | ) | (83,843 | ) |
Sale of tangible fixed assets | - | 2,004 |
Net cash from investing activities | (252,654 | ) | (725,740 | ) |
Cash flows from financing activities |
New loans in year | 1,053,937 | - |
Loan repayments in year | (394,638 | ) | - |
Amount introduced by directors | - | 114 |
Amount withdrawn by directors | - | (405 | ) |
Share issue | 40 | 45 |
Net cash from financing activities | 659,339 | (246 | ) |
Increase/(decrease) in cash and cash equivalents | 390,323 | (647,378 | ) |
Cash and cash equivalents at beginning of year |
2 |
572,158 |
1,219,536 |
Cash and cash equivalents at end of year | 2 | 962,481 | 572,158 |
DARTS CORNER HOLDINGS LIMITED (REGISTERED NUMBER: 12868130) |
Notes to the Consolidated Cash Flow Statement |
for the year ended 31 March 2023 |
1. | Reconciliation of loss before taxation to cash generated from operations |
2023 | 2022 |
£ | £ |
Loss before taxation | (3,100,589 | ) | (2,046,852 | ) |
Depreciation charges | 927,152 | 934,828 |
Loss on disposal of fixed assets | 11,548 | 10,248 |
Impairment losses | 114,250 | - |
Finance costs | 1,269,550 | 1,291,198 |
(778,089 | ) | 189,422 |
Decrease/(increase) in stocks | 626,379 | (316,250 | ) |
Increase in trade and other debtors | (72,083 | ) | (26,590 | ) |
Increase in trade and other creditors | 213,194 | 331,289 |
Cash generated from operations | (10,599 | ) | 177,871 |
2. | Cash and cash equivalents |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2023 |
31/3/23 | 1/4/22 |
£ | £ |
Cash and cash equivalents | 1,092,092 | 572,158 |
Bank overdrafts | (129,611 | ) | - |
962,481 | 572,158 |
Year ended 31 March 2022 |
31/3/22 | 1/4/21 |
£ | £ |
Cash and cash equivalents | 572,158 | 1,219,536 |
DARTS CORNER HOLDINGS LIMITED (REGISTERED NUMBER: 12868130) |
Notes to the Consolidated Cash Flow Statement |
for the year ended 31 March 2023 |
3. | Analysis of changes in net debt |
Other |
non-cash |
At 1/4/22 | Cash flow | changes | At 31/3/23 |
£ | £ | £ | £ |
Net cash |
Cash at bank | 572,158 | 519,934 | 1,092,092 |
Bank overdrafts | - | (129,611 | ) | (129,611 | ) |
572,158 | 390,323 | 962,481 |
Debt |
Debts falling due |
within 1 year | (1,757,399 | ) | (649,319 | ) | (1,263,788 | ) | (3,670,506 | ) |
Debts falling due |
after 1 year | (12,644,054 | ) | (9,980 | ) | - | (12,654,034 | ) |
(14,401,453 | ) | (659,299 | ) | (1,263,788 | ) | (16,324,540 | ) |
Total | (13,829,295 | ) | (268,976 | ) | (1,263,788 | ) | (15,362,059 | ) |
4. | Major non-cash transactions |
The major non-cash transactions consist of £1,263,788 of accrued interest. The accrued interest is classified as a current liability. |
DARTS CORNER HOLDINGS LIMITED (REGISTERED NUMBER: 12868130) |
Notes to the Consolidated Financial Statements |
for the year ended 31 March 2023 |
1. | Statutory information |
Darts Corner Holdings is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
2. | Statement of compliance |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. |
3. | Accounting policies |
Basis of preparing the financial statements |
The accounts are prepared on a going concern basis. |
The company, and the group, incurred a loss in the year ended 31 March 2023. |
The company, and the group, are dependent on the support of the loan note holders. The loan note holders have considered that they will not seek repayments of amounts due to them in excess of the company's, and the group, ability to pay. |
As a result, the directors consider that the company, and the group, will be able to meet it's liabilities as they fall due for at least twelve months from the date of approval of these financial statements and that they should, therefore, be prepared on a going concern basis. |
Basis of consolidation |
The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2023. |
Subsidiary undertakings are included using the acquisitions method of accounting. Under this method the group profit and loss account and statement of cashflows include the results and cashflows of subsidiaries from the date of acquisition and to the date of sale outside the group in the case of disposals of subsidiaries. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions on stock. The stock provision is calculated based on the age of the stock and the expected selling price required for the goods to sell. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any critical judgements in applying the company's accounting policies. The company makes estimates and assumptions concerning the future. The resulting accounting estimates will by definition, seldom equal the actual results. |
Following a revision to the estimate, the management have updated the stock provision calculation in the current year. The company provides for obsolete and slow moving inventory. Other than those discussed above there are no estimates or assumptions which give a significant risk of causing a material adjustment to the carrying amounts of assets or liabilities within the next financial year. The stock provision is £741,935 (2022: £342,167). Under the previous approach, the stock provision would have been £266,917. |
DARTS CORNER HOLDINGS LIMITED (REGISTERED NUMBER: 12868130) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
3. | Accounting policies - continued |
Turnover |
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provisions of services in the ordinary course of the company's activities. Turnover is shown net of sales / value added tax , returns , rebates and discounts. The group recognise revenue when the amount of revenue can be reliably measured , it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the group's activities. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisitions of businesses in 2020 and 2021, are being amortised evenly over their estimated useful life of 10 years. |
The goodwill is reviewed on an annual basis, by using a discounted cashflow model. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses |
Patents and licences are being amortised evenly over their estimated useful life of ten years. No amortisation is charges in the year of acquisition.. |
Development costs are being amortised evenly over their estimated useful life of ten years. No amortisation is charged in the year of acquisition. |
Computer software is being amortised evenly over its estimated life of 2 and 4 years. |
Tangible fixed assets |
Short leasehold | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Basic financial assets, including trade and other debtors and cash and bank, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Such assets are subsequently carried at amortised cost using the effective interest method. |
There are no assets which are initially measured at fair value. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other creditors are initially recognised 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. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
DARTS CORNER HOLDINGS LIMITED (REGISTERED NUMBER: 12868130) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
3. | Accounting policies - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Share capital |
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. |
4. | Turnover |
The turnover and loss before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
2023 | 2022 |
£ | £ |
Sale of dart products | 14,177,760 | 12,845,022 |
14,177,760 | 12,845,022 |
DARTS CORNER HOLDINGS LIMITED (REGISTERED NUMBER: 12868130) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
5. | Employees and directors |
2023 | 2022 |
£ | £ |
Wages and salaries | 1,946,681 | 1,824,842 |
Social security costs | 199,148 | 123,176 |
Other pension costs | 39,076 | 31,620 |
2,184,905 | 1,979,638 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Warehouse | 46 | 56 |
Admin | 26 | 5 |
The average number of employees by undertakings that were proportionately consolidated during the year was 72 (2022 - 61 ) . |
2023 | 2022 |
£ | £ |
Directors' remuneration | 140,000 | 140,113 |
6. | Operating loss |
The operating loss is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Other operating leases | 5,542 | 6,680 |
Depreciation - owned assets | 44,925 | 49,771 |
Loss on disposal of fixed assets | 11,548 | 10,248 |
Goodwill amortisation | 726,889 | 766,190 |
Patents and licences amortisation | 1,205 | - |
Development costs amortisation | 3,985 | - |
Computer software amortisation | 150,148 | 118,866 |
Auditors' remuneration | 26,000 | 28,325 |
Foreign exchange differences | (4,993 | ) | 35,354 |
7. | Exceptional items |
2023 | 2022 |
£ | £ |
Exceptional items | - | 150,000 |
Foreign VAT | (19,325 | ) | (2,785 | ) |
(19,325 | ) | 147,215 |
The exceptional foreign VAT expense has arisen as a consequence of the discovery of a foreign VAT liability certain exceptional costs have been incurred. |
The exceptional expenses of £150,000, in the prior year, relates to a debtor balance that was owed by their subsidiary and was subsequently written off as part of the hive up. |
DARTS CORNER HOLDINGS LIMITED (REGISTERED NUMBER: 12868130) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
8. | Interest payable and similar expenses |
2023 | 2022 |
£ | £ |
Interest payable | 1,269,550 | 1,291,198 |
9. | Taxation |
Analysis of the tax (credit)/charge |
The tax (credit)/charge on the loss for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
(Over)/under provision PY | - | (5,101 | ) |
Deferred tax | (294,648 | ) | 19,141 |
Tax on loss | (294,648 | ) | 14,040 |
Reconciliation of total tax (credit)/charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Loss before tax | (3,100,589 | ) | (2,046,852 | ) |
Loss multiplied by the standard rate of corporation tax in the UK of 19 % (2022 - 19 %) |
(589,112 |
) |
(388,902 |
) |
Effects of: |
Expenses not deductible for tax purposes | 397,980 | 382,027 |
Income not taxable for tax purposes | - | (28,500 | ) |
Capital allowances in excess of depreciation | (17,269 | ) | (252 | ) |
Utilisation of tax losses | (2,090 | ) | (3,239 | ) |
Adjustments to tax charge in respect of previous periods | - | (5,101 | ) |
Deferred tax | (294,648 | ) | 19,141 |
Losses carried forward | 210,491 | 43,810 |
Deductions and reliefs | - | (4,944 | ) |
Total tax (credit)/charge | (294,648 | ) | 14,040 |
The group has £1,238,856 of losses available that will be relieved at the new corporate tax rate of 25%. |
10. | Individual income statement |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
DARTS CORNER HOLDINGS LIMITED (REGISTERED NUMBER: 12868130) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
11. | Intangible fixed assets |
Group |
Patents and | Development | Computer |
Goodwill | licences | costs | software | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 April 2022 | 7,465,394 | 10,709 | 39,854 | 345,465 | 7,861,422 |
Additions | - | - | - | 144,093 | 144,093 |
Impairments | (98,000 | ) | - | - | (195,000 | ) | (293,000 | ) |
At 31 March 2023 | 7,367,394 | 10,709 | 39,854 | 294,558 | 7,712,515 |
Amortisation |
At 1 April 2022 | 1,055,606 | - | - | 118,866 | 1,174,472 |
Amortisation for year | 726,889 | 1,205 | 3,985 | 150,148 | 882,227 |
Impairments | - | - | - | (178,750 | ) | (178,750 | ) |
At 31 March 2023 | 1,782,495 | 1,205 | 3,985 | 90,264 | 1,877,949 |
Net book value |
At 31 March 2023 | 5,584,899 | 9,504 | 35,869 | 204,294 | 5,834,566 |
At 31 March 2022 | 6,409,788 | 10,709 | 39,854 | 226,599 | 6,686,950 |
12. | Tangible fixed assets |
Group |
Fixtures |
Short | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
Cost |
At 1 April 2022 | 29,045 | 36,239 | 267,844 |
Additions | - | - | 101,522 |
Disposals | - | (11,548 | ) | - |
Reclassification/transfer | - | (23,265 | ) | (18,526 | ) |
At 31 March 2023 | 29,045 | 1,426 | 350,840 |
Depreciation |
At 1 April 2022 | - | 24,125 | 137,605 |
Charge for year | - | - | 31,857 |
Reclassification/transfer | - | (24,125 | ) | 118 |
At 31 March 2023 | - | - | 169,580 |
Net book value |
At 31 March 2023 | 29,045 | 1,426 | 181,260 |
At 31 March 2022 | 29,045 | 12,114 | 130,239 |
DARTS CORNER HOLDINGS LIMITED (REGISTERED NUMBER: 12868130) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
12. | Tangible fixed assets - continued |
Group |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
Cost |
At 1 April 2022 | 9,911 | 91,260 | 434,299 |
Additions | - | 7,039 | 108,561 |
Disposals | - | - | (11,548 | ) |
Reclassification/transfer | (9,911 | ) | 13,257 | (38,445 | ) |
At 31 March 2023 | - | 111,556 | 492,867 |
Depreciation |
At 1 April 2022 | 9,911 | 50,944 | 222,585 |
Charge for year | - | 13,068 | 44,925 |
Reclassification/transfer | (9,911 | ) | (4,528 | ) | (38,446 | ) |
At 31 March 2023 | - | 59,484 | 229,064 |
Net book value |
At 31 March 2023 | - | 52,072 | 263,803 |
At 31 March 2022 | - | 40,316 | 211,714 |
13. | Fixed asset investments |
Company |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 April 2022 |
and 31 March 2023 |
Net book value |
At 31 March 2023 |
At 31 March 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Harewood House, Union Road, Bolton, England, BL2 2HE |
Nature of business: |
% |
Class of shares: | holding |
DARTS CORNER HOLDINGS LIMITED (REGISTERED NUMBER: 12868130) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
13. | Fixed asset investments - continued |
Registered office: Harewood House, Union Road, Bolton, England, BL2 2HE |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Harewood House, Union Road, Bolton, England, BL2 2HE |
Nature of business: |
% |
Class of shares: | holding |
Perfect Darts is a 100% indirect interest within the group. |
14. | Stocks |
Group |
2023 | 2022 |
£ | £ |
Finished goods | 3,796,938 | 4,423,317 |
The finished goods include a stock provision of £741,935 (2022: £342,167). The stock provision calculation was revised in the year. Under the previous approach, the stock provision would have been £266,917. |
15. | Debtors: amounts falling due within one year |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 433,471 | 425,612 |
Provision for bad debts | (25,000 | ) | - | - | - |
Amounts owed by group undertakings | - | - |
Other debtors | 17,905 | - |
Tax | 53,131 | 106,262 |
VAT | - | - |
Deferred tax asset | 244,063 | - | - | - |
Prepayments | 206,282 | 134,963 |
929,852 | 666,837 |
Deferred tax asset |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Accelerated capital allowances | (65,651 | ) | - |
Tax losses carried forward | 309,714 | - |
244,063 | - |
DARTS CORNER HOLDINGS LIMITED (REGISTERED NUMBER: 12868130) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
16. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary A | £1 | 437 | 437 |
Ordinary B1 | £1 | 232 | 232 |
Ordinary B2 | £1 | 231 | 231 |
Ordinary C | £1 | 85 | 45 |
985 | 945 |
The following shares were issued during the year for cash at par : |
40 Ordinary C shares of £1 |
Ordinary A shares carries the right to vote having 1.23 votes per share, carried the rights to receive dividend, entitles the holder to participate in a return of capital after the preference share holder and cannot be redeemed. |
B1 shares carries the right to vote having 2 votes per share, carried the rights to receive dividend, entitles the holder to participate in a return of capital after the preference share holder and cannot be redeemed. |
Ordinary C and B2 shares do not carry the right to vote, carry the right to receive dividends, entitles the holder to participate in a return of capital after the preference share holder and cannot be redeemed. |
17. | Reserves |
Group |
Retained |
earnings |
£ |
At 1 April 2022 | (3,500,928 | ) |
Deficit for the year | (2,805,941 | ) |
At 31 March 2023 | (6,306,869 | ) |
Company |
Retained |
earnings |
£ |
At 1 April 2022 | ( |
) |
Deficit for the year | ( |
) |
At 31 March 2023 | ( |
) |
18. | Provisions for liabilities |
Group |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances | - | 50,585 |
DARTS CORNER HOLDINGS LIMITED (REGISTERED NUMBER: 12868130) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
18. | Provisions for liabilities - continued |
Group |
Deferred tax |
£ |
Balance at 1 April 2022 | 50,585 |
Provided during year | 15,066 |
Credit to Income Statement during year | (309,714 | ) |
Balance at 31 March 2023 | (244,063 | ) |
19. | Creditors: amounts falling due within one year |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 21) | 778,930 | - |
Other loans (see note 21) | 3,021,187 | 1,757,399 |
Trade creditors | 1,106,488 | 656,411 |
Amounts owed to group undertakings | - | - |
Corporation tax | - | 53,131 |
Social security and other taxes | 51,313 | 49,643 |
VAT | 316,782 | 506,742 | - | - |
Other creditors | 89,945 | 74,329 |
Directors' current accounts | 361 | 361 | - | - |
Accruals and deferred income | 204,095 | 208,304 |
5,569,101 | 3,306,320 |
20. | Creditors: amounts falling due after more than one year |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Other loans (see note 21) | 12,654,034 | 12,644,054 |
Other creditors | - | 60,000 |
12,654,034 | 12,704,054 |
DARTS CORNER HOLDINGS LIMITED (REGISTERED NUMBER: 12868130) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
21. | Loans |
An analysis of the maturity of loans is given below: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | 129,611 | - |
Bank loans | 649,319 | - |
Loan notes | 3,021,186 | 1,757,398 |
Preference shares | 1 | 1 | 1 | 1 |
3,800,117 | 1,757,399 |
Amounts falling due between two and five | years: |
Loan notes | 12,654,034 | 12,644,054 |
Preference shares included in liabilities are £1 (2022: £1). |
22. | Secured debts |
The following secured debts are included within creditors: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank overdraft | 129,611 | - |
Bank loans | 649,319 | - |
Loan notes | 15,675,220 | 14,337,663 | - | 14,337,663 |
16,454,150 | 14,337,663 |
The loans are secured by; way of a first legal mortgage over the properties and all premises and fixtures and on each of the properties, by way of a first fixed charge over all assets of the group , by way of a floating charge over all assets and undertakings of the group, and by way of negative pledge. |
23. | Pension commitments |
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amount to £39,077 (2022: £27,680). Contributions totalling £7,418 (2022: £12,066) were payable to the fund at the balance sheet date. |
24. | Contingent liabilities |
The owners of the loan notes holds a cross guarantee between Darts Corner Holdings Limited, Darts Corner Limited and Perfect Darts Limited. The amount guaranteed was £15,675,220 (2022 - £14,401,453). |
DARTS CORNER HOLDINGS LIMITED (REGISTERED NUMBER: 12868130) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
25. | Related party disclosures |
Within the current, and non-current loan balances, there are the following balances owed to related parties. There is £3,752,806 (2022: £3,029,743) owing to the directors. There is £8,178,032 owing to shareholders (2022: £6,614,542). There is also £3,717,247 (2022: £299,769) owing to the spouse of a director. |
The above loan notes are due for redemption on 9 November 2025 and attract interest of 10% per annum.The interest accrued is £3,021,186 (2022: £1,757,398). |
There were also monitoring fees charged by a shareholder of £67,072 (2022: £67,452). |
26. | Ultimate controlling party |
The ultimate parent company is Key Capital Partners (Nominees) Limited by virtue of their majority shareholding. |