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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 31 December 2017 |
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for |
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CROCS UK LIMITED |
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REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 31 December 2017 |
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for |
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CROCS UK LIMITED |
CROCS UK LIMITED (REGISTERED NUMBER: 06032591) |
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Contents of the Financial Statements |
for the year ended 31 December 2017 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 | to | 3 |
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Report of the Directors | 4 |
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Report of the Independent Auditors | 5 | to | 6 |
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Statement of Comprehensive Income | 7 |
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Statement of Financial Position | 8 |
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Statement of Changes in Equity | 9 |
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Notes to the Financial Statements | 10 | to | 16 |
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CROCS UK LIMITED |
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Company Information |
for the year ended 31 December 2017 |
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DIRECTORS: |
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SECRETARIES: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
Statutory Auditors |
Yare House |
62-64 Thorpe Road |
Norwich |
Norfolk |
NR1 1RY |
CROCS UK LIMITED (REGISTERED NUMBER: 06032591) |
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Strategic Report |
for the year ended 31 December 2017 |
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The directors present their strategic report for the year ended 31 December 2017. |
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Crocs UK Ltd (the company) is wholly owned by Crocs Europe BV which is based in Hoofddorp, the Netherlands. The company sells |
Crocs and Jibbitz-branded products in wholly-owned retail stores throughout the United Kingdom, and earns sales commissions on |
Crocs products sold in non-Crocs UK stores. Crocs is a casual lifestyle footwear brand. |
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The company closed 4 stores in 2017. The total number of owned stores at 31 December 2017 was 3. |
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REVIEW OF BUSINESS |
Revenue fell by 28% to £2.7 million (31/12/16 - £3.7 million) and the gross profit fell by 25% to £2.0 million (31/12/16 - £2.6 million). |
The closure of the 4 stores during the year contributed to this reduction in sales and gross profits. Administrative expenses fell 54% |
to £1.7 million (31/12/16 - £3.6 million). The result for the financial year before tax is a profit of £0.2 million (31/12/16 - loss £1.2 |
million). |
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At the end of the year the company had net assets of £2.0 million (31/12/2016 - net liabilities of £6.5 million). |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The main risk factors relating to the company are as follows: |
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uncertainty about the current and future economic conditions within the United Kingdom may cause consumers to defer
generally retail purchases, including our products, and we are dependent on consumer traffic in shopping areas; |
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- | the footwear industry is highly competitive. |
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The risk factors have the full attention of the Board of Directors and are embedded in our short and long term strategy. |
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FINANCIAL INSTRUMENTS |
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Credit and interest rate risk |
Crocs UK Limited does not have an external credit facility and does not pay or charge interest on group trading balances. The |
company did pay interest on the long term group loan which was exchanged for equity during the year (note 12). The interest rate |
on the loan varied with LIBOR, and any significant fluctuations were discussed within the group and the terms were renegotiated if |
considered necessary. |
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The company has no trade debts from outside the group. |
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In consequence the directors do not consider that Crocs UK Limited has material exposure in the case of fluctuations of the interest |
rate or credit risk. |
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Price and foreign currency exchange risk |
Crocs UK Limited is exposed to price and exchange rate risks on the cost of its inventories. The company purchases Crocs products |
from Crocs Europe BV at arms length third-party manufacturing cost plus duties and freight. Crocs Europe BV purchase Crocs |
products from overseas third-party manufacturers and pay for these purchases in US dollars. Therefore any impact resulting from |
changes in product costs and changes in the exchange rate between euros and dollars is passed on to Crocs UK Limited. The parent |
company Crocs Europe BV does enter into foreign currency exchange forward contracts to reduce the exposure to changes in |
exchange rates. |
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Liquidity risk |
Periodically liquidity budgets are prepared. Liquidity risks are controlled through the monitoring of the forecasts, and taking action |
when required. Crocs UK Limited does not have the need for a credit facility as there are sufficient funds available to support the |
daily business from the ongoing financial support of its immediate parent Crocs Europe BV. |
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Cash flow statement |
A cash flow statement of the company is included within the financial statements of Crocs Inc. the company's ultimate parent |
company. These financial statements are available to the public. |
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CROCS UK LIMITED (REGISTERED NUMBER: 06032591) |
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Strategic Report |
for the year ended 31 December 2017 |
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FUTURE OUTLOOK |
It is our intention to continue to improve all aspects of our business over the coming years and to realise profitability, whilst |
ensuring that our customers continue to enjoy the highest level of service available. For 2018 the continued focus is on exiting |
unprofitable retail locations including the 3 remaining UK stores. Exiting out of retail will simplify the business and enable the |
directors to focus on wholesale and making the overall business as profitable as possible. |
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ON BEHALF OF THE BOARD: |
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26 July 2018 |
CROCS UK LIMITED (REGISTERED NUMBER: 06032591) |
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Report of the Directors |
for the year ended 31 December 2017 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2017. |
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DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2017. |
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EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2017 to the date of this report. |
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DISCLOSURE IN THE STRATEGIC REPORT |
Information on the company's financial instruments is included in the Strategic Report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in |
accordance with applicable law and regulations. |
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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 of the profit or loss of the |
company for that period. In preparing these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue
in business. |
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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 enable them to ensure |
that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the |
company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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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 company's auditors are unaware, and each director has taken all the steps that they ought to have taken as a director in |
order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that |
information. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Crocs UK Limited |
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Opinion |
We have audited the financial statements of Crocs UK Limited (the 'company') for the year ended 31 December 2017 which |
comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and 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). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2017 and of its profit 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. |
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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 company 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. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: |
- | the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt
about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and |
the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and we do not express any form of assurance |
conclusion thereon. |
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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, 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. |
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Opinion on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
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Matters on which we are required to report by exception |
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 Report of the Directors. |
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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: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not
visited by us; or |
- | the 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. |
Report of the Independent Auditors to the Members of |
Crocs UK Limited |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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. |
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In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so. |
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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. |
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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. |
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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. |
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for and on behalf of
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Chartered Accountants |
Statutory Auditors |
Yare House |
62-64 Thorpe Road |
Norwich |
Norfolk |
NR1 1RY |
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CROCS UK LIMITED (REGISTERED NUMBER: 06032591) |
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Statement of Comprehensive Income |
for the year ended 31 December 2017 |
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31/12/17 | 31/12/16 |
Notes | £ | £ |
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REVENUE | 3 |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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OPERATING PROFIT/(LOSS) | 5 |
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Interest payable and similar expenses | 6 |
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PROFIT/(LOSS) BEFORE TAXATION |
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Tax on profit/(loss) | 7 |
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PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE
YEAR |
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( |
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CROCS UK LIMITED (REGISTERED NUMBER: 06032591) |
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Statement of Financial Position |
31 December 2017 |
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31/12/17 | 31/12/16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 8 |
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CURRENT ASSETS |
Inventories | 9 |
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Debtors | 10 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 11 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 12 |
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PROVISIONS FOR LIABILITIES | 14 |
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NET ASSETS/(LIABILITIES) |
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CAPITAL AND RESERVES |
Called up share capital | 15 |
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Share premium | 16 |
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Retained earnings | 16 | ( |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
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CROCS UK LIMITED (REGISTERED NUMBER: 06032591) |
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Statement of Changes in Equity |
for the year ended 31 December 2017 |
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Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
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Balance at 1 January 2016 |
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Changes in equity |
Total comprehensive loss | - | ( |
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Balance at 31 December 2016 |
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( |
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( |
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Changes in equity |
Issue of share capital |
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- |
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Total comprehensive income | - |
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- |
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Balance at 31 December 2017 |
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( |
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CROCS UK LIMITED (REGISTERED NUMBER: 06032591) |
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Notes to the Financial Statements |
for the year ended 31 December 2017 |
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1. | STATUTORY INFORMATION |
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Crocs UK Limited is a
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number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as |
permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
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• | the requirements of Section 4 Statement of Financial Position paragraph 4.12(a)(iv); |
• | the requirements of Section 7 Statement of Cash Flows; |
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the requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41(f), 11.42, 11.44,
11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
• | the requirement of Section 33 Related Party Disclosures paragraph 33.7. |
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Significant judgements and estimates |
No significant judgements have had to be made by management in preparing these financial statements. |
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The directors have made key assumptions of future revenues and costs in the determination of the need to impair certain |
assets within property, plant and equipment (note 8). |
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The directors have estimated the amounts which would be required under the "make-good" clauses in the company's |
property leases based on the condition of the properties at the reporting date (note 14). |
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Revenue |
Revenue is measured at the fair value of the consideration received or receivable, and represents amounts receivable for |
goods supplied and sales commissions earned net of discounts, rebates, value added tax and other sales taxes. |
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Revenue from the sale of goods is recognised when significant risks and rewards of ownership of the goods have |
substantially transferred to the buyer. Retail revenue is recognised upon physical transfer of the goods to the customer at |
the point of sale. |
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Revenue from sales commission is recognised on fulfilled purchase orders made directly as a result of Crocs UK Limited |
mediation as agent, and when the amount of revenue can be measured reliably and it is probable that future economic |
benefits will flow to the entity. |
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Property, plant and equipment. |
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Fixtures and fittings | - |
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At the date of the statement of financial position, the company reviews the carrying value of its tangible fixed assets to |
determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the |
recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not |
possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the |
cash-generating unit to which the asset belongs. |
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Inventories |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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Cost is measured on a moving average cost basis and includes purchase price, import duties and other costs incurred in |
bringing the inventories to their current location and condition. |
CROCS UK LIMITED (REGISTERED NUMBER: 06032591) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
Short-term debtors are measured at transaction price, less any impairment. The impairment loss is measured as the |
difference between an asset's carrying value and the best estimate of the amount that the company would receive for the |
asset if it were to be sold at the reporting date. |
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Short-term trade creditors are measured at the transaction price. Other financial liabilities, including amounts owed to |
group undertakings, are measured initially at fair value, net of transaction costs, and are measured subsequently at |
amortised cost using the effective interest method. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the |
statement of financial position. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling |
at the date of the transaction. Exchange differences are taken into account in arriving at the operating result. |
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Leasing commitments |
Rentals payable under operating leases are charged to the income statement on a straight-line basis over the period of the |
lease. |
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Lease incentives are allocated to the income statement over the lease term on a straight-line basis. |
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Lease premiums paid are allocated to the income statement over the lease term on a straight-line basis. |
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Pension costs |
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of |
the company in an independently administered fund. Contributions payable to the company's pension scheme are charged |
to the income statement in the period to which they relate. |
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Transfer pricing |
Inventories for resale are purchased from the parent company Crocs Europe B.V. The company uses the transactional net |
margin method to account for these purchases. Crocs Europe B.V. purchases inventories from an unrelated third party |
manufacturer at an arms length price. No profit mark up is applied to the price charged to Crocs UK Limited. As a result, the |
cost of inventories comprises the cost of manufacture, shipping and any import duties for the group. Under the terms of the |
transactional net margin method Crocs Europe B.V. raises a transfer pricing adjustment to ensure an appropriate net |
operating profit is achieved in Crocs UK Limited. |
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Sales commission is charged to the parent company Crocs Europe B.V. The company uses the comparable uncontrolled price |
method to determine the transfer price to be applied. |
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Loan interest was paid to the parent company Crocs Europe B.V. The company uses the comparable uncontrolled price |
method to determine the rate of interest applied to the loan. |
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Provisions |
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past |
event, when it is probable that the company will be required to settle the obligation and the amount of the obligation can |
be reliably estimated. |
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Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date. |
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Employee benefits |
Short-term employee benefits are recognised as an expense in the period in which they are incurred. |
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Termination benefits are recognised only when the company is demonstrably committed to terminate the employment of |
an employee or a group of employees before their normal retirement date or to provide termination benefits as a result of |
an offer made in order to encourage voluntary redundancy. |
CROCS UK LIMITED (REGISTERED NUMBER: 06032591) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2017 |
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3. | REVENUE |
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The revenue and profit (2016 - loss) before taxation are attributable to the one principal activity of the company. |
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An analysis of revenue by class of business is given below: |
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31/12/17 | 31/12/16 |
£ | £ |
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4. | EMPLOYEES AND DIRECTORS |
31/12/17 | 31/12/16 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
31/12/17 | 31/12/16 |
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Shop staff | 32 | 47 |
Sales representatives | 6 | 8 |
Administration staff | 1 | 2 |
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31/12/17 | 31/12/16 |
£ | £ |
Directors' remuneration |
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All pension payments above relate to payments to defined contribution plans. |
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5. | OPERATING PROFIT/(LOSS) |
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The operating profit (2016 - operating loss) is stated after charging/(crediting): |
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31/12/17 | 31/12/16 |
£ | £ |
Hire of plant and machinery |
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Other operating leases |
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Depreciation - owned assets |
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Auditors' remuneration |
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Foreign exchange differences | ( |
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Cost of inventories recognised as an expense |
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Other services performed by the auditor |
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Termination payments |
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CROCS UK LIMITED (REGISTERED NUMBER: 06032591) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2017 |
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6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31/12/17 | 31/12/16 |
£ | £ |
Interest on loans from group undertakings |
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Other interest |
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7. | TAXATION |
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Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 31 December 2017 nor for the year ended 31 December 2016. |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
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31/12/17 | 31/12/16 |
£ | £ |
Profit/(loss) before tax |
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( |
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Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
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( |
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Effects of: |
Expenses not deductible for tax purposes |
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Utilisation of tax losses | ( |
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year |
Tax losses carried forward | - |
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Deferred tax asset not recognised |
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( |
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Total tax charge | - | - |
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The company has unused tax losses of £2.9 million (31/12/2016 - £3.2 million). No deferred tax asset has been recognised |
in these accounts in respect of these losses. |
CROCS UK LIMITED (REGISTERED NUMBER: 06032591) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2017 |
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8. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
and |
fittings |
£ |
COST |
At 1 January 2017 |
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Additions |
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Disposals | ( |
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At 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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9. | INVENTORIES |
31/12/17 | 31/12/16 |
£ | £ |
Goods for resale |
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10. | DEBTORS |
31/12/17 | 31/12/16 |
£ | £ |
Amounts falling due within one year: |
Other debtors |
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Amounts owed by group undertakings |
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VAT |
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Prepayments and accrued income |
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|
Amounts falling due after more than one year: |
Other debtors |
|
|
|
Aggregate amounts |
|
|
CROCS UK LIMITED (REGISTERED NUMBER: 06032591) |
|
Notes to the Financial Statements - continued |
for the year ended 31 December 2017 |
|
|
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/17 | 31/12/16 |
£ | £ |
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
VAT | - |
|
Other creditors |
|
|
Accrued expenses |
|
|
|
|
|
|
|
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/12/17 | 31/12/16 |
£ | £ |
Amounts owed to group undertakings |
|
|
|
Included in amounts owed to group undertakings at 31 December 2016 is a loan of £7.5 million which was repayable on 31 |
December 2018. This loan was converted to share capital on 20 April 2017. |
|
13. | LEASING AGREEMENTS |
|
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31/12/17 | 31/12/16 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
In more than five years |
|
|
|
|
|
After the financial reporting date, the company surrendered a lease which is included above at a rent of £116,500 per |
annum for 3 years. |
|
14. | PROVISIONS FOR LIABILITIES |
31/12/17 | 31/12/16 |
£ | £ |
Other provisions | - | 92,925 |
|
Other |
provisions |
£ |
Balance at 1 January 2017 |
|
Credit to Statement of Comprehensive Income during year | ( |
) |
Balance at 31 December 2017 |
|
|
Other provisions represent expected amounts payable under "make-good" clauses in retail unit operating leases. These |
liabilities have been transferred to Creditors:amounts falling due within one year at 31 December 2017 following the |
decision to close all the relevant stores. |
CROCS UK LIMITED (REGISTERED NUMBER: 06032591) |
|
Notes to the Financial Statements - continued |
for the year ended 31 December 2017 |
|
|
15. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/12/17 | 31/12/16 |
value: | £ | £ |
|
Ordinary | £1 | 2 | 1 |
|
During the year 1 ordinary share of £1 was allotted on the release and satisfaction of the outstanding balance owed by the |
company to Crocs Europe B.V pursuant to a loan agreement entered into on 1 December 2012. The amount of consideration |
for the share on release of the loan was £8,239,534. |
|
All ordinary shares carry one vote per share. There are no restrictions on the distribution of dividends and the repayment of |
capital. |
|
16. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
|
At 1 January 2017 | ( |
) |
|
(6,497,922 | ) |
Profit for the year |
|
|
Share issue | - |
|
8,239,533 |
At 31 December 2017 | ( |
) |
|
1,969,320 |
|
17. | RELATED PARTY DISCLOSURES |
|
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. |
|
18. | POST BALANCE SHEET EVENTS |
|
After the year end the directors made the decision to close the 3 remaining stores. The company will continue to trade in |
the UK through the sale of Crocs products in non-Crocs owned stores, from which the company earns commission. |
|
19. | ULTIMATE CONTROLLING PARTY |
|
The company's immediate parent is
|
|
The company's ultimate parent and controlling party is Crocs Inc., a company incorporated in the United States of America . |
|
Copies of the consolidated financial statements of
Crocs Inc.
are available online at www.crocs.com. The financial
statements of Crocs UK Limited are consolidated in the financ ial statements of Crocs Inc. |