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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 31 December 2016 |
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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 2016 |
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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 2016 |
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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 | to | 5 |
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Report of the Independent Auditors | 6 | to | 7 |
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Statement of Comprehensive Income | 8 |
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Statement of Financial Position | 9 |
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Statement of Changes in Equity | 10 |
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Notes to the Financial Statements | 11 | to | 19 |
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CROCS UK LIMITED |
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Company Information |
for the Year Ended 31 December 2016 |
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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 2016 |
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The directors present their strategic report for the year ended 31 December 2016. |
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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 2 stores in 2016. The total number of owned stores at 31 December 2016 was 7. |
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REVIEW OF BUSINESS |
Revenue fell by 24% to £3.7 million (31/12/15 - £4.9 million) and the gross profit fell by 26% to £2.6 million (31/12/15 - |
£3.5 million). The closure of the 2 stores during the year contributed to this reduction in sales and gross profits. |
Administrative expenses fell 17% to £3.6 million (31/12/15 - £4.3 million). The result for the financial year before tax is |
a loss of £1.2 million (31/12/15 - £2.3 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, although the company does pay interest on a loan from the |
parent company Crocs Europe BV. The interest rate varies with LIBOR, however any significant fluctuations would be |
discussed within the group and renegotiated if necessary. |
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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. |
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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 2016 |
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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 2017 we will continue to |
examine how to make our overall business as profitable as possible, including, where necessary, restructuring of our |
retail operations. |
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ON BEHALF OF THE BOARD: |
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14 September 2017 |
CROCS UK LIMITED (REGISTERED NUMBER: 06032591) |
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Report of the Directors |
for the Year Ended 31 December 2016 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2016. |
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DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2016. |
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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 2016 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. |
CROCS UK LIMITED (REGISTERED NUMBER: 06032591) |
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Report of the Directors |
for the Year Ended 31 December 2016 |
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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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We have audited the financial statements of Crocs UK Limited for the year ended 31 December 2016 which comprise |
the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and the |
related notes. The financial reporting framework that has been applied in their preparation is applicable law and |
United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial |
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. |
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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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Respective responsibilities of directors and auditors |
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Scope of the audit of the financial statements |
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give |
reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or |
error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances |
and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates |
made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial |
and non-financial information in the Strategic Report and the Report of the Directors to identify material |
inconsistencies with the audited financial statements and to identify any information that is apparently materially |
incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. |
If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our |
report. |
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Opinion on financial statements |
In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 31 December 2016 and of its 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. |
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Opinion on other matter prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of our audit, the information given in the Strategic Report |
and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with |
the financial statements, and has been prepared in accordance with applicable legal requirements. In the light of the |
knowledge and understanding of the company and its environment, we have not identified any material misstatements |
in the Strategic Report or the Report of the Directors. |
Report of the Independent Auditors to the Members of |
Crocs UK Limited |
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Matters on which we are required to report by exception |
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. |
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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 2016 |
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31/12/16 | 31/12/15 |
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 LOSS | 5 | ( |
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Cost of fundamental |
reorganisation | 6 |
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(1,031,501 | ) | (2,051,707 | ) |
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Interest payable and similar expenses | 7 |
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LOSS BEFORE TAXATION | ( |
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Tax on loss | 8 |
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LOSS FOR THE FINANCIAL YEAR | ( |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE LOSS FOR THE YEAR | ( |
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CROCS UK LIMITED (REGISTERED NUMBER: 06032591) |
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Statement of Financial Position |
31 December 2016 |
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31/12/16 | 31/12/15 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 9 |
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CURRENT ASSETS |
Inventories | 10 |
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Debtors | 11 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 12 |
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NET CURRENT ASSETS/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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( |
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CREDITORS |
Amounts falling due after more than one
year |
13 |
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PROVISIONS FOR LIABILITIES | 15 | ( |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 16 |
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Retained earnings | 17 | ( |
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SHAREHOLDERS' FUNDS | ( |
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The financial statements were approved by the Board of Directors on
by: |
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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 2016 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 January 2015 |
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( |
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Changes in equity |
Total comprehensive loss | - | ( |
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Balance at 31 December 2015 |
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( |
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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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CROCS UK LIMITED (REGISTERED NUMBER: 06032591) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2016 |
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1. | STATUTORY INFORMATION |
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Crocs UK Limited is a
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registered 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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Going concern |
The accounts have been prepared on a going concern basis. During the year the company made a loss of £1.2 |
million and at 31 December 2016 had a deficit of £6.5 million in the Statement of Financial Position. |
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The company's ability to continue trading is dependent upon the ongoing financial support of its immediate |
parent Crocs Europe B.V. At 31 December 2016 the company renewed its long term loan with Crocs Europe |
B.V. and increased the facility to £13 million with an extended repayment date of 31 December 2018. |
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On 20 April 2017 £8.2 million of this loan was converted to capital, which returned the company to net |
shareholders' funds at that date. |
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In conclusion, the directors of Crocs UK Limited, having obtained the support of the directors of Crocs Europe |
B.V. and having reviewed the overall group position, consider this financial support to be adequate to enable |
them to continue to adopt the going concern basis in 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 7 Statement of Cash Flows; |
• |
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 been made in the process of applying the accounting policies. |
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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. |
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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 15). |
CROCS UK LIMITED (REGISTERED NUMBER: 06032591) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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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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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the date |
of the statement of financial position. 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. |
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Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in |
which the liability is settled or the asset realised, based on tax rates that have been enacted or substantively |
enacted by the end of the reporting period. |
CROCS UK LIMITED (REGISTERED NUMBER: 06032591) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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2. | ACCOUNTING POLICIES - continued |
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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 only to the extent that the net operating margin of Crocs UK Limited exceeds 3% of |
revenue. |
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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 is 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 2016 |
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3. | REVENUE |
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The revenue and 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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31/12/16 | 31/12/15 |
£ | £ |
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4. | EMPLOYEES AND DIRECTORS |
31/12/16 | 31/12/15 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average monthly number of employees during the year was as follows: |
31/12/16 | 31/12/15 |
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Shop staff | 47 | 86 |
Sales representatives | 8 | 10 |
Administration staff | 2 | 1 |
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31/12/16 | 31/12/15 |
£ | £ |
Directors' remuneration |
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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 2016 |
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5. | OPERATING LOSS |
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The operating loss is stated after charging/(crediting): |
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31/12/16 | 31/12/15 |
£ | £ |
Hire of plant and machinery |
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Other operating leases |
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Depreciation - owned assets |
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Loss on disposal of fixed 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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Impairment losses to property, plant and equipment |
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Termination payments |
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6. | EXCEPTIONAL ITEMS |
31/12/16 | 31/12/15 |
£ | £ |
Cost of fundamental |
reorganisation |
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( |
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In 2015 the company performed a restructuring of its operations which resulted in the closing of 5 of the |
company's stores. |
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7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31/12/16 | 31/12/15 |
£ | £ |
Interest on loans from group undertakings |
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8. | TAXATION |
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Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 31 December 2016 nor for the year ended |
31 December 2015. |
CROCS UK LIMITED (REGISTERED NUMBER: 06032591) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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8. | TAXATION - continued |
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Reconciliation of total tax 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: |
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31/12/16 | 31/12/15 |
£ | £ |
Loss before tax | ( |
) | ( |
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Loss multiplied by the standard rate of corporation tax in the UK of
(2015 - |
( |
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( |
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Effects of: |
Expenses not deductible for tax purposes |
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Capital allowances in excess of depreciation | ( |
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year |
Tax losses carried forward |
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Total tax charge | - | - |
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The company has unused tax losses of £3.1 million (31/12/2015 - £1.7 million). No deferred tax asset has been |
recognised in these accounts in respect of these losses. |
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9. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
and |
fittings |
£ |
COST |
At 1 January 2016 |
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Disposals | ( |
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At 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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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 2016 |
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10. | INVENTORIES |
31/12/16 | 31/12/15 |
£ | £ |
Goods for resale |
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11. | DEBTORS |
31/12/16 | 31/12/15 |
£ | £ |
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 |
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Aggregate amounts |
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12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/16 | 31/12/15 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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VAT |
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Other creditors |
|
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Accrued expenses |
|
|
|
|
|
|
|
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/12/16 | 31/12/15 |
£ | £ |
Amounts owed to group undertakings |
|
|
|
Included in amounts owed to group undertakings at 31 December 2016 is a loan of £7.5 million which is |
repayable on 31 December 2018. This loan was converted to share capital after the year end as set out in note |
19. |
CROCS UK LIMITED (REGISTERED NUMBER: 06032591) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
|
|
14. | LEASING AGREEMENTS |
|
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31/12/16 | 31/12/15 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
In more than five years |
|
|
|
|
|
15. | PROVISIONS FOR LIABILITIES |
31/12/16 | 31/12/15 |
£ | £ |
Other provisions | 92,925 | 92,925 |
|
Other |
provisions |
£ |
Balance at 1 January 2016 |
|
Provided during year |
|
Credit to Statement of Comprehensive Income during year | ( |
) |
Balance at 31 December 2016 |
|
|
Other provisions represent expected amounts payable under "make-good" clauses in seven separate retail unit |
operating leases, which expire between one and six years. |
|
16. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/12/16 | 31/12/15 |
value: | £ | £ |
|
Ordinary | £1 | 1 | 1 |
|
All ordinary shares carry one vote per share. There are no restrictions on the distribution of dividends and the |
repayment of capital. |
|
17. | RESERVES |
Retained |
earnings |
£ |
|
At 1 January 2016 | ( |
) |
Deficit for the year | ( |
) |
At 31 December 2016 | ( |
) |
CROCS UK LIMITED (REGISTERED NUMBER: 06032591) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
|
|
18. | 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. |
|
19. | POST BALANCE SHEET EVENTS |
|
After the year end the company issued 1 ordinary share in exchange for £8.2 million of its loan due to Crocs |
Europe BV. |
|
After the year end the company closed 3 stores. No surrender payments were made as the lease period on all |
stores had expired. |
|
20. | 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. |