true 2008-06-01 false true For the year ending 31 March 2009 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. A Smith J Brown R Bloggs 13200 The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. foo bar 01234567 uk-gaap:PlantMachinery 2008-03-31 01234567 uk-gaap:Vehicles 2008-03-31 01234567 uk-gaap:PlantMachinery 2009-03-31 01234567 uk-gaap:Vehicles 2009-03-31 01234567 2006-03-31 01234567 uk-gaap:DevelopmentCostsPatentsSimilar 2008-04-01 2009-03-31 01234567 uk-gaap:DevelopmentCostsPatentsSimilar 2009-03-31 01234567 uk-gaap:DevelopmentCostsPatentsSimilar 2008-03-31 01234567 uk-gaap:DividendsProposed 2008-04-01 2009-03-31 01234567 uk-gaap:DividendsProposed 2006-04-01 2008-03-31 01234567 uk-gaap:PlantMachinery 2006-04-01 2008-03-31 01234567 uk-gaap:Vehicles 2006-04-01 2008-03-31 01234567 uk-gaap:FixturesFittingsToolsEquipment 2008-04-01 2009-03-31 01234567 uk-gaap:FixturesFittingsToolsEquipment 2006-04-01 2008-03-31 01234567 uk-gaap:PlantMachinery 2008-04-01 2009-03-31 01234567 uk-gaap:Vehicles 2008-04-01 2009-03-31 01234567 2009-03-31 01234567 2008-03-31 01234567 2006-04-01 2008-03-31 01234567 2008-04-01 2009-03-31 01234567 uk-bus:CompanySecretaryDirector 2008-04-01 2009-03-31 01234567 uk-bus:Director1 2008-04-01 2009-03-31 01234567 uk-bus:Director2 2008-04-01 2009-03-31 01234567 uk-bus:AllEntityOfficers 2008-04-01 2009-03-31 01234567 uk-bus:CompanySecretaryDirector 2009-03-31 01234567 uk-bus:Director1 2009-03-31 01234567 uk-bus:Director2 2009-03-31 01234567 uk-bus:CompanySecretaryDirector 2006-04-01 2008-03-31 01234567 uk-bus:Director1 2006-04-01 2008-03-31 01234567 uk-bus:Director2 2006-04-01 2008-03-31 01234567 uk-bus:AllEntityOfficers 2006-04-01 2008-03-31 01234567 uk-bus:CompanySecretaryDirector 2008-03-31 01234567 uk-bus:Director1 2008-03-31 01234567 uk-bus:Director2 2008-03-31 01234567 uk-bus:EntityAccountantsOrAuditors 2008-04-01 2009-03-31 01234567 uk-bus:EntityAccountantsOrAuditors 2006-04-01 2008-03-31 01234567 uk-bus:EntityAccountantsOrAuditors 2009-03-31 01234567 uk-bus:RegisteredOffice 2008-04-01 2009-03-31 01234567 uk-bus:EntityBankers 2008-04-01 2009-03-31 01234567 uk-bus:EntityLawyersOrLegalAdvisers 2008-04-01 2009-03-31 xbrli:pure iso4217:GBP xbrli:shares
DEMO COMPANY LIMITED
Report and Financial Statements
12/09/
Registered No 01234567

Directors
A Smith
J Brown
R Bloggs

Secretary
A Smith

Auditors
Joe & Fred LLP
1 London Street
London
LO1 2AA

Bankers
BigBank PLC
2 London Street
London
LO1 3AA

Solicitors
Legal & Co
3 London Street
London
LO1 4AA

Registered Office
XBRL-TESTCO Towers
1 XBRL Street
Testtown
TT1 1AA


Directors' report

The directors present their report and financial statements for the year ended 31 May 2009.

Results and dividends
The profit for the year after taxation amounted to £3,659,000. An interim dividend of £2,500,000 was paid during the year. The directors recommend the payment of a final dividend of £2,000,000.

Prinicipal activity, review of the business and future developments
The principal activity of the company continued to be the manufacture and distribution of boats and shoes. In 2009, XBRL-TESTCO expanded into Europe. Revenue increased significantly. The directors are satisfied by the performance of the company. The company will continue to pursue its main activities.

Principal risks and uncertainties
Use of derivatives
XBRL-TESTCO uses forward foreign currency contracts to reduce exposure to the variability of foreign exchange rates by fixing the rate of any material payments in a foreign currency.

Exposure to credit, liquidity and cash flow risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss for that other party by failing to discharge an obligation. XBRL-TESTCO policies are aimed at minimising such losses, and require that deferred terms are only granted to customers who demonstrate an appropriate payment history and satisfy credit worthiness procedures.

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. XBRL-TESTCO aims to mitigate liquidity risk by managing cash generation by its operations, and also via financing facilities.

Cash flow risk is the risk of exposure to variability in cash flows that is attributable to a particular risk associated with a recognised asset or liability. XBRL-TESTCO manages this risk, where significant, by use of derivatives as explained above.

Political and charitable contributions
During the year, the company made charitable contributions, of £500,000 to the XBRL-TESTCO Foundation and £ 206,000 to Shelter.

Directors and their interests
The directors who served during the year and their interests in the share capital of the company were as follows:
Ordinary shares of £1 each
2009 2008
A Smith 1 1
J Brown 1 1
R Bloggs 1 1

The directors' interests in the share capital of the company's parent undertaking, Big Sample Trading Limited, are disclosed an the directors' report and financial statements of that company.

Auditors
A resolution to reappoint Joe & Fred LLP as auditors will be put to the members at the Annual General Meeting.

Disclosure of information to auditors
The directors confirm that to the best of each director's knowledge and belief: 1. There is no information relevant to the preparation of their report of which the company's auditors are unaware, and 2. Each director has taken all the steps a director might reasonably be expected to have taken to be aware of relevant audit information and to establish that the company's auditors are aware of that information.

On behalf of the board
Director A Smith
Date 15 July 2009


Statement of directors' responsibilities
Text on directors' responsibilities


Independent auditors' report

We have audited the company's financial statements for the year ended 31 December 2006 which comprise the Profit and Loss Account, Statement of Total Recognised Gains and Losses, Balance Sheet and the related notes 1 to 20. These financial statements have been prepared on the basis of the accounting policies set out therein. This report is made solely to the company's members, as a body, in accordance with section 235 of the Companies Act 1985. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of directors and auditors
The directors are responsible for the preparation of the financial statements in accordance with applicable United Kingdom law and Accounting Standards (United Kingdom Generally Accepted Accounting Practice) as set out in the Statement of Directors' Responsibilities. Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland). We report to you our opinion as to whether the financial statements give a true and fair view, are properly prepared in accordance with the Companies Act 1985, and whether the information given in the Directors' Report is consistent with the financial statements. We also report to you if, in our opinion, the company has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding directors' remuneration and other transactions is not disclosed.

Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the company's circumstances, consistently applied and adequately disclosed. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.

Opinion
In our opinion:

• the financial statements give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice, of the state of the company's affairs as at 31 March 2009 and of its profit for the year then ended,

• the Financial statements have been properly prepared in accordance with the Companies Act 1985, and

• The information given in the Directors' Report is consistent with the financial statements


Joe & Fred LLP
Registered Auditor
London
Date 15 July 2009


Profit and loss account
for the year ended 31 March 2009

2009 2008
Notes £000 £000

Turnover 2 75,521 37,724
Cost of sales (48,072) (23,290)

Gross profit 27,449 14,434
Distribution costs (11,519) (6,538)
Administrative expenses (9,634) (4,211)

Operating profit 3 6,296 3,685
Bank interest receivable 173 63
Interest payable 5 (5) (4)

Profit on ordinary activities before taxation 6,464 3,744
Tax on profit on ordinary activities 6 (2,805) (1,118)

Profit for the financial year 17 3,659 2,626


Statement of total recognised gains and losses
There are no recognised gains or losses other than the profit of £3,659,000 attributable to the shareholders for the year ended 31 March 2009 (2008 - profit of £2,626,000)


Balance sheet
at 31 March 2009
2009 2008
Notes £000 £000
Fixed assets
Intangible assets 8 9,992 12,632
Tangible assets 9 791 400
10,783 13,032
Current assets
Stocks 10 7,801 2,584
Debtors 11 10,350 6,387
Cash at bank and in hand 5,318 2,833
23,469 11,804
Creditors: amounts falling due within one year 12 (16,153) (7,896)

Net current assets 7,316 3,908

Total assets less current liabilities 18,099 16,940

Creditors: amounts falling due after more than one year 13 (13,200) (13,200)
4,899 3,740
Capital and reserves
Called up share capital 16 - -
Profit and loss account 17 4,899 3,740
Shareholders' funds 17 4,899 3,740

Signed by
Director A Smith
Date 15 July 2009


Notes to the financial statements
at 31 March 2009

1. Accounting policies
Basis of preparation
The financial statements are prepared under the historical cost convention and in accordance with applicable accounting standards.

Statement of cash flows
Exempt from cash flow statement requirement: true

Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery -- over a period of between 2 and 5 years straight line
Motor vehicles -- over a period of between 2 and 5 years straight line

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Intangible fixed assets and amortisation
Intangible assets acquired separately from a business are capitalised at cost Intangible assets created within the business are not capitalised and expenditure is charged against profits in the year in which it is incurred.

Intangible assets are amortised on a straight line basis over their useful economic lives up to a maximum of 20 years. The carrying value of intangible assets is reviewed for impairment at the end of the first full year following acquisition and in other periods if events or changes in circumstance indicate that the carrying value may not be recoverable.

Stock
Stocks are stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each product to its present location and condition as follows: Raw materials -- purchase cost on a first-in, first-out basis Finished goods -- cost of direct materials, blending costs, and attributable overheads based on a normal level of activity.

Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal.

Deferred taxation
Deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or right to pay less or to receive more tax, with the following exception: Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted. basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date.
All differences are taken to the profit and loss account.

Leasing commitments
Rentals payable under operating leases are charged in the profit and loss accounts on a straight line basis over the lease term.

Pensions
The company makes contributions to a group personal pension scheme on behalf of its employees. Contributions are charged to the profit and loss account as they become due, in accordance with the rules of the scheme.

2. Turnover
Turnover, which is stated net of value added tax, represents the invoiced amounts of goods sold to third parties. Turnover is attributable to the company's continuing principal activity.

3. Operating profit
This is stated after charging/(crediting)
2009 2008
£000 £000

Operating lease rentals - plant and machinery - 8
Auditors' remuneration - 22
Directors emoluments * - -
Depreciation of owned fixed assets 347 222
Amortisation of intangible assets 2,640 568

* Directors receive emoluments from the parent company, BIG XBRL-TESTCO Limited. No amounts are specifically recharged to the company in respect of their services as directors so it is not possible to state their aggregate emoluments.

4. Staff costs
2009 2008
£000 £000

Wages and salaries 6,148 2,644
Social security costs 547 295
Other pension costs 12 4
6,707 2,943

The average monthly number of employees was as follows
2009 2008
Number Number

Sales and distribution 93 54
Administration 25 21
118 75

5. Interest payable
2009 2008
£000 £000

Bank overdraft 5 1
Finance charges payable under finance leases and hire purchase contracts - 3
5 4

6. Taxation
(a) Tax on profit on ordinary activities

The tax charge is made up as follows 2009 2008
£000 £000
Current tax
UK corporation tax 2,843 1,328
Adjustment in respect of prior years (16) (28)
Double taxation relief (46) (50)
Total current tax 2,781 1,250

Foreign tax
Current year 46 -
Adjustment in respect of previous periods 35 -
Total current tax (note 6(b)) 2,862 1,250

Deferred tax
Origination and reversal of timing differences (57) (132)
Total deferred tax (note 15) 57 132
Total tax charge for the year 2,805 1,118

(b) Factors affecting current tax charge for the year

The tax assessed for the year differs from the standard rate of corporation tax in the UK of 30% (2005 - 30%). The differences are explained below
2009 2008
£000 £000

Profit on ordinary activities before taxation 6,464 3,744
Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 30% (2008 - 30%) 1,939 1,123

Effects of
Non-deductible expenses 801 74
Depreciation in excess of capital allowances 29 13
Adjustments to previous periods 19 (28)
Other timing differences (74) (118)
Double taxation relief - (50)

Current tax for the year (note 6(a)) 2,862 1,250

7. Dividends
2009 2008
£000 £000
Declared and paid during the year
Interim dividend 2,500 -

Proposed
Final dividend 2,000 -
4,500 -

Subject to approval by Shareholders the proposed dividend will be paid post year end and will be accounted for as an appropriation of retained earnings in the year ended 31 March 2009.

8. Intangible fixed assets
Intellectual property
£000
Cost
At 1 April 2008 and 31 March 2009 13,200

Amortisation
At 1 April 2008 568
Charge for the year 2,640

At 31 March 2009 3,208

Net book value
At 31 March 2009 9,992

At 31 March 2008 12,632

9. Tangible fixed assets
Plant and machinery Motor vehicles Total
£000 £000 £000
Cost
At 31 March 2008 689 221 910
Additions 648 90 738

At 31 March 2009 1,337 311 1,648

Depreciation
At 31 March 2008 380 130 510
Charge for the year 290 57 347

At 31 March 2009 670 187 857

Net book value
At 31 March 2009 667 124 791

At 31 March 2008 309 91 400

10. Stocks
2009 2008
£000 £000

Raw materials and consumables 5,709 1,101
Finished goods and goods for resale 2,092 1,483
7,801 2,584

11. Debtors
2009 2008
£000 £000

Trade debtors 9,943 5,746
Other debtors 90 58
Prepayments 150 473
Deferred tax (note 15) 167 110
10,350 6,387

12. Creditors: amounts falling due within one year
2009 2008
£000 £000

Bank overdraft * - 14
Trade creditors 9,639 5,020
Amounts owed to parent undertaking 594 492
Corporation tax 1,729 879
Other taxes and social security costs 548 473
Other creditors 2,135 1,018
Accruals and deferred income 1,508 -
16,153 7,896
* The bank overdraft is secured by a fixed and floating charge over the assets of the company

13. Creditors: amounts falling due after more than one year
2009 2008
£000 £000

Amount owed to parent undertaking 13,200 13,200

14. Other financial commitments
At the year end the company was committed to obligations under forward purchase contracts with a value of £16,073,000 (2005 - £4,424,000)

15. Deferred taxation
Deferred tax liability (asset)
£000

At 1 April 2008 (110)
Profit and loss account - Current year timing differences (57)

At 31 March 2009 (167)

The deferred tax consists of
Recognised
2009 2008
£000 £000

Accelerated capital allowances 12 10
Other timing differences (179) (120)
(167) (110)

16. Share capital
Authorised
2009 2008

Ordinary shares of £1 each Ordinary shares of £1 each
1,000 1,000

Allotted, called up and fully paid
2009 2008
No No
500 500 500 500

17. Reconciliation of shareholders' funds and movements on reserves
Share Capital Profit and Loss Account Total
£000 £000 £000

At 1 April 2006 - 1,114 1,114
Profit for the year - 2,626 2,626

At 31 March 2008 - 3,740 3,740
Profit for the year - 3,659 3,659
Dividends paid - (2,500) (2,500)

At 31 March 2009 - 4,899 4,899

18. Other financial commitments
At 31 March 2009 the company had annual commitments under non-cancellable operating leases as set out below: Other
2009 2008
£000 £000

Operating leases which expire within one year - 1

During the year, the company made charitable contributions of £500,000 (2008 - £398,000) to the XBRL-TESTCO Foundation, a related party of the company by virtue of common directors/trustees. The company has taken advantage of the exemptions available under FRS 8 not to disclose transactions with group companies, where consolidated financial statements are publicly available. No other transactions which require disclosure by FRS8 took place during the year.

20. Ultimate undertaking and controlling party
The company is a wholly owned subsidiary undertaking of BIG XBRL-TESTCO Limited. The result of XBRL-TESTCO Limited is consolidated in the group financial statements of BIG XBRL-TESTCO Limited, which is the only group of which the company is a member. The consolidated financial statements of BIG XBRL-TESTCO Limited can be obtained from Companies House, Cardiff, CF14 3UZ


Detailed trading profit and loss account
for the year ended 31 March 2009
2009 2008
£000 £000
Turnover
Sales 75,521 37,724

Cost of sales (48,072) (23,290)

Gross profit 27,449 14,434

Distribution costs (11,519) (6,538)

Administrative expenses (9,634) (4,211)
(21,153) (10,749)
Operating profit 6,296 3,685

Interest
Interest receivable 173 63
Hire purchase interest paid - (3)
Other interest payable (5) (1)

Profit before taxation 6,464 3,744


Schedule of distribution costs and administrative expenses
for the year ended 31 March 2009
2009 2008
£000 £000
Distribution costs
Wages and salaries (excluding NI) 3,451 1,794
Motor vehicle costs 138 82
Sales support 2,685 2,306
Sundry expenses 101 119
Depreciation on plant and equipment 54 37
Depreciation on motor vehicles 58 45
Marketing and advertising 5,032 2,155
11,519 6,538

Administrative expenses
Wages and salaries (excluding NI) 2,137 1,139
Directors' remuneration - -
Employer's NI contributions 547 295
Staff pension costs 11 4
Staff training 78 46
Management and licence charges 1,650 1,236
Insurance 55 32
Property costs 707 38
Cleaning 22 15
Repairs and maintenance 71 51
Couriers 40 37
Printing, postage and stationery 68 43
Telephone 161 86
Computer running costs 196 107
Travelling expenses 409 182
Entertaining 32 35
Legal and professional fees 80 37
Audit and accountancy fees 56 18
Bank charges 31 22
Bad and doubtful debts - 18
Staff welfare 418 120
Sundry expenses 2,795 583
Subscriptions 24 17
Discounts received (186) (91)
Depreciation on fixtures, fittings and equipment 232 141
9,634 4,211