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REGISTERED NUMBER: 05571280 (England and Wales)












SHARK HELMETS UK LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023






SHARK HELMETS UK LTD (REGISTERED NUMBER: 05571280)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SHARK HELMETS UK LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023







DIRECTORS: Mr R J Culverwell
2 Ride Holding SAS



SECRETARY: Mr R J Culverwell



REGISTERED OFFICE: Hillview Business Centre
2 Leybourne Avenue
Bournemouth
Dorset
BH10 6HF



REGISTERED NUMBER: 05571280 (England and Wales)



SENIOR STATUTORY AUDITOR: Mr Alan Simons



AUDITORS: Alan W. Simons Limited (Statutory Auditor)
Chartered Accountants
Hillview Business Centre
2 Leybourne Avenue
Bournemouth
Dorset
BH10 6HF

SHARK HELMETS UK LTD (REGISTERED NUMBER: 05571280)

BALANCE SHEET
30 SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - 508

CURRENT ASSETS
Stocks 1,087,036 1,373,996
Debtors 5 24,701 139,511
Cash at bank 98,329 205,789
1,210,066 1,719,296
CREDITORS
Amounts falling due within one year 6 494,583 911,829
NET CURRENT ASSETS 715,483 807,467
TOTAL ASSETS LESS CURRENT
LIABILITIES

715,483

807,975

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings 705,483 797,975
SHAREHOLDERS' FUNDS 715,483 807,975

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 November 2023 and were signed on its behalf by:




Mr R J Culverwell - Director



2 Ride Holding SAS - Director


SHARK HELMETS UK LTD (REGISTERED NUMBER: 05571280)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1. STATUTORY INFORMATION

Shark Helmets UK Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

SHARK HELMETS UK LTD (REGISTERED NUMBER: 05571280)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 October 2022 123,186
Disposals (39,029 )
At 30 September 2023 84,157
DEPRECIATION
At 1 October 2022 122,678
Charge for year 508
Eliminated on disposal (39,029 )
At 30 September 2023 84,157
NET BOOK VALUE
At 30 September 2023 -
At 30 September 2022 508

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 3,211 139,511
Other debtors 21,490 -
24,701 139,511

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 478,873 889,074
Taxation and social security 2,502 13,463
Other creditors 13,208 9,292
494,583 911,829

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Alan Simons (Senior Statutory Auditor)
for and on behalf of Alan W. Simons Limited (Statutory Auditor)

SHARK HELMETS UK LTD (REGISTERED NUMBER: 05571280)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

8. RELATED PARTY DISCLOSURES

Shark SA owns 7,000 ordinary shares in Shark Helmets UK Limited.

The remaining 3,000 issued ordinary shares are owned by Nevis Marketing Limited.

During the year Shark UK Limited sold £2,483,144 (2022 - £3,003,513 ) of goods to Nevis Marketing Limited on normal commercial terms.

During the year Nevis Marketing Limited recharged £234,110 (2022 - £193,812) at cost for expenses to Shark UK Limited.

Included in trade debtors as at 30 September 2023 is £3,211 (2022 - £139,511) owed by Nevis Marketing Limited.

During the year Shark UK Limited purchased £1,928,031 (2022 - £3,385,014) of goods from Shark SA on normal commercial terms.

Included in other creditors due in less than one year as at 30 September 2023 is £13,390 (2022 - £6,609) owed to Shark SA.

Included in trade creditors as at 30 September 2023 is £392,935 (2022 - £852,717 ) owed to Shark SA

Included in trade creditors as at 30 September 2023 is £62,961 (2022 - £34,329) owed to 2Ride Holding

During the year Shark SA charged £9,126 (2022 - £9,271) in management fees to Shark UK.

During the year 2Ride Holding charged £27,198 (2022 - £34,329) in management fees to Shark UK.

9. ULTIMATE CONTROLLING PARTY

70% of the shares in Shark Helmets UK Limited are owned by Shark SA.

100% of the shares of Shark SA are owned by 2 Ride Holding.