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Registration number: 10297849

Surf Hardware International UK Ltd

Filleted Financial Statements

for the Year Ended 31 July 2023

 

Surf Hardware International UK Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

Surf Hardware International UK Ltd

Company Information

Directors

Nicholas Lartizien

James Edward Gowing

Registered office

69 Carter Lane
LONDON
EC4V 5EQ

Auditors

Just Audit Limited
Strelley Hall
Main Street
Strelley
Nottingham
NG8 6PE

 

Surf Hardware International UK Ltd

(Registration number: 10297849)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

-

233

Current assets

 

Debtors

5

289,301

260,182

Cash at bank and in hand

 

20,198

31,421

 

309,499

291,603

Creditors: Amounts falling due within one year

6

(35,364)

(53,323)

Net current assets

 

274,135

238,280

Total assets less current liabilities

 

274,135

238,513

Provisions for liabilities

-

(44)

Net assets

 

274,135

238,469

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

274,134

238,468

Shareholders' funds

 

274,135

238,469

The accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland'.

As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 February 2024 and signed on its behalf by:
 

.........................................
Nicholas Lartizien
Director

 

Surf Hardware International UK Ltd

Notes to the Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, the company registered number is 10297849, it was incorporated in England.

The address of its registered office is:
69 Carter Lane
LONDON
EC4V 5EQ

The principal place of business is:
SAW 10 Prow Park
Treloggan Industrial Estate
Newquay
Cornwall
TR7 2SX

These financial statements were authorised for issue by the Board on 12 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention. The presentation currency is £ sterling.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future due to the fact that the company has the continued support of the group.

 

Surf Hardware International UK Ltd

Notes to the Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 12 February 2024 was Rachel Davis BA FCA, who signed for and on behalf of Just Audit Limited.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Surf Hardware International UK Ltd

Notes to the Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings, tools and equipment

over 4 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Surf Hardware International UK Ltd

Notes to the Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company during the year, was 1 (2022 - 1).

 

Surf Hardware International UK Ltd

Notes to the Financial Statements for the Year Ended 31 July 2023 (continued)

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2022

1,421

1,421

At 31 July 2023

1,421

1,421

Depreciation

At 1 August 2022

1,188

1,188

Charge for the year

233

233

At 31 July 2023

1,421

1,421

Carrying amount

At 31 July 2023

-

-

At 31 July 2022

233

233

5

Debtors

2023
£

2022
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

285,808

258,923

Other debtors

3,493

1,259

289,301

260,182

 

Surf Hardware International UK Ltd

Notes to the Financial Statements for the Year Ended 31 July 2023 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

969

(500)

Amounts owed to group undertakings and undertakings in which the company has a participating interest

4,833

6,955

Taxation and social security

 

12,154

21,497

Accruals and deferred income

 

17,408

25,371

 

35,364

53,323

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1

         

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £3,600 (2022 - £10,800). Total future minimum payments under non-cancellable operating leases.

 

Surf Hardware International UK Ltd

Notes to the Financial Statements for the Year Ended 31 July 2023 (continued)

9

Relationship between entity and parents

The parent of the largest group in which these financial statements are consolidated is Gowing Bros Limited, incorporated in Australia.

The address of Gowing Bros Limited is:
The Gowings Building 303, 35-61 Harbour Drive, Coffs Harbour, NSW, 2450 Australia

The parent of the smallest group in which these financial statements are consolidated is Surf Hardware International Europe SARL, incorporated in France.

The address of Surf Hardware International Europe SARL is:
4 Rue des Resiniers, 40130 Capbreton, France.

The ultimate holding company and parent of the largest group in which these financial statements are consolidated is Gowing Bros Limited, incorporated in Australia.

Copies of the consolidated financial statements can be obtained from www.asx.com.au
.