Caseware UK (AP4) 2023.0.135 2023.0.135 2023-09-302023-09-302022-10-01falseThe principal activity of the company continued to be that of the design, marketing and selling of outdoor clothing.44truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08045557 2022-10-01 2023-09-30 08045557 2021-10-01 2022-09-30 08045557 2023-09-30 08045557 2022-09-30 08045557 c:Director1 2022-10-01 2023-09-30 08045557 d:FurnitureFittings 2022-10-01 2023-09-30 08045557 d:FurnitureFittings 2023-09-30 08045557 d:FurnitureFittings 2022-09-30 08045557 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 08045557 d:OfficeEquipment 2022-10-01 2023-09-30 08045557 d:OfficeEquipment 2023-09-30 08045557 d:OfficeEquipment 2022-09-30 08045557 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 08045557 d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 08045557 d:CurrentFinancialInstruments 2023-09-30 08045557 d:CurrentFinancialInstruments 2022-09-30 08045557 d:Non-currentFinancialInstruments 2023-09-30 08045557 d:Non-currentFinancialInstruments 2022-09-30 08045557 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 08045557 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 08045557 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 08045557 d:Non-currentFinancialInstruments d:AfterOneYear 2022-09-30 08045557 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-09-30 08045557 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-09-30 08045557 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-09-30 08045557 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-09-30 08045557 d:ShareCapital 2023-09-30 08045557 d:ShareCapital 2022-09-30 08045557 d:SharePremium 2023-09-30 08045557 d:SharePremium 2022-09-30 08045557 d:RetainedEarningsAccumulatedLosses 2023-09-30 08045557 d:RetainedEarningsAccumulatedLosses 2022-09-30 08045557 c:OrdinaryShareClass1 2022-10-01 2023-09-30 08045557 c:OrdinaryShareClass1 2023-09-30 08045557 c:OrdinaryShareClass1 2022-09-30 08045557 c:FRS102 2022-10-01 2023-09-30 08045557 c:AuditExempt-NoAccountantsReport 2022-10-01 2023-09-30 08045557 c:FullAccounts 2022-10-01 2023-09-30 08045557 c:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 08045557 2 2022-10-01 2023-09-30 08045557 d:ShareCapitalOtherShareTypes 2023-09-30 08045557 d:ShareCapitalOtherShareTypes 2022-09-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 08045557














NAVITAS OUTDOORS LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
NAVITAS OUTDOORS LIMITED
REGISTERED NUMBER:08045557

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
640
955

  
640
955

Current assets
  

Stocks
 5 
510,093
383,262

Debtors: amounts falling due within one year
 6 
109,247
309,986

Cash at bank
 7 
8,393
19,011

  
627,733
712,259

Creditors: amounts falling due within one year
 8 
(632,755)
(719,451)

Net current liabilities
  
 
 
(5,022)
 
 
(7,192)

Total assets less current liabilities
  
(4,382)
(6,237)

Creditors: amounts falling due after more than one year
 9 
(20,860)
(31,106)

Provisions for liabilities
  

Deferred tax
  
(127)
(199)

  
 
 
(127)
 
 
(199)

Net liabilities
  
(25,369)
(37,542)


Capital and reserves
  

Called up share capital 
 11 
100
100

Share premium account
  
1,667
1,667

Profit and loss account
  
(27,136)
(39,309)

  
(25,369)
(37,542)


Page 1

 
NAVITAS OUTDOORS LIMITED
REGISTERED NUMBER:08045557
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A C Gilbert
Director

Date: 6 September 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
NAVITAS OUTDOORS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Navitas Outdoors Limited is a private company, limited by shares, registered in England and Wales, registration number 08045557
The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE and its  place of business is at The Barn, Berners Hall Farm, Berners Roding, Essex, CM5 0TB.
 
The principal activity of the company continued to be that of the design, marketing and selling of outdoor clothing.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of the Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
2.2

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is pound sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'administration expenses'. All other foreign exchange gains and losses are presented in profit or loss.

 
2.3

Going concern

On the basis of information and enquiries that are pertinent to the company’s circumstances and which the directors believe to be adequate, it is appropriate to continue to treat the company as a going concern. In particular the directors believe that adequate cash resources will be available to cover the company’s requirements for working capital for at least twelve months from the date of signing the financial statements.

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

Turnover from the design, marketing and selling of outdoor clothing is recognised when the significant risks and rewards of ownership have been transferred to the buyer.

Page 3

 
NAVITAS OUTDOORS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure.

Grants received in respect of interest and finance charges on the Coronavirus Bounce Back Loan
are included in other income.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
33%
reducing balance
Office equipment
-
33%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

 Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Page 4

 
NAVITAS OUTDOORS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.11

 Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.12

 Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.13

 Financial instruments

The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors, trade and other creditors, loans from banks and loans with related parties.
 
 
2.14

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

 Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

 
2.16

 Current and deferred taxation

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

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4). 

Page 5

 
NAVITAS OUTDOORS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost 


At 1 October 2022
3,552
3,944
7,496



At 30 September 2023

3,552
3,944
7,496



Depreciation


At 1 October 2022
3,305
3,236
6,541


Charge for the year
82
233
315



At 30 September 2023

3,387
3,469
6,856



Net book value



At 30 September 2023
165
475
640



At 30 September 2022
247
708
955


5.


Stocks

2023
2022
£
£

Finished goods
510,093
383,262



6.


Debtors

2023
2022
£
£


Trade debtors
102,927
56,908

Other debtors
5,532
252,226

Prepayments
788
852

109,247
309,986



7.


Cash

2023
2022
£
£

Cash at bank
8,393
19,011


Page 6

 
NAVITAS OUTDOORS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

8.


Creditors: amounts falling due within one year

2023
2022
£
£

Bank loans
9,973
9,727

Trade creditors
8,230
199,408

Corporation tax
-
522

Other taxation and social security
-
4,678

Other creditors
610,730
501,316

Accruals
3,822
3,800

632,755
719,451


The bank loan of £9,973 (2022 - £9,727) included in creditors due within one year is a Coronavirus Bounce Back loan, 100% guaranteed by the government.


9.


Creditors: amounts falling due after more than one year

2023
2022
£
£

Bank loans
20,860
31,106


The bank loan of £20,860 (2022 - £31,106) included in creditors due after more than one year is a Coronavirus Bounce Back loan, 100% guaranteed by the government.


10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
9,973
9,727

Amounts falling due 1-2 years

Bank loans
10,225
9,973

Amounts falling due 2-5 years

Bank loans
10,635
21,133


30,833
40,833


Page 7

 
NAVITAS OUTDOORS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares shares of £1.00 each
100
100


12.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £727 (2022 - £754). Included in other creditors at the year end there is an amount payable of £343 (2022 - £161).


13.


Commitments under operating leases

The company had £3,534 (2022 - £17,467) commitments under the non-cancellable operating leases as at the balance sheet date.


14.


Transactions with directors

At the year end, the company owed £190,083 (2022 - £190,083) to the directors. The loans are unsecured, interest free and repayable on demand. 

 
Page 8