Company Registration No. 09713600 (England and Wales)
PRESTIGE OUTDOORS UK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
PRESTIGE OUTDOORS UK LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
PRESTIGE OUTDOORS UK LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PRESTIGE OUTDOORS UK LIMITED FOR THE PERIOD ENDED 31 JULY 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Prestige Outdoors UK Limited for the period ended 31 July 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Prestige Outdoors UK Limited, as a body, in accordance with the terms of our engagement letter dated 10 January 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Prestige Outdoors UK Limited and state those matters that we have agreed to state to the board of directors of Prestige Outdoors UK Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Prestige Outdoors UK Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Prestige Outdoors UK Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Prestige Outdoors UK Limited. You consider that Prestige Outdoors UK Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Prestige Outdoors UK Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Rickard Luckin Limited
16 September 2024
Chartered Accountants
Phoenix House, Suite 8
Christopher Martin Road
Basildon
Essex
SS14 3EZ
PRESTIGE OUTDOORS UK LIMITED
BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 2 -
31 July 2024
28 February 2024
Notes
£
£
£
£
Current assets
Debtors
3
3,153,700
115,200
Cash at bank and in hand
14,104
3,045,733
3,167,804
3,160,933
Creditors: amounts falling due within one year
4
(23,769)
(22,464)
Net current assets
3,144,035
3,138,469
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
3,143,935
3,138,369
Total equity
3,144,035
3,138,469

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 16 September 2024
Mr AB Silverstein
Director
Company registration number 09713600 (England and Wales)
PRESTIGE OUTDOORS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information

Prestige Outdoors UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, County House, 100 New London Road, Chelmsford, Essex, CM2 0RG.

1.1
Reporting period

The reporting period has been shortened by seven months to a five month period end of 31 July 2024 in advance of the company being closed.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

The company has sold the goodwill, trade and assets of this business. The company was able to continue meeting expenses due to sufficient cash reserves and there are sufficient cash reserves to meet all known liabilities falling due. The company is to be closed just after this period and accordingly the Director has prepared the accounts for closure.true

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

PRESTIGE OUTDOORS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2024
Number
Number
Total
1
1
3
Debtors
2024
2024
Amounts falling due within one year:
£
£
Other debtors
3,153,700
115,200
PRESTIGE OUTDOORS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
- 5 -
4
Creditors: amounts falling due within one year
2024
2024
£
£
Corporation tax
19,569
18,264
Other creditors
4,200
4,200
23,769
22,464
5
Related party transactions

At the balance sheet date, £3,147,500 was owed (2024: £114,500 owed to) the Director and this is shown as other debtors. This was repaid shortly after the period end.

 

At the balance sheet date £5,500 (2024: £nil) was owed by a company under common control and is shown within other debtors. This was repaid shortly after the period end.

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