BrightAccountsProduction v1.0.0 v1.0.0 2023-01-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company is that of the sale of fishing gear. 15 February 2024 9 9 NI049173 2023-12-31 NI049173 2022-12-31 NI049173 2021-12-31 NI049173 2023-01-01 2023-12-31 NI049173 2022-01-01 2022-12-31 NI049173 uk-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI049173 uk-curr:PoundSterling 2023-01-01 2023-12-31 NI049173 uk-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI049173 uk-bus:FullAccounts 2023-01-01 2023-12-31 NI049173 uk-core:ShareCapital 2023-12-31 NI049173 uk-core:ShareCapital 2022-12-31 NI049173 uk-core:RevaluationReserve 2023-12-31 NI049173 uk-core:RevaluationReserve 2022-12-31 NI049173 uk-core:RetainedEarningsAccumulatedLosses 2023-12-31 NI049173 uk-core:RetainedEarningsAccumulatedLosses 2022-12-31 NI049173 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-12-31 NI049173 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-12-31 NI049173 uk-bus:FRS102 2023-01-01 2023-12-31 NI049173 uk-core:LandBuildings 2023-01-01 2023-12-31 NI049173 uk-core:Buildings 2023-01-01 2023-12-31 NI049173 uk-core:PlantMachinery 2023-01-01 2023-12-31 NI049173 uk-core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 NI049173 uk-core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 NI049173 uk-core:CurrentFinancialInstruments 2023-12-31 NI049173 uk-core:CurrentFinancialInstruments 2022-12-31 NI049173 uk-core:CurrentFinancialInstruments 2023-12-31 NI049173 uk-core:CurrentFinancialInstruments 2022-12-31 NI049173 uk-core:WithinOneYear 2023-12-31 NI049173 uk-core:WithinOneYear 2022-12-31 NI049173 uk-core:WithinOneYear 2023-12-31 NI049173 uk-core:WithinOneYear 2022-12-31 NI049173 uk-core:WithinOneYear 2023-12-31 NI049173 uk-core:WithinOneYear 2022-12-31 NI049173 uk-core:AfterOneYear 2023-12-31 NI049173 uk-core:AfterOneYear 2022-12-31 NI049173 uk-core:AfterOneYear 2023-12-31 NI049173 uk-core:AfterOneYear 2022-12-31 NI049173 uk-core:AfterOneYear 2023-12-31 NI049173 uk-core:AfterOneYear 2022-12-31 NI049173 uk-core:BetweenOneTwoYears 2023-12-31 NI049173 uk-core:BetweenOneTwoYears 2022-12-31 NI049173 uk-core:BetweenTwoFiveYears 2023-12-31 NI049173 uk-core:BetweenTwoFiveYears 2022-12-31 NI049173 uk-core:BetweenOneFiveYears 2023-12-31 NI049173 uk-core:BetweenOneFiveYears 2022-12-31 NI049173 uk-core:EmployeeBenefits 2022-12-31 NI049173 uk-core:EmployeeBenefits 2023-01-01 2023-12-31 NI049173 uk-core:AcceleratedTaxDepreciationDeferredTax 2023-12-31 NI049173 uk-core:TaxLossesCarry-forwardsDeferredTax 2023-12-31 NI049173 uk-core:OtherDeferredTax 2023-12-31 NI049173 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2023-12-31 NI049173 uk-core:EmployeeBenefits 2023-12-31 NI049173 uk-core:ParentEntities 2023-01-01 2023-12-31 NI049173 2023-01-01 2023-12-31 NI049173 uk-bus:Director1 2023-01-01 2023-12-31 NI049173 uk-bus:Director2 2023-01-01 2023-12-31 NI049173 uk-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
Company Registration Number: NI049173
 
 
Dennett Outdoor Ltd
 
Unaudited Financial Statements
 
for the financial year ended 31 December 2023
Dennett Outdoor Ltd
Company Registration Number: NI049173
BALANCE SHEET
as at 31 December 2023

2023 2022
Notes £ £
 
Fixed Assets
Intangible assets 4 90,709 86,464
Tangible assets 5 100,554 315,955
───────── ─────────
Fixed Assets 191,263 402,419
───────── ─────────
 
Current Assets
Stocks 6 763,439 786,797
Debtors 7 552,826 293,650
Cash and cash equivalents 124,816 14,952
───────── ─────────
1,441,081 1,095,399
───────── ─────────
Creditors: amounts falling due within one year 8 (878,926) (746,016)
───────── ─────────
Net Current Assets 562,155 349,383
───────── ─────────
Total Assets less Current Liabilities 753,418 751,802
 
Creditors:
amounts falling due after more than one year 9 (113,775) (158,671)
 
Provisions for liabilities 11 (15,461) (13,565)
───────── ─────────
Net Assets 624,182 579,566
═════════ ═════════
 
Capital and Reserves
Called up share capital 103 103
Revaluation reserve 79,939 79,939
Retained earnings 544,140 499,524
───────── ─────────
Equity attributable to owners of the company 624,182 579,566
═════════ ═════════
 
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 company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Directors' Report.
           
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
           
Approved by the Board and authorised for issue on 15 February 2024 and signed on its behalf by
           
           
________________________________     ________________________________
Mark Gamble     Aaron Gamble
Director     Director
           



Dennett Outdoor Ltd
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 December 2023

   
1. General Information
 
Dennett Outdoor Ltd is a company limited by shares incorporated in Northern Ireland. Unit 1, 23 Art Road, Artigarvan, Co Tyrone, BT82 0HA, Northern Ireland is the registered office, which is also the principal place of business of the company. . The principal activity of the company is that of the sale of fishing gear. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 December 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Intangible assets
 
Trademarks
Trademarks are valued at cost less accumulated amortisation.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Land and buildings freehold - 0%
  Short leasehold property - 33% Straight line
  Plant and machinery - 15% Reducing Balance
  Fixtures, fittings and equipment - 15% Reducing Balance
  Show Equipment - 10% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Leasing and hire purchases
Tangible assets held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Balance Sheet at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Profit and Loss Account.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax 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 tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was 9, (2022 - 9).
 
  2023 2022
  Number Number
 
Average No of Employees 9 9
  ═════════ ═════════
       
4. Intangible assets
  Trademarks  
    Total
  £ £
Cost
At 1 January 2023 86,464 86,464
Additions 4,245 4,245
  ───────── ─────────
At 31 December 2023 90,709 90,709
  ───────── ─────────
Net book value
At 31 December 2023 90,709 90,709
  ═════════ ═════════
At 31 December 2022 86,464 86,464
  ═════════ ═════════

               
5. Tangible assets
  Land and Short Plant and Fixtures, Show Equipment Total
  buildings leasehold machinery fittings and    
  freehold property   equipment    
  £ £ £ £ £ £
Cost
At 1 January 2023 245,117 14,052 56,177 90,979 38,526 444,851
Additions - - 46,207 - - 46,207
Disposals (245,117) - - - - (245,117)
  ───────── ───────── ───────── ───────── ───────── ─────────
At 31 December 2023 - 14,052 102,384 90,979 38,526 245,941
  ───────── ───────── ───────── ───────── ───────── ─────────
Depreciation
At 1 January 2023 - 14,052 33,771 63,855 17,218 128,896
Charge for the financial year - - 10,292 4,068 2,131 16,491
  ───────── ───────── ───────── ───────── ───────── ─────────
At 31 December 2023 - 14,052 44,063 67,923 19,349 145,387
  ───────── ───────── ───────── ───────── ───────── ─────────
Net book value
At 31 December 2023 - - 58,321 23,056 19,177 100,554
  ═════════ ═════════ ═════════ ═════════ ═════════ ═════════
At 31 December 2022 245,117 - 22,406 27,124 21,308 315,955
  ═════════ ═════════ ═════════ ═════════ ═════════ ═════════

       
6. Stocks 2023 2022
  £ £
 
Finished goods and goods for resale 763,439 786,797
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
7. Debtors 2023 2022
  £ £
 
Trade debtors 223,781 180,799
Amounts owed by group undertakings 293,576 54,977
Prepayments and accrued income 35,469 57,874
  ───────── ─────────
  552,826 293,650
  ═════════ ═════════
       
8. Creditors 2023 2022
Amounts falling due within one year £ £
 
Bank overdrafts 575,306 509,231
Loans 168,765 69,783
Net obligations under finance leases
and hire purchase contracts 17,068 19,129
Trade creditors 70,722 86,453
Taxation  (Note 10) 37,192 57,639
Other creditors 78 78
Accruals:
Pension accrual 3,829 703
Other accruals 5,966 3,000
  ───────── ─────────
  878,926 746,016
  ═════════ ═════════
       
9. Creditors 2023 2022
Amounts falling due after more than one year £ £
 
Loans 74,580 149,775
Finance leases and hire purchase contracts 39,195 2,733
Directors' loan accounts - 6,163
  ───────── ─────────
  113,775 158,671
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 8) 744,071 579,014
Repayable between one and two years 57,175 75,777
Repayable between two and five years 17,405 73,998
  ───────── ─────────
  818,651 728,789
  ═════════ ═════════
 
 
Net obligations under finance leases
and hire purchase contracts
Repayable within one year 17,068 19,129
Repayable between one and five years 39,195 2,733
  ───────── ─────────
  56,263 21,862
  ═════════ ═════════
 
Danske Bank has a fixed charge dated 29 February 2012 over all monies and liabilities now or at any time hereafter due owing or incurred to the Bank by the Company in any way whatsoever.

Danske Bank has a fixed and floating charge dated 08 August 2022 for the undertaking of the Company and all its property.
       
10. Taxation 2023 2022
  £ £
 
Creditors:
VAT 8,613 21,221
Corporation tax 26,290 30,433
PAYE / NI 2,289 5,985
  ───────── ─────────
  37,192 57,639
  ═════════ ═════════
         
11. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2023 2022
  £ £ £
 
At financial year start 13,565 13,565 14,130
Charged to profit and loss 1,896 1,896 (565)
  ───────── ───────── ─────────
At financial year end 15,461 15,461 13,565
  ═════════ ═════════ ═════════
       
12. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 December 2023.
           
13. Related party transactions
The company has availed of the exemption under FRS 102 Section 1A in relation to the disclosure of transactions with group undertakings.
 
At the start of the year the directors were owed £6,163.  During the year, Dennett Outdoor Ltd borrowed £74,106, and repaid £80,269 to the directors.  At the year end the amount owed to the directors of Dennett Outdoor Ltd was £nil  (2022: £6,163).
   
14. Parent company
 
The company regards MAG NI Holdings Ltd as its parent company.
 
   
15. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.