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REGISTERED NUMBER: 05878986 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 July 2024

for

Bestseller Retail UK Limited

Bestseller Retail UK Limited (Registered number: 05878986)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


Bestseller Retail UK Limited

Company Information
for the Year Ended 31 July 2024







DIRECTORS: A H Povlsen
T B Jensen





REGISTERED OFFICE: Unit A
10 Fashion Street
London
E1 6PX





REGISTERED NUMBER: 05878986 (England and Wales)





AUDITORS: Krogh & Partners Limited, (Statutory Auditor)
823 Salisbury House
29 Finsbury Circus
London
EC2M 5QQ

Bestseller Retail UK Limited (Registered number: 05878986)

Strategic Report
for the Year Ended 31 July 2024

The directors present their strategic report for the year ended 31 July 2024.

REVIEW OF BUSINESS
During 2023/24, the company continued to grow its existing estate and expanded with two new store locations.More efficient management of the store portfolio along with close stock management and lease renegotiations contributed to profitable growth versus the previous year.The management team continues to review sales, profitability and operational costs.

The result for the current financial year are an operating profit of £916,606 compared to an operating profit of £722,590 from the previous year.

PRINCIPAL RISKS AND UNCERTAINTIES
The risks faced by the business are reviewed by management on a monthly basis via internal reporting. The main risks include:

PRICE RISK AND STOCK OBSOLESCENCE
The company is exposed to price risk as a direct result of its trading operations. Selling prices are regularly reviewed to minimise the effect of slow selling stock.

KEY STAFF
The success of the group is largely dependent upon the recruitment and retention of our employees. There are training programmes and remuneration schemes in place to mitigate the risk of losing key employees.

ECONOMIC DOWNTURN
The company constantly develops new products to keep in line with changing market conditions. In cases of severe economic downturn, marketing and pricing strategies are modified to reflect the new market conditions.

SECTION 172(1) STATEMENT
In fulfilling their duty to promote success of the company, the directors recognise that the long-term success of the company is dependent on the relationships with a broad range of key stakeholders. The company always seeks to maintain the highest standards of business conduct with its employees, suppliers, customers and other parties. The company has a number of key relationships which include:

1) Employees: the company relies on the talent, dedication and teamwork of its employees both at the stores and in the head office. The company regularly engages employees on key issues through announcements, discussions with managers and employee engagement surveys. HR is at the centre of management's discussions and supporting the development of existing employees and ensuring that new employees integrate successfully into new business are key objectives for the company. Employee engagement is higher than industry but the ambition is to improve this.

2) Customers: the company seeks to make the shopping and transaction experience as easy as possible for customers and engages with customers through several communication channels. The company closely monitors customer feedback and satisfaction to improve service.

3) Community and environment: The company supports various charities through donations and events. The company is conscious of its environmental impact and is continuously seeking energy efficiency areas in the stores and head office.


Bestseller Retail UK Limited (Registered number: 05878986)

Strategic Report
for the Year Ended 31 July 2024

KEY PERFORMANCE INDICATORS
The key performance indicators reviewed are sales, ROI, transaction size and quantity, gross margin, operating cost and overhead cost and profits before tax. Performance indicators are reviewed on a daily basis and compared with budgets and comparative positions in previous years.

ON BEHALF OF THE BOARD:




T B Jensen - Director


28 October 2024

Bestseller Retail UK Limited (Registered number: 05878986)

Report of the Directors
for the Year Ended 31 July 2024

The directors present their report with the financial statements of the company for the year ended 31 July 2024.

PRINCIPAL ACTIVITY
The principal activity of the company is that of retail of clothing and footwear.

DIVIDENDS
The directors do not recommend the payment of a dividend.

FUTURE DEVELOPMENTS
The management team has successfully renegotiated several store leases to secure profitable stores on a longer term and less profitable stores on flexible leases. In the previous 12 months we opened 2 new stores and refitted existing stores, which have seen further growth. The management team are optimistic about new store opportunities with an exiting expansion plan which includes the opening of a new flagship store in Oxford Street, London.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 August 2023 to the date of this report.

A H Povlsen
T B Jensen

RESULTS
The company's profit for the year amounted to GBP 166,587. The result for the year and the financial position at the year end were considered satisfactory by the directors.

POST BALANCE SHEET EVENTS
No post balance sheet events have occurred since 31 July 2024 which require reporting or disclosing in the accounts.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Bestseller Retail UK Limited (Registered number: 05878986)

Report of the Directors
for the Year Ended 31 July 2024


AUDITORS
Krogh & Partners Limited, Chartered Accountants & Registered Auditors have signified their willingness to continue in office. A resolution to re-appoint them will be proposed at the Annual General Meeting.

ON BEHALF OF THE BOARD:





T B Jensen - Director


28 October 2024

Report of the Independent Auditors to the Members of
Bestseller Retail UK Limited (Registered number: 05878986)

Opinion
We have audited the financial statements of Bestseller Retail UK Limited (the 'company') for the year ended 31 July 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 July 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Bestseller Retail UK Limited (Registered number: 05878986)


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge of the business;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, and anti-bribery;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

Report of the Independent Auditors to the Members of
Bestseller Retail UK Limited (Registered number: 05878986)


We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims;
- reviewing correspondence with HMRC and relevant regulators

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




John Lindegaard (Senior Statutory Auditor)
for and on behalf of Krogh & Partners Limited, (Statutory Auditor)
823 Salisbury House
29 Finsbury Circus
London
EC2M 5QQ

28 October 2024

Bestseller Retail UK Limited (Registered number: 05878986)

Income Statement
for the Year Ended 31 July 2024

2024 2023
Notes £    £   

TURNOVER 3 19,324,304 18,393,856

Cost of sales 10,951,714 11,414,096
GROSS PROFIT 8,372,590 6,979,760

Administrative expenses 7,455,984 6,257,170
OPERATING PROFIT 6 916,606 722,590


Interest payable and similar expenses 7 694,589 631,735
PROFIT BEFORE TAXATION 222,017 90,855

Tax on profit 8 55,430 -
PROFIT FOR THE FINANCIAL YEAR 166,587 90,855

Bestseller Retail UK Limited (Registered number: 05878986)

Other Comprehensive Income
for the Year Ended 31 July 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 166,587 90,855


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

166,587

90,855

Bestseller Retail UK Limited (Registered number: 05878986)

Balance Sheet
31 July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 3,308,652 1,467,757

CURRENT ASSETS
Stocks 10 2,372,965 2,135,777
Debtors 11 1,650,018 763,561
Cash at bank 386,219 1,455,079
4,409,202 4,354,417
CREDITORS
Amounts falling due within one year 12 11,354,516 9,625,423
NET CURRENT LIABILITIES (6,945,314 ) (5,271,006 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(3,636,662

)

(3,803,249

)

CAPITAL AND RESERVES
Called up share capital 13 28,800,000 28,800,000
Share premium 11,300,000 11,300,000
Retained earnings (43,736,662 ) (43,903,249 )
SHAREHOLDERS' FUNDS (3,636,662 ) (3,803,249 )

The financial statements were approved by the Board of Directors and authorised for issue on 28 October 2024 and were signed on its behalf by:





T B Jensen - Director


Bestseller Retail UK Limited (Registered number: 05878986)

Statement of Changes in Equity
for the Year Ended 31 July 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 August 2022 28,800,000 (43,994,104 ) 11,300,000 (3,894,104 )

Changes in equity
Total comprehensive income - 90,855 - 90,855
Balance at 31 July 2023 28,800,000 (43,903,249 ) 11,300,000 (3,803,249 )

Changes in equity
Total comprehensive income - 166,587 - 166,587
Balance at 31 July 2024 28,800,000 (43,736,662 ) 11,300,000 (3,636,662 )

Bestseller Retail UK Limited (Registered number: 05878986)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Bestseller Retail UK Limited 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.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared on a going concern basis assuming the continued financial support of the parent company. The parent company has confirmed that it will maintain financial support for the foreseeable future to enable the company to continue normal trading operations.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Turnover
Turnover represents the sale of clothing and footwear. Turnover represents the amount receivable for goods and services sold during the period, exclusive of VAT. Turnover is derived from sales in the UK.

Interest and similar income and charges
Interest and similar income and charges are recognised in the profit and loss account over the term of such instruments at a constant rate on the carrying amount.

Foreign currencies
Transactions denominated in foreign currencies are recorded at the rates of exchange ruling at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at period end rates. The resulting exchange differences are dealt with in the profit and loss account in the period to which they arise.

Tangible assets
The cost of tangible fixed assets is their purchase cost, together with any incidental expenses of acquisition.

Depreciation is charged on tangible fixed assets on a straight line basis. The principal rates in use are as follows:

Operating equipment 20 - 33% per annum or maximum over the lease period of the store

Writedown for impairment of tangible assets
The carrying amounts of tangible fixed assets are reviewed on an annual basis to determine whether there is any indication of impairment exceeding the writedowns in connection with general depreciation. Where writedown for impairment is required, writedown is made to the recoverable amount, if lower. The recoverable amount of the asset is determined as the higher of net selling price and value in use. Where it is not possible to determine the recoverable amount of the individual asset, the impairment writedown requirement is
assessed in respect of the smallest group of assets for which it is possible to determine the recoverable amount.

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

Debtors
Debtors are valued individually and there are made provision according to this valuation.

Bestseller Retail UK Limited (Registered number: 05878986)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued

Creditors
Creditors are carried at payment or settlement amounts. Where the time value of money is material, creditors are carried at amortized cost.

Taxation
Current tax and deferred taxation, including UK corporation tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred taxation is provided in full on an undiscounted basis, on all timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in tax computations in periods different from those in which they are included in the financial statements.

Deferred tax assets are recognised where it is considered more likely than not that future profits will be available for offset.

3. TURNOVER

Turnover is attributable to the one principal activity of the company which arose wholly in the United Kingdom.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,053,997 2,604,975
Social security costs 175,928 171,756
Other pension costs 39,728 36,034
3,269,653 2,812,765

The average number of employees during the year was as follows:
2024 2023

Sales 151 181
Administration 53 3
204 184

Other pension costs consist of payments to defined contribution scheme.

5. DIRECTORS' EMOLUMENTS
2024 2023
£    £   
Directors' remuneration - -

Bestseller Retail UK Limited (Registered number: 05878986)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

6. OPERATING PROFIT

The operating loss is stated after charging:

20242023
££
Depreciation - owned assets733,154426,054
Auditor's remuneration in total27,31323,000
Operating lease charges3,054,9782,236,795

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Other financial expenses 1,055 1,089
Interest, group undertakings 693,534 630,646
694,589 631,735

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 55,430 -
Tax on profit 55,430 -

9. TANGIBLE FIXED ASSETS
Operating
equipment
£   
COST
At 1 August 2023 4,753,262
Additions 2,574,049
At 31 July 2024 7,327,311
DEPRECIATION
At 1 August 2023 3,285,505
Charge for year 733,154
At 31 July 2024 4,018,659
NET BOOK VALUE
At 31 July 2024 3,308,652
At 31 July 2023 1,467,757

Bestseller Retail UK Limited (Registered number: 05878986)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

10. STOCKS
2024 2023
£    £   
Goods for resale 2,372,965 2,135,777

Goods for resale recognised as cost of sales in the year amounted to £ 8,849,490
(2022/23 - £ 8,102,065). The write down of stocks amounted to £ 22,026 (2022/23 - £ 23,580).

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 773,134 8,237
Other debtors 17,630 26,196
Deposits 365,905 212,986
Prepayments and accrued income 493,349 516,142
1,650,018 763,561

Deferred tax asset
Deferred tax assets are recognised to the extent it is probable that future taxable profits will be available against which it can be utilised. There are deferred tax assets of net £1.8m (2022/23 - £1.9m) not recognised.

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 121,870 238,660
Amounts owed to group undertakings 9,627,807 6,886,759
Tax 125,394 -
Other taxation and social security - 29,314
VAT 325,042 492,725
Accruals and deferred income 1,154,403 1,977,965
11,354,516 9,625,423

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
28,800,000 Ordinary 1 28,800,000 28,800,000

14. PENSION COMMITMENTS

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.

At the balance sheet date contributions of £9,517 (2022/23: £32,913) were due to the fund and are included in creditors.

Bestseller Retail UK Limited (Registered number: 05878986)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

15. OTHER FINANCIAL COMMITMENTS

Operating leases
At 31 July the company had commitments under non-cancellable operating leases as set out below:
20242023
£   £   
Not later than one year 2,416,2363,072,341
Later than one year and not later than five years 3,820,9913,683,192
Later than five years 76,0110
6,313,2386,755,533

16. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

17. ULTIMATE CONTROLLING PARTY

The director considers Heartland A/S (incorporated in Denmark) as the ultimate parent company. The director Anders Holch Povlsen is considered to be the ultimate controlling party by virtue of his interest in the share capital of this company's ultimate parent company.

Heartland A/S is the largest group to consolidate these financial statements and copies can be obtained from:

Heartland A/S
Store Torv 1, 3.
8000 Aarhus C
Denmark

Bestseller A/S (incorporated in Denmark) is the smallest group to consolidate these financial statements and copies can be obtained from:

Bestseller A/S
Fredskovvej 5
7330 Brande
Denmark