REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 July 2024 |
for |
Bestseller Wholesale UK Ltd |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 July 2024 |
for |
Bestseller Wholesale UK Ltd |
Bestseller Wholesale UK Ltd (Registered number: 03851454) |
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 Wholesale UK Ltd |
Company Information |
for the Year Ended 31 July 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
823 Salisbury House |
29 Finsbury Circus |
London |
EC2M 5QQ |
Bestseller Wholesale UK Ltd (Registered number: 03851454) |
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 |
The company's profit for the year amounted to £ 2,822,331 and the shareholders' funds at 31 July 2024 amount to £ 31,253,898. |
The company continued developing strong partnerships with its customers in a changed & challenging market. The turnover in the year decreased, which was expected, hence there was a focus on protecting the net result. |
The company has targeted growth for the upcoming years. Overall, the business is showing a positive upturn in performance. |
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: |
Competition |
The markets in which the group operates are highly competitive. As a result there is constant pressure on margins. Policies of constant price monitoring and ongoing market research, combined with the introduction of the new brands and new approach to market, are in place to mitigate such risks. |
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. |
Market uncertainty |
The company works closely with key customers, developing brands and 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. |
Financial risk |
Credit risk is adequately managed through regular credit checking of new and existing customers and tight credit control procedures. |
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 across all functions. The company regularly engages employees on key issues through announcements, discussions with managers and employee engagement surveys. People 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 build and develop strong partnerships with customers by making the order placement and stock delivery as easy as possible, and engages with customers on different key discussions such as product development, IT integration and delivery efficiencies. through several communication channels. The company regularly gathers 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 warehouse and head office. |
Bestseller Wholesale UK Ltd (Registered number: 03851454) |
Strategic Report |
for the Year Ended 31 July 2024 |
FINANCIAL KEY PERFORMANCE INDICATORS |
The key performance indicators reviewed are sales, gross margin, overhead cost, profits before tax and credit exposure. Orders and sales are reviewed on a weekly basis and compared with budgets and comparative positions in previous years. |
PRINCIPAL DECISIONS TAKEN IN THE YEAR |
The board of directors are also directors of group parent entity and are involved in all material decisions-making in the group. There have been no major strategic decisions during the financial year. |
The directors considers that it has complied in all material respect with their S172(1) duties. |
NON-FINANCIAL KEY PERFORMANCE INDICATORS |
Bestseller use both financial and non-financial KPIs to help us measure our performance. We also track several KPIs that relate to our customers, our employees and the environment. For more information, please see group financial statements of Bestseller A/S, which can be found on cvr.dk. |
ON BEHALF OF THE BOARD: |
Bestseller Wholesale UK Ltd (Registered number: 03851454) |
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 in the year under review was that of wholesale of clothing and footwear. |
DIVIDENDS |
During the year a dividend of £ 0 has been paid. The Director does not recommend the payment of a dividend. |
FUTURE DEVELOPMENTS |
The company continues to grow powerful and lasting relationships with our customers. Moreover, we are finding new ways to reach and attract potential clients and leave a positive impression on them. The core business operations remain in our Head Office in London; however our Manchester presence provides a great support to our operations. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 August 2023 to the date of this report. |
POST BALANCE SHEET EVENTS |
No post balance sheet events have occurred since 31 July 2024 which requires reporting or disclosing in the accounts. |
ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS |
Suppliers |
As a fashion company, management recognise the importance of strong partnerships throughout our value chain. |
We work closely with suppliers to incorporate sustainability practices into all aspects of our operations. We work to be a valued customer for our suppliers. |
Customers and others |
We continue our efforts with customers, consumers and peers to deliver the right products, which provide the right value at the right time to customers. |
We work closely with our key stakeholders to optimise and grow our shared business. |
STREAMLINED ENERGY AND CARBON REPORTING |
Management are committed to reducing the Group's carbon emissions as part of our Fashion FWD strategy. |
Management reviews our energy and carbon footprint. Details of our carbon reporting are listed in the Bestseller Annual Report. |
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; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
Bestseller Wholesale UK Ltd (Registered number: 03851454) |
Report of the Directors |
for the Year Ended 31 July 2024 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued |
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. |
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: |
Report of the Independent Auditors to the Members of |
Bestseller Wholesale UK Ltd (Registered number: 03851454) |
Opinion |
We have audited the financial statements of Bestseller Wholesale UK Ltd (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 Wholesale UK Ltd (Registered number: 03851454) |
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 pages four and five, 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 Wholesale UK Ltd (Registered number: 03851454) |
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. |
for and on behalf of |
823 Salisbury House |
29 Finsbury Circus |
London |
EC2M 5QQ |
Bestseller Wholesale UK Ltd (Registered number: 03851454) |
Income Statement |
for the Year Ended 31 July 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 6 |
Interest receivable and similar income | 7 |
3,767,757 | 3,996,655 |
Interest payable and similar expenses | 8 |
PROFIT BEFORE TAXATION |
Tax on profit | 9 |
PROFIT FOR THE FINANCIAL YEAR |
Bestseller Wholesale UK Ltd (Registered number: 03851454) |
Other Comprehensive Income |
for the Year Ended 31 July 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Bestseller Wholesale UK Ltd (Registered number: 03851454) |
Balance Sheet |
31 July 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
CURRENT ASSETS |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Bestseller Wholesale UK Ltd (Registered number: 03851454) |
Statement of Changes in Equity |
for the Year Ended 31 July 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 August 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 July 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 July 2024 |
Bestseller Wholesale UK Ltd (Registered number: 03851454) |
Notes to the Financial Statements |
for the Year Ended 31 July 2024 |
1. | STATUTORY INFORMATION |
Bestseller Wholesale UK Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Income from the sale of goods for resale and finished goods is recognised in the income statement, provided |
that the transfer of risk, usually on delivery to the buyer, has taken place and that the income can be measured reliably and is expected to be received. |
Turnover is measured at the fair value if the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Cost of sales |
Cost of sales comprises costs incurred in generating the revenue for the year. Cost of sales includes provisions for loss on returned goods. |
Administrative expenses |
Administrative expenses include expenses relating to the Entity's ordinary activities, including expenses for |
premises, sales as well as office expenses, etc. This item also includes writedowns of debtors recognised in current assets. |
Staff costs |
Staff costs comprise wages and salaries, and social security contributions, pension contributions, etc. for entity staff. |
Financial instruments |
The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. |
Basic financial instruments are initially recognised at transaction value and subsequently measured at their |
settlement value. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Bestseller Wholesale UK Ltd (Registered number: 03851454) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
2. | ACCOUNTING POLICIES - continued |
Interests 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 fixed 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 equipments | 20-33% per annum straight line basis |
Leasehold improvements | 10-33% per annum straight line basis |
Stocks |
Stocks are valued at the lower cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all costs incurred in bringing each product to its present location and condition. |
Debtors |
Debtors are valued individually and a provision is made according to this valuation. |
Cash at bank and in hand |
Cash at bank and in hand include cash holdings and bank deposits. |
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 and the European Union. |
Bestseller Wholesale UK Ltd (Registered number: 03851454) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
4. | EMPLOYEES AND DIRECTORS |
The average monthly number of persons employed by the company | 2024 | 2023 |
(including directors) during the year was: |
Sales | 46 | 47 |
Administration | 15 | 15 |
61 | 62 |
2024 | 2023 |
£ | £ |
Their total remuneration was: |
Wages and salaries | 3,399,154 | 3,972,575 |
Social security costs | 480,609 | 523,058 |
Pension costs (defined contribution plans) | 119,664 | 107,717 |
3,999,427 | 4,603,350 |
5. | DIRECTORS' EMOLUMENTS |
2024 | 2023 |
£ | £ |
Directors' remuneration |
The number of directors receiving company pension contributions to personal pension schemes is nil. |
6. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Depreciation - owned assets | 211,599 | 262,418 |
Auditors' remuneration - Audit | 13,500 | 11,500 |
Auditors' remuneration - Taxation | 0 | 0 |
Auditors' remuneration - Other services | 1,500 | 1,500 |
Operating lease charges | 853,820 | 903,157 |
7. | INTEREST RECEIVABLE AND SIMILAR INCOME |
2024 | 2023 |
£ | £ |
Group interests |
Other financial income |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Other financial expenses |
Foreign currency loss |
Group interests |
Bestseller Wholesale UK Ltd (Registered number: 03851454) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
9. | 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 |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is the same as the standard rate of corporation tax in the UK. |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Not recognised tax | - | (810,583 | ) |
Total tax charge | 940,777 | - |
Deferred tax has been measured at the rate it is expected to reverse. |
10. | TANGIBLE FIXED ASSETS |
Operating | Leasehold |
equipment | improvements | Totals |
£ | £ | £ |
COST |
At 1 August 2023 |
Additions |
At 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
Bestseller Wholesale UK Ltd (Registered number: 03851454) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Deferred tax asset | 52,448 | 52,448 |
Other debtors |
Tax |
Prepayments |
Deferred tax asset |
£ |
Balance at 1 August 2023 | 52,448 |
Charge to Income Statement during year | 0 |
Balance at 31 July 2024 | 52,448 |
The deferred tax asset is made up as follows: | 2024 | 2023 |
£ | £ |
Fixed asset timing differences | 52,448 | 52,448 |
52,448 | 52,448 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed to group undertakings |
Corporation tax |
VAT | 1,017,957 | 1,038,350 |
Other creditors |
Accruals and deferred income |
13. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
Bestseller Wholesale UK Ltd (Registered number: 03851454) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
14. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 1 | 4,500,000 | 4,500,000 |
15. | ULTIMATE PARENT COMPANY |
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 |
Inge Lehmanns Gade 2 |
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 |
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. |