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Registration number: 12690265

Pura Vida Europe Limited

Filleted Financial Statements

for the Year Ended 31 January 2024

 

Pura Vida Europe Limited

Contents

Company Information

1

Statement of Director's Responsibilities

2

Statement of Financial Position

3

Notes to the Financial Statements

4 to 9

 

Pura Vida Europe Limited

Company Information

Director

Mr Peter William Caldwell

Registered office

Unit E1 Hilton Park Church Farm Lane
East Wittering
Chichester
West Sussex
P020 8RL

Auditors

Westcotts (SW) LLP
Plym House
3 Longbridge Road
Plymouth
Marsh Mills
Devon
PL6 8LT

 

Pura Vida Europe Limited

Statement of Director's Responsibilities

The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

select suitable accounting policies and 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

 

Pura Vida Europe Limited

(Registration number: 12690265)
Statement of Financial Position as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

16,841

33,684

Current assets

 

Stocks

544,694

577,466

Debtors

5

42,775

83,119

Cash at bank and in hand

 

282,896

114,457

 

870,365

775,042

Creditors: Amounts falling due within one year

6

(1,239,916)

(1,097,964)

Net current liabilities

 

(369,551)

(322,922)

Net liabilities

 

(352,710)

(289,238)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(352,810)

(289,338)

Shareholders' deficit

 

(352,710)

(289,238)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 24 January 2025
 


Mr Peter William Caldwell
Director

 

Pura Vida Europe Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit E1 Hilton Park Church Farm Lane
East Wittering
Chichester
West Sussex
P020 8RL

Principal activity

The principal activity of the company is retail of fashion jewellery

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Pura Vida Europe Limited

Notes to the Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

Audit report

The Independent Auditor's Report was qualified. As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with S444 (5B) of the Companies Act 2006. The auditors report for the period was qualified as follows; in our opinion except for the possible effects of the matter described in the basis for the qualified opinion section of our report, the financial statements: give a true and fair view of the state of the company's affairs at as 31 January 2024 and of its profit for the year ended. The accounts 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.

We were not appointed as auditor of the company until after 31 January 2022 and thus did not observe the counting of physical inventories at that date. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 January 2022, which are included in the balance sheets at £416,554, by using other audit procedures. Consequently we were unable to determine whether any adjustment to that amount or to the associated cost of sales in the year ended 31 January 2023 were necessary.
. The name of the Senior Statutory Auditor who signed the audit report on 27 January 2025 was Valerie Doyle, who signed for and on behalf of Westcotts (SW) LLP.

.........................................

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Pura Vida Europe Limited

Notes to the Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Asset class

Depreciation method and rate

Fittings, fixtures and equipment

50% straight line

 

Pura Vida Europe Limited

Notes to the Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
 

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Pura Vida Europe Limited

Notes to the Financial Statements for the Year Ended 31 January 2024 (continued)

4

Tangible assets

Fixtures, fittings and equipment
£

Total
£

Cost or valuation

At 1 February 2023

33,684

33,684

At 31 January 2024

33,684

33,684

Depreciation

Charge for the year

16,843

16,843

At 31 January 2024

16,843

16,843

Carrying amount

At 31 January 2024

16,841

16,841

At 31 January 2023

33,684

33,684

5

Debtors

2024
£

2023
£

Trade debtors

21,954

44,135

Other debtors

20,821

38,984

42,775

83,119

 

Pura Vida Europe Limited

Notes to the Financial Statements for the Year Ended 31 January 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

63,313

70,841

Amounts owed to group undertakings and undertakings in which the company has a participating interest

1,164,097

1,022,506

Accruals and deferred income

12,506

4,617

1,239,916

1,097,964

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

8

Parent and ultimate parent undertaking

The ultimate controlling party is the parent company, Vera Bradley LLC, whose registered office is 12420 Stonebridge Road, Roanoke, Indiana 46783