Company registration number 01951886 (England and Wales)
ELLIS BRIGHAM LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
ELLIS BRIGHAM LIMITED
COMPANY INFORMATION
Directors
E Brigham
M E Brigham
R E Brigham
Company number
01951886
Registered office
47 Brunel Avenue
Salford
Lancashire
United Kingdom
M5 4BE
Auditor
Azets Audit Services
Ship Canal House
98 King Street
Manchester
M2 4WU
ELLIS BRIGHAM LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of income and retained earnings
8
Balance sheet
9
Notes to the financial statements
10 - 20
ELLIS BRIGHAM LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors present the strategic report for the year ended 30 June 2024.

Principal activities

The company’s principal activities continued to be the retail of outdoor and winter sports clothing, equipment, and accessories.

Results

The profit for the year and the company’s financial position at the end of the year are shown in the financial statements on pages 8 to 9.

Operating review

With turnover up by 7%, this should have been a successful year. However, such has been the growth in the costs of doing business, that a loss was sustained for the second year running. Though we did see some price inflation this year, it was much less significant than the previous year and most of the increase in sales is due to hard work by all our teams: those on the sales floor and those behind the scenes, to ensure our customers’ needs were met. The cost of being a retailer continues to rise, with the cost of employing people the most significant of the increases. Through the year we continued to work to the “Real Living Wage” for all our employees who passed their probation, to attract and keep good people. The package we offer is well rounded and enables our people to afford the increased cost of living brought about by the turbulent, global economy.

Current Scenario

Many of our stores are performing better than ever with regard to turnover, however, costs continue to rise. With the retail landscape so expensive, and our niche so competitive, we cannot afford to rest on our laurels, and we must always look to act when we know a situation will not work out for us. That being said, we must also look for opportunities. With both closures and openings on the cards for the coming 12 months we must look to invest wisely for the strength of the business and the wider group.

Further to that we are committed to upgrading and/or relocating a number of our stores. This constant cycle of improvement in both stores, our infrastructure and our online presence will keep us ahead of the competition and make sure our resources are put to the best use.

Key Performance Indicators

In managing a portfolio of 24 stores nationwide (with further stores set to open) across the wider Ellis Brigham Group, we utilise a suite of KPIs, the primary ones being Sales, Gross Profit percentage, and Overheads relative to sales. Relevant financial information is set out in the Primary Statements of the financial statements.

The Directors have prepared these financial statements on a going concern basis, which is further discussed in Note 1.2. The company continues to maintain a capital base which will provide a stable platform for future growth.

Outlook

Looking forward we can see continued cost increases particularly, but not solely, around employing people. Increases in National Insurance payments will be a particularly bitter pill to swallow when we are already trying to do the best we can for our people. As with most retailers we will be trying to do more with less and concentrate on working with only the best people to ensure our customers receive the best possible service. However, we won’t employ as many people as we have in the past, and it will be a real challenge to meet the customers’ expectations.

We will need to keep refreshing and investing in our retail estate to ensure it is relevant and performing to its best if we are to operate profitably. Also, we must make the most of our investment into our online presence and, most importantly, the seamless integration between the online and “bricks and mortar” experience.

The continued presence of war in Ukraine and Isreal/Gaza has had a detrimental effect on British consumer appetite. Although we have seen peaks and troughs that have not necessarily corresponded to escalations in conflict or the knock-on effect to costs of fuel and energy in the UK, there is certainly a sombre and cautious approach to spending. Although Winter Sports continues to be a challenging area, with uncertain conditions and price increases for British enthusiasts to get to and enjoy the mountains, we continue to perform robustly, and long may that continue.

The fashion for outdoor and functional clothing is maturing but by no means stagnant. The growth in new entrants to the market seems to be abating though, as the fashion set move on to new things, leaving the dedicated enthusiasts and a lot of new customers to enjoy and benefit from the great outdoors.

ELLIS BRIGHAM LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Section 172 Companies Act 2006 Statement

The Group aims to generate profits in a sustainable way to ensure the long-term viability of the business. The Group has a rich heritage and was established by Frederick Ellis Brigham in 1933. We started in a small shop on Conran Street in Harpurhey, Manchester; and quickly established ourselves as the place to visit to have boots expertly made and fitted.

Over the years, Ellis Brigham shops have always been the first to sell the latest innovations, seeing waterproof garments move from being constructed with Ventile, to neoprene coated nylon and then to GORE-TEX fabrics. Footwear soon lost the nails and grew Vibram soles whilst leather uppers became suede and nylon and incorporated GORE-TEX liners.

As a business, Ellis Brigham is still going strong and is still proudly family owned. We have got the world’s best brands and amazing products that will make time spent in the mountains even more rewarding. Across the UK we now have many fantastic shops with friendly, knowledgeable staff who are all enthusiastic about the outdoors and understand our customers’ needs implicitly. Our shops really do bring the spirit of the mountains to the high street.

We are family owned, and proudly managed by the 3rd generation. Under the governance framework of the Group, day to day decision making is delegated to Robert Ellis Brigham. The management team provide updates and reports to the Trustees in order to provide them with assurance that appropriate consideration has been given to stakeholder interest in decision making. The Group adopts the same culture of engagement with other stakeholders, such as customers, employees and its supply chain.

On behalf of the board

R E Brigham
Director
21 March 2025
ELLIS BRIGHAM LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of the company continued to be that of the retail of mountain and winter sports clothing, equipment and accessories.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

E Brigham
M E Brigham
R E Brigham
Financial instruments

The company’s activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. These risks are being managed using the company’s policies approved by the Board of Directors, which provide written principles on the effective management of risks.

Liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The company is exposed to cash flow interest rate risk on cash deposits.

Foreign currency risk

The company’s principal foreign currency exposures arise from trading with overseas companies. Company policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling.

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

ELLIS BRIGHAM LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual report 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:

 

 

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 of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
R E Brigham
Director
21 March 2025
ELLIS BRIGHAM LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ELLIS BRIGHAM LIMITED
- 5 -
Opinion

We have audited the financial statements of Ellis Brigham Limited (the 'company') for the year ended 30 June 2024 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including 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:

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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

ELLIS BRIGHAM LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ELLIS BRIGHAM LIMITED
- 6 -
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 directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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.

Auditor's 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 an auditor's report 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

ELLIS BRIGHAM LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ELLIS BRIGHAM LIMITED
- 7 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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 an auditor's report 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.

Helen Davies
Senior Statutory Auditor
For and on behalf of Azets Audit Services
24 March 2025
Chartered Accountants
Statutory Auditor
Ship Canal House
98 King Street
Manchester
M2 4WU
ELLIS BRIGHAM LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
23,641,977
22,007,538
Cost of sales
(14,050,540)
(12,706,724)
Gross profit
9,591,437
9,300,814
Administrative expenses
(9,906,110)
(9,689,775)
Operating loss
5
(314,673)
(388,961)
Interest receivable and similar income
6
15,352
6,798
Interest payable and similar expenses
(121)
-
0
Loss before taxation
(299,442)
(382,163)
Tax on loss
7
(20,799)
70,365
Loss for the financial year
(320,241)
(311,798)
Retained earnings brought forward
(338,117)
(26,319)
Retained earnings carried forward
(658,358)
(338,117)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

ELLIS BRIGHAM LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
8
291,999
343,528
Current assets
Debtors
9
1,814,294
1,660,581
Cash at bank and in hand
347,365
554,798
2,161,659
2,215,379
Creditors: amounts falling due within one year
10
(3,094,516)
(2,879,524)
Net current liabilities
(932,857)
(664,145)
Net liabilities
(640,858)
(320,617)
Capital and reserves
Called up share capital
13
17,500
17,500
Profit and loss reserves
(658,358)
(338,117)
Total equity
(640,858)
(320,617)
The financial statements were approved by the board of directors and authorised for issue on 21 March 2025 and are signed on its behalf by:
R E Brigham
Director
Company Registration No. 01951886
ELLIS BRIGHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
1
Accounting policies
Company information

Ellis Brigham Limited is a private company limited by shares incorporated in England and Wales. The registered office is 47 Brunel Avenue, Salford, Lancashire, United Kingdom, M5 4BE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

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

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are included in the consolidated financial statements of Ellis Brigham Holdings Limited as at 30th June 2024 and these financial statements may be obtained from Companies House, Maindy Way, Cardiff, CF14 3UZ.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, providing support is retained from group companies. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

ELLIS BRIGHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 11 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvement
Straight line over 5 years
Fixtures and fittings
15% reducing balance

The assets' residual vales, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

 

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

ELLIS BRIGHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 12 -
1.8
Financial instruments

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

 

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

 

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

Basic financial assets

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

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

ELLIS BRIGHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 13 -
Basic financial liabilities

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

 

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

 

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Current tax

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

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

 

Deferred tax balances are not discounted.

ELLIS BRIGHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 14 -
1.11
Employee benefits

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

 

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

 

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

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

 

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

During the year there were no estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Retail sales
23,641,977
22,007,538
2024
2023
£
£
Other revenue
Interest income
15,352
6,798
ELLIS BRIGHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
4
Employees

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

2024
2023
Number
Number
Administration
16
13
Cost of sales and distribution
192
169
Total
208
182

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
4,344,726
3,790,348
Social security costs
348,098
284,344
Pension costs
80,630
68,783
4,773,454
4,143,475
5
Operating loss
2024
2023
Operating loss for the year is stated after charging:
£
£
Research and development costs
330
330
Depreciation of owned tangible fixed assets
51,529
75,572
Operating lease charges
2,034,943
2,517,184

Auditor's remuneration is borne by the Company's fellow subsidiary undertaking Ellis Brigham Mountain Sports Limited.

 

During the year, no directors received any emoluments (2023: £Nil).

6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest receivable from group companies
5,261
-
0
Other interest income
10,091
6,798
Total income
15,352
6,798
ELLIS BRIGHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
1,352
Other taxes
4,694
8,567
Total current tax
4,694
9,919
Deferred tax
Origination and reversal of timing differences
16,149
(80,285)
Adjustment in respect of prior periods
(44)
1
Total deferred tax
16,105
(80,284)
Total tax charge/(credit)
20,799
(70,365)

The actual charge/(credit) for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(299,442)
(382,163)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
(74,861)
(78,343)
Tax effect of expenses that are not deductible in determining taxable profit
449
11,192
Group relief
83,016
-
0
Depreciation on assets not qualifying for tax allowances
3,821
2,724
Other permanent differences
3,724
-
0
Deferred tax adjustments in respect of prior years
(44)
(14,505)
Other taxes
4,694
8,567
Taxation charge/(credit) for the year
20,799
(70,365)
ELLIS BRIGHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
8
Tangible fixed assets
Leasehold improvement
Fixtures and fittings
Total
£
£
£
Cost
At 1 July 2023 and 30 June 2024
1,754,990
2,817,593
4,572,583
Depreciation and impairment
At 1 July 2023
1,754,990
2,474,065
4,229,055
Depreciation charged in the year
-
0
51,529
51,529
At 30 June 2024
1,754,990
2,525,594
4,280,584
Carrying amount
At 30 June 2024
-
0
291,999
291,999
At 30 June 2023
-
0
343,528
343,528
9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
-
0
123,648
Amounts owed by group undertakings
151,599
7,720
Other debtors
157,666
138,254
Prepayments and accrued income
1,095,155
964,980
1,404,420
1,234,602
Deferred tax asset (note 11)
159,874
175,979
1,564,294
1,410,581
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
250,000
250,000
Total debtors
1,814,294
1,660,581
ELLIS BRIGHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 18 -
10
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
662,354
603,079
Amounts owed to group undertakings
1,544,582
1,072,391
Taxation and social security
84,621
71,082
Other creditors
80,522
92,126
Accruals and deferred income
722,437
1,040,846
3,094,516
2,879,524
11
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2024
2023
Balances:
£
£
Accelerated capital allowances
36,253
40,556
Tax losses
115,743
115,484
Short term timing differences
7,878
19,939
159,874
175,979
2024
Movements in the year:
£
Asset at 1 July 2023
(175,979)
Charge to profit or loss
16,105
Asset at 30 June 2024
(159,874)
12
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
80,630
68,783

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

 

ELLIS BRIGHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 19 -
13
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
17,500
17,500
17,500
17,500
14
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
2,127,480
2,159,488
Between two and five years
6,573,718
7,287,248
In over five years
5,322,928
4,661,383
14,024,126
14,108,119
15
Related party transactions
Transactions with related parties

During the year rent of £16,000 (2023: £16,000) was charged to Ellis Brigham Limited from trustees of the M & R Brigham Retirement Benefits Scheme who own the long leasehold of the property.

Transactions with other related companies within the Ellis Brigham Holdings Limited group are not disclosed as consolidated accounts are prepared for the group and the company has taken advantage of the exemption under FRS102 para. 33.2.

 

At the balance sheet date £1,544,582 (2023: £1,072,291) was owed to Ellis Brigham Mountain Sports Limited.

 

At the balance sheet date £151,599 (2023: £7,720) was owed by related parties.

16
Ultimate controlling party

At the current and previous year ends the Company's parent company was Ellis Brigham Holdings Limited. There is no ultimate controlling party.

 

The consolidated financial statements of the group are available to the public and may be obtained from the Registrar of Companies, Companies House, Crown Way, Maindy, Cardiff, CF4 3UZ.

17
Reserves

Profit and loss account

 

The profit and loss account represents accumulated trading profit, less equity dividends paid.

ELLIS BRIGHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 20 -
18
Guarantees

The company's parent undertaking, Ellis Brigham Holdings Limited, holds a debenture dated 25 June 2009 securing all monies due, or become due, from the company to Ellis Brigham Holdings Limited under a fixed and floating charge over the undertakings and all property and assets.

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