PVH UK GROUP LIMITED

Company Registration Number:
03370088 (England and Wales)

Unaudited statutory accounts for the year ended 31 January 2024

Period of accounts

Start date: 30 January 2023

End date: 31 January 2024

PVH UK GROUP LIMITED

Contents of the Financial Statements

for the Period Ended 31 January 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

PVH UK GROUP LIMITED

Directors' report period ended 31 January 2024

The directors present their report with the financial statements of the company for the period ended 31 January 2024

Principal activities of the company

The principal activity of PVH UK Group Limited during the year was the retailing of quality imported garments and related products through its chain of own and operated stores and concessions in the UK

Company policy on disabled employees

The company is committed to employment policies, which follow best practice, based on equal opportunities for all employees, irrespective of sex, race, colour, disability or marital status. The company gives full and fair consideration to applications for employment for disabled persons, having regard to their particular aptitudes and abilities. Appropriate arrangements are made for the continued employment and training, career development and promotion of disabled persons employed by the company. If members of staff become disabled the company continues employment, either in the same or an alternative position, with appropriate retraining being given if necessary

Additional information

Future developments In light of the continued challenging environment caused by current macroeconomic conditions such as inflation, higher interest rates and higher cost of living putting a strain on customer’s finances, the company seeks to strengthen its foundations and continue to take market share by driving efficiencies particularly in the retail space and investing further in key wholesale partnerships. To do so, the company has intensified its focus on driving product appeal, value proposition and consumer engagement while significantly upgrading the supply chain capabilities to improve speed to market, in line with competitors. The company is also focused on simplifying processes, systems and structures to streamline operations and future-proof the business with a consumer-led mind-set. During the period ended 4 February 2024 the company continued to trade strongly despite the challenging economic environment. With the additional e-commerce business and full wholesale business, the company also retains an optimistic outlook for the financial year ahead. See the Strategic report for the directors’ review of the principal risks and uncertainties faced by the business



Directors

The directors shown below have held office during the whole of the period from
30 January 2023 to 31 January 2024

David Pyne
Georg Faisst
Marc Busscher
Joseph Michael Ellis


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
8 May 2025

And signed on behalf of the board by:
Name: Joseph Michael Ellis
Status: Director

PVH UK GROUP LIMITED

Profit And Loss Account

for the Period Ended 31 January 2024

2024 2023


£

£
Turnover: 306,229 301,159
Cost of sales: ( 184,543 ) ( 187,993 )
Gross profit(or loss): 121,686 113,166
Administrative expenses: ( 109,938 ) ( 102,351 )
Operating profit(or loss): 11,748 10,815
Interest payable and similar charges: ( 4,441 ) ( 3,286 )
Profit(or loss) before tax: 7,307 7,529
Tax: ( 2,092 ) ( 3,004 )
Profit(or loss) for the financial year: 5,215 4,525

PVH UK GROUP LIMITED

Balance sheet

As at 31 January 2024

Notes 2024 2023


£

£
Fixed assets
Intangible assets: 3 71,047 63,544
Tangible assets: 4 38,041 32,814
Total fixed assets: 109,088 96,358
Current assets
Stocks: 5 44,424 43,639
Debtors: 6 47,394 45,171
Cash at bank and in hand: 2,438 2,695
Total current assets: 94,256 91,505
Creditors: amounts falling due within one year: 7 ( 54,947 ) ( 56,386 )
Net current assets (liabilities): 39,309 35,119
Total assets less current liabilities: 148,397 131,477
Creditors: amounts falling due after more than one year: 8 ( 82,755 ) ( 70,716 )
Provision for liabilities: ( 334 )
Total net assets (liabilities): 65,642 60,427
Capital and reserves
Called up share capital: 49,714 49,714
Profit and loss account: 15,928 10,713
Total Shareholders' funds: 65,642 60,427

The notes form part of these financial statements

PVH UK GROUP LIMITED

Balance sheet statements

For the year ending 31 January 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 8 May 2025
and signed on behalf of the board by:

Name: Joseph Michael Ellis
Status: Director

The notes form part of these financial statements

PVH UK GROUP LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101

    Turnover policy

    Revenue is measured at the fair value of the consideration received or receivable, and represents amounts receivable for goods supplied, stated net of discounts, returns and value added taxes. The company recognises revenue when the amount of revenue can be reliably measured; when it is probable that future economic benefits will flow to the entity; and when specific criteria have been met for each of the company’s activities, as described below. The company bases its estimate of return on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement. The company operates full price, retail outlets and concessions in the UK for selling clothing and underwear. Sales of goods are recognised when the company sells a product to the customer. Retail sales are usually in cash or by credit card. It is the company’s policy to sell its products to the retail customer with a right to return within 60 days. Accumulated experience is used to estimate and provide for such returns at the time of sale. The company does not operate any loyalty programmes. During the period ending 30 January 2022 the company moved to a Limited Risk Distributor model in relation to sales made to UK customers via the wholesale channel. Revenue from the Company’s wholesale operations is recognized when control of the goods passes to customers, which is generally when title to the goods passes and the risk of loss is transferred to customers. Management has determined there to be three operating segments, being Retail, Ecommerce and Wholesale, based on information reviewed by directors and the senior management team in both the UK and the immediate parent company, PVH Europe B.V. in Amsterdam, for the purposes of allocating resources

    Tangible fixed assets depreciation policy

    Property, plant and equipment and depreciation Property, plant and equipment are stated at historic cost less accumulated depreciation. Historic cost includes the original purchase price of the assets and the cost attributable to bringing the assets to their working condition for their intended use. Depreciation is calculated to write off the cost of property plant and equipment by annual instalments over their estimated economic lives at the following rates: Leasehold improvements 6 - 33% per annum straight line across the term of the lease Equipment, fixtures and fittings 6 - 33% per annum straight line Assets that are acquired as part of a store fit-out are classified as ‘Assets under construction’ until the store opens for trade and no depreciation is charged until this point. The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within the statement of comprehensive income. The carrying values of tangible fixed assets are reviewed for impairment if events or changes in circumstances indicate that the carrying value may not be recoverable. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Any impairment in the value of fixed assets below depreciated historical cost is charged to the statement of comprehensive income

    Other accounting policies

    Presentation of Non-Current Assets In prior years, the Company presented long-term assets under the heading "Fixed assets" on the balance sheet. To align with current accounting terminology and best practices under FRS 101, the Company has adopted the term "Non-current assets" in the current year's financial statements. This change in presentation has been applied retrospectively to prior periods presented for comparative purposes, as permitted under FRS 101. The change has no impact on the recognition, measurement, or valuation of the underlying assets. Critical accounting estimates and judgments Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The Company considers the recoverability of owned store assets (ROU assets and PPE) to be the main accounting estimate and judgement area. (a) Recoverability of assets The company performs an annual impairment review by comparing the forecast EBIT of each store for the 12 months immediately after the reporting date with the net book value of assets that are attributable to the store. When a store is expected to make a negative EBIT in the 12 months immediately following the reporting year, management consider a trigger for impairment to be present and will perform a full impairment assessment by comparing the present value of the expected cashflows over the remaining life of the lease with the net book value of PPE and the right-of-use lease assets attributable to that store. Where the forecast cashflows are expected to be lower than the net book value of assets, an impairment is noted and the assets attributable to that store are written down to their recoverable amount. In calculating the future expected cashflows management will make a number of key estimates, including likelihood of lease renewal, revenue growth and subsequent impact on costs for that store. Estimates are based on historic trends and management’s knowledge of local markets and further strategic plans which may affect those stores The company deems that its flagship store acts as a cross-subsidisation cash generating unit (CGU) that bears costs benefitting other stores e.g. advertising and showcasing of the group’s brand. An internal transfer cash inflow from other stores is assumed for the purposes of the impairment assessments

PVH UK GROUP LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 1,739 1,610

PVH UK GROUP LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2024

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 30 January 2023 77,177 77,177
Additions 20,494 20,494
Disposals
Revaluations
Transfers
At 31 January 2024 97,671 97,671
Amortisation
At 30 January 2023 13,633 13,633
Charge for year 12,991 12,991
On disposals
Other adjustments
At 31 January 2024 26,624 26,624
Net book value
At 31 January 2024 71,047 71,047
At 29 January 2023 63,544 63,544

PVH UK GROUP LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2024

4. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 30 January 2023 31,772 28,607 7,223 67,602
Additions 5,175 2,007 5,073 12,255
Disposals ( 855 ) ( 100 ) ( 955 )
Revaluations
Transfers 2,227 1,198 3,425 0
At 31 January 2024 38,319 31,712 8,871 78,902
Depreciation
At 30 January 2023 14,999 19,789 34,788
Charge for year 3,038 3,285 6,323
On disposals ( 686 ) ( 74 ) ( 760 )
Other adjustments 510 510
At 31 January 2024 17,861 23,000 40,861
Net book value
At 31 January 2024 20,458 8,712 8,871 38,041
At 29 January 2023 16,773 8,818 7,223 32,814

PVH UK GROUP LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2024

5. Stocks

2024 2023
£ £
Stocks 44,424 43,639
Total 44,424 43,639

PVH UK GROUP LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2024

6. Debtors

2024 2023
£ £
Trade debtors 27,087 26,677
Prepayments and accrued income 2,614 2,776
Other debtors 17,693 15,718
Total 47,394 45,171

PVH UK GROUP LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2024

7. Creditors: amounts falling due within one year note

2024 2023
£ £
Trade creditors 2,366 6,819
Taxation and social security 3,700 2,963
Accruals and deferred income 12,331 12,487
Other creditors 36,550 34,117
Total 54,947 56,386

PVH UK GROUP LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2024

8. Creditors: amounts falling due after more than one year note

2024 2023
£ £
Other creditors 82,755 70,716
Total 82,755 70,716