| REGISTERED NUMBER: 07271607 (England and Wales) |
| Group Strategic Report, Report of the Directors and |
| Consolidated Financial Statements |
| for the Period 31 January 2023 to 26 January 2024 |
| for |
| EUROPRIDE HOLDINGS LIMITED |
| REGISTERED NUMBER: 07271607 (England and Wales) |
| Group Strategic Report, Report of the Directors and |
| Consolidated Financial Statements |
| for the Period 31 January 2023 to 26 January 2024 |
| for |
| EUROPRIDE HOLDINGS LIMITED |
| EUROPRIDE HOLDINGS LIMITED (Registered number: 07271607) |
| Contents of the Consolidated Financial Statements |
| for the Period 31 January 2023 to 26 January 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 5 |
| Report of the Independent Auditors | 7 |
| Consolidated Income Statement | 12 |
| Consolidated Other Comprehensive Income | 13 |
| Consolidated Balance Sheet | 14 |
| Company Balance Sheet | 15 |
| Consolidated Statement of Changes in Equity | 16 |
| Company Statement of Changes in Equity | 17 |
| Consolidated Cash Flow Statement | 18 |
| Notes to the Consolidated Cash Flow Statement | 19 |
| Notes to the Consolidated Financial Statements | 21 |
| EUROPRIDE HOLDINGS LIMITED |
| Company Information |
| for the Period 31 January 2023 to 26 January 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 10A Aldermans Hill |
| Palmers Green |
| London |
| N13 4PJ |
| EUROPRIDE HOLDINGS LIMITED (Registered number: 07271607) |
| Group Strategic Report |
| for the Period 31 January 2023 to 26 January 2024 |
| The directors present their strategic report of the company and the group for the period 31 January 2023 to 26 January 2024. |
| REVIEW OF BUSINESS |
| During the financial year, the Group experienced a material operational impact within its fashion manufacturing subsidiary, Europride Ltd, following the termination of a major contract, with a long-standing customer. This contract termination, arising from a prolonged commercial dispute, resulted in a significant decline in revenue for Europride Ltd from £30,267,225 to £19,707,844 for the year ended 30 January 2024. |
| The subsidiary has continued to trade post year-end and generated revenue of £4,744,408 up to 4 April 2025. However, despite this activity, the financial position has deteriorated. As at 29 January 2024, Europride Ltd reported net liabilities of £2,097,400. In response, management has taken proactive steps, including entering into a Company Voluntary Arrangement (CVA) with its creditors, which was approved on 8 April 2025. |
| Given the significant decline in revenue and the worsening financial position of Europride Ltd, the directors acknowledge there is material uncertainty regarding the subsidiary’s ability to continue as a going concern. However, the Group is actively supporting Europride Ltd during this transition and working to secure new business relationships. |
| Group Financial Position and Resilience |
| Despite the challenges faced by Europride Ltd, the Group as a whole maintains a robust financial position: |
| Excluding Europride Ltd, the Group retains positive reserves of £8,790,542 |
| The Group anticipates net rental income of £236,224 over the next 12 months from its investment properties owned by Flowercroft Ltd and Europride UK Investments Ltd. |
| The Group also holds unencumbered properties valued at £7,345,000, which provide a significant source of liquidity and financial flexibility if needed. |
| The directors have undertaken a comprehensive review of the Group’s cash flows, liabilities, and available assets and believe that the Group has sufficient resources to meet its obligations and continue operating for at least 12 months from the date of approval of these financial statements. |
| Description of the Company's business model |
| The sustainability of our supply chain and the product life cycle is at the forefront of our business model. This has been a major challenge during the year which the company has managed to maintain. |
| Our in-house design teamwork with customers on designing a variety of products, influenced by current and future trends worldwide. |
| Our purchasing team continued to work closely to utilise our existing stock supplies, with the aim to increase margins and make sure existing stock levels continue to reduce. |
| The Group considers and strategically plans sales, purchases and associated stock levels to monitor margins carefully to maximise efficiency within the business model. |
| Principal Risks and Uncertainties |
| The primary risk to the Group currently relates to the ongoing recovery and restructuring efforts within Europride Ltd. The CVA process introduces uncertainty around creditor support and future cash flows. Management continues to actively monitor the situation and is implementing strategic changes to ensure operational and financial sustainability. |
| At the Group level, risks are mitigated by a diversified income stream, strong asset backing, and the ability to generate liquidity through rental income or disposal of unencumbered properties. |
| EUROPRIDE HOLDINGS LIMITED (Registered number: 07271607) |
| Group Strategic Report |
| for the Period 31 January 2023 to 26 January 2024 |
| Position of the business at the year-end |
| The Group remains cautiously optimistic about its overall trading prospects. While Europride Ltd is in a period of restructuring and financial recovery, the broader Group remains stable and has the resources and resilience to support the business through this challenging period. |
| The directors are committed to preserving shareholder value, stabilising the manufacturing arm, and maximising opportunities across the property and investment portfolios. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The directors continue to review the risks and uncertainties of the Group with particular emphasis on exposure to currency, liquidity, and credit risks. The directors are satisfied that the Group has suitable policies in place and that there are no material risks and uncertainties that have not been addressed or considered during the year. |
| Currency Risk: Within the Group's supply chain, the Group has some exposure to transactions in foreign exchange. The Group and directors do not deem this exposure to foreign exchange to be particularly significant given the minimal transaction activity in foreign currency. |
| Liquidity Risk: The Group seeks to plan and manage their financial risk by ensuring the Group has the necessary resources available to meet their foreseeable needs, as well as to take advantage of investing in assets both liquid and non-liquid. |
| Credit Risk: The Group does not have any external finance to support its day to day operations. Its principal financial assets are stock and trade debtors. Trade debtors have agreements in place and regular communication is undertaken to ensure recoverability. |
| In addition to the above, the principle risks faced by the Group are those of general market and economic risks in common with other businesses in the current economic climate. The directors aim to manage these risks in order to maintain and improve on the current level of performance. |
| It is public knowledge that the retail sector is evolving and becoming increasingly challenging. We therefore look to spread our exposure across products and channels. We need to remain driven in delivering great service so we can empower our customers to capitalise on key trends performing products. |
| DIRECTORS' STATEMENT OF COMPLIANCE WITH DUTY TO PROMOTE THE SUCCESS OF THE GROUP |
| The directors continued to exercise all their duties under Section 172 of The Companies Act 2006. The directors are dedicated to managing and operating the company in a safe, ethical environmental and socially responsible way. The directors value long-term partnerships and aim to work collaboratively throughout the supply chain with customers, and suppliers. The directors are responsible for establishing and reviewing the short and long-term strategy considering strategic, economic, political and social issues, alongside other regulations and external matters relevant to the company. Through working together with management, the directors support the company in following the long-standing approach to continuous improvement and innovation. |
| FINANCIAL KEY PERFORMANCE INDICATORS |
| Sales and margins are still the two KPIs we measure. We are focusing at ways of improving and keeping the business efficient. |
| The company even in these unprecedented times continue to trade albeit slowly but satisfactorily. Directors are looking to expand into the ecommerce fashion market mainly due to declining trend in the retail industry. |
| EUROPRIDE HOLDINGS LIMITED (Registered number: 07271607) |
| Group Strategic Report |
| for the Period 31 January 2023 to 26 January 2024 |
| OUTLOOK |
| The Group remains cautiously optimistic about its overall trading prospects. While Europride Ltd is in a period of restructuring and financial recovery, the broader Group remains stable and has the resources and resilience to support the business through this challenging period. |
| The directors are committed to preserving shareholder value, stabilising the manufacturing arm, and maximising opportunities across the property and investment portfolios. |
| ON BEHALF OF THE BOARD: |
| EUROPRIDE HOLDINGS LIMITED (Registered number: 07271607) |
| Report of the Directors |
| for the Period 31 January 2023 to 26 January 2024 |
| The directors present their report with the financial statements of the company and the group for the period 31 January 2023 to 26 January 2024. |
| PRINCIPAL ACTIVITY |
| Europride Holdings Limited is the holding company for the trading and investment operations of the Europride brand throughout the United Kingdom. |
| Europride Limited is specialise in manufacturing fashion outerwear for ladies. |
| Europride UK Investments Limited, Flowercroft Limited and Sabre House Limited are property investment companies. |
| Europride Developments Limited is a property development company. |
| DIVIDENDS |
| The profit for the year, after taxation, amounted to £85,128 (2023 - £634,349). |
| During the year, dividends of £943,598 - £3,145.32 per share (2023: £341,165 - £1,137.22 per share) were paid. |
| FUTURE DEVELOPMENTS |
| The directors aim to maintain the policies of the company. |
| The company will continue to seek opportunities to maximise turnover and profitability. |
| EVENTS SINCE THE END OF THE PERIOD |
| Information relating to events since the end of the period is given in the notes to the financial statements. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 31 January 2023 to the date of this report. |
| ENGAGEMENT WITH EMPLOYEES |
| Europride Holdings Limited is an equal rights employer. The Group values the contribution of all its employees and keeps them informed of matters affecting them. |
| STREAMLINED ENERGY AND CARBON REPORTING |
| Greenhouse gas emissions, energy consumption and energy efficiency action |
| The Group has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| EUROPRIDE HOLDINGS LIMITED (Registered number: 07271607) |
| Report of the Directors |
| for the Period 31 January 2023 to 26 January 2024 |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued |
| The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period. |
| In preparing these financial statements, the directors are required to: |
| a) select suitable accounting policies for the Group's financial statements and then apply them consistently; |
| b)make judgments and accounting estimates that are reasonable and prudent; |
| c) state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
| d) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to 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 the Group 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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| AUDITORS |
| The auditors, Chris Pantazis Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| EUROPRIDE HOLDINGS LIMITED (Registered number: 07271607) |
| Opinion |
| We have audited the consolidated financial statements of Europride Holdings Ltd and its subsidiaries (the "Group") for the year ended 29 January 2024, which comprise the Consolidated Statement of Profit or Loss and Other Comprehensive Income, Consolidated Statement of Financial Position, Consolidated Statement of Changes in Equity, Consolidated Statement of Cash Flows, and notes to the financial statements, including a summary of significant accounting policies. |
| In our opinion, the financial statements: |
| give a true and fair view of the state of the Group’s affairs as at 29 January 2024 and of its profit/loss for the year then ended; |
| have been properly prepared in accordance with UK adopted international accounting standards; and |
| have been prepared in accordance with the requirements of the Companies Act 2006. |
| We draw attention to Note 20 in the financial statements, which outlines the financial position of the Group’s subsidiary, Europride Ltd, as at 29 January 2024 and subsequently at 4 April 2025. Due to the loss of a significant customer and contract, Europride Ltd’s revenue declined materially, resulting in net liabilities of £2,097,400 at the year-end and it has further deteriarated at post year end. In response, management has taken precautionery steps, including entering into a Company Voluntary Arrangement (CVA) with its creditors, which was approved on 8 April 2025. |
| These events and conditions, along with other matters as set out in Note 20, indicate that a material uncertainty exists that may cast significant doubt on the ability of Europride Ltd to continue as a going concern. However, based on the Group's broader financial position — including positive reserves of £8,790,542 (excluding Europride Ltd), expected rental income, and unencumbered property assets — the directors consider that the Group remains a going concern. |
| 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 Group in accordance with the ethical requirements 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. |
| Report of the Independent Auditors to the Members of |
| EUROPRIDE HOLDINGS LIMITED (Registered number: 07271607) |
| 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. Our evaluation of the directors' assessment of the group's and the parent company's ability to continue to adopt the going concern basis of accounting included 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. Our evaluation of the directors’ assessment considered the Group’s current financial position, projected cash flows, the liquidity of Group assets, and the ability to dispose of unencumbered properties if necessary. |
| 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 group's and the parent 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. |
| We draw attention to Note 20 in the financial statements, which outlines the financial position of the Group’s subsidiary, Europride Ltd, as at 29 January 2024 and subsequently at 4 April 2025. Due to the loss of a significant customer and contract, Europride Ltd’s revenue declined materially, resulting in net liabilities of £2,097,400 at the year-end and it has further deteriarated at post year end. In response, management has taken precautionery steps, including entering into a Company Voluntary Arrangement (CVA) with its creditors, which was approved on 8 April 2025. |
| These events and conditions, along with other matters as set out in Note 20, indicate that a material uncertainty exists that may cast significant doubt on the ability of Europride Ltd to continue as a going concern. However, based on the Group's broader financial position — including positive reserves of £8,790,542 (excluding Europride Ltd), expected rental income, and unencumbered property assets — the directors consider that the Group remains a going concern. |
| Our opinion is not modified in respect of this matter. |
| Emphasis of matter - Financial Support of Subsidiary |
| We draw attention to Note 20 to the financial statements, which describes the directors’ assessment that the Group has the financial capacity and intent to continue supporting Europride Ltd. The outcome of the CVA process and management’s recovery plan are critical to the subsidiary’s continued operation. This matter is disclosed to highlight its significance to the users of the financial statements. Our opinion is not modified in respect of this matter. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 |
| EUROPRIDE HOLDINGS LIMITED (Registered number: 07271607) |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company 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 five and six, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
| Report of the Independent Auditors to the Members of |
| EUROPRIDE HOLDINGS LIMITED (Registered number: 07271607) |
| 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: |
| Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| As part of our planning process: |
| - We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud.The company did not inform us of any known, suspected or alleged fraud. |
| - We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006 , United Kingdom Generally Accepted Accounting Practice and relevant tax legislation. |
| - We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly. |
| - Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment. |
| The key procedures we undertook to detect irregularities including fraud during the course of the audit included: |
| - Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual. |
| - Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied. |
| - Assessing the extent of compliance, or lack of, with the relevant laws and regulations, in particular those that are central to the entities ability to continue in operation. |
| - Testing key revenue lines, in particular cut-off, for evidence of management bias. |
| - Performing a physical verification of key assets , including stock. |
| - Obtaining third-party confirmation of material bank and loan balances. |
| - Documenting and verifying all significant related party and consolidated balances and transactions. |
| - Reviewing documentation such as the company board minutes, correspondence with solicitors, for discussions of irregularities including fraud. |
| -Testing all material consolidation adjustments.Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the[directors/those charged with governance of the entity/management]. |
| 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. |
| Report of the Independent Auditors to the Members of |
| EUROPRIDE HOLDINGS LIMITED (Registered number: 07271607) |
| 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 |
| 10A Aldermans Hill |
| Palmers Green |
| London |
| N13 4PJ |
| EUROPRIDE HOLDINGS LIMITED (Registered number: 07271607) |
| Consolidated Income Statement |
| for the Period 31 January 2023 to 26 January 2024 |
| Period | Period |
| 31.1.23 | 1.2.22 |
| to | to |
| 26.1.24 | 30.1.23 |
| Notes | £ | £ |
| TURNOVER | 21,962,397 | 31,732,348 |
| Cost of sales | 18,460,403 | 28,688,392 |
| GROSS PROFIT | 3,501,994 | 3,043,956 |
| Administrative expenses | 3,828,257 | 2,489,619 |
| (326,263 | ) | 554,337 |
| Other operating income | 681,850 | 240,000 |
| OPERATING PROFIT | 4 | 355,587 | 794,337 |
| Income from shares in group undertakings | 78,444 | 96,958 |
| 434,031 | 891,295 |
| Interest payable and similar expenses | 5 | 195,885 | 115,510 |
| PROFIT BEFORE TAXATION | 238,146 | 775,785 |
| Tax on profit | 6 | 153,018 | 141,436 |
| PROFIT FOR THE FINANCIAL PERIOD |
| Profit attributable to: |
| Owners of the parent | 85,128 | 634,349 |
| EUROPRIDE HOLDINGS LIMITED (Registered number: 07271607) |
| Consolidated Other Comprehensive Income |
| for the Period 31 January 2023 to 26 January 2024 |
| Period | Period |
| 31.1.23 | 1.2.22 |
| to | to |
| 26.1.24 | 30.1.23 |
| Notes | £ | £ |
| PROFIT FOR THE PERIOD | 85,128 | 634,349 |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
85,128 |
634,349 |
| Total comprehensive income attributable to: |
| Owners of the parent | 85,128 | 634,349 |
| EUROPRIDE HOLDINGS LIMITED (Registered number: 07271607) |
| Consolidated Balance Sheet |
| 26 January 2024 |
| 26.1.24 | 30.1.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 9 | 17,974,869 | 17,336,889 |
| Investments | 10 | 1,400,000 | 3,148,121 |
| 19,374,869 | 20,485,010 |
| CURRENT ASSETS |
| Stocks | 11 | 1,568,376 | 3,159,793 |
| Debtors | 12 | 1,722,414 | 3,365,058 |
| Cash at bank and in hand | 40,766 | 31,462 |
| 3,331,556 | 6,556,313 |
| CREDITORS |
| Amounts falling due within one year | 13 | 6,460,681 | 10,126,212 |
| NET CURRENT LIABILITIES | (3,129,125 | ) | (3,569,899 | ) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
16,245,744 |
16,915,111 |
| CREDITORS |
| Amounts falling due after more than one year | 14 | (2,373,248 | ) | (2,354,608 | ) |
| PROVISIONS FOR LIABILITIES | 16 | (2,984,554 | ) | (2,814,091 | ) |
| NET ASSETS | 10,887,942 | 11,746,412 |
| CAPITAL AND RESERVES |
| Called up share capital | 17 | 300 | 300 |
| Revaluation reserve | 18 | 3,110,267 | 3,110,267 |
| Retained earnings | 18 | 7,777,375 | 8,635,845 |
| SHAREHOLDERS' FUNDS | 10,887,942 | 11,746,412 |
| The financial statements were approved by the Board of Directors and authorised for issue on 9 April 2025 and were signed on its behalf by: |
| Mr Sotiris Xeni - Director |
| EUROPRIDE HOLDINGS LIMITED (Registered number: 07271607) |
| Company Balance Sheet |
| 26 January 2024 |
| 26.1.24 | 30.1.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 9 |
| Investments | 10 |
| CURRENT ASSETS |
| Debtors | 12 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 13 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 17 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 1,465,737 | 147,789 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| EUROPRIDE HOLDINGS LIMITED (Registered number: 07271607) |
| Consolidated Statement of Changes in Equity |
| for the Period 31 January 2023 to 26 January 2024 |
| Called up |
| share | Retained | Revaluation | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 1 February 2022 | 300 | 8,342,661 | 1,217,342 | 9,560,303 |
| Changes in equity |
| Dividends | - | (341,165 | ) | - | (341,165 | ) |
| Total comprehensive income | - | 634,349 | 1,892,925 | 2,527,274 |
| Balance at 30 January 2023 | 300 | 8,635,845 | 3,110,267 | 11,746,412 |
| Changes in equity |
| Dividends | - | (943,598 | ) | - | (943,598 | ) |
| Total comprehensive income | - | 85,128 | - | 85,128 |
| Balance at 26 January 2024 | 300 | 7,777,375 | 3,110,267 | 10,887,942 |
| EUROPRIDE HOLDINGS LIMITED (Registered number: 07271607) |
| Company Statement of Changes in Equity |
| for the Period 31 January 2023 to 26 January 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 February 2022 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 30 January 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 26 January 2024 | 300 | 757,122 | 757,422 |
| EUROPRIDE HOLDINGS LIMITED (Registered number: 07271607) |
| Consolidated Cash Flow Statement |
| for the Period 31 January 2023 to 26 January 2024 |
| Period | Period |
| 31.1.23 | 1.2.22 |
| to | to |
| 26.1.24 | 30.1.23 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 1,719,857 | 793,458 |
| Tax paid | (415,139 | ) | (468,167 | ) |
| Net cash from operating activities | 1,304,718 | 325,291 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (105,098 | ) | (172,187 | ) |
| Purchase of fixed asset investments | (74,544 | ) | (141,095 | ) |
| Sale of tangible fixed assets | - | 112,501 |
| Sale of fixed asset investments | - | 263,278 |
| Net cash from investing activities | (179,642 | ) | 62,497 |
| Cash flows from financing activities |
| New loans in year | 18,640 | - |
| Loan repayments in year | - | (364,229 | ) |
| Amount introduced by directors | - | 207,244 |
| Amount withdrawn by directors | (240,209 | ) | - |
| Equity dividends paid | (943,598 | ) | (341,165 | ) |
| Net cash from financing activities | (1,165,167 | ) | (498,150 | ) |
| Decrease in cash and cash equivalents | (40,091 | ) | (110,362 | ) |
| Cash and cash equivalents at beginning of period |
2 |
31,462 |
141,824 |
| Cash and cash equivalents at end of period | 2 | (8,629 | ) | 31,462 |
| EUROPRIDE HOLDINGS LIMITED (Registered number: 07271607) |
| Notes to the Consolidated Cash Flow Statement |
| for the Period 31 January 2023 to 26 January 2024 |
| 1. | RECONCILIATION OF PROFIT FOR THE FINANCIAL PERIOD TO CASH GENERATED FROM OPERATIONS |
| Period | Period |
| 31.1.23 | 1.2.22 |
| to | to |
| 26.1.24 | 30.1.23 |
| £ | £ |
| Profit for the financial period | 85,128 | 634,349 |
| Depreciation charges | 48,970 | 47,878 |
| Profit on disposal of fixed assets | - | (17,533 | ) |
| Gain on revaluation of fixed assets | (681,850 | ) | (240,000 | ) |
| Impairment losses | 1,822,665 | - |
| Finance costs | 195,885 | 115,510 |
| Finance income | (78,444 | ) | (96,958 | ) |
| Taxation | 153,018 | 141,436 |
| 1,545,372 | 584,682 |
| Decrease/(increase) in stocks | 1,591,417 | (305,215 | ) |
| Decrease in trade and other debtors | 1,683,227 | 450,327 |
| (Decrease)/increase in trade and other creditors | (3,100,159 | ) | 63,664 |
| Cash generated from operations | 1,719,857 | 793,458 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Period ended 26 January 2024 |
| 26.1.24 | 31.1.23 |
| £ | £ |
| Cash and cash equivalents | 40,766 | 31,462 |
| Bank overdrafts | (49,395 | ) | - |
| (8,629 | ) | 31,462 |
| Period ended 30 January 2023 |
| 30.1.23 | 1.2.22 |
| £ | £ |
| Cash and cash equivalents | 31,462 | 141,824 |
| EUROPRIDE HOLDINGS LIMITED (Registered number: 07271607) |
| Notes to the Consolidated Cash Flow Statement |
| for the Period 31 January 2023 to 26 January 2024 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| At 31.1.23 | Cash flow | At 26.1.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 31,462 | 9,304 | 40,766 |
| Bank overdrafts | - | (49,395 | ) | (49,395 | ) |
| 31,462 | (40,091 | ) | (8,629 | ) |
| Debt |
| Debts falling due within 1 year | (10,648 | ) | - | (10,648 | ) |
| Debts falling due after 1 year | (2,354,608 | ) | (18,640 | ) | (2,373,248 | ) |
| (2,365,256 | ) | (18,640 | ) | (2,383,896 | ) |
| Total | (2,333,794 | ) | (58,731 | ) | (2,392,525 | ) |
| EUROPRIDE HOLDINGS LIMITED (Registered number: 07271607) |
| Notes to the Consolidated Financial Statements |
| for the Period 31 January 2023 to 26 January 2024 |
| 1. | GENERAL INFORMATION |
| Europride Holdings Limited (Company number: 07271607), having its registered office and trading address at 36-38 Mortimer Street, London, W1W 7RG, is a private limited company incorporated in England and Wales. |
| 2. | ACCOUNTING POLICIES |
| 2.1 Basis of preparing the financial statements |
| The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. |
| 2.2 Basis of consolidation |
| The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. |
| The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Income and Retained Earnings from the date on which control is obtained. They are deconsolidated from the date control ceases. |
| The Group financial statements do not include a separate Statement of Income and Retained Earnings for the holding company, as permitted by Section 408 of the Companies Act 2006. |
| 2.3 Turnover |
| Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: |
| Sale of goods |
| Turnover from the sale of goods is recognised when all of the following conditions are satisfied: |
| a )the Group has transferred the significant risks and rewards of ownership to the buyer; |
| b) the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; |
| c) the amount of turnover can be measured reliably; |
| d) it is probable that the Group will receive the consideration due under the transaction; and |
| e) the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
| Rendering of services |
| Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
| a) the amount of turnover can be measured reliably; |
| b) it is probable that the Group will receive the consideration due under the contract; |
| c) the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
| d) the costs incurred and the costs to complete the contract can be measured reliably. |
| EUROPRIDE HOLDINGS LIMITED (Registered number: 07271607) |
| Notes to the Consolidated Financial Statements - continued |
| for the Period 31 January 2023 to 26 January 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 2.4 Foreign currency translation |
| Functional and presentation currency |
| The Company's functional and presentational currency is British Pound Sterling (GBP). |
| Transactions and balances |
| Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. |
| At each period-end foreign currency monetary items are translated using the closing rate. Non- monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
| Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Consolidated Statement of Income and Retained Earnings. |
| 2.5 Operating leases: the Group as lessee |
| Rentals paid under operating leases are charged to the Consolidated Statement of Income and Retained Earnings on a straight-line basis over the lease term. |
| Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. |
| 2.6 Government grants |
| Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Consolidated Statement of Income and Retained Earnings at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. |
| Grants of a revenue nature are recognised in the Consolidated Statement of Income and Retained Earnings in the same period as the related expenditure. |
| 2.7 Finance costs |
| Finance costs are charged to the Consolidated Statement of Income and Retained Earnings over the term of the debt using the effective interest method. |
| 2.8 Borrowing costs |
| All borrowing costs are recognised in the Consolidated Statement of Income and Retained Earnings in the year in which they are incurred. |
| 2.9 Pensions |
| Defined contribution pension plan |
| The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. |
| EUROPRIDE HOLDINGS LIMITED (Registered number: 07271607) |
| Notes to the Consolidated Financial Statements - continued |
| for the Period 31 January 2023 to 26 January 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| The contributions are recognised as an expense in the Consolidated Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds. |
| 2.10 Current and deferred taxation |
| The tax expense for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Income and Retained Earnings. |
| The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date in the countries where the Company and the Group operate and generate income. |
| Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that: |
| a) The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and |
| b) Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. |
| Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date. |
| 2.11 Intangible assets |
| Goodwill |
| Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Income and Retained Earnings over its useful economic life. |
| Other intangible assets |
| Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years |
| 2.12 Tangible fixed assets |
| Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
| Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and the reducing balance method. |
| Depreciation is provided on the following basis: |
| Freehold investment property - not provided - see note 2.13 |
| Long-term leasehold investment - not provided - see note 2.13 |
| property |
| Short-term leasehold investment - 25% straight-line |
| EUROPRIDE HOLDINGS LIMITED (Registered number: 07271607) |
| Notes to the Consolidated Financial Statements - continued |
| for the Period 31 January 2023 to 26 January 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| property |
| Plant and machinery - 25% reducing balance |
| Motor vehicles - 25% straight-line |
| Fixtures and fittings - 15% reducing balance |
| The assets' residual values, 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 Consolidated Statement of Income and Retained Earnings. |
| 2.13 Impairment of fixed assets and goodwill |
| Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased. |
| 2.14 Investment property |
| Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Consolidated Statement of Income and Retained Earnings. |
| 2.15 Valuation of investments |
| Investments in subsidiaries are measured at cost less accumulated impairment. |
| Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. |
| 2.16 Associates |
| An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions. |
| In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Income and Retained Earnings includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Balance Sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any premium paid on acquisition, which is amortised. |
| 2.17 Stocks |
| EUROPRIDE HOLDINGS LIMITED (Registered number: 07271607) |
| Notes to the Consolidated Financial Statements - continued |
| for the Period 31 January 2023 to 26 January 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Stock and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. |
| 2.18 Debtors |
| Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
| 2.19 Cash and cash equivalents |
| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. |
| In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management. |
| 2.20 Creditors |
| Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
| 2.21 Provisions for liabilities |
| Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. |
| Provisions are charged as an expense to the Consolidated Statement of Income and Retained Earnings in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
| When payments are eventually made, they are charged to the provision carried in the Balance Sheet. |
| 2.22 Financial instruments |
| The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. |
| Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Income and Retained Earnings. |
| For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
| EUROPRIDE HOLDINGS LIMITED (Registered number: 07271607) |
| Notes to the Consolidated Financial Statements - continued |
| for the Period 31 January 2023 to 26 January 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the Balance Sheet date. |
| Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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. |
| 2.23 Dividends |
| Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. |
| 3. | EMPLOYEES AND DIRECTORS |
| Period | Period |
| 31.1.23 | 1.2.22 |
| to | to |
| 26.1.24 | 30.1.23 |
| £ | £ |
| Wages and salaries | 2,101,531 | 3,113,601 |
| Social security costs | 236,680 | 379,304 |
| Other pension costs | 50,534 | 49,588 |
| 2,388,745 | 3,542,493 |
| The average number of employees during the period was as follows: |
| Period | Period |
| 31.1.23 | 1.2.22 |
| to | to |
| 26.1.24 | 30.1.23 |
| Directors | 3 | 3 |
| Employees | 54 | 54 |
| Period | Period |
| 31.1.23 | 1.2.22 |
| to | to |
| 26.1.24 | 30.1.23 |
| £ | £ |
| Directors' remuneration | 147,040 | 765,313 |
| EUROPRIDE HOLDINGS LIMITED (Registered number: 07271607) |
| Notes to the Consolidated Financial Statements - continued |
| for the Period 31 January 2023 to 26 January 2024 |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| Period | Period |
| 31.1.23 | 1.2.22 |
| to | to |
| 26.1.24 | 30.1.23 |
| £ | £ |
| Hire of plant and machinery | 2,084 | 4,182 |
| Other operating leases | 13,910 | 16,585 |
| Depreciation - owned assets | 48,969 | 47,878 |
| Profit on disposal of fixed assets | - | (17,533 | ) |
| Auditors' remuneration | 20,120 | 12,900 |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| Period | Period |
| 31.1.23 | 1.2.22 |
| to | to |
| 26.1.24 | 30.1.23 |
| £ | £ |
| Bank loan interest | 167,963 | 93,728 |
| Interest on late payment | 27,922 | 21,782 |
| 195,885 | 115,510 |
| 6. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the period was as follows: |
| Period | Period |
| 31.1.23 | 1.2.22 |
| to | to |
| 26.1.24 | 30.1.23 |
| £ | £ |
| Current tax: |
| UK corporation tax | (17,445 | ) | 81,436 |
| Deferred tax | 170,463 | 60,000 |
| Tax on profit | 153,018 | 141,436 |
| 7. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| EUROPRIDE HOLDINGS LIMITED (Registered number: 07271607) |
| Notes to the Consolidated Financial Statements - continued |
| for the Period 31 January 2023 to 26 January 2024 |
| 8. | DIVIDENDS |
| Period | Period |
| 31.1.23 | 1.2.22 |
| to | to |
| 26.1.24 | 30.1.23 |
| £ | £ |
| Ordinary share shares of £1.00 each |
| Final | 943,598 | 341,165 |
| 9. | TANGIBLE FIXED ASSETS |
| Group |
| Freehold | Long | Plant and |
| property | leasehold | machinery |
| £ | £ | £ |
| COST OR VALUATION |
| At 31 January 2023 | 13,330,359 | 3,751,641 | 204,176 |
| Additions | - | - | - |
| Revaluations | 243,491 | 438,359 | - |
| At 26 January 2024 | 13,573,850 | 4,190,000 | 204,176 |
| DEPRECIATION |
| At 31 January 2023 | - | - | 197,742 |
| Charge for period | - | - | 2,400 |
| At 26 January 2024 | - | - | 200,142 |
| NET BOOK VALUE |
| At 26 January 2024 | 13,573,850 | 4,190,000 | 4,034 |
| At 30 January 2023 | 13,330,359 | 3,751,641 | 6,434 |
| Fixtures |
| and | Motor |
| fittings | vehicles | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 31 January 2023 | 863,883 | 71,535 | 18,221,594 |
| Additions | 5,099 | - | 5,099 |
| Revaluations | - | - | 681,850 |
| At 26 January 2024 | 868,982 | 71,535 | 18,908,543 |
| DEPRECIATION |
| At 31 January 2023 | 652,159 | 34,804 | 884,705 |
| Charge for period | 34,326 | 12,243 | 48,969 |
| At 26 January 2024 | 686,485 | 47,047 | 933,674 |
| NET BOOK VALUE |
| At 26 January 2024 | 182,497 | 24,488 | 17,974,869 |
| At 30 January 2023 | 211,724 | 36,731 | 17,336,889 |
| EUROPRIDE HOLDINGS LIMITED (Registered number: 07271607) |
| Notes to the Consolidated Financial Statements - continued |
| for the Period 31 January 2023 to 26 January 2024 |
| 9. | TANGIBLE FIXED ASSETS - continued |
| Group |
| Cost or valuation at 26 January 2024 is represented by: |
| Freehold | Long | Plant and |
| property | leasehold | machinery |
| £ | £ | £ |
| Valuation in 2023 | 178,359 | 61,641 | - |
| Valuation in 2024 | 243,491 | 438,359 | - |
| Cost | 13,152,000 | 3,690,000 | 204,176 |
| 13,573,850 | 4,190,000 | 204,176 |
| Fixtures |
| and | Motor |
| fittings | vehicles | Totals |
| £ | £ | £ |
| Valuation in 2023 | - | - | 240,000 |
| Valuation in 2024 | - | - | 681,850 |
| Cost | 868,982 | 71,535 | 17,986,693 |
| 868,982 | 71,535 | 18,908,543 |
| Company |
| Motor |
| vehicles |
| £ |
| COST |
| At 31 January 2023 |
| and 26 January 2024 |
| DEPRECIATION |
| At 31 January 2023 |
| Charge for period |
| At 26 January 2024 |
| NET BOOK VALUE |
| At 26 January 2024 |
| At 30 January 2023 |
| EUROPRIDE HOLDINGS LIMITED (Registered number: 07271607) |
| Notes to the Consolidated Financial Statements - continued |
| for the Period 31 January 2023 to 26 January 2024 |
| 10. | FIXED ASSET INVESTMENTS |
| Group |
| Other |
| fixed | Investments |
| asset | in |
| investments | associates | Totals |
| £ | £ | £ |
| COST |
| At 31 January 2023 | 786,425 | 2,361,696 | 3,148,121 |
| Additions | 74,544 | - | 74,544 |
| At 26 January 2024 | 860,969 | 2,361,696 | 3,222,665 |
| PROVISIONS |
| Impairments | 560,969 | 1,261,696 | 1,822,665 |
| At 26 January 2024 | 560,969 | 1,261,696 | 1,822,665 |
| NET BOOK VALUE |
| At 26 January 2024 | 300,000 | 1,100,000 | 1,400,000 |
| At 30 January 2023 | 786,425 | 2,361,696 | 3,148,121 |
| Interest in associate |
| Name |
| Nobody's Child Limited |
| Class of shares: Ordinary |
| Holding: 2023 22.9% (2022: 26.7%) |
| Company |
| Investments |
| in |
| associates |
| £ |
| COST |
| Reclassification/transfer |
| At 26 January 2024 |
| NET BOOK VALUE |
| At 26 January 2024 |
| EUROPRIDE HOLDINGS LIMITED (Registered number: 07271607) |
| Notes to the Consolidated Financial Statements - continued |
| for the Period 31 January 2023 to 26 January 2024 |
| 10. | FIXED ASSET INVESTMENTS - continued |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiaries |
| Europride Limited |
| Registered office: 36-38 Mortimer Street, London, W1W 7RG. |
| Nature of business: Manufacturing of ladies garments |
| % |
| Class of shares: | holding |
| Ordinary | 100.00 |
| 26.1.24 | 30.1.23 |
| £ | £ |
| Aggregate capital and reserves | (2,097,400 | ) | 89,596 |
| Loss for the period | (2,186,996 | ) | (18,608 | ) |
| Europride UK Investments limited |
| Registered office: 36-38 Mortimer Street, London, W1W 7RG |
| Nature of business: Property investment |
| % |
| Class of shares: | holding |
| Ordinary | 100.00 |
| 26.1.24 | 30.1.23 |
| £ | £ |
| Aggregate capital and reserves | 6,357,053 | 5,700,790 |
| Profit for the period | 676,738 | 352,916 |
| Flowercroft Limited |
| Registered office: 36-38 Mortimer Street, London, W1W 7RG. |
| Nature of business: Property investment |
| % |
| Class of shares: | holding |
| Ordinary | 100.00 |
| 26.1.24 | 30.1.23 |
| £ | £ |
| Aggregate capital and reserves | 900,322 | 889,971 |
| Profit for the period | 68,320 | 52,273 |
| Europride Developments Limited |
| Registered office: 36-38 Mortimer Street, London, W1W 7RG. |
| Nature of business: Property development |
| % |
| Class of shares: | holding |
| Ordinary | 100.00 |
| 26.1.24 | 30.1.23 |
| £ | £ |
| Aggregate capital and reserves | (2,737 | ) | (315 | ) |
| Loss for the period | (2,422 | ) | (180 | ) |
| EUROPRIDE HOLDINGS LIMITED (Registered number: 07271607) |
| Notes to the Consolidated Financial Statements - continued |
| for the Period 31 January 2023 to 26 January 2024 |
| 10. | FIXED ASSET INVESTMENTS - continued |
| Sabra House Limited |
| Registered office: 36-38 Mortimer Street, London, W1W 7RG. |
| Nature of business: Property investment |
| % |
| Class of shares: | holding |
| Ordinary | 100.00 |
| 26.1.24 | 30.1.23 |
| £ | £ |
| Aggregate capital and reserves | 5,834,313 | 5,012,382 |
| Profit for the period | 821,931 | 102,808 |
| 11. | STOCKS |
| Group |
| 26.1.24 | 30.1.23 |
| £ | £ |
| Raw materials | 1,064,055 | 2,688,814 |
| Work-in-progress | 69,319 | 93,465 |
| Finished goods | 435,002 | 377,514 |
| 1,568,376 | 3,159,793 |
| 12. | DEBTORS |
| Group | Company |
| 26.1.24 | 30.1.23 | 26.1.24 | 30.1.23 |
| £ | £ | £ | £ |
| Amounts falling due within one year: |
| Trade debtors | 764,127 | 922,683 |
| Amounts owed by group undertakings | - | - |
| Other debtors | 871,272 | 840,877 |
| Directors' current accounts | 32,965 | - | - | - |
| Tax | 18,470 | 10,852 |
| Prepayments and accrued income | 35,580 | 1,355,646 |
| 1,722,414 | 3,130,058 |
| Amounts falling due after more than one year: |
| Other debtors | - | 235,000 |
| Aggregate amounts | 1,722,414 | 3,365,058 |
| EUROPRIDE HOLDINGS LIMITED (Registered number: 07271607) |
| Notes to the Consolidated Financial Statements - continued |
| for the Period 31 January 2023 to 26 January 2024 |
| 13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 26.1.24 | 30.1.23 | 26.1.24 | 30.1.23 |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 15) | 60,043 | 10,648 |
| Trade creditors | 5,668,398 | 7,789,691 |
| Amounts owed to group undertakings | - | - |
| Tax | 92,671 | 500,194 |
| Social security and other taxes | 480,597 | 739,876 |
| Other creditors | 20,966 | 23,050 |
| Directors' current accounts | - | 207,244 | - | - |
| Accruals and deferred income | 138,006 | 855,509 |
| 6,460,681 | 10,126,212 |
| 14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group |
| 26.1.24 | 30.1.23 |
| £ | £ |
| Bank loans (see note 15) | 2,373,248 | 2,354,608 |
| 15. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group |
| 26.1.24 | 30.1.23 |
| £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank overdrafts | 49,395 | - |
| Bank loans | 10,648 | 10,648 |
| 60,043 | 10,648 |
| Amounts falling due between one and two | years: |
| Bank loans - 1-2 years | 9,808 | 9,808 |
| Amounts falling due between two and five | years: |
| Bank loans - 2-5 years | 17,625 | 27,433 |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 2,345,815 | 2,317,367 |
| EUROPRIDE HOLDINGS LIMITED (Registered number: 07271607) |
| Notes to the Consolidated Financial Statements - continued |
| for the Period 31 January 2023 to 26 January 2024 |
| 16. | PROVISIONS FOR LIABILITIES |
| Group |
| 26.1.24 | 30.1.23 |
| £ | £ |
| Deferred tax |
| Deferred tax | 2,814,091 | 2,754,090 |
| Charge to profit and loss | 170,463 | 60,001 |
| 2,984,554 | 2,814,091 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 31 January 2023 | 2,814,091 |
| Provided during period | 170,463 |
| Balance at 26 January 2024 | 2,984,554 |
| 17. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 26.1.24 | 30.1.23 |
| value: | £ | £ |
| Ordinary share | £1.00 | 300 | 300 |
| 18. | RESERVES |
| Group |
| Retained | Revaluation |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 31 January 2023 | 8,635,845 | 3,110,267 | 11,746,112 |
| Profit for the period | 85,128 | 85,128 |
| Dividends | (943,598 | ) | (943,598 | ) |
| At 26 January 2024 | 7,777,375 | 3,110,267 | 10,887,642 |
| 19. | ULTIMATE PARENT COMPANY |
| As at 30 January 2024 and 30 January 2023, there was no ultimate controlling party. |
| EUROPRIDE HOLDINGS LIMITED (Registered number: 07271607) |
| Notes to the Consolidated Financial Statements - continued |
| for the Period 31 January 2023 to 26 January 2024 |
| 20. | POST BALANCE SHEET EVENTS |
| Company Voluntary Arrangement (CVA) – Europride Ltd |
| Subsequent to the reporting date, the Group’s principal manufacturing subsidiary, Europride Ltd, has entered into a Company Voluntary Arrangement (CVA) with its creditors, as part of a formal restructuring process. This action follows a significant reduction in revenue due to the termination of a key supply contract with one of its major customers, prior to the year-end. Revenue for the year ended 29 January 2024 declined from £30,267,225 to £19,707,844. As a result of this downturn, Europride Ltd’s financial position has further deteriorated at post year end. |
| In response, manageemnt has taken proactive steps, including entering into a Company Voluntary Arrangement (CVA) with its creditors, which was approved on 8 April 2025.. |
| The directors consider this a non-adjusting post balance sheet event as the conditions leading to the CVA existed at the reporting date, but the formal process commenced after year-end. |
| Going Concern and Group Financial Support |
| Although there remains significant doubt over Europride Ltd’s ability to continue as a going concern, the Group has reviewed its consolidated financial position, excluding the assets and liabilities of Europride Ltd. The Group continues to hold positive reserves of £8,790,542, and expects to generate net rental income of £236,224 over the next 12 months from its property investments (Flowercroft Ltd and Europride UK Investments Ltd). |
| Additionally, the Group holds unencumbered property assets valued at £7,345,000, providing financial flexibility if further liquidity is required. |
| The directors have concluded that, despite the financial uncertainty surrounding Europride Ltd, there are no material uncertainties regarding the going concern of the Group as a whole, and the Group financial statements have been prepared on a going concern basis. |
| 21. | TRANSFER OF INVESTMENT IN SUBSIDIARY SHARES |
| On 20 September 2024, subsequent to the balance sheet date, Europride Ltd transferred its ownership of 1,201,022 ordinary shares in Nobody's Child Limited to Europride UK Investments Limited for a consideration of £1,100,000. |
| This transaction occurred between entities under common control, as both Europride Ltd and Europride UK Investments Limited are 100% owned subsidiaries of Europride Holdings Ltd. The transfer represents a group restructuring with no impact on the consolidated financial statements of Europride Holdings Ltd. The consideration received has been accounted for in accordance with the group’s accounting policies. |
| Management has assessed this event and determined it to be a non-adjusting post-balance sheet event. Accordingly, no adjustments have been made to the financial statements of Europride Ltd for the year ended 29 January 2024. |
| 22. | TRANSFER OF ARTWORK |
| On 6 September 2024, subsequent to the balance sheet date, Europride Ltd transferred ownership of an artwork asset to Europride UK Investments Limited for a consideration of £300,000. This transfer is part of an internal restructuring within the Europride Group, as both entities are 100% owned subsidiaries of Europride Holdings Ltd. |
| As of 29 January 2024, the artwork was carried in Europride Ltd's financial statements at a net book value of £860,969 (2023: £786,425). The asset had been subject to amortisation in accordance with Europride Ltd’s accounting policies and valuation reports. |
| This has been adjusted for the accounts year ended 29 January 2024. |