| REGISTERED NUMBER: |
| KORE OUTDOOR EUROPE LIMITED |
| Financial Statements |
| For The Year Ended 31 December 2024 |
| REGISTERED NUMBER: |
| KORE OUTDOOR EUROPE LIMITED |
| Financial Statements |
| For The Year Ended 31 December 2024 |
| KORE OUTDOOR EUROPE LIMITED (REGISTERED NUMBER: 13464697) |
| Contents of the Financial Statements |
| For The Year Ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Abridged Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| KORE OUTDOOR EUROPE LIMITED |
| Company Information |
| For The Year Ended 31 December 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| & Statutory Auditors |
| Hilden Park House |
| 79 Tonbridge Road |
| Hildenborough |
| Tonbridge |
| Kent |
| TN11 9BH |
| KORE OUTDOOR EUROPE LIMITED (REGISTERED NUMBER: 13464697) |
| Abridged Balance Sheet |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| CURRENT ASSETS |
| Stocks |
| Debtors |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Retained earnings |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| KORE OUTDOOR EUROPE LIMITED (REGISTERED NUMBER: 13464697) |
| Notes to the Financial Statements |
| For The Year Ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Kore Outdoor Europe Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are presented in pounds sterling and rounded to the nearest pound. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Plant and machinery | - |
| Motor vehicles | - |
| Office equipment | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| KORE OUTDOOR EUROPE LIMITED (REGISTERED NUMBER: 13464697) |
| Notes to the Financial Statements - continued |
| For The Year Ended 31 December 2024 |
| 4. | TANGIBLE FIXED ASSETS |
| Totals |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| and 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 5. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| The operating lease relates to the warehouse and offices located in Crowborough. |
| KORE OUTDOOR EUROPE LIMITED (REGISTERED NUMBER: 13464697) |
| Notes to the Financial Statements - continued |
| For The Year Ended 31 December 2024 |
| 6. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was qualified on the following basis: |
| In the prior year the stock provision had decreased by a highly material amount compared to the figure for 2022 and as such additional work was carried out to ensure that stock was fairly stated. However, when further work was undertaken we were unable to obtain sufficient appropriate evidence to form a conclusion. |
| In addition, in relation to the goods in transit balance we were unable to obtained sufficient appropriate evidence to confirm this balance was materially stated in the prior year. |
| Furthermore, in the prior year we identified that accruals as at 31 December 2023 were understated by £31,750 along with administrative expenses for the same amount. In addition, turnover was overstated by £37,209, along with trade debtors being overstated by £10,151 and creditors understated by £27,058. Finally, in relation to the corporation tax liability, this was understated by £28,646. The aggregate impact on the profit and loss account of the above misstatements is a material reduction to the profit for the year of £97,605. Our audit opinion on the financial statements for the period ended 31 December 2023 was modified accordingly. |
| Consequently, for the two above issues relating to the stock provision and goods in transit we were unable to determine whether any adjustment to these amounts at 31 December 2023 were necessary or whether there was any consequential effect on the cost of sales for the year ended 31 December 2024. |
| Regarding the stock provision and accruals balances at the year ended 31 December 2024 we did not identify any issues from our audit work completed as sufficient appropriate evidence was obtained. Therefore, we are satisfied that the stock provision is fairly stated, and all required accruals have been included in the financial statements. |
| Our opinion on the current period's financial statements is also modified because of the possible effect of the matters above on the comparability of the current period's figures and the corresponding figures. |
| 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' 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 qualified opinion. |
| Matters required to report by exception |
| Arising solely from the limitation on the scope of our work relating to the opening balances for goods in transit and stock provision, referred to above: |
| - we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and |
| - we were unable to determine whether adequate accounting records have been kept. |
| 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: |
| - returns adequate for our audit have not been received from branches not visited by us; or |
| - the financial statements are not in agreement with the accounting records and returns; or |
| - certain disclosures of directors' remuneration specified by law are not made; or |
| - the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
| Paul Chewter FCA (Senior Statutory Auditor) |
| for and on behalf of Hilden Park Accountants Limited |
| KORE OUTDOOR EUROPE LIMITED (REGISTERED NUMBER: 13464697) |
| Notes to the Financial Statements - continued |
| For The Year Ended 31 December 2024 |
| 7. | ULTIMATE CONTROLLING PARTY |
| The ultimate parent company is Kore Outdoor Ltd, a company incorporated in Canada. |
| Kore Outdoor Ltd prepares group consolidated financial statements and copies can be obtained from that at 6000 Kieran, Ville St Laurent, QC H4S 2B5, Canada. |