IRIS Accounts Production v25.1.3.33 13464697 Board of Directors 1.1.24 31.12.24 31.12.24 13.5.25 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh134646972023-12-31134646972024-12-31134646972024-01-012024-12-31134646972022-12-31134646972023-01-012023-12-31134646972023-12-3113464697ns15:EnglandWales2024-01-012024-12-3113464697ns14:PoundSterling2024-01-012024-12-3113464697ns10:Director12024-01-012024-12-3113464697ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3113464697ns10:SmallEntities2024-01-012024-12-3113464697ns10:Audited2024-01-012024-12-3113464697ns10:SmallCompaniesRegimeForDirectorsReport2024-01-012024-12-3113464697ns10:SmallCompaniesRegimeForAccounts2024-01-012024-12-3113464697ns10:AbridgedAccounts2024-01-012024-12-3113464697ns10:Director22024-01-012024-12-3113464697ns10:Director32024-01-012024-12-3113464697ns10:Director42024-01-012024-12-3113464697ns10:Director62024-01-012024-12-3113464697ns10:CompanySecretary12024-01-012024-12-3113464697ns10:RegisteredOffice2024-01-012024-12-3113464697ns5:CurrentFinancialInstruments2024-12-3113464697ns5:CurrentFinancialInstruments2023-12-3113464697ns5:ShareCapital2024-12-3113464697ns5:ShareCapital2023-12-3113464697ns5:SharePremium2024-12-3113464697ns5:SharePremium2023-12-3113464697ns5:RetainedEarningsAccumulatedLosses2024-12-3113464697ns5:RetainedEarningsAccumulatedLosses2023-12-3113464697ns5:PlantMachinery2024-01-012024-12-3113464697ns5:MotorVehicles2024-01-012024-12-3113464697ns5:ComputerEquipment2024-01-012024-12-3113464697ns5:WithinOneYear2024-12-3113464697ns5:WithinOneYear2023-12-3113464697ns5:BetweenOneFiveYears2024-12-3113464697ns5:BetweenOneFiveYears2023-12-3113464697ns5:MoreThanFiveYears2024-12-3113464697ns5:MoreThanFiveYears2023-12-3113464697ns5:AllPeriods2024-12-3113464697ns5:AllPeriods2023-12-31
REGISTERED NUMBER: 13464697 (England and Wales)















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: W F Ceranski
A R Akbar
P Dowse
A G Sellery
H Gurunlian





SECRETARY: R Q Anderson





REGISTERED OFFICE: Adrenalin House
Farningham Road
Crowborough
East Sussex
TN6 2JD





REGISTERED NUMBER: 13464697 (England and Wales)





AUDITORS: Hilden Park Accountants Limited
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 760,711 1,295,838
Debtors 2,890,525 2,850,182
Cash at bank and in hand 60,246 98,784
3,711,482 4,244,804
CREDITORS
Amounts falling due within one year 674,619 1,214,382
NET CURRENT ASSETS 3,036,863 3,030,422
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,036,863

3,030,422

CAPITAL AND RESERVES
Called up share capital 20 20
Share premium 1,612,253 1,612,253
Retained earnings 1,424,590 1,418,149
3,036,863 3,030,422

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 May 2025 and were signed on its behalf by:





W F Ceranski - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - Straight line over 6 years
Motor vehicles - Straight line over 6 years
Office equipment - Straight line over 3 years

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 4 (2023 - 4 ) .

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 17,772
DEPRECIATION
At 1 January 2024
and 31 December 2024 17,772
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 66,000 65,500
Between one and five years 264,000 264,000
In more than five years 5,500 71,500
335,500 401,000

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.