BrightAccountsProduction v1.0.0 v1.0.0 2024-01-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company is that of the sale of fishing gear. 10 March 2025 9 9 NI049173 2024-12-31 NI049173 2023-12-31 NI049173 2022-12-31 NI049173 2024-01-01 2024-12-31 NI049173 2023-01-01 2023-12-31 NI049173 uk-bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 NI049173 uk-curr:PoundSterling 2024-01-01 2024-12-31 NI049173 uk-bus:FullAccounts 2024-01-01 2024-12-31 NI049173 uk-bus:Director1 2024-01-01 2024-12-31 NI049173 uk-bus:Director2 2024-01-01 2024-12-31 NI049173 uk-bus:RegisteredOffice 2024-01-01 2024-12-31 NI049173 uk-bus:Agent1 2024-01-01 2024-12-31 NI049173 uk-core:ShareCapital 2024-12-31 NI049173 uk-core:ShareCapital 2023-12-31 NI049173 uk-core:RevaluationReserve 2024-12-31 NI049173 uk-core:RevaluationReserve 2023-12-31 NI049173 uk-core:RetainedEarningsAccumulatedLosses 2024-12-31 NI049173 uk-core:RetainedEarningsAccumulatedLosses 2023-12-31 NI049173 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-12-31 NI049173 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-12-31 NI049173 uk-bus:FRS102 2024-01-01 2024-12-31 NI049173 uk-core:Buildings 2024-01-01 2024-12-31 NI049173 uk-core:PlantMachinery 2024-01-01 2024-12-31 NI049173 uk-core:FurnitureFittingsToolsEquipment 2024-01-01 2024-12-31 NI049173 uk-core:OtherPropertyPlantEquipment 2024-01-01 2024-12-31 NI049173 uk-core:CurrentFinancialInstruments 2024-12-31 NI049173 uk-core:CurrentFinancialInstruments 2023-12-31 NI049173 uk-core:CurrentFinancialInstruments 2024-12-31 NI049173 uk-core:CurrentFinancialInstruments 2023-12-31 NI049173 uk-core:WithinOneYear 2024-12-31 NI049173 uk-core:WithinOneYear 2023-12-31 NI049173 uk-core:WithinOneYear 2024-12-31 NI049173 uk-core:WithinOneYear 2023-12-31 NI049173 uk-core:WithinOneYear 2024-12-31 NI049173 uk-core:WithinOneYear 2023-12-31 NI049173 uk-core:AfterOneYear 2024-12-31 NI049173 uk-core:AfterOneYear 2023-12-31 NI049173 uk-core:AfterOneYear 2024-12-31 NI049173 uk-core:AfterOneYear 2023-12-31 NI049173 uk-core:BetweenOneTwoYears 2024-12-31 NI049173 uk-core:BetweenOneTwoYears 2023-12-31 NI049173 uk-core:BetweenTwoFiveYears 2024-12-31 NI049173 uk-core:BetweenTwoFiveYears 2023-12-31 NI049173 uk-core:BetweenOneFiveYears 2024-12-31 NI049173 uk-core:BetweenOneFiveYears 2023-12-31 NI049173 uk-core:EmployeeBenefits 2023-12-31 NI049173 uk-core:EmployeeBenefits 2024-01-01 2024-12-31 NI049173 uk-core:AcceleratedTaxDepreciationDeferredTax 2024-12-31 NI049173 uk-core:TaxLossesCarry-forwardsDeferredTax 2024-12-31 NI049173 uk-core:OtherDeferredTax 2024-12-31 NI049173 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2024-12-31 NI049173 uk-core:EmployeeBenefits 2024-12-31 NI049173 uk-core:ParentEntities 2024-01-01 2024-12-31 NI049173 2024-01-01 2024-12-31 NI049173 uk-bus:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
Company Registration Number: NI049173
 
 
Dennett Outdoor Ltd
 
Directors' Report and Unaudited Financial Statements
 
for the financial year ended 31 December 2024
Dennett Outdoor Ltd
DIRECTORS AND OTHER INFORMATION

 
Directors Mark Gamble
Aaron Gamble
 
 
Company Registration Number NI049173
 
 
Registered Office Unit 1, 23 Art Road
Artigarvan
Co Tyrone
BT82 0HA
Northern Ireland
 
 
Business Address Unit 1
23-25 Art Road
Artigarvan
Co Tyrone
BT82 0HA
Northern Ireland
 
 
Accountants Abac
Chartered Accountants
Abbey House
12 Abbey Street
Omagh
Co Tyrone
BT78 1BZ
Northern Ireland
 
 
Bankers Danske Bank
  66 Main Street
  Strabane
  Co Tyrone
  BT82 8AX



Dennett Outdoor Ltd
DIRECTORS' REPORT
for the financial year ended 31 December 2024

 
The directors present their report and the unaudited financial statements for the financial year ended 31 December 2024.
     
Directors
The directors who served during the financial year are as follows:
     
Mark Gamble
Aaron Gamble
   
There were changes in shareholdings between 31 December 2024 and the date of signing the financial statements.
     
Statement of Directors' Responsibilities
     
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
     
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A (Small Entities). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:
select suitable accounting policies and apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
     
Special provisions relating to small companies
The above report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
     
     
On behalf of the board
     
     
___________________________ ___________________________
Mark Gamble Aaron Gamble
Director Director
     
10 March 2025 10 March 2025



Dennett Outdoor Ltd
PROFIT AND LOSS ACCOUNT
for the financial year ended 31 December 2024
2024 2023
Notes £ £

Turnover 2,301,944 2,071,184
 
Cost of sales (1,628,293) (1,454,046)
───────── ─────────
Gross profit 673,651 617,138
 
Administrative expenses (395,131) (377,264)
───────── ─────────
Operating profit 278,520 239,874
 
Interest receivable and similar income 601 3,721
Interest payable and similar expenses (78,861) (52,826)
───────── ─────────
Profit before taxation 200,260 190,769
 
Tax on profit (50,064) (28,153)
───────── ─────────
Profit for the financial year 150,196 162,616
───────── ─────────
Total comprehensive income 150,196 162,616
         
Equity dividends   (295,000)   (118,000)
Retained profit brought forward   544,139   499,523
    ─────────   ─────────
Retained profit carried forward   399,335   544,139
    ═════════   ═════════



Dennett Outdoor Ltd
Company Registration Number: NI049173
BALANCE SHEET
as at 31 December 2024

2024 2023
Notes £ £
 
Fixed Assets
Intangible assets 4 90,909 90,709
Tangible assets 5 87,238 100,553
───────── ─────────
Fixed Assets 178,147 191,262
───────── ─────────
 
Current Assets
Stocks 6 669,726 763,439
Debtors 7 458,827 552,826
Cash and cash equivalents 156,036 124,816
───────── ─────────
1,284,589 1,441,081
───────── ─────────
Creditors: amounts falling due within one year 8 (923,854) (878,926)
───────── ─────────
Net Current Assets 360,735 562,155
───────── ─────────
Total Assets less Current Liabilities 538,882 753,417
 
Creditors:
amounts falling due after more than one year 9 (37,686) (113,775)
 
Provisions for liabilities 11 (21,819) (15,461)
───────── ─────────
Net Assets 479,377 624,181
═════════ ═════════
 
Capital and Reserves
Called up share capital 103 103
Revaluation reserve 79,939 79,939
Retained earnings 399,335 544,139
───────── ─────────
Equity attributable to owners of the company 479,377 624,181
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
           
Approved by the Board and authorised for issue on 10 March 2025 and signed on its behalf by
           
           
________________________________     ________________________________
Mark Gamble     Aaron Gamble
Director     Director
           



Dennett Outdoor Ltd
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 December 2024

   
1. General Information
 
Dennett Outdoor Ltd is a company limited by shares incorporated in Northern Ireland. Unit 1, 23 Art Road, Artigarvan, Co Tyrone, BT82 0HA, Northern Ireland is the registered office, which is also the principal place of business of the company. . The principal activity of the company is that of the sale of fishing gear. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 December 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Intangible assets
 
Trademarks
Trademarks are valued at cost less accumulated amortisation.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Short leasehold property - 33% Straight line
  Plant and machinery - 15% Reducing Balance
  Fixtures, fittings and equipment - 15% Reducing Balance
  Show Equipment - 10% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Leasing and hire purchases
Tangible assets held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Balance Sheet at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Profit and Loss Account.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was 9, (2023 - 9).
 
  2024 2023
  Number Number
 
Average No of Employees 9 9
  ═════════ ═════════
       
4. Intangible assets
  Trademarks  
    Total
  £ £
Cost
At 1 January 2024 90,709 90,709
Additions 200 200
  ───────── ─────────
At 31 December 2024 90,909 90,909
  ───────── ─────────
Net book value
At 31 December 2024 90,909 90,909
  ═════════ ═════════
At 31 December 2023 90,709 90,709
  ═════════ ═════════
             
5. Tangible assets
  Short Plant and Fixtures, Show Equipment Total
  leasehold machinery fittings and    
  property   equipment    
  £ £ £ £ £
Cost
At 1 January 2024 14,052 102,384 90,979 38,526 245,941
Additions - - 3,661 - 3,661
Disposals - (13,850) (15,266) - (29,116)
  ───────── ───────── ───────── ───────── ─────────
At 31 December 2024 14,052 88,534 79,374 38,526 220,486
  ───────── ───────── ───────── ───────── ─────────
Depreciation
At 1 January 2024 14,052 44,063 67,924 19,349 145,388
Charge for the financial year - 9,777 5,281 1,918 16,976
On disposals - (13,850) (15,266) - (29,116)
  ───────── ───────── ───────── ───────── ─────────
At 31 December 2024 14,052 39,990 57,939 21,267 133,248
  ───────── ───────── ───────── ───────── ─────────
Net book value
At 31 December 2024 - 48,544 21,435 17,259 87,238
  ═════════ ═════════ ═════════ ═════════ ═════════
At 31 December 2023 - 58,321 23,055 19,177 100,553
  ═════════ ═════════ ═════════ ═════════ ═════════
       
6. Stocks 2024 2023
  £ £
 
Finished goods and goods for resale 669,726 763,439
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
7. Debtors 2024 2023
  £ £
 
Trade debtors 192,201 223,781
Amounts owed by group undertakings 173,466 293,576
Other debtors 13,342 -
Prepayments and accrued income 79,818 35,469
  ───────── ─────────
  458,827 552,826
  ═════════ ═════════
       
8. Creditors 2024 2023
Amounts falling due within one year £ £
 
Bank overdrafts 672,208 575,306
Loans 84,314 168,765
Net obligations under finance leases
and hire purchase contracts 9,414 17,068
Trade creditors 81,478 70,722
Taxation  (Note 10) 72,399 37,192
Other creditors 187 78
Accruals:
Pension accrual 854 3,829
Other accruals 3,000 5,966
  ───────── ─────────
  923,854 878,926
  ═════════ ═════════
       
9. Creditors 2024 2023
Amounts falling due after more than one year £ £
 
Loans 5,346 74,580
Finance leases and hire purchase contracts 32,340 39,195
  ───────── ─────────
  37,686 113,775
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 8) 756,522 744,071
Repayable between one and two years 5,346 57,175
Repayable between two and five years - 17,405
  ───────── ─────────
  761,868 818,651
  ═════════ ═════════
 
 
Net obligations under finance leases
and hire purchase contracts
Repayable within one year 9,414 17,068
Repayable between one and five years 32,340 39,195
  ───────── ─────────
  41,754 56,263
  ═════════ ═════════
 
Danske Bank has a fixed charge dated 29 February 2012 over all monies and liabilities now or at any time hereafter due owing or incurred to the Bank by the Company in any way whatsoever.

Danske Bank has a fixed and floating charge dated 08 August 2022 for the undertaking of the Company and all its property.
       
10. Taxation 2024 2023
  £ £
 
Creditors:
VAT 25,924 8,613
Corporation tax 43,706 26,290
PAYE / NI 2,769 2,289
  ───────── ─────────
  72,399 37,192
  ═════════ ═════════
         
11. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2024 2023
  £ £ £
 
At financial year start 15,461 15,461 13,565
Charged to profit and loss 6,358 6,358 1,896
  ───────── ───────── ─────────
At financial year end 21,819 21,819 15,461
  ═════════ ═════════ ═════════
       
12. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 December 2024.
           
13. Related party transactions
The company has availed of the exemption under FRS 102 Section 1A in relation to the disclosure of transactions with group undertakings.
   
14. Parent company
 
The company regards MAG NI Holdings Ltd as its parent company.
 
   
15. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.