Year Ended
Registration number:
Tilley Endurables Limited
Balance Sheet
31 December 2024
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2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 02992823
Tilley Endurables Limited
Notes to the Financial Statements
Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Tilley Endurables Limited
Notes to the Financial Statements
Year Ended 31 December 2024
Going concern
The financial statements have been prepared on a going concern basis. The directors have concluded that the going concern basis remains appropriate, supported by ongoing shareholder backing, strategic investment in operations, and the UK entity’s stable performance within the group.
Management has thoroughly assessed the company’s financial position and future prospects, taking into account a number of key operational and market factors for a period of at least 12 months from the date of approval of these financial statements.. During 2024, the UK entity completed a strategic relocation to a new facility in the third quarter, aimed at improving efficiency and enabling future growth. Additionally, a system conversion project to align UK operations with those in Canada and the US was completed in April 2024, enhancing integration and operational consistency across the group.
The UK business continued to demonstrate resilience. Ecommerce sales grew by 25% in 2024, driven by increased consumer engagement and targeted product offerings. UK wholesale revenue remained consistent with the prior year, and European wholesale performance remained strong.
The UK entity continues to play a key role within the Tilley Endurables group, accounting for approximately 10% of global net sales. The parent company provides financial, administrative, and strategic support, reinforcing the UK operation’s importance to the group’s overall strategy.
Given the stability of the UK business, the long-term benefits of operational improvements, and the ongoing support of the parent company, management is confident in the company’s ability to continue as a going concern. This assessment is based on information available up to June [date], 2025. Management will continue to monitor the business environment closely and respond proactively to any material developments.
Foreign currency transactions and balances
Transactions in Euros are translated into sterling at the rate prevailing at the beginning of the month in which the transaction takes place, to give materially the same result as if the actual exchange rate were used. Assets in Euros are translated into sterling at the rate of exchange ruling at the balance sheet date. Any exchange differences arising at the balance sheet date are reflected in the profit or loss account.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tilley Endurables Limited
Notes to the Financial Statements
Year Ended 31 December 2024
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Fixtures and fittings |
20% on cost |
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Office equipment |
33% on cost |
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Land and buildings |
Straight line over 7 years |
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Tilley Endurables Limited
Notes to the Financial Statements
Year Ended 31 December 2024
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
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 which they relate.
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
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Tangible assets |
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Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 January 2024 |
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Additions |
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Disposals |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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Eliminated on disposal |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Included within the net book value of land and buildings above is £52,957 (2023 - £21,787) in respect of long leasehold land and buildings.
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Stocks |
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2024 |
2023 |
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Other inventories |
301,202 |
145,368 |
Tilley Endurables Limited
Notes to the Financial Statements
Year Ended 31 December 2024
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Debtors |
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Note |
2024 |
2023 |
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Trade debtors |
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Amounts owed by group undertakings |
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Prepayments |
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Other debtors |
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- |
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Creditors |
Creditors: amounts falling due within one year
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2024 |
2023 |
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Trade creditors |
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Corporation tax |
- |
18,795 |
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Social security and other taxes |
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Outstanding defined contribution pension costs |
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- |
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Other creditors |
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Accrued expenses |
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
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2024 |
2023 |
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Not later than one year |
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Later than one year and not later than five years |
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Later than five years |
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- |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Tilley Endurables Limited
Notes to the Financial Statements
Year Ended 31 December 2024
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Related party transactions |
Summary of transactions with parent
At 31 December 2024, the company was owed £55,221 (2023: £220,002) by Tilley Endurables Inc. Disclosed as amounts due to/from group undertakings in the debtors and creditors notes.
On 22 April 2015 the company entered into a cross corporate guarantee in favour of Filefigure 30 Limited to guarantee on a joint and several basis the liabilities of the ultimate parent company Tilley Endurables, Inc. under a debenture. This was amended on 20 December 2019 to extend the maturity date to 1 May 2022.
On 26 November 2015 the company entered into a further cross corporate guarantee in favour of Bank Montreal to guarantee on a joint and several basis the liabilities of the ultimate parent company Tilley Endurables, Inc. under a debenture. This was most recently updated in December 2019.
On 25 July 2018, Gibraltar Brands Inc. purchased Tilley Endurables, Inc. from Hilco Capital Limited which included a transfer of the debt held to Gibraltar Brands, Inc.
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Parent and ultimate parent undertaking |
The controlling party is
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Audit report |
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Secured Debts |
Bank of Montreal hold charges over the company's bank accounts, leasehold property and assignment of insurance. These were created on 26 November 2015. These were most recently updated on 27 September 2024.