Registered number: 11905876
Company information
Contents
Directors' report
Year ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors who served during the year, and up to the date of signing the financial statements were:
H Martin (appointed 6 May 2025)
On 28 August 2025 the parent company, Belstaff International Limited, was acquired by J. Carter Sporting Club Limited (Castore). The acquisition took place after the balance sheet date and therefore the financial statements do not reflect any adjustments in respect of this transaction.
Persuant to section 487 of the Companies Act 2006, the auditor will be deemed to be reappointed and UNW LLP will therefore continue in office.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board on 30 September 2025 and signed on its behalf by:
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Directors' responsibilities statement
Year ended 31 December 2024
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 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 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 then apply them consistently;
∙make judgments 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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Independent auditor's report to the members of Belstaff Property Limited
We have audited the financial statements of Belstaff Property Limited ('the company') for the year ended 31 December 2024, which comprise the statement of comprehensive income, the balance sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
We draw attention to note 3.2 in the financial statements, which indicates that the company made a profit of £nil and had net assets of £1, and discloses uncertainties regarding future financial support from the company's parent undertaking. As stated in note 3.2, the related risks and conditions, along with the other matters as set forth in note 3.2, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
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 responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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Independent auditor's report to the members of Belstaff Property Limited (continued)
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the directors' report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.
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Independent auditor's report to the members of Belstaff Property Limited (continued)
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 an auditor's report 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.
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 auditor's report.
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 auditor's report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
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. However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
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. However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
We obtain and update our understanding of the company, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the company is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
Based on our understanding of the company, we identified that the principal risks of non-compliance with laws and regulations related to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation, pension legislation and UK tax legislation. In addition, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines and litigation. We considered the extent to which non-compliance with laws and regulations might have a material effect on the financial statements and we have assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
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Independent auditor's report to the members of Belstaff Property Limited (continued)
We also evaluated managements’ incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks related to posting inappropriate journal entries to manipulate financial results, management bias in accounting estimates, as well as improper revenue recognition which includes fraudulent posting of journal entries to revenue.
Audit procedures performed by the engagement team included:
• Inquiry of management and those charged with governance regarding actual and potential litigation or claims as well as whether they have knowledge of any actual, suspected or alleged fraud;
• Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
• Identifying journal entries based on risk criteria and testing the identified entries to supporting documentation, in particular journal entries with unusual account combinations; and
• Challenging assumptions and judgments made by management in their significant accounting estimates and evaluating whether there was any evidence of bias by the directors that represented a risk of material misstatement due to fraud.
Audit procedures performed by the engagement team included:
• Inquiry of management and those charged with governance regarding actual and potential litigation or claims as well as whether they have knowledge of any actual, suspected or alleged fraud;
• Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
• Identifying journal entries based on risk criteria and testing the identified entries to supporting documentation, in particular journal entries with unusual account combinations; and
• Challenging assumptions and judgments made by management in their significant accounting estimates and evaluating whether there was any evidence of bias by the directors that represented a risk of material misstatement due to fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 an auditor's report 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 UNW LLP, Statutory Auditor
Chartered Accountants
Newcastle upon Tyne
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Statement of comprehensive income
Year ended 31 December 2024
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Balance sheet
As at 31 December 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 September 2025 .
The notes on pages 9 to 12 form part of these financial statements.
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Notes to the financial statements
Year ended 31 December 2024
Belstaff Property Limited ('the company') is a private company limited by shares, incorporated and domiciled in England and Wales. The address of the registered office is Anchor House, 15-19 Britten Street, London, SW3 3TY.
The financial statements have been prepared in accordance with United Kingdom Accounting Standards, including Section 1A of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable i
the United Kingdom and the Republic of Ireland’ (‘FRS 102’), and the Companies Act 2006.
the United Kingdom and the Republic of Ireland’ (‘FRS 102’), and the Companies Act 2006.
3.Accounting policies
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 periods presented, unless otherwise stated.
The financial statements are prepared on a going concern basis and under the historical cost convention. They are presented in pounds sterling and rounded to the nearest pound.
The following principal accounting policies have been applied:
Due to the nature of the company, it does not generate any cash or profit however it does have ongoing lease commitments. The company has agreements in place with another entity within the group which passes on all rent, outgoing and other contributions the company may be required to pay under the terms of the leases held.
Belstaff International Limited, the immediate parent undertaking of Belstaff Property Limited, has indicated that, for at least 12 months from the date of approval of these financial statements, it will continue to make available all such funds as are needed by the related entity who is responsible for the ongoing liabilities of the company.
The directors note that the parent undertaking’s most recent audited financial statements include an unmodified opinion, accompanied by a material uncertainty related to going concern regarding doubt over the company’s ability to continue as a going concern, due to its funding facility being subject to renewal in the next 12 months. While this introduces a degree of uncertainty, the directors have obtained updated assurances from the parent undertaking regarding their future funding alongside reviewing its current financial position. Based on this review and the support letter received, the directors are satisfied that the parent has both the intention and capacity to continue providing financial support.
Accordingly, the directors consider it appropriate to prepare the financial statements on a going concern basis but acknowledge there is a material uncertainty in this regard.
Belstaff International Limited, the immediate parent undertaking of Belstaff Property Limited, has indicated that, for at least 12 months from the date of approval of these financial statements, it will continue to make available all such funds as are needed by the related entity who is responsible for the ongoing liabilities of the company.
The directors note that the parent undertaking’s most recent audited financial statements include an unmodified opinion, accompanied by a material uncertainty related to going concern regarding doubt over the company’s ability to continue as a going concern, due to its funding facility being subject to renewal in the next 12 months. While this introduces a degree of uncertainty, the directors have obtained updated assurances from the parent undertaking regarding their future funding alongside reviewing its current financial position. Based on this review and the support letter received, the directors are satisfied that the parent has both the intention and capacity to continue providing financial support.
Accordingly, the directors consider it appropriate to prepare the financial statements on a going concern basis but acknowledge there is a material uncertainty in this regard.
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Notes to the financial statements
Year ended 31 December 2024
3.Accounting policies (continued)
In case a free rent period is given to the lessee (usually at the beginning of a lease agreement), a deferred rent accounting is applied and in every month of the lease an average monthly rate to revenue is accounted, irrespective of the actual monthly payment received.
Basic Debt Instruments
The company only enters into financial instruments transactions that result in the recognition of basic debt financial assets and liabilities like trade and other accounts receivable and payable, cash and bank balances, bank loans and loans to or from related parties, including fellow group companies.
All such instruments are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, in which case the transaction is measured at the present value of the future payments or receipts discounted at a market rate of interest. All financial instruments are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period, financial assets are assessed for impairment, and their carrying value reduced if necessary. Any impairment charge is recognised in the profit and loss account.
The company only enters into financial instruments transactions that result in the recognition of basic debt financial assets and liabilities like trade and other accounts receivable and payable, cash and bank balances, bank loans and loans to or from related parties, including fellow group companies.
All such instruments are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, in which case the transaction is measured at the present value of the future payments or receipts discounted at a market rate of interest. All financial instruments are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period, financial assets are assessed for impairment, and their carrying value reduced if necessary. Any impairment charge is recognised in the profit and loss account.
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Notes to the financial statements
Year ended 31 December 2024
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Notes to the financial statements
Year ended 31 December 2024
The immediate parent undertaking is Belstaff International Limited, a company registered at at Anchor House, 15-19 Britten Street, London, SW3 3TY.
The directors regard Thomas and Philip Beahon to be the ultimate controlling party by virtue of their majority shareholding in the ultimate parent J. Carter Sporting Club Limited.
The directors regard Thomas and Philip Beahon to be the ultimate controlling party by virtue of their majority shareholding in the ultimate parent J. Carter Sporting Club Limited.
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