Duer (Europe) Ltd 15661116 false 2024-04-19 2025-03-31 2025-03-31 The principal activity of the company is that of wholesale of clothing and footwear Digita Accounts Production Advanced 6.30.9574.0 true false true 15661116 2024-04-19 2025-03-31 15661116 2025-03-31 15661116 core:CurrentFinancialInstruments 2025-03-31 15661116 core:CurrentFinancialInstruments core:WithinOneYear 2025-03-31 15661116 bus:SmallEntities 2024-04-19 2025-03-31 15661116 bus:Audited 2024-04-19 2025-03-31 15661116 bus:FilletedAccounts 2024-04-19 2025-03-31 15661116 bus:SmallCompaniesRegimeForAccounts 2024-04-19 2025-03-31 15661116 bus:RegisteredOffice 2024-04-19 2025-03-31 15661116 bus:Director1 2024-04-19 2025-03-31 15661116 bus:PrivateLimitedCompanyLtd 2024-04-19 2025-03-31 15661116 bus:Agent1 2024-04-19 2025-03-31 15661116 1 2024-04-19 2025-03-31 15661116 countries:EnglandWales 2024-04-19 2025-03-31 iso4217:GBP xbrli:pure

Registration number: 15661116

Duer (Europe) Ltd
Filleted Financial Statements
for the Period from 19 April 2024 to 31 March 2025

Duer (Europe) Ltd

Contents

Statement of Financial Position | 1
Notes to the Financial Statements | 2 to 6

Duer (Europe) Ltd

(Registration number: 15661116)
Statement of Financial Position as at 31 March 2025

| Note | 2025 £
Current assets |  |
Stocks | 4 | 218,724
Debtors | 5 | 132,724
Cash at bank and in hand |  | 113,829
|  | 465,277
Creditors: Amounts falling due within one year | 6 | (470,274)
Net liabilities |  | (4,997)
Capital and reserves |  |
Called up share capital |  | 10,000
Profit and loss account |  | (14,997)
Shareholders' deficit |  | (4,997)

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 24 August 2026

Mr Peter Caldwell Director

Duer (Europe) Ltd

Notes to the Financial Statements for the Period from 19 April 2024 to 31 March 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 7
Sonar Portsmouth
Limberline Road
Portsmouth
PO3 5GR
England

Principal activity

The principal activity of the company is that of wholesale of clothing and footwear

2 | 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Duer (Europe) Ltd

Notes to the Financial Statements for the Period from 19 April 2024 to 31 March 2025 (continued)

2 | Accounting policies (continued)

Audit report

The Independent Auditor's Report was qualified. As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444 (5B) of the Companies Act 2006:
The auditors report for the period dated was qualified as follows:
In our opinion, except for the possible effects of the matter described in the basis for the qualified opinion section of our report, the financial statements:
- give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its loss for the year then ended:
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for qualified opinion
We were not appointed as auditor of the company until after 31 March 2025 and thus did not observe the counting of physical inventories at the end of the period. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 March 2025, which are included in the balance sheet at £218,724 by using other audit procedures. Consequently, we were unable to determine whether any adjustment to those amounts or to the associated cost of sales in the year ended 31 March 2025 were necessary.

The name of the Senior Statutory Auditor who signed the audit report on 24 August 2026 was Valerie Doyle, who signed for and on behalf of Westcotts (SW) LLP, of Plym House, 3 Longbridge Road, Plymouth, Devon, United Kingdom, PL6 8LT.

.........................................

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Duer (Europe) Ltd

Notes to the Financial Statements for the Period from 19 April 2024 to 31 March 2025 (continued)

2 | Accounting policies (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Duer (Europe) Ltd

Notes to the Financial Statements for the Period from 19 April 2024 to 31 March 2025 (continued)

3 | Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1.

4 | Stocks

| 2025 £
Stock in transit | 31,014
Inventories | 187,710
| 218,724

5 | Debtors

| 2025 £
Trade debtors | 63,498
Other debtors | 69,226
| 132,724

Duer (Europe) Ltd

Notes to the Financial Statements for the Period from 19 April 2024 to 31 March 2025 (continued)

6 | Creditors

|  | 2025 £
Due within one year |  |
Trade creditors |  | 105,235
Amounts owed to group undertakings and undertakings in which the company has a participating interest |  | 341,925
Accruals and deferred income |  | 20,820
Other creditors |  | 2,294
|  | 470,274

7 | Reserves

Profit and loss account:
This reserve records retained earnings and accumulated losses.

8 | Parent and ultimate parent undertaking

The company at year end was owned 70% by Pimlico Performance Apparel Ltd, incorporated in Canada. The registered office and principle place of business is 118 West Hastings Street, Vancouver, BC, Canada.