|
Registered number: 03637520
BALLET MAKERS EUROPE LIMITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE 52-WEEK PERIOD ENDED 27 DECEMBER 2025
|
|
|
|
|
BALLET MAKERS EUROPE LIMITED
|
COMPANY INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2nd Floor, 95 Whiffler Road
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chartered Accountants & Statutory Auditor
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALLET MAKERS EUROPE LIMITED
|
CONTENTS
|
|
|
|
|
|
Statement of Financial Position
|
|
Notes to the Financial Statements
|
|
|
|
|
|
|
BALLET MAKERS EUROPE LIMITED
|
DIRECTORS' REPORT
FOR THE 52-WEEK PERIOD ENDED 27 DECEMBER 2025
The directors present their report and the financial statements for the 52-week period ended 27 December 2025 (prior period - 52 weeks to 28 December 2024).
The principal activity of the Company during the period was the distribution of shoes, bodywear and associated products connected to the dance industry.
On 17 April 2025, a significant change of control occurred where Ballet Makers, Inc. was acquired as part of a private equity transaction. The transaction was structured as a securities purchase. Kingsland Pointe Acquisition, LLC now owns 100% of the shares of Ballet Makers, Inc. (BMI Target LLC).
The directors who served during the 52-week period were:
R Korey (appointed 9 September 2025)
|
P M Briggs (resigned 11 September 2025)
|
H Krawitz (resigned 1 January 2025)
|
M J Terlizzi (resigned 9 May 2025)
|
Qualifying third party indemnity provisions
|
Qualifying third party indemnity provision was in place for the benefit of all directors of the Company.
The directors have made an assessment in preparing these financial statements as to whether the Company remains a going concern.
The Company has prepared forecasts for a period of 12 months from the date of approval of the balance sheet (‘the going concern review period’). These forecasts indicate that the Company will continue trading at a break-even position for at least the going concern review period. Current trading and order visibility give the directors confidence that gross margins and operating cash flows will continue to improve throughout the going-concern period however continued financial support from the parent company Ballet Makers, Inc (Ballet Makers Target LLC (‘BMI’)) will be required.
The parent entity, BMI, has provided a written confirmation of its intention to make financial resources available to assist in meeting its liabilities as and when they fall due for at least the going concern review period and not to request repayment of existing inter-company balances during the going concern review period. In assessing the ability of BMI to provide the required support, a key part of the assessment is a $15m RCF which BMI have in place, either to provide short term funding whilst they integrate the acquisition or as a contingency should trading performance not meet expectations.
After reviewing the projected cash flows, available facilities, and the committed support of the ultimate parent company, the directors believe the Company will have sufficient funds to meet its liabilities as they fall due for at least 12 months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on a going-concern basis. No material uncertainties have been identified that cast significant doubt on the Company’s ability to continue as a going concern.
|
|
|
|
|
BALLET MAKERS EUROPE LIMITED
|
DIRECTORS' REPORT (CONTINUED)
FOR THE 52-WEEK PERIOD ENDED 27 DECEMBER 2025
Disclosure of information to auditor
|
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
∙This information is given and should be interpreted in accordance with the provisions of s418 of the Companies Act.
The auditor, S&W Audit (a trading name of S&W Partners Audit Limited), will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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 and signed on its behalf.
|
|
|
|
|
BALLET MAKERS EUROPE LIMITED
REGISTERED NUMBER:03637520
|
STATEMENT OF FINANCIAL POSITION
AS AT 27 DECEMBER 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital redemption reserve
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALLET MAKERS EUROPE LIMITED
REGISTERED NUMBER:03637520
|
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 27 DECEMBER 2025
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 5 to 15 form part of these financial statements.
|
|
|
|
|
BALLET MAKERS EUROPE LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52-WEEK PERIOD ENDED 27 DECEMBER 2025
Ballet Makers Europe Limited is a private company, limited by shares, domiciled and incorporated in England and Wales (registered number: 03637520). The registered office address is 2nd Floor, 95 Whiffler Road, Norwich, NR3 2AW.
2.Accounting policies
|
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
|
|
|
Exemption from preparing consolidated financial statements
|
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.
The directors have made an assessment in preparing these financial statements as to whether the Company remains a going concern.
The Company has prepared forecasts for a period of 12 months from the date of approval of the balance sheet (‘the going concern review period’). These forecasts indicate that the Company will continue trading at a break-even position for at least the going concern review period. Current trading and order visibility give the directors confidence that gross margins and operating cash flows will continue to improve throughout the going-concern period however continued financial support from the parent company Ballet Makers, Inc (Ballet Makers Target LLC (‘BMI’)) will be required.
The parent entity, BMI, has provided a written confirmation of its intention to make financial resources available to assist in meeting its liabilities as and when they fall due for at least the going concern review period and not to request repayment of existing inter-company balances during the going concern review period. In assessing the ability of BMI to provide the required support, a key part of the assessment is a $15m RCF which BMI have in place, either to provide short term funding whilst they integrate the acquisition or as a contingency should trading performance not meet expectations.
After reviewing the projected cash flows, available facilities, and the committed support of the ultimate parent company, the directors believe the Company will have sufficient funds to meet its liabilities as they fall due for at least 12 months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on a going-concern basis. No material uncertainties have been identified that cast significant doubt on the Company’s ability to continue as a going concern.
|
|
|
|
|
BALLET MAKERS EUROPE LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52-WEEK PERIOD ENDED 27 DECEMBER 2025
2.Accounting policies (continued)
|
|
|
Foreign currency translation
|
Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
|
|
|
Operating leases: the Company as lessee
|
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Interest income is recognised in profit or loss using the effective interest method.
|
|
|
|
|
BALLET MAKERS EUROPE LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52-WEEK PERIOD ENDED 27 DECEMBER 2025
2.Accounting policies (continued)
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the 52-week period in which they are incurred.
Defined contribution pension plan
The Company operates a defined contribution pension scheme. The amount charged to profit or loss is the contributions payable in the period. Differences between contributions payable in the period and contributions actually paid are shown as either accruals or prepayments.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income 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 income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
|
|
|
|
|
BALLET MAKERS EUROPE LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52-WEEK PERIOD ENDED 27 DECEMBER 2025
2.Accounting policies (continued)
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
|
|
|
|
|
|
|
Between 10% and 20% per annum
|
|
|
|
|
|
|
|
Between 20% and 50% per annum
|
|
|
|
|
|
|
|
Between 20% and 50% per annum
|
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is 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.
|
|
|
|
|
BALLET MAKERS EUROPE LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52-WEEK PERIOD ENDED 27 DECEMBER 2025
2.Accounting policies (continued)
Financial assets and financial liabilities are recognised in the Balance Sheet when the Company
becomes a party to the contractual provisions of the instrument.
Trade and other debtors and creditors are classified as basic financial instruments and measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Company will not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Company's cash management.
Derivative financial instruments are classified as other financial instruments. They are measured
at fair value on initial recognition and at the end of each reporting period, with changes in fair value recognised in profit or loss.
Financial liabilities and equity instruments issued by the Company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue
costs.
Interest bearing bank loans, overdrafts and other loans which meet the criteria to be classified as basic financial instruments are initially recorded at the present value of cash payable to the bank, which is ordinarily equal to the proceeds received net of direct issue costs. These liabilities are subsequently measured at amortised cost, using the effective interest rate method.
|
|
The average monthly number of employees, including directors, during the 52-week period was 30 (2024 as restated - 28).
|
|
|
|
|
|
BALLET MAKERS EUROPE LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52-WEEK PERIOD ENDED 27 DECEMBER 2025
|
|
|
|
|
BALLET MAKERS EUROPE LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52-WEEK PERIOD ENDED 27 DECEMBER 2025
|
|
|
|
|
BALLET MAKERS EUROPE LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52-WEEK PERIOD ENDED 27 DECEMBER 2025
|
|
Investments in subsidiary companies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following was a subsidiary undertaking of the Company:
|
|
|
|
|
|
|
|
|
Ballet Makers Netherlands
|
Zuidplein 126, 1077 xv, Amsterdam, Netherlands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed by group undertakings
|
|
|
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed by group undertakings are interest free, and repayable on demand.
|
|
|
|
|
|
BALLET MAKERS EUROPE LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52-WEEK PERIOD ENDED 27 DECEMBER 2025
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings are interest free, and repayable on demand.
|
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
|
|
200,000 (2024 -200,000) Ordinary shares of £1.00 each
|
|
|
|
|
There is a single class of ordinary shares. There are no restrictions on the distribution of dividends
and the repayment of capital.
|
Capital redemption reserve
The capital redemption reserve of £50,000 (2024 - £50,000) represents the nominal value of the shares which were cancelled and redeemed out of distributable profits.
Profit and loss account
This reserve relates to cumulative profits and losses, less amounts distributed to shareholders.
|
|
|
|
|
BALLET MAKERS EUROPE LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52-WEEK PERIOD ENDED 27 DECEMBER 2025
|
|
Commitments under operating leases
|
|
|
At 27 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Later than 1 year and not later than 5 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Later than 1 year and not later than 5 years
|
|
|
|
|
|
|
|
|
|
Related party transactions
|
|
|
During the period Ballet Makers Europe Limited purchased goods from Ballet Makers (Thailand) Ltd, a 75% owned subsidiary of Ballet Makers Inc, for the value of £75,123 (2024 - £101,181). A recharge of costs to Ballet Makers Europe Limited from Ballet Makers (Thailand) Ltd of £165 (2024 - £Nil) was made during the period. At the period-end £167 (2024 - £101,181) was due to Ballet Makers (Thailand) Ltd.
The Company has taken advantage of the exemption conferred by FRS 102 and has not disclosed related party transactions with wholly owned group undertakings during the period.
|
|
|
|
|
|
BALLET MAKERS EUROPE LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52-WEEK PERIOD ENDED 27 DECEMBER 2025
The immediate parent company is Ballet Makers, Inc (Ballet Makers Target LLC) incorporated in the USA.
The largest and smallest group of undertakings for which group accounts for the period ending 27 December 2025 have been drawn up is that headed by Ballet Makers, Inc (Ballet Makers Target LLC) The address of the parent's registered office and principal place of business is: One Campus Road, Totowa, NJ 07512, USA.
On 17 April 2025, a significant change of control occurred where Ballet Makers, Inc. was acquired as part of a private equity transaction. The transaction was structured as a securities purchase. Kingsland Pointe Acquisition, LLC now owns 100% of the shares of Ballet Makers, Inc. (BMI Target LLC). From this date, Kingsland Pointe Holdings LLC is considered the new ultimate parent company.
The auditor's report on the financial statements for the 52-week period ended 27 December 2025 was unqualified.
The audit report was signed on 27 April 2026 by Victoria Kiddy (Senior Statutory Auditor) on behalf of S&W Audit.
|