O'Neill Apparel UK Limited 01686675 false true 2015-01-26 2016-01-30 2016-01-30 01686675 2015-01-26 2016-01-30 01686675 2016-01-30 01686675 uk-bus:OrdinaryShareClass1 2016-01-30 01686675 uk-bus:Director4 2015-01-26 2016-01-30 01686675 uk-bus:OrdinaryShareClass1 2015-01-26 2016-01-30 01686675 uk-bus:EntityAccountantsOrAuditors 2015-01-26 2016-01-30 01686675 uk-gaap:Buildings 2015-01-26 2016-01-30 01686675 uk-gaap:FixturesFittings 2015-01-26 2016-01-30 01686675 uk-gaap:OfficeEquipment 2015-01-26 2016-01-30 01686675 2015-01-25 01686675 2015-01-25 01686675 uk-bus:OrdinaryShareClass1 2015-01-25 iso4217:GBP xbrli:shares

Registration number: 01686675

O'Neill Apparel UK Limited

Unaudited Abbreviated Accounts

for the Period from 26 January 2015 to 30 January 2016

 

Blue Spire Limited
Chartered Accountants
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

 

O'Neill Apparel UK Limited
Contents

Accountants' Report

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3 to 4

 

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
O'Neill Apparel UK Limited
for the Period Ended 30 January 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of O'Neill Apparel UK Limited for the period ended 30 January 2016 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of O'Neill Apparel UK Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of O'Neill Apparel UK Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than O'Neill Apparel UK Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that O'Neill Apparel UK Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of O'Neill Apparel UK Limited. You consider that O'Neill Apparel UK Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of O'Neill Apparel UK Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

Blue Spire Limited
Chartered Accountants
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

27 October 2016

 

O'Neill Apparel UK Limited
(Registration number: 01686675)
Abbreviated Balance Sheet at 30 January 2016

   

Note

   

30 January 2016
£

   

25 January 2015
£

 

Fixed assets

 

             

Tangible fixed assets

 

   

154,356

   

167,742

 

Current assets

 

             

Stocks

 

   

343,212

   

479,911

 

Debtors

 

   

1,529,338

   

1,484,736

 

Cash at bank and in hand

 

   

216,795

   

176,996

 
   

   

2,089,345

   

2,141,643

 

Creditors: Amounts falling due within one year

 

   

(268,889)

   

(465,743)

 

Net current assets

 

   

1,820,456

   

1,675,900

 

Net assets

 

   

1,974,812

   

1,843,642

 

Capital and reserves

 

             

Called up share capital

 

3

   

10,200

   

10,200

 

Share premium account

 

   

4,800

   

4,800

 

Profit and loss account

 

   

1,959,812

   

1,828,642

 

Shareholders' funds

 

   

1,974,812

   

1,843,642

 

For the year ending 30 January 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

For the period ending 30 January 2016 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 27 October 2016 and signed on its behalf by:

.........................................
S Cobben
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

 

O'Neill Apparel UK Limited
Notes to the Abbreviated Accounts for the Period from 26 January 2015 to 30 January 2016
......... continued

1

Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Going concern

The company is dependent on the continuing financial support of its indirect parent company, Boardco B.V. The Directors have received a letter from Boardco B.V. which confirms its intention to continue to provide finance as required to the company for a period of at least 12 months from the date of approval of these financial statements. Accordingly, the Directors consider that the going concern assumption is appropriate to adopt in the preparation of these financial statements.

Turnover

Turnover represents amounts chargeable, net of trade discounts and provision for returns, and excluding value added tax, in respect of the sale of goods to customers. Revenue is recognised on the date of sale to the customer in store.

Depreciation

Tangible fixed assets are stated at historic purchase cost less accumulated depreciation and any provision for impairment. Cost includes the original purchase price of the asset and the direct costs attributable to bringing the asset to its working condition for its intended use.

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20.0% straight line

Office equipment

20.0% straight line

Leasehold properties

Over the period remaining on the lease

Stock

Stocks are valued on a weighted average basis, at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

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 that result in an obligation to pay more tax in the future, or a right to pay less tax in the future, have occurred at the balance sheet date. A net deferred tax asset is recognised as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits against which to recover carried forward tax losses and from which the future reversal of underlying timing differences can be deducted. Deferred tax is measured at the average tax rates that are expected 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. Deferred tax is measured on an undiscounted basis.




Foreign currency

Profit and loss account transactions in foreign currencies are translated into sterling at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the closing exchange rates ruling at the balance sheet date and the exchange differences are included in the profit and loss account.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight-line basis over the lease term. Premiums payable and rent free periods are released to the profit and loss account over the term up to the rent review period.

 

O'Neill Apparel UK Limited
Notes to the Abbreviated Accounts for the Period from 26 January 2015 to 30 January 2016
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2

Fixed assets

   

Tangible assets
£

   

Total
£

 

Cost

           

At 26 January 2015

 

1,717,254

   

1,717,254

 

Additions

 

73,398

   

73,398

 

At 30 January 2016

 

1,790,652

   

1,790,652

 

Depreciation

           

At 26 January 2015

 

1,549,512

   

1,549,512

 

Charge for the period

 

86,784

   

86,784

 

At 30 January 2016

 

1,636,296

   

1,636,296

 

Net book value

           

At 30 January 2016

 

154,356

   

154,356

 

At 25 January 2015

 

167,742

   

167,742

 

3

Share capital

Allotted, called up and fully paid shares

 

30 January 2016

25 January 2015

   

No.

   

£

   

No.

   

£

 

Ordinary of £1 each

 

10,200

   

10,200

   

10,200

   

10,200

 
                         

4

Control

The company is controlled by O'Neill Europe Holdings B.V. The company is controlled day to day by the directors of O'Neill Europe Holdings B.V. by way of the parent companies controlling interest. The ultimate controlling party is Quod Bonum S.A (Luxembourg).


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