Pura Vida Europe Limited 31/01/2023 iXBRL

Pura Vida Europe Limited 31/01/2023 iXBRL

PURA VIDA EUROPE LIMITED - Company Information

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1 31/01/2023 2023-01-31 false false false false true false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-02-01 Sage Accounts Production 23.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 12690265 2022-02-01 2023-01-31 12690265 2023-01-31 12690265 2022-01-31 12690265 2021-02-01 2022-01-31 12690265 2022-01-31 12690265 2021-01-31 12690265 core:FurnitureFittingsToolsEquipment 2022-02-01 2023-01-31 12690265 bus:RegisteredOffice 2022-02-01 2023-01-31 12690265 bus:LeadAgentIfApplicable 2022-02-01 2023-01-31 12690265 bus:Director1 2022-02-01 2023-01-31 12690265 core:WithinOneYear 2023-01-31 12690265 core:WithinOneYear 2022-01-31 12690265 core:FurnitureFittingsToolsEquipment 2023-01-31 12690265 core:ShareCapital 2023-01-31 12690265 core:ShareCapital 2022-01-31 12690265 core:RetainedEarningsAccumulatedLosses 2023-01-31 12690265 core:RetainedEarningsAccumulatedLosses 2022-01-31 12690265 bus:SmallEntities 2022-02-01 2023-01-31 12690265 bus:Audited 2022-02-01 2023-01-31 12690265 bus:FullAccounts 2022-02-01 2023-01-31 12690265 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 12690265 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31
Company registration number: 12690265
Pura Vida Europe Limited
Filleted financial statements
31 January 2023
PURA VIDA EUROPE LIMITED
DIRECTORS AND OTHER INFORMATION
Directors Peter Caldwell
Company number 12690265
Registered office Unit E1 Hilton Park
East Wittering
Chichester
West Sussex
PO20 8RL
Auditor Westcotts (SW) LLP
Plym House
3 Longbridge Road
Plymouth
PL6 8LT
PURA VIDA EUROPE LIMITED
DIRECTORS RESPONSIBILITIES STATEMENT
YEAR ENDED 31 JANUARY 2023
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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 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; and
- 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 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.
PURA VIDA EUROPE LIMITED
STATEMENT OF FINANCIAL POSITION
31 JANUARY 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 33,684 -
_______ _______
33,684 -
Current assets
Stocks 577,466 416,554
Debtors 6 83,119 61,030
Cash at bank and in hand 114,457 60,058
_______ _______
775,042 537,642
Creditors: amounts falling due
within one year 7 ( 1,097,964) ( 706,154)
_______ _______
Net current liabilities ( 322,922) ( 168,512)
_______ _______
Total assets less current liabilities ( 289,238) ( 168,512)
_______ _______
Net liabilities ( 289,238) ( 168,512)
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 8 ( 289,338) ( 168,612)
_______ _______
Shareholders deficit ( 289,238) ( 168,512)
_______ _______
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 08 February 2024 , and are signed on behalf of the board by:
Peter Caldwell
Director
Company registration number: 12690265
PURA VIDA EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit E1 Hilton Park, East Wittering, Chichester, West Sussex, PO20 8RL.
Principal activity
The principal activity of the company is that of retail of fashion jewellery.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 with original maturities of three months or less and bank overdrafts. 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. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a 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.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 February 2022 - -
Additions 33,684 33,684
_______ _______
At 31 January 2023 33,684 33,684
_______ _______
Depreciation
At 1 February 2022 and 31 January 2023 - -
_______ _______
Carrying amount
At 31 January 2023 33,684 33,684
_______ _______
At 31 January 2022 - -
_______ _______
6. Debtors
2023 2022
£ £
Trade debtors 44,135 41,869
Other debtors 38,984 19,161
_______ _______
83,119 61,030
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 70,841 133,859
Amounts owed to group undertakings and undertakings in which the company has a participating interest 1,022,506 539,499
Accruals and deferred income 4,617 32,796
_______ _______
1,097,964 706,154
_______ _______
8. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
9. Summary audit opinion
The auditor's report for the year is dated 08 February 2024
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 January 2023 and of its profit 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 opinionWe were not appointed as auditor of the company until after 31 January 2022 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 January 2022 or 2021, which are included in the balance sheet at £416,554 and £79,576 respectively, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary.The auditor's report for the year is dated ................The senior statutory auditor was Valerie Doyle.The auditor was Westcotts (SW) LLP, of Plym House, 3 Longbridge Road, Plymouth, Devon, United Kingdom, PL6 8LT.
The senior statutory auditor was Valerie Doyle for and on behalf of Westcotts (SW) LLP
10. Controlling party
The ultimate controlling party is the parent company, Vera Bradley LLC, whose registered office is 12420 Stonebridge Road, Roanoke, Indiana 46783.