OutdoorGear Group Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 00454174 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2017

FOR

OUTDOORGEAR GROUP LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

11

DIRECTORS:

S M F Bailey

Mrs J C Bailey

Mrs L J F Bailey

Miss N R E Bailey

Miss H A F Bailey

Mrs A R Wheeler

Dr H R B Olde

G D Cox

SECRETARY:

S M F Bailey

REGISTERED OFFICE:

72/74 Palmerston Road

Boscombe

Bournemouth

Dorset

BH1 4JT

REGISTERED NUMBER:

00454174 (England and Wales)

ACCOUNTANTS:

Carter & Coley

3 Durrant Road

Bournemouth

Dorset

BH2 6NE

BANKERS:

National Westminster Bank

The Square

5 Old Christchurch Road

Bournemouth

Dorset

BH1 1DU

FIXED ASSETS

Tangible assets

4

443,100

453,300

Investments

5

35,980

35,980

Investment property

6

661,965

661,965

1,141,045

1,151,245

CURRENT ASSETS

Stocks

7

668,753

722,263

Debtors

8

18,852

16,848

Cash at bank

105,787

-

793,392

739,111

CREDITORS

Amounts falling due within one year

9

1,349,094

1,264,292

NET CURRENT LIABILITIES

(555,702

)

(525,181

)

TOTAL ASSETS LESS CURRENT LIABILITIES

585,343

626,064

CREDITORS

Amounts falling due after more than one year

10

(2,000

)

(2,000

)

PROVISIONS FOR LIABILITIES

12

(31,827

)

(105,068

)

NET ASSETS

551,516

518,996

CAPITAL AND RESERVES

Called up share capital

13

44,172

44,172

Share premium

14

5,500

5,500

Capital redemption reserve

14

9,828

9,828

Retained earnings

14

492,016

459,496

SHAREHOLDERS' FUNDS

551,516

518,996

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 30 October 2017 and were signed on its behalf by:

S M F Bailey - Director

1.	STATUTORY INFORMATION

OutdoorGear Group Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents amounts earned from the sale of stock.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Investment property

Investment properties are shown at their fair value as estimated by the directors. Any movement in

fair value is recognised in arriving at the profit before tax. Deferred tax is provided against this

movement.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable

profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	TANGIBLE FIXED ASSETS

Freehold

property

£

COST OR VALUATION

At 1 February 2016

and 31 January 2017

510,000

DEPRECIATION

At 1 February 2016

56,700

Charge for year

10,200

At 31 January 2017

66,900

NET BOOK VALUE

At 31 January 2017

443,100

At 31 January 2016

453,300

Cost or valuation at 31 January 2017 is represented by:

Freehold

property

£

Valuation in 1995

(337,813

)

Valuation in 2014

200,000

Cost

647,813

510,000

If freehold land and buildings had not been revalued they would have been included at the following

historical cost:

2017

2016

£

£

Cost

647,813

647,813

Aggregate depreciation

57,389

57,389

Value of land in freehold land and buildings

323,906

323,906

Freehold land and buildings were valued on an open market value basis on 15 June 2012 by CB Richard Ellis Limited

.

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 February 2016

and 31 January 2017

46,980

PROVISIONS

At 1 February 2016

and 31 January 2017

11,000

NET BOOK VALUE

At 31 January 2017

35,980

At 31 January 2016

35,980

The company's investments at the Balance Sheet date in the share capital of companies include the

following:

Outdoorgear Midlands Limited

Registered office: 72/74 Palmerston Road, Boscombe, Bournemouth, BH1 4JT

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

2017

2016

£

£

Aggregate capital and reserves

2

2

Outdoorgear Properties Limited

Registered office: 72/74 Palmerston Road, Boscombe, Bournemouth, BH1 4JT

Nature of business: Property investment

%

Class of shares:

holding

Ordinary

61.60

2017

2016

£

£

Aggregate capital and reserves

2,066,846

2,055,389

Profit for the year

11,467

19,493

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 February 2016

and 31 January 2017

661,965

NET BOOK VALUE

At 31 January 2017

661,965

At 31 January 2016

661,965

A property was transferred from freehold property to investment property during the preceding period

as the premises were no longer used for trading within the group. The value used to transfer was

considered to be an open market valuation.

Fair value at 31 January 2017 is represented by:

£

Valuation in 2014

281,255

Cost

380,710

661,965

If investment property had not been revalued it would have been included at the following historical

cost:

2017

2016

£

£

Cost

378,745

378,745

Investment property was valued on an open market basis on 1 November 2013 by Bruton Knowles, Chartered Surveyors

.

7.

STOCKS

2017

2016

£

£

Stocks

668,753

722,263

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Prepayments and accrued income

18,852

16,848

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

-

1,924

Trade creditors

150,203

79,855

Amounts owed to group undertakings

1,006,988

1,007,631

Corporation tax

10,780

-

VAT

61,690

38,941

Other creditors

74,049

124,613

Accruals and deferred income

45,384

11,328

1,349,094

1,264,292

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Preference shares

2,000

2,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Preference shares

2,000

2,000

11.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdraft

-

1,924

A fixed and floating charge over the assets of the company.

12.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Other provisions

31,827

105,068

Provision has been made for onerous lease payments and dilapidation on leases owned by this

company and for which its subsidiary company traded.

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

44,172

Ordinary

£1

44,172

44,172

14.

RESERVES

Capital

Retained

Share

redemption

earnings

premium

reserve

Totals

£

£

£

£

At 1 February 2016

459,496

5,500

9,828

474,824

Profit for the year

32,520

32,520

At 31 January 2017

492,016

5,500

9,828

507,344

Retained earnings include a transfer of £281,255 which, prior to the adoption of FRS 102 Section 1A,

was a revaluation reserve. The balance of £281,255 is unrealised and therefore is non distributable.

15.	RELATED PARTY DISCLOSURES

16.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is S M F Bailey.

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain

other primary statements and the Report of the Directors are not required to be filed with the

Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your

approval the financial statements of OutdoorGear Group Limited for the year ended 31 January 2017 which

comprise the Income Statement, Balance Sheet and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of OutdoorGear Group Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of OutdoorGear Group Limited and state those matters that we have agreed to state to the Board of Directors of OutdoorGear Group Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than OutdoorGear Group Limited Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that OutdoorGear Group Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of OutdoorGear Group Limited. You consider that OutdoorGear Group Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of OutdoorGear Group 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 financial statements.

Carter & Coley

3 Durrant Road

Bournemouth

Dorset

BH2 6NE

30 October 2017