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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2020 |
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PILOT HOUSEWARES (U.K.) LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2020 |
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FOR |
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PILOT HOUSEWARES (U.K.) LIMITED |
PILOT HOUSEWARES (U.K.) LIMITED (REGISTERED NUMBER: 01125023) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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PILOT HOUSEWARES (U.K.) LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Statutory Auditor |
29 Arboretum Street |
Nottingham |
Nottinghamshire |
NG1 4JA |
PILOT HOUSEWARES (U.K.) LIMITED (REGISTERED NUMBER: 01125023) |
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BALANCE SHEET |
31 MARCH 2020 |
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31.3.20 | 31.3.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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PILOT HOUSEWARES (U.K.) LIMITED (REGISTERED NUMBER: 01125023) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
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1. | STATUTORY INFORMATION |
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Pilot Housewares (U.K.) Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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As explained in note 12 to the financial statements the company will cease to trade and therefore the directors do not consider it appropriate to prepare the financial statements on a going concern basis. Accordingly the financial statements have been prepared on a basis other than going concern. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Cost includes all costs incurred in bringing each product to its present location and condition which includes invoice cost plus freight and duty. Stock is valued using a first in first out basis. Net realisable value is based on estimated selling price less any further costs expected to be incurred to disposal. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
PILOT HOUSEWARES (U.K.) LIMITED (REGISTERED NUMBER: 01125023) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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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. |
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Operating leases |
Rentals under operating leases are charged to the profit and loss account on a straight line basis over the lease term. |
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Tangible fixed assets |
Depreciation is provided in order to write off each asset over its estimated useful life at the following rates; |
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Freehold Property - 2% on cost |
Plant and machinery, fixtures and fittings - over the remaining useful life which is the period until cessation of trade on 31.03.2021. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2019 |
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Additions |
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At 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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Impairments |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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Included in land and buildings is freehold land at cost of £525,000 (2019- £525,000) which is not depreciated. |
PILOT HOUSEWARES (U.K.) LIMITED (REGISTERED NUMBER: 01125023) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.20 | 31.3.19 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.20 | 31.3.19 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings |
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Social security and other taxes |
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Accrued expenses |
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7. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.3.20 | 31.3.19 |
£ | £ |
Owed to group undertakings | 1,200,000 | 1,200,000 |
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The loan is secured by a legal charge on the company's freehold property dated 28th February 2012. |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.20 | 31.3.19 |
value: | £ | £ |
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Ordinary shares | £1 | 2,160,247 | 2,160,247 |
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9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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We draw your attention to Note 12 to the financial statements which explains that the company will cease to trade and that the directors therefore do not consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern. Our opinion is not modified in respect of this matter. |
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for and on behalf of
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10. | COMMITMENTS,GUARANTEES AND CONTINGENCIES |
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Total amount of commitments, guarantees and contingencies is £1,803,755 (2019 £2,226,558). |
PILOT HOUSEWARES (U.K.) LIMITED (REGISTERED NUMBER: 01125023) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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11. | RELATED PARTY TRANSACTIONS |
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At the year end, the company owed Herald Houseware Limited a group company £1,962,493 (2019 £2,165,607). Transactions during the year with Herald Houseware Limited included purchases of £4,103,923 (2019 £3,941,031). At the year end Zeon Limited a group company owed the company £nil (2019 £294). Transactions during the year with Zeon Limited included sales of £1,723 (2019 £2,861). |
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In addition to the above, also included in creditors is a loan from Herald Group Limited amounting to £1,200,000 (2018 £1,200,000). Interest on the loan has been waived during the year. The loan is secured by a legal charge on the freehold property dated 28th February 2012. |
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12. | ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY |
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The company is a subsidiary of Herald Group Limited incorporated in the British Virgin Islands, which regards Herald Holdings Limited, a company incorporated in Bermuda, as its ultimate parent company. The accounts for Herald Holdings Limited are publicly available as group accounts can be obtained from Clarendon House, Church Street, Hamilton, HM 11, Bermuda. |
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13. | FUTURE TRADING |
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A decision was made before 31st March 2020 by the parent company Herald Group Limited that the UK subsidiary would cease to trade on 31st March 2021. The parent company has agreed to settle all liabilities of the subsidiary. The accounts have therefore not been prepared on a going concern basis and a provision has been made and included in administration expenses for redundancy costs of £393,840 including employers national insurance. |