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REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2019 |
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PILOT HOUSEWARES (U.K.) LIMITED |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2019 |
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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 2019 |
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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 2019 |
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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 2019 |
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31.3.19 | 31.3.18 |
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)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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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 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 2019 |
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1. | STATUTORY INFORMATION |
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Pilot Housewares (U.K.) Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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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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The financial statements have been drawn up on a going concern basis given that the group to which this |
company belongs has confirmed that it will continue to provide sufficient funding both directly and indirectly for |
the foreseeable future and for at least 12 months from the date of approval, in order for liabilities to be met as |
they fall due. |
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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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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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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 Income Statement, 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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PILOT HOUSEWARES (U.K.) LIMITED (REGISTERED NUMBER: 01125023) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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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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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 2018 |
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Additions |
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Disposals |
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At 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
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Charge for year |
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Eliminated on disposal |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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Included in land and buildings is freehold land at cost of £525,000 (2018- £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 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.19 | 31.3.18 |
£ | £ |
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 |
31.3.19 | 31.3.18 |
£ | £ |
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. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.3.19 | 31.3.18 |
£ | £ |
Amounts owed to group undertakings |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.3.19 | 31.3.18 |
£ | £ |
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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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.19 | 31.3.18 |
value: | £ | £ |
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Ordinary shares | £1 | 2,160,247 | 2,160,247 |
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10. | 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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for and on behalf of
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11. | COMMITMENTS,GUARANTEES AND CONTINGENCIES |
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Total amount of commitments, guarantees and contingencies is £2,226,558 (2018 £2,302,809). |
PILOT HOUSEWARES (U.K.) LIMITED (REGISTERED NUMBER: 01125023) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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12. | RELATED PARTY TRANSACTIONS |
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At the year end, the company owed Herald Houseware Limited a group company £2,165,607 (2018 £2,517,023). |
Transactions during the year with Herald Houseware Limited included purchases of £3,941,031 (2018 |
£4,629,875). At the year end Zeon Limited a group company owed the company £294 (2018 £183). Transactions |
during the year with Zeon Limited included sales of £2,861 (2018 £1,945). |
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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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13. | 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. |