REGISTERED NUMBER:
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SITTING PRETTY BY PRIDE MOBILITY LTD |
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FINANCIAL STATEMENTS |
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FOR THE PERIOD 16 JUNE 2021 TO 31 DECEMBER 2021 |
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REGISTERED NUMBER:
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SITTING PRETTY BY PRIDE MOBILITY LTD |
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FINANCIAL STATEMENTS |
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FOR THE PERIOD 16 JUNE 2021 TO 31 DECEMBER 2021 |
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SITTING PRETTY BY PRIDE MOBILITY LTD (REGISTERED NUMBER: 13459194) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 16 JUNE 2021 TO 31 DECEMBER 2021 |
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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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SITTING PRETTY BY PRIDE MOBILITY LTD |
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COMPANY INFORMATION |
FOR THE PERIOD 16 JUNE 2021 TO 31 DECEMBER 2021 |
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DIRECTORS: |
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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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Chartered Accountants & Statutory Auditors |
15 High Street |
Brackley |
Northamptonshire |
NN13 7DH |
SITTING PRETTY BY PRIDE MOBILITY LTD (REGISTERED NUMBER: 13459194) |
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BALANCE SHEET |
31 DECEMBER 2021 |
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Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 9 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Share premium |
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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 Income Statement 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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SITTING PRETTY BY PRIDE MOBILITY LTD (REGISTERED NUMBER: 13459194) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 16 JUNE 2021 TO 31 DECEMBER 2021 |
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1. | STATUTORY INFORMATION |
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Sitting Pretty By Pride Mobility Ltd is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Preparation of consolidated financial statements |
The financial statements contain information about Sitting Pretty By Pride Mobility Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Pride Mobility Products Limited, 32 Wedgwood Road,Bicester, Oxfordshire, OX26 4UL. |
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Revenue recognition |
Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales taxes or duties. Revenue from the sale of goods and services is recognised when the significant risk and rewards of ownership of the goods and services have passed to the buyer, which is usually on dispatch of the goods and delivery of services. |
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When the outcome of a service contract cannot be estimated reliably the company only recognises revenue to the extent of the recoverable expenses recognised. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Freehold property and land | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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SITTING PRETTY BY PRIDE MOBILITY LTD (REGISTERED NUMBER: 13459194) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 16 JUNE 2021 TO 31 DECEMBER 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Government grants |
The company receives government grants in respect of the Coronavirus Job Retention Scheme. These grants are recognised at the fair value of the asset receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants have been received using the accrual model. |
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Inventories |
Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate |
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Taxation |
Taxation for the period comprises current and deferred tax. 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 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 taxation |
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 period 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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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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Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was
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SITTING PRETTY BY PRIDE MOBILITY LTD (REGISTERED NUMBER: 13459194) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 16 JUNE 2021 TO 31 DECEMBER 2021 |
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4. | INTANGIBLE FIXED ASSETS |
Intellectual |
property |
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COST |
Additions |
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At 31 December 2021 |
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AMORTISATION |
Amortisation for period |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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5. | TANGIBLE FIXED ASSETS |
Freehold | Fixtures |
property | Plant and | and |
and land | machinery | fittings |
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COST |
Additions |
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At 31 December 2021 |
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DEPRECIATION |
Charge for period |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
Additions |
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At 31 December 2021 |
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DEPRECIATION |
Charge for period |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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SITTING PRETTY BY PRIDE MOBILITY LTD (REGISTERED NUMBER: 13459194) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 16 JUNE 2021 TO 31 DECEMBER 2021 |
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6. | STOCKS |
£ |
Stocks |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade debtors |
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Other debtors |
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Prepayments and accrued income |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
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Trade creditors |
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Amounts owed to group undertakings |
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Tax |
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Social security and other taxes |
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VAT | 272,395 |
Other creditors |
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Accrued expenses |
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9. | PROVISIONS FOR LIABILITIES |
£ |
Deferred tax | 50,008 |
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Deferred |
tax |
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Provided during period |
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Balance at 31 December 2021 |
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10. | CALLED UP SHARE CAPITAL |
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Allotted and issued: |
Number: | Class: | Nominal |
value: | £ |
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Ordinary shares | £1 | 1 |
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1 Ordinary share of £1 was allotted
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SITTING PRETTY BY PRIDE MOBILITY LTD (REGISTERED NUMBER: 13459194) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 16 JUNE 2021 TO 31 DECEMBER 2021 |
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11. | 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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12. | CONTINGENT LIABILITIES |
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The company has a contingent liability in relation to its original asset purchase of Sitting Pretty (UK) Ltd. The maximum liability based on the agreement dated 1 July 2021 is £140,000.0. |
The directors consider it likely that £70,000.00 will be payable based on the projected turnover which has been accrued for in these financial statements. |
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13. | RELATED PARTY DISCLOSURES |
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Pride Mobility Products Ltd hold a controlling interest by virtue of owning 100% of the issued share capital of Sitting Pretty By Pride Mobility Ltd. |
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During the period to 31 December 2021 goods totalling £322,996 were purchased from Pride Mobility Products Ltd by Sitting Pretty By Pride Mobility Ltd, all transactions have taken place at arms length and at full market value. |
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As at 31 December 2021 Sitting Pretty By Pride Mobility Ltd owed Pride Mobility Products Ltd £69,153. |
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During the year to 31 December 2021 goods totalling £3,938,062 were purchased by |
Pride Mobility Products Ltd from Sitting Pretty By Pride Mobility Ltd, all transactions have taken place at arms |
length and at full market value. |
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As at 31 December 2021 Pride Mobility Products Ltd owed Sitting Pretty By Pride Mobility Ltd £1,063,761. |
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14. | ULTIMATE CONTROLLING PARTY |
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The controlling party is Pride Mobility Products Limited. |
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The ultimate controlling party is
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Sitting Pretty By Pride Mobility Limited is a subsidiary of Pride Mobility Products Limited, the parent company. |