BELSTAFF INTERNATIONAL LIMITED

• ⚠

  Material uncertainty over going concern

  Notwithstanding that the Company incurred a net loss of £15.9 million, its total assets exceeded its liabilities by £36.3 million and it had net current assets of £53.9 million at that date and therefore the financial statements have been prepared on the going concern basis which the directors believe to be appropriate for the following reasons: The directors have considered the cashflow projections for the Company for a period of at least 12 months from the date of approval of the financial statements for immediate going concern purposes. These indicate that, taking account of reasonably possible downsides, the Company will have sufficient funds through a £10 million credit line, to meet its liabilities as they fall due for the foreseeable future subject to the comments below. The NatWest credit facility of £10 million is due to expire at the end of August 2026, and although the option to extend is available to the Company it is not a guarantee as its subject to lender approval. The base case forecasts assume this facility is not available from the expiry date and although the requirement to use this facility per the base case forecast is not required, given the continued uncertainty in the retail sector, under downside scenarios there may be a requirement to access the facility beyond the expiry date. J. Carter Sporting Club Limited has therefore indicated that, for at least 12 months from the date of approval of these financial statements, it will continue to make available all such funds as are needed by the Company. However, this funding facility is also subject to renewal during the going concern period. Based on these indications of support from J. Carter Sporting Club Limited, the directors believe that it remains appropriate to prepare the financial statements of the Company on a going concern basis. However, due to the funding facility expiry dates, it indicates that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern.

• ◆

  Audit opinion: Qualified

  Latest auditor's report carried a non-clean opinion.

• ◆

  1 PSC ceased in last 24 months

  Significant control changed hands — see the Ownership section.

1. BELSTAFF INTERNATIONAL LIMITED 1979-12-31 → present
2. VECTAGATE LIMITED 1979-09-07 → 1979-12-31

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

Grant Thornton UK LLP

Audit opinion

Qualified

Going concern

Material uncertainty disclosed

“Notwithstanding that the Company incurred a net loss of £15.9 million, its total assets exceeded its liabilities by £36.3 million and it had net current assets of £53.9 million at that date and therefore the financial statements have been prepared on the going concern basis which the directors believe to be appropriate for the following reasons: The directors have considered the cashflow projections for the Company for a period of at least 12 months from the date of approval of the financial statements for immediate going concern purposes. These indicate that, taking account of reasonably possible downsides, the Company will have sufficient funds through a £10 million credit line, to meet its liabilities as they fall due for the foreseeable future subject to the comments below. The NatWest credit facility of £10 million is due to expire at the end of August 2026, and although the option to extend is available to the Company it is not a guarantee as its subject to lender approval. The base case forecasts assume this facility is not available from the expiry date and although the requirement to use this facility per the base case forecast is not required, given the continued uncertainty in the retail sector, under downside scenarios there may be a requirement to access the facility beyond the expiry date. J. Carter Sporting Club Limited has therefore indicated that, for at least 12 months from the date of approval of these financial statements, it will continue to make available all such funds as are needed by the Company. However, this funding facility is also subject to renewal during the going concern period. Based on these indications of support from J. Carter Sporting Club Limited, the directors believe that it remains appropriate to prepare the financial statements of the Company on a going concern basis. However, due to the funding facility expiry dates, it indicates that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern.”

Group structure

1. BELSTAFF INTERNATIONAL LIMITED · parent
   1. Belstaff Property Limited 1% · United Kingdom
   2. Belstaff GmbH 1% · Germany
   3. Belstaff North America Inc 1% · United States

Significant events

• “On 28 August 2025 the Company and its subsidiaries were acquired by J. Carter Sporting Club Limited (Castore). The acquisition took place after the balance sheet date and therefore the financial statements do not reflect any adjustments in respect of this transaction.”
• “Following the acquisition of the Company by J. Carter Sporting Club Limited on 28 August 2025, the directors expect the Company to benefit from integration into the wider group to realise synergies and expand its operations worldwide.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

10

last 12 months

Capital events

1

last 24 months

Officers appointed

1

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -5.2%

  £57,607,217 → £54,604,268

• Cash

  +50.5%

  £5,862,253 → £8,821,369

• Net assets

  +113.4%

  -£270,329,234 → £36,333,277

• Employees

  +27.2%

  173 → 220

• Operating profit

  -72.1%

  £2,123,448 → £593,246

• Profit before tax

  +13.1%

  -£18,303,877 → -£15,907,441

• Wages

  +16.9%

  £7,960,971 → £9,306,923

Each % is (latest − prior) ÷ |prior| for the line item as filed. Periods don't have to be exactly 12 months apart — a long or short period (typical around incorporation or year-end changes) will distort the comparison. Lines a company doesn't report are omitted. About these numbers