Company registration number 11061419 (England and Wales)
BULY UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
BULY UK LIMITED
COMPANY INFORMATION
Director
Anne-Veronique Hilda Sylvie Bruel
Company number
11061419
Registered office
82 St John Street
London
EC1M 4JN
Auditor
Beavis Morgan Audit Limited
82 St John Street
London
EC1M 4JN
BULY UK LIMITED
CONTENTS
Page
Balance sheet
4
Statement of changes in equity
5
Notes to the financial statements
6 - 11
BULY UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BULY UK LIMITED
- 1 -
Opinion

We have audited the financial statements of Buly UK Limited (the 'company') for the year ended 31 December 2022 which comprise , the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the director's r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the director's report has been prepared in accordance with applicable legal requirements.

BULY UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BULY UK LIMITED
- 2 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the director's r eport. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit; or

- the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the director's report and from the requirement to prepare a strategic report.

Responsibilities of director

As explained more fully in the director's r esponsibilities s tatement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

BULY UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BULY UK LIMITED
- 3 -
Extent to which the audit was considered capable of detecting irregularities, including fraud

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law and Tax and Pensions legislation.

- Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include environmental regulations and health and safety legislation.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Matthew Burge
Senior Statutory Auditor
For and on behalf of Beavis Morgan Audit Limited
29 September 2023
Chartered Accountants
Statutory Auditor
82 St John Street
London
EC1M 4JN
BULY UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 4 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
5
-
0
19,538
Current assets
Stocks
38,744
28,738
Debtors
6
95,634
88,427
Cash at bank and in hand
36,483
60,308
170,861
177,473
Creditors: amounts falling due within one year
7
(820,539)
(823,388)
Net current liabilities
(649,678)
(645,915)
Total assets less current liabilities
(649,678)
(626,377)
Creditors: amounts falling due after more than one year
8
(26,667)
(36,667)
Net liabilities
(676,345)
(663,044)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(676,346)
(663,045)
Total equity
(676,345)
(663,044)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 29 September 2023
Anne-Veronique Hilda Sylvie Bruel
Director
Company Registration No. 11061419
BULY UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2021
1
(568,542)
(568,541)
Year ended 31 December 2021:
Loss and total comprehensive income for the year
-
(94,503)
(94,503)
Balance at 31 December 2021
1
(663,045)
(663,044)
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
(13,301)
(13,301)
Balance at 31 December 2022
1
(676,346)
(676,345)
BULY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
1
Accounting policies
Company information

Buly UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 82 St John Street, London, EC1M 4JN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The director has prepared detailed forecast and detailed cashflow projections and reviews management accounts on a regular basis to ensure that the company has adequate financial resources to meet its obligations. At the balance sheet date the company owed £736,438 (2021: £643,674) to Parfumerie Amicale, the parent company incorporated in France, The directors of Parfumerie Amicale have agreed that they will not request repayment of this loan until such time as the company has sufficient funds to do so. On the basis of the foregoing the director considers it appropriate to prepare the financial statements on the going concern basis.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
5 years - straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

BULY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 7 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and consist of cash in hand and deposits held at call with banks.

1.9
Financial instruments

All of the company's financial instruments are basic and t he company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

BULY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 8 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

BULY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 9 -
1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
9,750
7,500
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
5
5
BULY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 10 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2022 and 31 December 2022
97,690
Depreciation and impairment
At 1 January 2022
78,152
Depreciation charged in the year
19,538
At 31 December 2022
97,690
Carrying amount
At 31 December 2022
-
0
At 31 December 2021
19,538
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
92,316
75,724
Other debtors
3,318
12,703
95,634
88,427
7
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
10,000
10,000
Trade creditors
56,799
82,513
Amounts owed to parent undertaking
736,438
648,801
Taxation and social security
4,801
50,232
Other creditors
12,501
31,842
820,539
823,388
8
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans
26,667
36,667
BULY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
8
Creditors: amounts falling due after more than one year
(Continued)
- 11 -

The bank loan is a bounce back loan that is 100% backed by the government. The amount is repayable by monthly instalments within 6 years and has a 2.5% interest rate.

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Matthew Burge (FCA).
The auditor was Beavis Morgan Audit Limited.
10
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases as follows:

2022
2021
£
£
Minimum concession charges
70,833
70,833
11
Related party transactions

The company has taken advantage of the exemption available to it under FRS 102 1A not to disclose intra-group transactions with companies in a wholly owned group.

At 31 December 2022 the company owed Parfumerie Amicale, the parent company, £736,438 (2021: £643,674), which is unsecured, carries an interest rate of 1.32% and is repayable on demand.

12
Parent company

The immediate parent company is Parfumerie Amicale, a company registered in France.

LVHM is the largest group and Parfumerie Amicale is the smallest group in which the results of the Company are consolidated. Financial statements of Parfumerie Amicale are available on at 6 Rue Bonaparte 75006 Paris France.

At the balance sheet date the ultimate controlling party was Louis Vuitton Moet Hennessy (LVMH).

2022-12-31 2022-01-01 false 29 September 2023 CCH Software CCH Accounts Production 2023.200 No description of principal activity This audit opinion is unqualified A H S Bruel 11061419 2022-01-01 2022-12-31 11061419 bus:RegisteredOffice 2022-01-01 2022-12-31 11061419 2022-12-31 11061419 2021-12-31 11061419 core:OtherPropertyPlantEquipment 2022-12-31 11061419 core:OtherPropertyPlantEquipment 2021-12-31 11061419 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 11061419 core:CurrentFinancialInstruments core:WithinOneYear 2021-12-31 11061419 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 11061419 core:Non-currentFinancialInstruments core:AfterOneYear 2021-12-31 11061419 core:CurrentFinancialInstruments 2022-12-31 11061419 core:CurrentFinancialInstruments 2021-12-31 11061419 core:ShareCapital 2022-12-31 11061419 core:ShareCapital 2021-12-31 11061419 core:RetainedEarningsAccumulatedLosses 2022-12-31 11061419 core:RetainedEarningsAccumulatedLosses 2021-12-31 11061419 core:ShareCapital 2020-12-31 11061419 core:RetainedEarningsAccumulatedLosses 2020-12-31 11061419 core:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 11061419 2021-01-01 2021-12-31 11061419 core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 11061419 core:FurnitureFittings 2022-01-01 2022-12-31 11061419 core:OtherPropertyPlantEquipment 2021-12-31 11061419 core:OtherPropertyPlantEquipment 2022-01-01 2022-12-31 11061419 core:WithinOneYear 2022-12-31 11061419 core:WithinOneYear 2021-12-31 11061419 core:Non-currentFinancialInstruments 2022-12-31 11061419 core:Non-currentFinancialInstruments 2021-12-31 11061419 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 11061419 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 11061419 bus:FRS102 2022-01-01 2022-12-31 11061419 bus:Audited 2022-01-01 2022-12-31 11061419 bus:Director1 2022-01-01 2022-12-31 11061419 bus:FullAccounts 2022-01-01 2022-12-31 xbrli:pure xbrli:shares iso4217:GBP