Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-3127The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-01-01false25truetrue 02958778 2022-01-01 2022-12-31 02958778 2021-01-01 2021-12-31 02958778 2022-12-31 02958778 2021-12-31 02958778 c:Director1 2022-01-01 2022-12-31 02958778 d:Buildings 2022-01-01 2022-12-31 02958778 d:Buildings 2022-12-31 02958778 d:Buildings 2021-12-31 02958778 d:Buildings d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 02958778 d:PlantMachinery 2022-01-01 2022-12-31 02958778 d:PlantMachinery 2022-12-31 02958778 d:PlantMachinery 2021-12-31 02958778 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 02958778 d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 02958778 d:FreeholdInvestmentProperty 2022-12-31 02958778 d:FreeholdInvestmentProperty 2021-12-31 02958778 d:CurrentFinancialInstruments 2022-12-31 02958778 d:CurrentFinancialInstruments 2021-12-31 02958778 d:Non-currentFinancialInstruments 2022-12-31 02958778 d:Non-currentFinancialInstruments 2021-12-31 02958778 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 02958778 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 02958778 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 02958778 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 02958778 d:ShareCapital 2022-12-31 02958778 d:ShareCapital 2021-12-31 02958778 d:CapitalRedemptionReserve 2022-12-31 02958778 d:CapitalRedemptionReserve 2021-12-31 02958778 d:RevaluationReserve 2022-12-31 02958778 d:RevaluationReserve 2021-12-31 02958778 d:RetainedEarningsAccumulatedLosses 2022-12-31 02958778 d:RetainedEarningsAccumulatedLosses 2021-12-31 02958778 c:FRS102 2022-01-01 2022-12-31 02958778 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 02958778 c:FullAccounts 2022-01-01 2022-12-31 02958778 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 02958778 d:EntityControlledByKeyManagementPersonnel1 2022-01-01 2022-12-31 02958778 d:EntityControlledByKeyManagementPersonnel1 2021-01-01 2021-12-31 02958778 d:EntityControlledByKeyManagementPersonnel1 2022-12-31 02958778 d:EntityControlledByKeyManagementPersonnel1 2021-12-31 02958778 d:EntityControlledByKeyManagementPersonnel2 2022-01-01 2022-12-31 02958778 d:EntityControlledByKeyManagementPersonnel2 2022-12-31 02958778 d:EntityControlledByKeyManagementPersonnel2 2021-12-31 02958778 d:EntityControlledByKeyManagementPersonnel3 2022-01-01 2022-12-31 02958778 d:EntityControlledByKeyManagementPersonnel3 2022-12-31 02958778 d:EntityControlledByKeyManagementPersonnel3 2021-12-31 02958778 d:EntityControlledByKeyManagementPersonnel4 2022-01-01 2022-12-31 02958778 d:EntityControlledByKeyManagementPersonnel4 2021-01-01 2021-12-31 02958778 d:EntityControlledByKeyManagementPersonnel4 2022-12-31 02958778 d:EntityControlledByKeyManagementPersonnel4 2021-12-31 02958778 2 2022-01-01 2022-12-31 02958778 5 2022-01-01 2022-12-31 02958778 6 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure

Registered number: 02958778









BONSOIR OF LONDON LTD







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

 
BONSOIR OF LONDON LTD
REGISTERED NUMBER:02958778

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
  
1,139,638
1,227,035

Investments
  
3,037,811
3,037,811

Investment property
  
7,911,666
7,911,666

  
12,089,115
12,176,512

Current assets
  

Stocks
  
606,818
544,270

Debtors: amounts falling due within one year
  
12,646,284
12,858,799

Cash at bank and in hand
  
264,811
97,810

  
13,517,913
13,500,879

Creditors: amounts falling due within one year
  
(2,860,382)
(2,766,286)

Net current assets
  
 
 
10,657,531
 
 
10,734,593

Total assets less current liabilities
  
22,746,646
22,911,105

Creditors: amounts falling due after more than one year
  
(32,093,079)
(31,591,336)

Provisions for liabilities
  

Deferred tax
  
(791,662)
(791,662)

  
 
 
(791,662)
 
 
(791,662)

Net liabilities
  
(10,138,095)
(9,471,893)


Capital and reserves
  

Called up share capital 
  
10,000
10,000

Revaluation reserve
  
464,682
464,682

Capital redemption reserve
  
3,770,611
3,512,377

Profit and loss account
  
(14,383,388)
(13,458,952)

  
(10,138,095)
(9,471,893)


Page 1

 
BONSOIR OF LONDON LTD
REGISTERED NUMBER:02958778
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J A N Prenn
Director

Date: 12 October 2023

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
BONSOIR OF LONDON LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Bonsoir of London Limited is a private company, limited by shares, incorporated in England and Wales, registration number 02958778. The registered office is Unit 3, Crewkerne Business Park, Cropmead, Crewkerne, Somerset, England, TA18 7HJ. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

These financial statements are prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” as applied in the context of the small entities regime and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis which contemplates the realisation of assets and settlement of liabilities in the ordinary course of the business. At 31 December 2022, the company had net liabilities of £10,376,774 (2021 - £9,471,893). Maytrees Limited, the parent company, has agreed not to demand repayment of the amounts due to them of £35,069,084 (2021 - £35,069,084) until the resources of the company allow.
For this reason the directors continue to adopt the going concern basis for the preparation of the Financial Statements.

  
2.3

Consolidation

The company is exempt from preparing consolidated financial statements on the grounds that, taken together with its subsidiaries, it qualifies as a small group. These financial statements therefore present information about the company as an individual undertaking and not about its group.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3

 
BONSOIR OF LONDON LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.5

Revenue

Turnover is the value of nightwear and bedding products sold and distributed during the year, after deduction of trade discounts and value added tax. Turnover is recognised when goods are dispatched to the customers.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The company's pension contribution is charged to the profit or loss for all employees involved in the money purchase scheme as it accrues.

Page 4

 
BONSOIR OF LONDON LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
5% straight line
Plant and machinery
-
10% to 33 1/3% per annum

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
BONSOIR OF LONDON LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.12

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.13

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

 
2.14

Fixed asset investments

Investments in subsidiaries and associates are included at cost less provision for impairment. 

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 6

 
BONSOIR OF LONDON LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 25 (2021 -27).

Page 7

 
BONSOIR OF LONDON LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Tangible fixed assets





Freehold property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 January 2022
1,388,333
843,368
2,231,701


Additions
-
9,377
9,377



At 31 December 2022

1,388,333
852,745
2,241,078



Depreciation


At 1 January 2022
208,251
796,415
1,004,666


Charge for the year on owned assets
69,417
27,357
96,774



At 31 December 2022

277,668
823,772
1,101,440



Net book value



At 31 December 2022
1,110,665
28,973
1,139,638



At 31 December 2021
1,180,082
46,953
1,227,035

The 2022 valuations were made by directors, on an open market value for existing use basis.
If the Freehold property had been accounted for under the historic cost accounting rules, the
properties would have been measured as follows:


2022
2021
£
£



Historic cost
769,045
769,045

Page 8

 
BONSOIR OF LONDON LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Fixed asset investments





Investments in subsidiary companies
Investments in associates
Total

£
£
£



Cost or valuation


At 1 January 2022
2
3,037,809
3,037,811



At 31 December 2022
2
3,037,809
3,037,811





6.


Investment property


Freehold investment property

£



Valuation


At 1 January 2022
7,911,666



At 31 December 2022
7,911,666

The 2022 valuations were made by directors, on an open market value for existing use basis.



At 31 December 2022



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2022
2021
£
£


Historic cost
5,043,052
5,043,052

Page 9

 
BONSOIR OF LONDON LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

7.


Debtors

2022
2021
£
£


Trade debtors
19,218
26,455

Amounts owed by group undertakings
12,566,786
12,616,200

Other debtors
-
1,070

Prepayments and accrued income
60,280
215,074

12,646,284
12,858,799



8.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank overdrafts
222
44

Bank loans
9,697
9,857

Trade creditors
52,472
248,669

Other taxation and social security
131,173
233,946

Other creditors
2,141,634
1,882,381

Accruals and deferred income
525,184
391,389

2,860,382
2,766,286


Within other creditors is a loan of £2,006,112 (2021 - £1,803,935) owed to the directors as at 31 December 2022. The loan is repayable on demand and has interest charged based on the Bank of England base rate.

Page 10

 
BONSOIR OF LONDON LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

9.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Loan
31,556,706
31,556,706

f
25,092
34,630

Other creditors
511,281
-

32,093,079
31,591,336


The loan is represented by a loan note currently held by Maytrees Limited, is interest free and is repayable 12 months after written notice is received by Bonsoir of London Limited. No such notice has been received to date. The loan amount is recorded at fair value in accordance with FRS 102 and represented as Capital Contribution in equity. During the year, the Capital Contribution was £Nil (2021 - £16,500).
Included within other creditors is a balance of £511,281 (2021 - £Nil) in relation to a loan from a related entity. The drawdown on the loan in the year was £749,960 which is interest free and repayable within 5 years from the agreement date. The loan amount is recorded at fair value in accordance with FRS102 and represented as a Capital Contribution in equity. During the year, the Capital Contribution was £258,234 (2021 - £Nil)


10.


Other financial commitments

The company has given a guarantee to a subsidiary that they will not request repayment of amounts owed by the subsidiary of £2,428,697 until, at the earliest, 31 December 2023.
 
During the year, the company loaned £4,350 (2021 - £Nil) to a subsidiary. At the year end, the Company was owed £9,964,350 (2021 - £9,960,000) by the subsidiary. This loan is interest free and repayable after more than one year. 
 
During the year, the company loaned £93,321 (2021 - £491,561) to a subsidiary. At the year end, the Company was owed £2,428,697 (2021 - £2,335,376) by the subsidiary, This loan is interest free and repayable on demand. 
 
During the year, the company was repaid £147,085 (2021 - loaned £163,464) from a company connected by virtue of its directors. At the year end, the company was owed £173,339 (2021 - £320,424) by this company. This loan is interest free and repayable on demand.

At the year end, the company was owed £400 (2021 - £400) from a company connected by virtue of its directors. This loan is interest free and repayable on demand. 

Page 11