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Registered number: 11015024










KENDRA SCOTT UK LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 28 JANUARY 2023

 
KENDRA SCOTT UK LIMITED
REGISTERED NUMBER: 11015024

BALANCE SHEET
AS AT 28 JANUARY 2023

28 January
29 January
2023
2022
Note
£
£

  

Current assets
  

Debtors
  
8,344
8,100

Cash at bank and in hand
 4 
131,677
149,636

  
140,021
157,736

Creditors: amounts falling due within one year
 5 
(17,794)
(22,826)

Net current assets
  
 
 
122,227
 
 
134,910

Total assets less current liabilities
  
122,227
134,910

Creditors: amounts falling due after more than one year
 6 
(1,088,463)
(1,055,821)

  

Net liabilities
  
(966,236)
(920,911)


Capital and reserves
  

Called up share capital 
  
2,000
2,000

Share premium account
  
198,000
198,000

Profit and loss account
  
(1,166,236)
(1,120,911)

  
(966,236)
(920,911)


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 profit and loss account 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 on 16 November 2023.




T J Nolan
Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
KENDRA SCOTT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 JANUARY 2023

1.


General information

The Company is a private company limited by shares, and is incorporated in the state of Tennesse. The address of its registered office is 5 The Green, Richmond, Surrey TW9 1PL.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The ultimate parent company, Kendra Scott Design Inc., has undertaken to provide financial support to the Company for a minimum of 12 months from the date of approval of these financial statements. 
On the basis of the above, the directors have a reasonable expectation that the Company has adequate resources to continue to operate for the foreseeable future and therefore consider that it is appropriate for these financial statements to be prepared on a going concern basis

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

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.

Page 2

 
KENDRA SCOTT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 JANUARY 2023

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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.

 
2.7

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.

 
2.8

Financial instruments

The 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is
Page 3

 
KENDRA SCOTT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 JANUARY 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)

immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the period was 1 (2022 - 1).


4.


Cash and cash equivalents

28 January
29 January
2023
2022
£
£

Cash at bank and in hand
131,677
149,636

131,677
149,636


Page 4

 
KENDRA SCOTT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 JANUARY 2023

5.


Creditors: Amounts falling due within one year

28 January
29 January
2023
2022
£
£

Trade creditors
2,334
-

Accruals and deferred income
15,460
22,826

17,794
22,826



6.


Creditors: Amounts falling due after more than one year

28 January
29 January
2023
2022
£
£

Amounts owed to group undertakings
959,400
959,399

Accruals and deferred income
129,063
96,422

1,088,463
1,055,821



7.


Controlling party

The immediate parent of the Company is Kendra Scott LLC, a company incorporated in the State of Tennessee, USA. The ultimate controlling party is Kendra Scott Design Inc., a company incorporated in the State of Delaware, USA, which is the largest and smallest group to consolidate these financial statements.  The registered office of Kendra Scott Design Inc. is 3800 North Lamar Blvd, Suite 400, Austin, Texas, USA TX 78756.


8.


Auditors' information

The auditors' report on the financial statements for the period ended 28 January 2023 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:

Material uncertainty related to going concern
In forming our opinion which is not qualified, we have considered the adequacy of the disclosures made in note 2.2 to the financial statements concerning the Company's trading ability to continue as a going concern. At the balance sheet date the Company's liabilities exceeded its total assets by £966,236 (2022: £920,911). This condition indicates the existence of a material uncertainty which may cast significant doubt about the Company's ability to continue as a going concern. Appropriate adjustment may be required in the financial statements if the Company were unable to continue as a going concern.

The audit report was signed on 16 November 2023 by Chris Cheung FCCA (Senior Statutory Auditor) on behalf of Simmons Gainsford LLP.

 
Page 5