REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 28 February 2023 |
for |
Lanvin Trading Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 28 February 2023 |
for |
Lanvin Trading Ltd |
Lanvin Trading Ltd (Registered number: 02496058) |
Contents of the Financial Statements |
for the Year Ended 28 FEBRUARY 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Lanvin Trading Ltd |
Company Information |
for the Year Ended 28 FEBRUARY 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Suite 2C, Brosnan House |
175 Darkes Lane |
Potters Bar |
Hertfordshire |
EN6 1BW |
Lanvin Trading Ltd (Registered number: 02496058) |
Balance Sheet |
28 FEBRUARY 2023 |
28.2.23 | 28.2.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Property revaluation reserve | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Lanvin Trading Ltd (Registered number: 02496058) |
Balance Sheet - continued |
28 FEBRUARY 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Lanvin Trading Ltd (Registered number: 02496058) |
Notes to the Financial Statements |
for the Year Ended 28 FEBRUARY 2023 |
1. | STATUTORY INFORMATION |
Lanvin Trading Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents rents received and fees received, exclusive of value added tax. |
Tangible fixed assets |
Freehold property | - |
Freehold and leasehold properties comprise investment properties and in accordance with Standard Statement of Accounting Practice No 19 no depreciation is provided.These properties are revalued annually and the aggregate surplus or deficit is transferred to a revaluation reserve.The directors consider that this policy results in the accounts giving a true and fair view. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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 year end and that are expected to apply to the reversal of the timing difference. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Lanvin Trading Ltd (Registered number: 02496058) |
Notes to the Financial Statements - continued |
for the Year Ended 28 FEBRUARY 2023 |
4. | TANGIBLE FIXED ASSETS |
Freehold |
property |
£ |
COST OR VALUATION |
At 1 March 2022 |
and 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 2022 |
Cost or valuation at 28 February 2023 is represented by: |
Freehold |
property |
£ |
Valuation in 2004 | 306,000 |
Valuation in 2005 | 100,000 |
Valuation in 2006 | 150,000 |
Valuation in 2007 | 270,000 |
Valuation in 2011 | (82,000 | ) |
Valuation in 2014 | (75,000 | ) |
Valuation in 2015 | (20,000 | ) |
Valuation in 2018 | (121,000 | ) |
Valuation in 2020 | (85,000 | ) |
Valuation in 2021 | (70,000 | ) |
Cost | 2,205,630 |
2,578,630 |
If Freehold properties had not been revalued they would have been included at the following historical cost: |
28.2.23 | 28.2.22 |
£ | £ |
Cost | 2,205,630 | 2,205,630 |
Freehold properties were valued on an open market basis on 28 February 2023 by the directors . |
Lanvin Trading Ltd (Registered number: 02496058) |
Notes to the Financial Statements - continued |
for the Year Ended 28 FEBRUARY 2023 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 March 2022 |
Disposals | ( |
) |
At 28 February 2023 |
PROVISIONS |
At 1 March 2022 | 9,000 |
Provision written back | (9,000 | ) |
At 28 February 2023 | - |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.23 | 28.2.22 |
£ | £ |
Debtors |
Other debtors |
Directors loan | 450,000 | 65,000 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.23 | 28.2.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Tax |
VAT |
Other creditors |
Rent and fees received in |
advance | 9,578 | 9,578 |
Directors' current accounts | 300 | 700 |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
28.2.23 | 28.2.22 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Due to subsidiary company | 1,181,872 | 1,703,382 |
Lanvin Trading Ltd (Registered number: 02496058) |
Notes to the Financial Statements - continued |
for the Year Ended 28 FEBRUARY 2023 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 28.2.23 | 28.2.22 |
value: | £ | £ |
Ordinary | £1 | 50,000 | 50,000 |
10. | RESERVES |
Property |
revaluation |
reserve |
£ |
At 1 March 2022 |
and 28 February 2023 |
11. | RELATED PARTY DISCLOSURES |
Other debtors includes an amount of £2,166,739 due from Open Property Finance Limited, a company of which S Cove and N Cove are directors and shareholders. |
Other debtors includes an amount of £1,328,097 due from Kooples Properties Limited, a company of which S Cove is a director and shareholder. |
Other debtors includes an amount of £500,000 due from Overnite Bearings limited, a company controlled by a close family member. |
Other creditors includes an amount of £358,409 due to Hackett Trading Limited, £168,000 due to Calvin Trading Limited, £1,010,000 due to Bayliss Trading Limited and £45,000 due to Rosewood Holdings and Investments Limited, companies controlled by close family members. |
Loan interest received of £108,375 is from Open Property Finance Limited, a company of which Mr S Cove and Mrs N Cove are directors and shareholders. |
12. | ULTIMATE CONTROLLING PARTY |
The company is under the control of Mr S Cove and Mrs N Cove throughout this and the previous period by way of their shareholding. |