Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-07-01falseThe principal activity of the company continued to be that of a model agency.910truetrue 08387348 2022-07-01 2023-06-30 08387348 2021-07-01 2022-06-30 08387348 2023-06-30 08387348 2022-06-30 08387348 2021-07-01 08387348 c:Director2 2022-07-01 2023-06-30 08387348 d:Buildings d:ShortLeaseholdAssets 2022-07-01 2023-06-30 08387348 d:Buildings d:ShortLeaseholdAssets 2023-06-30 08387348 d:Buildings d:ShortLeaseholdAssets 2022-06-30 08387348 d:FurnitureFittings 2022-07-01 2023-06-30 08387348 d:FurnitureFittings 2023-06-30 08387348 d:FurnitureFittings 2022-06-30 08387348 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 08387348 d:ComputerEquipment 2022-07-01 2023-06-30 08387348 d:ComputerEquipment 2023-06-30 08387348 d:ComputerEquipment 2022-06-30 08387348 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 08387348 d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 08387348 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-30 08387348 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-06-30 08387348 d:CurrentFinancialInstruments 2023-06-30 08387348 d:CurrentFinancialInstruments 2022-06-30 08387348 d:Non-currentFinancialInstruments 2023-06-30 08387348 d:Non-currentFinancialInstruments 2022-06-30 08387348 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 08387348 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 08387348 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 08387348 d:Non-currentFinancialInstruments d:AfterOneYear 2022-06-30 08387348 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-06-30 08387348 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-06-30 08387348 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-06-30 08387348 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-06-30 08387348 d:ShareCapital 2022-07-01 2023-06-30 08387348 d:ShareCapital 2023-06-30 08387348 d:ShareCapital 2022-06-30 08387348 d:ShareCapital 2021-07-01 08387348 d:SharePremium 2023-06-30 08387348 d:SharePremium 2022-06-30 08387348 d:SharePremium 2021-07-01 08387348 d:CapitalRedemptionReserve 2023-06-30 08387348 d:CapitalRedemptionReserve 2022-06-30 08387348 d:CapitalRedemptionReserve 2021-07-01 08387348 d:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 08387348 d:RetainedEarningsAccumulatedLosses 2023-06-30 08387348 d:RetainedEarningsAccumulatedLosses 2021-07-01 2022-06-30 08387348 d:RetainedEarningsAccumulatedLosses 2022-06-30 08387348 d:RetainedEarningsAccumulatedLosses 2021-07-01 08387348 c:OrdinaryShareClass1 2022-07-01 2023-06-30 08387348 c:OrdinaryShareClass1 2023-06-30 08387348 c:OrdinaryShareClass2 2022-07-01 2023-06-30 08387348 c:OrdinaryShareClass2 2023-06-30 08387348 c:FRS102 2022-07-01 2023-06-30 08387348 c:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 08387348 c:FullAccounts 2022-07-01 2023-06-30 08387348 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 08387348 d:WithinOneYear 2023-06-30 08387348 d:WithinOneYear 2022-06-30 08387348 d:BetweenOneFiveYears 2023-06-30 08387348 d:BetweenOneFiveYears 2022-06-30 08387348 2 2022-07-01 2023-06-30 08387348 e:PoundSterling 2022-07-01 2023-06-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 08387348














ESTABLISHED MODELS LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

 
ESTABLISHED MODELS LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Statement of changes in equity
 
3
Notes to the financial statements
 
4 - 11

 
ESTABLISHED MODELS LIMITED
REGISTERED NUMBER:08387348

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
-

Tangible assets
 5 
7,619
2,220

  
7,619
2,220

Current assets
  

Debtors: amounts falling due within one year
 6 
455,386
304,847

Cash at bank and in hand
 7 
395,407
440,506

  
850,793
745,353

Creditors: amounts falling due within one year
 8 
(494,710)
(303,182)

Net current assets
  
 
 
356,083
 
 
442,171

Total assets less current liabilities
  
363,702
444,391

Creditors: amounts falling due after more than one year
 9 
(51,298)
(69,370)

  

Net assets
  
312,404
375,021


Capital and reserves
  

Called up share capital 
 11 
944
1,120

Share premium account
  
195,720
195,720

Capital redemption reserve
  
176
-

Profit and loss account
  
115,564
178,181

  
312,404
375,021

1

 
ESTABLISHED MODELS LIMITED
REGISTERED NUMBER:08387348
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023

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 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 by: 




E Dugas
Director

Date: 23 January 2024

The notes on pages 4 to 11 form part of these financial statements.
2

 
ESTABLISHED MODELS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 July 2021
1,120
195,720
-
202,695
399,535


Comprehensive income for the year

Profit for the year

-
-
-
75,486
75,486


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(100,000)
(100,000)



At 1 July 2022
1,120
195,720
-
178,181
375,021


Comprehensive income for the year

Profit for the year

-
-
-
156,834
156,834


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(170,000)
(170,000)

Purchase of own shares
-
-
176
(49,451)
(49,275)

Shares cancelled during the year
(176)
-
-
-
(176)


At 30 June 2023
944
195,720
176
115,564
312,404
3

 
ESTABLISHED MODELS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Established Models Limited is a private company, limited by shares, registered in England and Wales, registration number 08387348. The registered office address is Unit 25, 2014 Bermondsey Street, London, SE1 3TQ. 

The principal activity of the company continued to be that of a model agency.

During the year, the company changed its registered office address from First Floor, 16 Neal's Yard, London, WC2H 9DP to Unit 25, 214 Bermondsey Street, London, SE1 3TQ.

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

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is pound sterling.

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'administration expenses'. 

 
2.3

Turnover

Turnover is recognised from model agency services to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

 
2.4

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

4

 
ESTABLISHED MODELS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Profit and Loss account in the same period as the related expenditure. Grants received in respect of COVID Job Retention Scheme and interest charges on the Coronavirus Business Interruption Loan Scheme are included in the other income.

 
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

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

5

 
ESTABLISHED MODELS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.10

 Taxation

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 corporation 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

 Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.12

 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:

Fixtures and fittings
-
33%
Straight line
Computer equipment
-
33%
Straight line

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.

6

 
ESTABLISHED MODELS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.13

 Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.14

 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.

 
2.15

 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.

 
2.16

 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, other third parties and loans to related parties.
 
 
2.17

 Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2022 - 10).

7

 
ESTABLISHED MODELS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

4.


Intangible assets




Website costs

£



Cost


At 1 July 2022
9,850



At 30 June 2023

9,850



Amortisation


At 1 July 2022
9,850



At 30 June 2023

9,850



Net book value



At 30 June 2023
-



At 30 June 2022
-



8

 
ESTABLISHED MODELS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

5.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 July 2022
20,929
11,035
28,909
60,873


Additions
-
7,886
1,183
9,069


Disposals
(20,929)
(7,539)
(5,615)
(34,083)



At 30 June 2023

-
11,382
24,477
35,859



Depreciation


At 1 July 2022
20,929
10,719
27,005
58,653


Charge for the year on owned assets
-
2,320
1,032
3,352


Disposals
(20,929)
(7,539)
(5,297)
(33,765)



At 30 June 2023

-
5,500
22,740
28,240



Net book value



At 30 June 2023
-
5,882
1,737
7,619



At 30 June 2022
-
316
1,904
2,220


6.


Debtors

2023
2022
£
£


Trade debtors
390,892
261,657

Other debtors
34,661
19,616

Prepayments
29,833
23,574

455,386
304,847



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
395,407
440,506


9

 
ESTABLISHED MODELS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

8.


Creditors: amounts falling due within one year

2023
2022
£
£

Bank loans
18,969
18,681

Trade creditors
338,284
189,625

Corporation tax
44,985
18,946

Other taxation and social security
21,711
26,716

Other creditors
60,051
40,190

Accruals
10,710
9,024

494,710
303,182


The bank loan of £18,969 (2022 - £18,681) included in creditors due within one year relates to Coronavirus Business Interruption Loan, 80% guaranteed by the government.


9.


Creditors: amounts falling due after more than one year

2023
2022
£
£

Bank loans
51,298
69,370


The bank loan of £51,298 (2022 - £69,370) included in creditors due after more than one year relates to Coronavirus Business Interruption Loan, 80% guaranteed by the government.


10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
18,969
18,681

Amounts falling due 1-2 years

Bank loans
21,978
19,627

Amounts falling due 2-5 years

Bank loans
29,320
49,741


70,267
88,049

10

 
ESTABLISHED MODELS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



8,882 A Ordinary shares of £0.10 each
888
888
560 Ordinary shares of £0.10 each
56
232

944

1,120


On 9 December 2022, the company purchased 1,422 of its own Ordinary shares for cancellation at an aggregate amount of £40,000.

On 21 April 2023, the company purchased 336 of its own Ordinary shares for cancellation at an aggregate amount of £9,451.

The cancellation of 1,758 Ordinary shares were transferred to capital redemption reserves at an aggregate value of £176.   


12.


Pension commitments

The company operates a defined contribution scheme. The assets of the scheme are held seperately from those of the company in an independently administered fund. The pension cost charge represents contribution payabe by the company to the fund and is amounted to £10,999 (2022 - £8,854). Included in other creditors at the year end is an amount payable of £2,173 (2022 - £1,690).


13.


Commitments under operating leases

At 30 June 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
51,345
14,435

Later than 1 year and not later than 5 years
12,520
-

63,865
14,435


14.


Related party transactions

As at the year end, the directors owed the company £13,899 (2022 - £14,167). The loans are interest free and repayable on demand. During the year, the directors were paid a dividend of £170,000 (2022 - £100,000). 

 
11