Company registration number: 08417511
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FOR THE YEAR ENDED
31 DECEMBER 2022
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ASSOULINE UK LIMITED
REGISTERED NUMBER:08417511
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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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 income and retained earnings 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:
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P Assouline
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The notes on pages 2 to 5 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Assouline UK Limited is a private company, limited by shares and is incorporated in the United Kingdom and registered in England and Wales. The company's registered address is disclosed on the Company Information page. The company's principal place of business is 196A Piccadilly, London, W1J 9EY.
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Material uncertainty related to going concern
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The financial statements have been prepared on a going concern basis.
At 31 December 2022, the company had net liabilities of £4,971,944 as a results of the company continuing to record losses. The company has the full support of its overseas parent who is committed to future growth. For this reason, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
3.Accounting policies
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Basis of preparation of financial statements
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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:
The turnover shown in the Statement of Income and Retained Earnings represents amounts receivable for goods provided during the year. Turnover is recognised upon despatch to customers or point of sale in store, net of trade discounts, VAT and other sales and related taxes.
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.
The estimated useful lives range as follows:
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Leasehold property improvements
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Over the term of the lease
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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.
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
3.Accounting policies (continued)
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Operating lease agreements
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Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the periods of the lease.
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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 asset of the entity after deducting all of its financial liabilities. Liabilities are presented as such in the Statement of Financial Position. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.
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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
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The average monthly number of employees, including directors, during the year was 11 (2021 - 10).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Commitments under operating leases
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At 31 December 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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The company's immediate parent company is Assouline Publishing Inc. by virtue of its 100% shareholding. The registered address and principal place of business of the firm is 3 Park Avenue, 27th Floor, New York, 10016, USA.
The company's ultimate parent company is Editions Assouline, a company registered in France.
The smallest and largest group of undertakings for which group accounts have been drawn up is that headed by Editions Assouline. The registered address and principal place of business of the firm is 21 Rue Visconti, 75006 Paris, France.
The auditors' report on the financial statements for the year ended 31 December 2022 was unqualified.
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In their report, the auditors emphasised the following matter without qualifying their report:
We draw attention to note 2 in the financial statements, which indicates that the company is reliant on parent support. As stated in note 2, these events or conditions, along with the other matters as set forth in note 2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
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The audit report was signed on 15 February 2024 by Charlotte Langdon ACA (Senior Statutory Auditor) on behalf of Menzies LLP.
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