Caseware UK (AP4) 2022.0.179 2022.0.179 2023-12-312023-12-31false2023-01-01No description of principal activity67truetrue 05436091 2023-01-01 2023-12-31 05436091 2023-12-31 05436091 2022-01-01 2022-12-31 05436091 2022-12-31 05436091 c:CompanySecretary1 2023-01-01 2023-12-31 05436091 c:Director1 2023-01-01 2023-12-31 05436091 c:Director2 2023-01-01 2023-12-31 05436091 c:RegisteredOffice 2023-01-01 2023-12-31 05436091 d:Buildings d:ShortLeaseholdAssets 2023-01-01 2023-12-31 05436091 d:Buildings d:ShortLeaseholdAssets 2023-12-31 05436091 d:Buildings d:ShortLeaseholdAssets 2022-12-31 05436091 d:PlantMachinery 2023-01-01 2023-12-31 05436091 d:PlantMachinery 2023-12-31 05436091 d:PlantMachinery 2022-12-31 05436091 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05436091 d:FurnitureFittings 2023-01-01 2023-12-31 05436091 d:FurnitureFittings 2023-12-31 05436091 d:FurnitureFittings 2022-12-31 05436091 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05436091 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05436091 d:CurrentFinancialInstruments 2023-12-31 05436091 d:CurrentFinancialInstruments 2022-12-31 05436091 d:Non-currentFinancialInstruments 2023-12-31 05436091 d:Non-currentFinancialInstruments 2022-12-31 05436091 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 05436091 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 05436091 d:ShareCapital 2023-12-31 05436091 d:ShareCapital 2022-12-31 05436091 d:OtherMiscellaneousReserve 2023-12-31 05436091 d:OtherMiscellaneousReserve 2022-12-31 05436091 d:RetainedEarningsAccumulatedLosses 2023-12-31 05436091 d:RetainedEarningsAccumulatedLosses 2022-12-31 05436091 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-01-01 2023-12-31 05436091 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 05436091 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-12-31 05436091 c:FRS102 2023-01-01 2023-12-31 05436091 c:Audited 2023-01-01 2023-12-31 05436091 c:FullAccounts 2023-01-01 2023-12-31 05436091 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05436091 d:WithinOneYear 2023-12-31 05436091 d:WithinOneYear 2022-12-31 05436091 d:BetweenOneFiveYears 2023-12-31 05436091 d:BetweenOneFiveYears 2022-12-31 05436091 d:MoreThanFiveYears 2023-12-31 05436091 d:MoreThanFiveYears 2022-12-31 05436091 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Company registration number: 05436091







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


AKRIS U.K. LTD






































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AKRIS U.K. LTD
 


 
COMPANY INFORMATION


Directors
P. Kriemler 
H. Rohner 




Company secretary
G Altmann



Registered number
05436091



Registered office
30 Old Bond Street

London

W1S 4QQ




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Ashcombe House

5 The Crescent

Leatherhead

Surrey

KT22 8DY





 


AKRIS U.K. LTD
 



CONTENTS



Page
Statement of financial position
1
Notes to the financial statements
2 - 6


 


AKRIS U.K. LTD
REGISTERED NUMBER:05436091



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
Restated
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
42,742
47,763

  
42,742
47,763

Current assets
  

Stocks
  
1,540,521
1,114,106

Debtors: amounts falling due after more than one year
 5 
228,465
225,734

Debtors: amounts falling due within one year
 5 
1,112,210
581,326

Cash at bank and in hand
  
116,253
210,451

  
2,997,449
2,131,617

Creditors: amounts falling due within one year
 6 
(1,149,924)
(286,241)

Net current assets
  
 
 
1,847,525
 
 
1,845,376

Total assets less current liabilities
  
1,890,267
1,893,139

Provisions for liabilities
  

Other provisions
 7 
(86,319)
(84,411)

  
 
 
(86,319)
 
 
(84,411)

Net assets
  
1,803,948
1,808,728


Capital and reserves
  

Allotted, called up and fully paid share capital
  
500,000
500,000

Other reserves
  
2,600,000
2,600,000

Profit and loss account
  
(1,296,052)
(1,291,272)

  
1,803,948
1,808,728


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: 

................................................
H. Rohner
Director
Date: 11 April 2024

Page 1

 


AKRIS U.K. LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Akris U.K. Ltd (the Company) is a private company limited by shares incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office and principal place of business is disclosed on the Company Information page.

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 Directors believe that the actions they have taken should enable them to continue in operational existence. In addition, Akris U.K. Ltd continues to have the support of parent company, Akris Prêt-à-Porter AG, which still believes that the brand should have a presence in the UK market and can continue to be profitable.  

 
2.3

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.

 
2.4

Revenue

Revenue arises from the sale of women's clothing and accessories in store and in concessions.
Revenue represents fair value of amounts receivable for goods and services and is stated net of discounts, value added taxes and returns.
Revenue generated from retail sales are recognised when Akris U.K. Ltd sells a product to a customer.

 
2.5

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

 


AKRIS U.K. LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

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 a combination of straight line and reducing balance.

Depreciation is provided on the following basis:

Short-term leasehold property
-
over life of lease
Plant and machinery
-
25% straight line methods
Fixtures and fittings
-
25% reducing balance method

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.

 
2.8

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. 

At each reporting 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.

Akris U.K. Limited may return old or unused stock to their parent company Akris Prêt-à-Porter AG at cost less the accumulated stock provision.
The stock provision is calculated based on the age of the season of stock and the classification of the different categories of stock. The provision ranges as follows for each category:
Type of stock   Provision applied
Carry over    20% - 90%
Mark down    40% - 90%
Basic    20%

Page 3

 


AKRIS U.K. LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 -7).


4.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 January 2023
1,700,905
10,100
18,903
1,729,908


Additions
1,908
-
-
1,908



At 31 December 2023

1,702,813
10,100
18,903
1,731,816



Depreciation


At 1 January 2023
1,656,177
7,065
18,903
1,682,145


Charge for the year on owned assets
6,167
762
-
6,929



At 31 December 2023

1,662,344
7,827
18,903
1,689,074



Net book value



At 31 December 2023
40,469
2,273
-
42,742



At 31 December 2022
44,728
3,035
-
47,763

Page 4

 


AKRIS U.K. LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
228,465
225,734

228,465
225,734


2023
Restated
2022
£
£

Due within one year

Trade debtors
81,070
113,853

Amounts owed by group undertakings
506,737
6,022

Other debtors
123,563
44,850

Prepayments and accrued income
400,840
416,601

1,112,210
581,326



6.


Creditors: Amounts falling due within one year

2023
Restated
2022
£
£

Trade creditors
49,319
65,641

Amounts owed to group undertakings
980,000
90,871

Other taxation and social security
7,604
9,661

Other creditors
14,106
17,300

Accruals and deferred income
98,895
102,768

1,149,924
286,241


Included within amounts owed to group undertakings is an interest bearing loan due to Akris Prêt-à-Porter AG. Interest is charged at a rate equal to the yearly circular letter from the Swiss Federal Tax Administration 3.75% (2022 - 3%). 

Page 5

 


AKRIS U.K. LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Provisions





Dilapidation provision

£





At 1 January 2023
84,411


Utilised in year
1,908



At 31 December 2023
86,319


8.


Prior year adjustment

A prior year adjustment has been identified due to a misallocation of VAT receivable and the subsequent management charge calculation. 
This resulted in a decrease in exceptional administrative expenses of £155,000, an increase in the other operating income of £155,000. There was no impact to brought forward reserves as at 1 January 2023.
The other debtors has decreased by £155,000 and the creditors due within one year, amounts owed to group undertakings has decreased by £155,000.


9.


Commitments under operating leases

At 31 December 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
1,200,000
1,200,000

Later than 1 year and not later than 5 years
4,800,000
4,800,000

Later than 5 years
1,900,000
3,100,000

7,900,000
9,100,000


10.


Parent company

The parent of the smallest group for which consolidated financial statements are drawn up is Akris Prêt-à-Porter AG. The address of their registered office is Kalabinth 21 Speicher, 9042, Switzerland. 


11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 11 April 2024 by Andrew Hookway FCA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 6