Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31112022-01-01falseNo description of principal activity10falsetrue 08417511 2022-01-01 2022-12-31 08417511 2022-12-31 08417511 2021-01-01 2021-12-31 08417511 2021-12-31 08417511 c:Director1 2022-01-01 2022-12-31 08417511 d:Buildings d:LongLeaseholdAssets 2022-01-01 2022-12-31 08417511 d:Buildings d:LongLeaseholdAssets 2022-12-31 08417511 d:Buildings d:LongLeaseholdAssets 2021-12-31 08417511 d:FurnitureFittings 2022-01-01 2022-12-31 08417511 d:FurnitureFittings 2022-12-31 08417511 d:FurnitureFittings 2021-12-31 08417511 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 08417511 d:OfficeEquipment 2022-01-01 2022-12-31 08417511 d:OfficeEquipment 2022-12-31 08417511 d:OfficeEquipment 2021-12-31 08417511 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 08417511 d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 08417511 d:CurrentFinancialInstruments 2022-12-31 08417511 d:CurrentFinancialInstruments 2021-12-31 08417511 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 08417511 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 08417511 d:ShareCapital 2022-12-31 08417511 d:ShareCapital 2021-12-31 08417511 d:RetainedEarningsAccumulatedLosses 2022-12-31 08417511 d:RetainedEarningsAccumulatedLosses 2021-12-31 08417511 c:FRS102 2022-01-01 2022-12-31 08417511 c:Audited 2022-01-01 2022-12-31 08417511 c:FullAccounts 2022-01-01 2022-12-31 08417511 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 08417511 d:WithinOneYear 2022-12-31 08417511 d:WithinOneYear 2021-12-31 08417511 d:BetweenOneFiveYears 2022-12-31 08417511 d:BetweenOneFiveYears 2021-12-31 08417511 d:MoreThanFiveYears 2022-12-31 08417511 d:MoreThanFiveYears 2021-12-31 08417511 c:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure
Company registration number: 08417511







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2022


ASSOULINE UK LIMITED






































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ASSOULINE UK LIMITED
REGISTERED NUMBER:08417511



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 5 
124,664
143,514

Current assets
  

Stocks
  
238,231
238,446

Debtors: amounts falling due within one year
 6 
118,685
59,705

Cash at bank and in hand
  
781,758
188,818

  
1,138,674
486,969

Creditors: amounts falling due within one year
 7 
(6,235,282)
(5,298,590)

Net current liabilities
  
 
 
(5,096,608)
 
 
(4,811,621)

Total assets less current liabilities
  
(4,971,944)
(4,668,107)

  

Net liabilities
  
(4,971,944)
(4,668,107)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(4,971,945)
(4,668,108)

  
(4,971,944)
(4,668,107)


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: 




................................................
P Assouline
Director

Date: 13 February 2024

The notes on pages 2 to 5 form part of these financial statements.
Page 1

 


ASSOULINE UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

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.

2.


Material uncertainty related to going concern

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

 
3.1

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:

 
3.2

Revenue

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. 

 
3.3

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.

The estimated useful lives range as follows:

Leasehold property improvements
-
Over the term of the lease
Fixtures and fittings
-
7 years
Office equipment
-
3 years

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.

  
3.4

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. 

Page 2

 


ASSOULINE UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

3.Accounting policies (continued)

  
3.5

Operating lease agreements

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.

  
3.6

Foreign currencies

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. 

  
3.7

Financial instruments

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. 

 
3.8

Government grants

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.

 
3.9

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


4.


Employees

The average monthly number of employees, including directors, during the year was 11 (2021 - 10).

Page 3

 


ASSOULINE UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Tangible fixed assets





Leasehold Improvements
Fixtures and Fittings
Office Equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2022
406,882
91,331
27,405
525,618


Additions
4,451
-
1,208
5,659



At 31 December 2022

411,333
91,331
28,613
531,277



Depreciation


At 1 January 2022
269,131
91,331
21,642
382,104


Charge for the year
22,347
-
2,162
24,509



At 31 December 2022

291,478
91,331
23,804
406,613



Net book value



At 31 December 2022
119,855
-
4,809
124,664



At 31 December 2021
137,751
-
5,763
143,514


6.


Debtors

2022
2021
£
£


Trade debtors
47,049
29,185

Amounts owed by group undertakings
1,485
1,496

Other debtors
981
3,532

Prepayments and accrued income
69,170
25,492

118,685
59,705



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
41,806
12,335

Amounts owed to group undertakings
6,063,718
5,271,205

Other taxation and social security
7,123
-

Accruals and deferred income
122,635
15,050

6,235,282
5,298,590


Page 4

 


ASSOULINE UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

8.


Commitments under operating leases

At 31 December 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
2021
£
£


Not later than 1 year
380,000
380,000

Later than 1 year and not later than 5 years
1,520,000
1,520,000

Later than 5 years
488,722
868,722

2,388,722
2,768,722


9.


Controlling party

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.

10.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2022 was unqualified.

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. 

The audit report was signed on 15 February 2024 by Charlotte Langdon ACA (Senior Statutory Auditor) on behalf of Menzies LLP.

Page 5