Caseware UK (AP4) 2022.0.179 2022.0.179 2023-12-31081457562023-12-312023-01-01false1915truetrue 08145756 2023-01-01 2023-12-31 08145756 2022-01-01 2022-12-31 08145756 2023-12-31 08145756 2022-12-31 08145756 2022-01-01 08145756 1 2023-01-01 2023-12-31 08145756 d:Director1 2023-01-01 2023-12-31 08145756 c:FurnitureFittings 2023-01-01 2023-12-31 08145756 c:FurnitureFittings 2023-12-31 08145756 c:FurnitureFittings 2022-12-31 08145756 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08145756 c:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 08145756 c:OtherPropertyPlantEquipment 2023-12-31 08145756 c:OtherPropertyPlantEquipment 2022-12-31 08145756 c:OtherPropertyPlantEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08145756 c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08145756 c:CurrentFinancialInstruments 2023-12-31 08145756 c:CurrentFinancialInstruments 2022-12-31 08145756 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 08145756 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 08145756 c:ShareCapital 2023-12-31 08145756 c:ShareCapital 2022-12-31 08145756 c:RetainedEarningsAccumulatedLosses 2023-12-31 08145756 c:RetainedEarningsAccumulatedLosses 2022-12-31 08145756 d:OrdinaryShareClass1 2023-01-01 2023-12-31 08145756 d:OrdinaryShareClass1 2022-01-01 2022-12-31 08145756 d:OrdinaryShareClass1 2023-12-31 08145756 d:OrdinaryShareClass1 2022-12-31 08145756 d:FRS102 2023-01-01 2023-12-31 08145756 d:Audited 2023-01-01 2023-12-31 08145756 d:FullAccounts 2023-01-01 2023-12-31 08145756 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08145756 c:WithinOneYear 2023-12-31 08145756 c:WithinOneYear 2022-12-31 08145756 c:BetweenOneFiveYears 2023-12-31 08145756 c:BetweenOneFiveYears 2022-12-31 08145756 d:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 08145756 2 2023-01-01 2023-12-31 08145756 c:TaxLossesCarry-forwardsDeferredTax 2023-12-31 08145756 c:TaxLossesCarry-forwardsDeferredTax 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure



















Samuel & Sons Passementerie UK Limited

Registered number: 08145756
Annual Report
For the year ended 31 December 2023

 
 08145756
31 December 2023
SAMUEL & SONS PASSEMENTERIE UK LIMITED
REGISTERED NUMBER: 08145756

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,196
-

  
2,196
-

Current assets
  

Stocks
 5 
106,074
111,370

Debtors: amounts falling due within one year
 6 
402,894
182,940

Cash at bank and in hand
  
2,439,228
2,639,944

  
2,948,196
2,934,254

Creditors: amounts falling due within one year
 7 
(652,626)
(990,758)

Net current assets
  
 
 
2,295,570
 
 
1,943,496

Total assets less current liabilities
  
2,297,766
1,943,496

  

Net assets
  
2,297,766
1,943,496


Capital and reserves
  

Called up share capital 
 9 
1
1

Profit and loss account
  
2,297,765
1,943,495

Total equity
  
2,297,766
1,943,496


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 comprehensive income 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: 


M Cohen
Director

Date: 27 February 2024

The notes on pages 2 to 10 form part of these financial statements.

- 1 -

 
 08145756
31 December 2023
SAMUEL & SONS PASSEMENTERIE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Samuel & Sons Passementerie UK Limited is a private company limited by shares incorporated in England and Wales. Its registered number is 08145756. The address of its registered office is Design Centre, Unit 365 Chelsea Harbour, London, United Kingdom, SW10 0XE.
The principal activity of the company is providing the finest quality trimmings such as tassels, borders, braids, gimp, fringes and more. 

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 financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the company operates and is rounded to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

Going concern

These financial statements have been prepared on a going concern basis. The directors, having considered the financial position of the company for a period of at least twelve months from the date of signing these financial statements, have no reason to believe that a material uncertainty exists that may cast doubt about the ability of the company to continue as a going concern.  The directors believe that the industry continues to reflect a healthy growth outlook. The brand continues to support the positive outlook with ongoing development  of collections to be released over the next 12 months. The company has a cash position of £2,439,228 and net current assets of £2,295,570 at the year end date. Accordingly, the directors have a reasonable expectation that the company will continue in operational existence and thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

 
2.3

Turnover

Turnover is recognised 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. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

- 2 -

 
 08145756
31 December 2023
SAMUEL & SONS PASSEMENTERIE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

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 & fittings
-
over 7 years
Lease improvements
-
shorter of 6 years or the life of the lease

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.

  
2.5

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. Work in progress and finished goods include labour and attributable overheads.
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 the Statement of comprehensive income.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
- 3 -

 
 08145756
31 December 2023
SAMUEL & SONS PASSEMENTERIE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other accounts receivable and payable, loans to related parties.
Financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is identified, an impairment loss is recognised in profit and loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and its recoverable amount, which is an estimate of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial liabilities
Basic financial liabilities, including trade and other payables are initially recognised at transition price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a rate of interest.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

- 4 -

 
 08145756
31 December 2023
SAMUEL & SONS PASSEMENTERIE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Foreign currency translation

Functional and presentation currency

The company's functional and presentation 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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

All other foreign exchange gains and losses are presented in the Statement of comprehensive income within 'administrative expenses'.

 
2.10

Interest income and similar income

Interest income and similar income is recognised in profit or loss using the effective interest method.

 
2.11

Interest payable and similar expenses

Interest payable and similar expenses are charged to the Statement of comprehensive income 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.

 
2.12

Operating leases

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.

- 5 -

 
 08145756
31 December 2023
SAMUEL & SONS PASSEMENTERIE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

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 other creditors as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

 
2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting 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 reporting 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 reporting date.


3.


Employees

The average monthly number of employees, including the directors, during the year was 19 (2022: 15). 


- 6 -

 
 08145756
31 December 2023
SAMUEL & SONS PASSEMENTERIE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Fixtures & fittings
Lease improvements
Total

£
£
£



Cost


At 1 January 2023
193,802
283,470
477,272


Additions
-
2,782
2,782



At 31 December 2023

193,802
286,252
480,054



Depreciation


At 1 January 2023
193,802
283,470
477,272


Charge for the year
-
586
586



At 31 December 2023

193,802
284,056
477,858



Net book value



At 31 December 2023
-
2,196
2,196



At 31 December 2022
-
-
-


5.


Stocks

2023
2022
£
£

Finished goods and goods for resale
106,074
111,370


- 7 -

 
 08145756
31 December 2023
SAMUEL & SONS PASSEMENTERIE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors: Amounts falling due within one year

2023
2022
£
£


Trade debtors
63,034
101,964

Amounts owed by group undertakings
272,767
-

Other debtors
11,080
10,390

Prepayments
54,911
70,167

Deferred taxation
1,102
419

402,894
182,940


The amounts owed by group undertakings are unsecured, interest free and payable on demand.


7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
24,478
12,515

Amounts owed to group undertakings
-
190,472

Corporation tax
41,929
40,345

Other taxation and social security
162,180
147,220

Other creditors
21,963
27,632

Accruals and deferred income
402,076
572,574

652,626
990,758


The amounts owed to group undertakings are unsecured, interest free and repayable on demand.

- 8 -

 
 08145756
31 December 2023
SAMUEL & SONS PASSEMENTERIE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Deferred taxation




2023
2022


£

£






At beginning of year
419
(5,014)


Charged to profit or loss
683
5,433



At end of year
1,102
419

The deferred tax asset is made up as follows:

2023
2022
£
£


Short term timing differences
1,102
419

1,102
419


9.


Called up share capital

2023
2022
£
£
Allotted, called up and partly paid



1 (2022: 1) ordinary share of £1 each
1
1

The ordinary share has attached to it full voting, dividend and distribution rights.



10.


Pension commitments

The company operates a defined contribution plan for all employees of the company. Contributions made into this plan are paid by the company at rates specified in the rules of the schemes. As at the reporting date, amounts payable of £4,409 (2022: £3,115) had not been paid over to the plan. This is included within other creditors. 

- 9 -

 
 08145756
31 December 2023
SAMUEL & SONS PASSEMENTERIE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


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
103,181
99,692

Later than 1 year and not later than 5 years
24,008
127,189

127,189
226,881

During the year, the total amount of lease payment recognised as an expense is £89,270 (2022: £81,314).


12.


Post balance sheet events

There have been no significant events affecting the company since the year end.


13.


Controlling party

The ultimate parent undertaking and immediate controlling party is Samuel & Sons Passementerie Inc. by virtue of its shareholding. Samuel & Sons Passementerie Inc. prepares the consolidated financial statements which can be obtained from 983 Third Avenue, New York, NY 10022.
The ultimate controlling party is the Cohen family.


14.


Auditor's information

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

The audit report was signed on 1 March 2024 by Elisabeth Maxwell (Senior statutory auditor) on behalf of Mazars LLP.

- 10 -