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Registration number: 02561622

Bonpoint UK Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

Pages for Filing with Registrar

 

Bonpoint UK Limited

(Registration number: 02561622)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

626,277

487,634

Current assets

 

Stock

1,794,818

1,625,038

Debtors

7

2,061,375

1,054,939

Cash at bank and in hand

 

445,800

634,276

 

4,301,993

3,314,253

Creditors: Amounts falling due within one year

8

(5,735,932)

(4,833,366)

Net current liabilities

 

(1,433,939)

(1,519,113)

Net liabilities

 

(807,662)

(1,031,479)

Capital and reserves

 

Called up share capital

9

1,000

1,000

Other reserves

132,000

132,000

Retained earnings

(940,662)

(1,164,479)

Shareholders' deficit

 

(807,662)

(1,031,479)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 10 July 2024
 

.........................................
P A Cauche
Director

 

Bonpoint UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The Company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
52-54 Marylebone High Street
London
W1U 5HR

Principal activity

The principal activity of the Company is retail sale of clothing in specialised stores.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company made a profit in the year and has net current liabilities. The company is dependent on the support from the shareholders to continue as a going concern.

The financial statements have been prepared on a going concern basis that assumes further funding will be obtained.

 

Bonpoint UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Turnover recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Government grants

Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Bonpoint UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Asset class

Depreciation method and rate

Fixtures and fittings

3-15% straight line basis

Leasehold improvements

Over leasehold period

Computer equipment

25% Straight line basis

Stock

Stock are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

At each reporting date, stock are assessed for impairment. If stock are 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.

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 and other third parties, loans to related parties and investments in non-puttable ordinary shares.

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 found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet 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.

Debtors

Trade debtors are amounts due from customers for merchandise sold in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Bonpoint UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Creditors

Trade creditors 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 the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Other Reserves
Other reserves represent a capital redemption reserve arising on the cost of shares purchased by the Company for cancellation or redeemed in excess of the proceeds of any fresh issue of shares made specifically to fund the purchase or redemption.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Bonpoint UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

3

Significant judgements and estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are significant judgements or key sources of estimation uncertainty from the following:

Stock provision

The company uses a stock provision which is based on the old collections. This is based on sales estimate by collection in the outlet store. Any products not sold within the outlet would be sold back to the parent entity. For the year ended 31 December 2023, this amounted to £195,320 (2022: £65,289).

Fixed assets

The company determines the estimated useful lives, residual values and related depreciation charges for its property, plant and equipment with reference to the estimated periods that the company intends to derive future economic benefits from the use of these assets. Actual economic lives may differ from estimated useful lives and actual residual values may differ from estimated residual values. The net book value of fixed assets at the balance sheet date was £626,277 (2022: £487,634) after estimating a total accumulated depreciation of £1,775,316 (2022: £1,687,646).

Recoverability of debtors

The company has a provision of bad debt of £119,492 within the year. This amount has been deemed irrecoverable by the company. When carrying out this assessment, management had an agreed amount with the customer to confirm that this was not going to be recovered for the year ended 31 December 2022 and for the year ended 31 December 2023.

4

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 10 July 2024 was Hannah Fowlie, who signed for and on behalf of Bourner Bullock.

5

Staff numbers

The average number of persons employed by the Company (including the director) during the year, was 36 (2022 - 29).

 

Bonpoint UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

6

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023 (As restated)

1,156,563

1,018,717

2,175,280

Additions

32,300

334,456

366,756

Disposals

(98,744)

(41,699)

(140,443)

At 31 December 2023

1,090,119

1,311,474

2,401,593

Depreciation

At 1 January 2023 (As restated)

1,032,045

655,605

1,687,650

Charge for the year

43,460

169,822

213,282

Eliminated on disposal

(83,918)

(41,698)

(125,616)

At 31 December 2023

991,587

783,729

1,775,316

Carrying amount

At 31 December 2023

98,532

527,745

626,277

At 31 December 2022 (As restated)

124,522

363,112

487,634


Prior period errors
The assets which were disposed of in 2022 were identified as remaining within the reported assets at 31 December 2022. A correction was made within the current year in respect to this misstatement. The disposals made within the prior year had a carrying amount of £nil. This had a £nil impact on the balance sheet and profit and loss for the current and prior period, and therefore this is a presentational adjustment.

The table below shows the effect of the correction within the 2023 financial statements and the restated comparative:

 

Bonpoint UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Land and buildings

Furniture, fittings and equipments

Total

Cost or valuation

£

£

£

At 31 December 2022

1,158,308

1,383,678

2,541,986

Prior period adjustment

(1,745)

(364,961)

(366,706)

At 31 December 2022 (As restated)

1,156,563

1,018,717

2,175,280

Land and buildings

Furniture, fittings and equipments

Total

Depreciation

£

£

£

At 31 December 2022

1,039,052

1,015,299

2,054,351

Prior period adjustment

(7,011)

(359,694)

(366,705)

At 31 December 2022 (As restated)

1,032,041

655,605

1,687,646

Carrying amount

At 31 December 2022 (As restated)

124,522

363,112

487,634

7

Debtors

2023
£

2022
£

Trade debtors

102,508

259,453

Amounts owed by group undertakings

954,152

204,939

Prepayments and accrued income

593,039

226,128

Other debtors

411,676

364,419

2,061,375

1,054,939

 

Bonpoint UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

268,198

110,044

Amounts owed to group undertakings

4,980,025

3,917,922

Taxation and social security

24,881

22,033

Other creditors

462,828

783,367

Total trade and other creditors

5,735,932

4,833,366

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

750 'A' Ordinary shares of £1 each

750

750

750

750

250 'B' Ordinary shares of £1 each

250

250

250

250

 

1,000

1,000

1,000

1,000

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

1,042,248

1,042,248

Later than one year and not later than five years

1,228,207

2,270,455

2,270,455

3,312,703

 

Bonpoint UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

11

Dividends

There were no dividends paid or proposed in either the current year or the previous year.

12

Relationship between entity and parents

The parent of the smallest group in which these financial statements are consolidated is Bonpoint S.A.S, incorporated in France.

The address of Bonpoint S.A.S is:
62 Avenue D'iena, 75116 Paris, France