Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-313false2023-01-01Clothing shop4falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12247909 2023-01-01 2023-12-31 12247909 2021-11-01 2022-12-31 12247909 2023-12-31 12247909 2022-12-31 12247909 c:Director2 2023-01-01 2023-12-31 12247909 d:Buildings d:ShortLeaseholdAssets 2023-01-01 2023-12-31 12247909 d:Buildings d:ShortLeaseholdAssets 2023-12-31 12247909 d:Buildings d:ShortLeaseholdAssets 2022-12-31 12247909 d:FurnitureFittings 2023-01-01 2023-12-31 12247909 d:FurnitureFittings 2023-12-31 12247909 d:FurnitureFittings 2022-12-31 12247909 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12247909 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12247909 d:CurrentFinancialInstruments 2023-12-31 12247909 d:CurrentFinancialInstruments 2022-12-31 12247909 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 12247909 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 12247909 d:ShareCapital 2023-12-31 12247909 d:ShareCapital 2022-12-31 12247909 d:RetainedEarningsAccumulatedLosses 2023-12-31 12247909 d:RetainedEarningsAccumulatedLosses 2022-12-31 12247909 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 12247909 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 12247909 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 12247909 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 12247909 c:OrdinaryShareClass1 2023-01-01 2023-12-31 12247909 c:OrdinaryShareClass1 2023-12-31 12247909 c:FRS102 2023-01-01 2023-12-31 12247909 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 12247909 c:FullAccounts 2023-01-01 2023-12-31 12247909 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12247909 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 12247909














PATCHWORK RETAIL LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
PATCHWORK RETAIL LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 8


 
PATCHWORK RETAIL LIMITED
REGISTERED NUMBER:12247909

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
33,632
48,684

Current assets
  

Stocks
 5 
209,287
196,359

Debtors: amounts falling due within one year
 6 
153,356
127,742

Cash at bank and in hand
  
17,062
6,192

  
379,705
330,293

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(158,377)
(240,560)

Net current assets
  
 
 
221,328
 
 
89,733

Deferred tax
 8 
(4,617)
-

  
 
 
(4,617)
 
 
-

Net assets
  
250,343
138,417


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
250,243
138,317

  
250,343
138,417


The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.
 
Page 1

 
PATCHWORK RETAIL LIMITED
REGISTERED NUMBER:12247909
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023


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 on 2 August 2024.




S Cremieux
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
PATCHWORK RETAIL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Patchwork Retail Limited is a private limited liabililty company incorporated in England and Wales. Its registered office is at 37 Savile Row, London, W1S 3QD.
The principal activity of the company is that of retail of clothing in specialised stores.

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

Foreign currency translation

The company's functional and presentational currency is £ sterling.
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.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
Turnover from the sale of goods is recognised at the point of sale. 

 
2.4

Government grants

Grants are accounted under the accruals model. Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method.

Page 3

 
PATCHWORK RETAIL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Pensions

The company contributes to 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

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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

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.

Page 4

 
PATCHWORK RETAIL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis:

Short-term leasehold property
-
over the life of the lease
Fixtures and fittings
-
20% straight line

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.

 
2.9

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 first in, first out 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.

 
2.10

Basic financial instruments

The company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand, and loans with related parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors and loans to related parties.
Cash is represented by cash in hand and deposits with financial institutions.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 4).

Page 5

 
PATCHWORK RETAIL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Total

£
£
£



Cost


At 1 January 2023
33,736
41,523
75,259



At 31 December 2023

33,736
41,523
75,259



Depreciation


At 1 January 2023
11,821
14,754
26,575


Charge for the year on owned assets
6,747
8,305
15,052



At 31 December 2023

18,568
23,059
41,627



Net book value



At 31 December 2023
15,168
18,464
33,632



At 31 December 2022
21,915
26,769
48,684


5.


Stocks

2023
2022
£
£

Finished goods and goods for resale
209,287
196,359


Page 6

 
PATCHWORK RETAIL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
9,142
6,240

Amounts owed by group undertakings
16,691
14,249

Other debtors
109,355
76,840

Prepayments and accrued income
18,168
16,298

Deferred taxation
-
14,115

153,356
127,742



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
7,709
125,552

Taxation and social security
39,536
5,157

Other creditors
81,939
88,341

Accruals and deferred income
29,193
21,510

158,377
240,560



8.


Deferred tax (asset)/liability




2023


£






At beginning of year
(14,115)


Charged to profit or loss
18,731



At end of year
4,616

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
-
6,692

Tax losses carried forward
4,616
(20,807)

4,616
(14,115)

Page 7

 
PATCHWORK RETAIL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 Ordinary shares of £1 each
100
100



10.


Commitments under operating leases

The company has commitments under a non-cancellable operating lease, under which contingent rent arrangements are in place which are dependent on the level of turnover generated. 


11.


Parent undertaking

The immediate and ultimate parent undertaking is Cremieux Europe, a company registered in France. Its registered office address is 28, rue Boissy D'Anglas, 75008, Paris.

 
Page 8