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REGISTERED NUMBER: 12188494 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Veja UK Ltd

Veja UK Ltd (Registered number: 12188494)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Veja UK Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: S Kopp
F G Morillion



SECRETARY: Pramex International Ltd



REGISTERED OFFICE: 8th Floor South
11 Old Jewry
London
EC2R 8DU



REGISTERED NUMBER: 12188494 (England and Wales)



AUDITORS: Roberts Nathan
Chartered Certified Accountants and
Statutory Auditors
9 Exchange Place
International Financial Services Centre
Dublin 1
Ireland



BANKERS: HSBC UK Bank Plc,
8 Canada Square,
London, E14 5HQ,
United Kingdom

Veja UK Ltd (Registered number: 12188494)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 82,772 -

CURRENT ASSETS
Stocks 4,976,242 3,841,470
Debtors 6 2,463,549 1,600,879
Cash at bank 9,980,343 7,960,830
17,420,134 13,403,179
CREDITORS
Amounts falling due within one year 7 11,218,163 8,208,358
NET CURRENT ASSETS 6,201,971 5,194,821
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,284,743

5,194,821

CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Retained earnings 9 6,283,743 5,193,821
SHAREHOLDERS' FUNDS 6,284,743 5,194,821

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 June 2024 and were signed on its behalf by:





F G Morillion - Director


Veja UK Ltd (Registered number: 12188494)

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

1. STATUTORY INFORMATION

Veja UK Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The functional currency and the presentation currency of the financial statements is the Pound Sterling (£).

The principal activity of the company in the year under review was that of retail, wholesale & e-commerce sales of footwear.

2. CRITICAL ACCOUNTING JUDGEMENTS & KEY SOURCES OF ESTIMATION

UNCERTAINTY

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised where the
revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

These accounts are individual financial statements and do not form part of a group accounts.

All amounts are rounded to the nearest £.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

No depreciation has been provided during the year.

Veja UK Ltd (Registered number: 12188494)

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

3. ACCOUNTING POLICIES - continued

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

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. 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 profit or loss.

Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements , when there is a legally 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.

Basic financial assets
Basic financial assets, which include debtors, loans from fellow group companies, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
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 assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, accruals and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Veja UK Ltd (Registered number: 12188494)

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

3. ACCOUNTING POLICIES - continued

Basic financial liabilities - continued
Trade creditors are obligations to pay for goods that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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 transaction. Exchange differences are taken into account in arriving at the operating result.

The non-monetary items are measured at historical cost and translated at the exchange rate on the date of transaction.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Treatment of share capital
The share capital is being treated as equity.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - 3 ).

Veja UK Ltd (Registered number: 12188494)

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

5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
Additions 82,772
At 31 December 2023 82,772
NET BOOK VALUE
At 31 December 2023 82,772

The assets acquired during the year relate to retail store which is due to open on 26/04/2024 and therefore, as at year end, the assets were not available for use as intended by management and thus no depreciation occurred in the current period.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 1,080,800 1,272,227
Other debtors 257,225 29,500
VAT 1,064,559 266,800
Accrued income and prepayments 60,965 32,352
2,463,549 1,600,879

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 2,632,838 2,931,639
Amounts owed to group undertakings 7,784,972 226,237
Tax 309,740 1,225,606
Accruals 463,124 3,824,876
Accruals and deferred income 27,489 -
11,218,163 8,208,358

Trade creditors are payable at various dates over the coming months in accordance with the suppliers' usual and customary credit terms.

The term of the accruals are based on the underlying contracts.

Taxes are payable at various dates over the coming months in accordance with the applicable statutory provisions.

Amounts owed to Group Undertakings are unsecured, interest free and are repayable on demand.

Veja UK Ltd (Registered number: 12188494)

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

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
1,000 Ordinary £1 1,000 1,000

9. RESERVES
Retained
earnings
£   

At 1 January 2023 5,193,821
Profit for the year 1,089,922
At 31 December 2023 6,283,743

At 1 January 2022 69,232
Profit for the year 5,124,589
At 31 December 2022 5,193,821

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Aidan Scollard (Senior Statutory Auditor)
for and on behalf of Roberts Nathan

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12. EVENTS AFTER THE REPORTING PERIOD

Veja UK Ltd opened their first physical retail store, after the reporting period. The store is based in London and was opened on 26/04/2024.

13. ULTIMATE CONTROLLING PARTY

The company's immediate and ultimate controlling parent company is Veja Fair Trade SARL, a company incorporated in France, whose registered address is 146 Rue du Faubourg Poissonnière, 75010 Paris, France.

14. APPROVAL OF FINANCIAL STATEMENTS

The board of directors approved these financial statements for issue on 30 June 2024.