Caseware UK (AP4) 2023.0.135 2023.0.135 9The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false2023-01-01falseNo description of principal activity10truetrue 07858293 2023-01-01 2023-12-31 07858293 2022-01-01 2022-12-31 07858293 2023-12-31 07858293 2022-12-31 07858293 c:Director1 2023-01-01 2023-12-31 07858293 c:RegisteredOffice 2023-01-01 2023-12-31 07858293 d:PlantMachinery 2023-01-01 2023-12-31 07858293 d:PlantMachinery 2023-12-31 07858293 d:PlantMachinery 2022-12-31 07858293 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07858293 d:FurnitureFittings 2023-01-01 2023-12-31 07858293 d:FurnitureFittings 2023-12-31 07858293 d:FurnitureFittings 2022-12-31 07858293 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07858293 d:OfficeEquipment 2023-01-01 2023-12-31 07858293 d:OfficeEquipment 2023-12-31 07858293 d:OfficeEquipment 2022-12-31 07858293 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07858293 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07858293 d:Goodwill 2023-01-01 2023-12-31 07858293 d:Goodwill 2023-12-31 07858293 d:Goodwill 2022-12-31 07858293 d:CurrentFinancialInstruments 2023-12-31 07858293 d:CurrentFinancialInstruments 2022-12-31 07858293 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 07858293 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07858293 d:ShareCapital 2023-12-31 07858293 d:ShareCapital 2022-12-31 07858293 d:RetainedEarningsAccumulatedLosses 2023-12-31 07858293 d:RetainedEarningsAccumulatedLosses 2022-12-31 07858293 c:OrdinaryShareClass1 2023-01-01 2023-12-31 07858293 c:OrdinaryShareClass1 2023-12-31 07858293 c:OrdinaryShareClass1 2022-12-31 07858293 c:FRS102 2023-01-01 2023-12-31 07858293 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 07858293 c:AbridgedAccounts 2023-01-01 2023-12-31 07858293 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07858293 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 07858293










EXTRAVAGANCE RETAIL LIMITED

Unaudited
Financial statements
Information for filing with the registrar
For the year ended 31 December 2023

 
EXTRAVAGANCE RETAIL LIMITED
 

Company Information


Director
N Bennett 




Registered number
07858293



Registered office
44-45 The Lanes
The Oasis, Meadowhall Centre

Sheffield

S9 1EP





 
EXTRAVAGANCE RETAIL LIMITED
Registered number: 07858293

Balance sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
1,694
1,747

  
1,694
1,747

Current assets
  

Stocks
  
34,815
19,000

Debtors
  
15,462
15,642

Cash at bank and in hand
  
216,766
213,723

  
267,043
248,365

Creditors: amounts falling due within one year
 7 
(74,989)
(79,638)

Net current assets
  
 
 
192,054
 
 
168,727

Total assets less current liabilities
  
193,748
170,474

Net assets
  
193,748
170,474


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
  
193,648
170,374

  
193,748
170,474


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 her 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.

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 on 17 July 2024.




N Bennett
Director

The notes on pages 3 to 8 form part of these financial statements.
Page 1

 
EXTRAVAGANCE RETAIL LIMITED
Registered number: 07858293

Balance sheet (continued)
As at 31 December 2023


Page 2

 
EXTRAVAGANCE RETAIL LIMITED
 

 
Notes to the financial statements
For the year ended 31 December 2023

1.


General information

Extravagance Retail Limited is a private company limited by shares incorporated in England within the United Kingdom.  The address of the registered office is given in the company information page of these financial statements.
The financial statements are presented in sterling which is the functional currency of the company.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue represents turnover from the sale of goods.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

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.

 
2.5

Finance costs

Finance costs are charged to profit or loss 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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
EXTRAVAGANCE RETAIL LIMITED
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.7

Taxation

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 balance sheet date in the countries where the Company operates and generates income.

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
5
years

 
2.9

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.

Depreciation is provided on the following basis:

Shop equipment
-
20%
Fixtures and fittings
-
20%
Office equipment
-
20%

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.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value.

 
2.11

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.

Page 4

 
EXTRAVAGANCE RETAIL LIMITED
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

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

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 5

 
EXTRAVAGANCE RETAIL LIMITED
 

 
Notes to the financial statements
For the year ended 31 December 2023

3.


Employees

2023
2022
£
£

Wages and salaries
110,803
101,729

Social security costs
117
61

Cost of defined contribution scheme
1,580
1,386

112,500
103,176


The average monthly number of employees, including directors, during the year was 10 (2022 -9).


4.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
30,000



At 31 December 2023

30,000



Amortisation


At 1 January 2023
30,000



At 31 December 2023

30,000



Net book value



At 31 December 2023
-



At 31 December 2022
-



Page 6

 
EXTRAVAGANCE RETAIL LIMITED
 

 
Notes to the financial statements
For the year ended 31 December 2023

5.


Tangible fixed assets





Shop equipment
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
5,021
4,612
3,702
13,335


Additions
-
-
519
519



At 31 December 2023

5,021
4,612
4,221
13,854



Depreciation


At 1 January 2023
3,704
4,612
3,272
11,588


Charge for the year on owned assets
310
-
262
572



At 31 December 2023

4,014
4,612
3,534
12,160



Net book value



At 31 December 2023
1,007
-
687
1,694



At 31 December 2022
1,317
-
430
1,747


6.


Debtors

2023
2022
£
£


Other debtors
9,761
9,940

Prepayments and accrued income
5,702
5,702

15,463
15,642



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
26,427
34,763

Other taxation and social security
37,878
38,192

Other creditors
5,507
1,797

Accruals and deferred income
5,177
4,886

74,989
79,638


Page 7

 
EXTRAVAGANCE RETAIL LIMITED
 

 
Notes to the financial statements
For the year ended 31 December 2023

8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 -100) Ordinary shares of £1.00 each
100
100



9.


Related party transactions

Included in other debtors is a loan to the director in the sum of £9,761 (2022 - £9,940 owed to the director). The loan is unsecured, interest free and repayable upon demand.


Page 8