Registration number:
Bridal Collective UK Ltd
for the Period from 1 June 2023 to 31 December 2023
Pages for filing with Registrar
Bridal Collective UK Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Bridal Collective UK Ltd
Company Information
Director |
M Nguyen |
Registered office |
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Registered number |
07879286 |
Accountants |
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Bridal Collective UK Ltd
(Registration number: 07879286)
Balance Sheet as at 31 December 2023
Note |
31 December |
31 May |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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200,000 |
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Capital redemption reserve |
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Profit and loss account |
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518,107 |
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Total equity |
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1,188,107 |
Bridal Collective UK Ltd
(Registration number: 07879286)
Balance Sheet as at 31 December 2023
For the financial period ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised for issue by the
M Nguyen
Director
Bridal Collective UK Ltd
Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 31 December 2023
Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Wales
Accounting policies |
Summary of significant accounting policies
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.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "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.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The company made a pre-tax profit in the year and has net current assets amd positive cash reserves at the year end and is expected to have sufficient funds to continue in business for the foreseeable future. The directors have therefore prepared these financial statements on a going concern basis.
Disclosure of long or short period
Bridal Collective UK Ltd
Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 31 December 2023
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and 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 tax
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.
Bridal Collective UK Ltd
Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 31 December 2023
Tangible fixed assets
Tangible fixed assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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:
Fixtures and fittings |
15% straight line |
Computer equipment |
20% and 50% straight line |
Plant and equipment |
20-25% and 100% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.
Trade debtors
Trade debtors are recognised initially at the transaction price. They are subsequently measured at cost, 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.
Stocks
Stocks 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.
The cost of sample stock and finished goods comprises direct materials and, where applicable, those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks 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.
Trade creditors
Trade creditors are recognised initially at the transaction price.
Bridal Collective UK Ltd
Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 31 December 2023
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
The company used a debt factoring arrangement for some of its trade debtors whereby the company receives from a financing company, in advance of the collection of that debt, an advance equal to an agreed percentage of the debt. The financing company takes on responsibility for the collection of the debt and bears the risk of non-payment. Advances owing to the financing company are therefore classified within creditors unless those advances are less than the outstanding trade debts, in which case the amount owing from the financing company is classified as a debtor.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.
Bridal Collective UK Ltd
Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 31 December 2023
Staff numbers |
The average number of persons employed by the company (including the director) during the period, was
Taxation |
Deferred tax
Deferred tax assets and liabilities
31 December 2023 |
Liability |
Origination and reversal of timing differences |
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31 May 2023 |
Liability |
Origination and reversal of timing differences |
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Bridal Collective UK Ltd
Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 31 December 2023
Tangible fixed assets |
Fixtures and fittings |
Computer equipment |
Plant and equipment |
Total |
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Cost |
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At 1 June 2023 |
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Additions |
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At 31 December 2023 |
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Depreciation |
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At 1 June 2023 |
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Charge for the year |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 May 2023 |
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Debtors: amounts falling due within one year |
31 December |
31 May |
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Trade debtors |
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Prepayments |
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Bridal Collective UK Ltd
Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 31 December 2023
Creditors |
Note |
31 December |
31 May |
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Bank loans and overdrafts |
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Trade creditors |
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Corporation tax |
103,121 |
62,028 |
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Taxation and social security |
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Debt factoring balance |
426,697 |
203,048 |
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Other creditors |
4,073 |
13,430 |
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Accruals |
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Due after one year |
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Bank loans |
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The bank loan is the government backed Coronavirus Business Interruption Loan Scheme, an unsecured loan with a repayment term of 5 years, charged at 2.7% on a floating interest rate basis.
Share capital |
Allotted, called up and fully paid shares
31 December 2023 |
31 May 2023 |
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No. |
£ |
No. |
£ |
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200,000 |
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200,000 |
Bridal Collective UK Ltd
Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 31 December 2023
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
31 December |
31 May |
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Operating lease commitment |
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The amount of non-cancellable operating lease payments recognised as an expense during the period was £
Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is