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Registration number: 07879286

Bridal Collective UK Ltd

Unaudited Filleted Financial Statements

for the Period from 1 June 2023 to 31 December 2023

Pages for filing with Registrar

 

Bridal Collective UK Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Bridal Collective UK Ltd

Company Information

Director

M Nguyen

Registered office

Unit 1 Bell Court
Swansea West Business Park Fforestfach
Swansea
SA5 4HP

Registered number

07879286

Accountants

Corrigan Accountants Limited
1st Floor
25 King Street
Bristol
BS1 4PB

 

Bridal Collective UK Ltd

(Registration number: 07879286)
Balance Sheet as at 31 December 2023

Note

31 December
2023
£

31 May
2023
£

Fixed assets

 

Tangible assets

5

105,343

106,792

Current assets

 

Stocks

1,565,513

1,642,242

Debtors

6

1,553,302

1,734,505

Cash at bank and in hand

 

35,997

46,167

 

3,154,812

3,422,914

Creditors: Amounts falling due within one year

7

(1,844,111)

(2,118,474)

Net current assets

 

1,310,701

1,304,440

Total assets less current liabilities

 

1,416,044

1,411,232

Creditors: Amounts falling due after more than one year

7

(93,750)

(203,125)

Provisions for liabilities

(22,000)

(20,000)

Net assets

 

1,300,294

1,188,107

Capital and reserves

 

Called up share capital

8

200,000

200,000

Capital redemption reserve

470,000

470,000

Profit and loss account

630,294

518,107

Total equity

 

1,300,294

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:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

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 director on 21 August 2024
 

M Nguyen

Director

 

Bridal Collective UK Ltd

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 31 December 2023

1

Statutory information

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

The address of its registered office is:
Unit 1 Bell Court
Swansea West Business Park Fforestfach
Swansea
SA5 4HP
Wales

2

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

These financial statements have been prepared for the shortened period from 01 June 2023 to 31 December 2023. The comparative amounts including the related notes are therefore not entirely comparable.

 

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 31 (2023 - 35).

4

Taxation

Deferred tax

Deferred tax assets and liabilities

31 December 2023

Liability
£

Origination and reversal of timing differences

22,000

31 May 2023

Liability
£

Origination and reversal of timing differences

20,000

 

Bridal Collective UK Ltd

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 31 December 2023

5

Tangible fixed assets

Fixtures and fittings
£

Computer equipment
£

Plant and equipment
£

Total
£

Cost

At 1 June 2023

100,490

140,829

54,744

296,063

Additions

-

16,835

-

16,835

At 31 December 2023

100,490

157,664

54,744

312,898

Depreciation

At 1 June 2023

70,811

78,666

39,794

189,271

Charge for the year

4,421

11,030

2,833

18,284

At 31 December 2023

75,232

89,696

42,627

207,555

Carrying amount

At 31 December 2023

25,258

67,968

12,117

105,343

At 31 May 2023

29,679

62,163

14,950

106,792

6

Debtors: amounts falling due within one year

31 December
2023
£

31 May
2023
£

Trade debtors

1,492,118

1,674,652

Prepayments

61,184

59,853

1,553,302

1,734,505

 

Bridal Collective UK Ltd

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 31 December 2023

7

Creditors

Note

31 December
2023
£

31 May
2023
£

Bank loans and overdrafts

187,500

187,500

Trade creditors

 

407,123

981,026

Corporation tax

 

103,121

62,028

Taxation and social security

 

181,500

75,701

Debt factoring balance

 

426,697

203,048

Other creditors

 

4,073

13,430

Accruals

 

534,097

595,741

 

1,844,111

2,118,474

Due after one year

 

Bank loans

93,750

203,125

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.

8

Share capital

Allotted, called up and fully paid shares

 

31 December 2023

31 May 2023

 

No.

£

No.

£

Ordinary shares of £1 each

200,000

200,000

200,000

200,000

         
 

Bridal Collective UK Ltd

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 31 December 2023

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

31 December
2023
£

31 May
2023
£

Operating lease commitment

273,261

354,033

The amount of non-cancellable operating lease payments recognised as an expense during the period was £44,193 (2023 - £73,129).

10

Parent and ultimate parent undertaking

The company's immediate parent is Bridal Collective Holdings B.V., incorporated in Netherlands.

 The most senior parent entity producing publicly available financial statements is Bridal Collective Holdings B.V.. These financial statements are available upon request from Hoofdweg 667, 2131 BB Hoofddorp, Netherlands