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Registration number: 07429849

Serge DeNimes Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Serge DeNimes Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

Accountants' Report

11

 

Serge DeNimes Ltd

Company Information

Director

Mr Oliver Proudlock

Registered office

Office B
Stable Road
Colchester
Essex
CO2 7GL

Accountants

EQ Accountants (Trading name)
Yates Business Solutions Ltd
Unit 4B, Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

Serge DeNimes Ltd

(Registration number: 07429849)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

9,938

8,207

Investments

5

2,025

2,025

 

11,963

10,232

Current assets

 

Stocks

6

165,225

189,039

Debtors

7

374,338

329,933

Cash at bank and in hand

 

80,981

145,319

 

620,544

664,291

Creditors: Amounts falling due within one year

8

(310,596)

(212,929)

Net current assets

 

309,948

451,362

Total assets less current liabilities

 

321,911

461,594

Creditors: Amounts falling due after more than one year

8

(19,923)

(29,626)

Provisions for liabilities

(1,888)

(1,559)

Net assets

 

300,100

430,409

Capital and reserves

 

Called up share capital

127

127

Share premium reserve

112,475

112,475

Retained earnings

187,498

317,807

Shareholders' funds

 

300,100

430,409

For the financial year ending 30 November 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 year in question in accordance with section 476; and

The director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Serge DeNimes Ltd

(Registration number: 07429849)
Balance Sheet as at 30 November 2023

Approved and authorised by the director on 28 August 2024
 

.........................................
Mr Oliver Proudlock
Director

 

Serge DeNimes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

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

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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 rate on the date when the fair value is re-measured.

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.

 

Serge DeNimes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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:

Asset class

Depreciation method and rate

Fixtures and fittings

33% Straight line

Computer equipment

33% Straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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.

 

Serge DeNimes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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 finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and 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 obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 

3

Employees and Directors

The average number of persons employed by the company (including the director) during the year, was 9 (2022 - 8).

 

Serge DeNimes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 December 2022

6,824

12,949

19,773

Additions

9,968

572

10,540

At 30 November 2023

16,792

13,521

30,313

Depreciation

At 1 December 2022

4,491

7,075

11,566

Charge for the year

4,604

4,205

8,809

At 30 November 2023

9,095

11,280

20,375

Carrying amount

At 30 November 2023

7,697

2,241

9,938

At 30 November 2022

2,333

5,874

8,207

5

Investments

2023
£

2022
£

Investments in subsidiaries

2,025

2,025

Subsidiaries

£

Cost or valuation

At 1 December 2022

2,025

Provision

Carrying amount

At 30 November 2023

2,025

At 30 November 2022

2,025

 

Serge DeNimes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Stocks

2023
£

2022
£

Other inventories

165,225

189,039

7

Debtors

Current

2023
£

2022
£

Trade debtors

39,700

66,328

Prepayments

2,857

57,865

Other debtors

331,781

205,740

 

374,338

329,933

 

Serge DeNimes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

11,865

10,648

Trade creditors

 

182,035

107,445

Taxation and social security

 

72,542

87,492

Other creditors

 

44,154

7,344

 

310,596

212,929

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

19,923

29,626

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

19,923

29,626

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,648

10,648

Bank overdrafts

1,217

-

11,865

10,648

10

Related party transactions

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

 

Serge DeNimes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

2023
 £

2022
 £

Mr Oliver Proudlock

107

107

 

107

107

The maximum balance outstanding during the year amounted to £107.

The directors current accounts are repayable on demand.

Other debtors includes an amount owed from an overseas subsidiary, Serge Denimes USA LLC, of £317,566 (2022: £173,070). This loan is repayable on demand.

 

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Serge DeNimes Ltd
for the Year Ended 30 November 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Serge DeNimes Ltd for the year ended 30 November 2023 as set out on pages 2 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Serge DeNimes Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Serge DeNimes Ltd and state those matters that we have agreed to state to the Board of Directors of Serge DeNimes Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Serge DeNimes Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Serge DeNimes Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Serge DeNimes Ltd. You consider that Serge DeNimes Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Serge DeNimes Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

EQ Accountants (Trading name)
Yates Business Solutions Ltd
Unit 4B, Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

28 August 2024