Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-12-01falseClothes design & retail139truetruefalse 11388381 2022-12-01 2023-11-30 11388381 2021-12-01 2022-11-30 11388381 2023-11-30 11388381 2022-11-30 11388381 c:Director1 2022-12-01 2023-11-30 11388381 c:Director2 2022-12-01 2023-11-30 11388381 c:Director2 2023-11-30 11388381 c:Director3 2022-12-01 2023-11-30 11388381 c:Director3 2023-11-30 11388381 c:RegisteredOffice 2022-12-01 2023-11-30 11388381 d:OfficeEquipment 2022-12-01 2023-11-30 11388381 d:OfficeEquipment 2023-11-30 11388381 d:OfficeEquipment 2022-11-30 11388381 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 11388381 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-01 2023-11-30 11388381 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-11-30 11388381 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-11-30 11388381 d:CopyrightsPatentsTrademarksServiceOperatingRights 2022-12-01 2023-11-30 11388381 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-11-30 11388381 d:CopyrightsPatentsTrademarksServiceOperatingRights 2022-11-30 11388381 d:ComputerSoftware 2023-11-30 11388381 d:ComputerSoftware 2022-11-30 11388381 d:OtherResidualIntangibleAssets 2022-12-01 2023-11-30 11388381 d:CurrentFinancialInstruments 2023-11-30 11388381 d:CurrentFinancialInstruments 2022-11-30 11388381 d:Non-currentFinancialInstruments 2023-11-30 11388381 d:Non-currentFinancialInstruments 2022-11-30 11388381 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 11388381 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 11388381 d:Non-currentFinancialInstruments d:AfterOneYear 2023-11-30 11388381 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-30 11388381 d:ShareCapital 2023-11-30 11388381 d:ShareCapital 2022-11-30 11388381 d:SharePremium 2023-11-30 11388381 d:SharePremium 2022-11-30 11388381 d:RetainedEarningsAccumulatedLosses 2023-11-30 11388381 d:RetainedEarningsAccumulatedLosses 2022-11-30 11388381 c:OrdinaryShareClass1 2022-12-01 2023-11-30 11388381 c:OrdinaryShareClass1 2023-11-30 11388381 c:OrdinaryShareClass1 2022-11-30 11388381 c:OrdinaryShareClass2 2022-12-01 2023-11-30 11388381 c:OrdinaryShareClass2 2023-11-30 11388381 c:FRS102 2022-12-01 2023-11-30 11388381 c:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 11388381 c:FullAccounts 2022-12-01 2023-11-30 11388381 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 11388381 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-12-01 2023-11-30 11388381 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-11-30 11388381 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-11-30 11388381 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2022-12-01 2023-11-30 11388381 d:CopyrightsPatentsTrademarksServiceOperatingRights d:ExternallyAcquiredIntangibleAssets 2022-12-01 2023-11-30 11388381 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2022-12-01 2023-11-30 11388381 2 2022-12-01 2023-11-30 11388381 d:ExternallyAcquiredIntangibleAssets 2022-12-01 2023-11-30 11388381 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2022-12-01 2023-11-30 11388381 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2022-12-01 2023-11-30 11388381 d:ComputerSoftware d:OwnedIntangibleAssets 2022-12-01 2023-11-30 11388381 e:PoundSterling 2022-12-01 2023-11-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11388381










MARFA STANCE LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
MARFA STANCE LTD
 
 
COMPANY INFORMATION


Directors
G R Dant 
R Klin (resigned 31 October 2023)
J C Haigh-Ellery (resigned 31 October 2023)




Registered number
11388381



Registered office
3.15 Grand Union Studios
332 Ladbroke Grove

London

W10 5AD




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ





 
MARFA STANCE LTD
 

CONTENTS



Page
Accountants' Report
 
 
1
Balance Sheet
 
 
2 - 3
Notes to the Financial Statements
 
 
4 - 9


 
MARFA STANCE LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MARFA STANCE 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 financial statements of Marfa Stance Ltd for the year ended 30 November 2023 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Marfa Stance Ltd, as a body, in accordance with the terms of our engagement letter dated 30 May 2018Our work has been undertaken solely to prepare for your approval the financial statements of Marfa Stance Ltd and state those matters that we have agreed to state to the Board of Directors of Marfa Stance Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Marfa Stance Ltd and its Board of Directors, as a body, for our work or for this report. 

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

We have not been instructed to carry out an audit or review of the financial statements of Marfa Stance 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 financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
30 August 2024
Page 1

 
MARFA STANCE LTD
REGISTERED NUMBER: 11388381

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
125,633
88,659

Tangible assets
 5 
15,571
7,198

  
141,204
95,857

Current assets
  

Stocks
  
1,450,861
915,227

Debtors: amounts falling due within one year
 6 
276,840
263,279

Cash at bank and in hand
  
782,602
302,384

  
2,510,303
1,480,890

Creditors: amounts falling due within one year
 7 
(1,621,092)
(1,091,394)

Net current assets
  
 
 
889,211
 
 
389,496

Total assets less current liabilities
  
1,030,415
485,353

Creditors: amounts falling due after more than one year
 8 
(1,964,863)
(675,180)

  

Net liabilities
  
(934,448)
(189,827)


Capital and reserves
  

Called up share capital 
 9 
447
447

Share premium account
  
1,000,927
1,000,927

Profit and loss account
  
(1,935,822)
(1,191,201)

  
(934,448)
(189,827)


Page 2

 
MARFA STANCE LTD
REGISTERED NUMBER: 11388381
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

The directors consider 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 directors acknowledge their 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 profit and loss account 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 30 August 2024.




G R Dant
Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
MARFA STANCE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

The company is a private company limited by shares. It is both incorporated and domiciled in England and Wales. The address of it's registered office is 3.15 Grand Union Studios, 332 Ladrbroke Grove, London, W10 5AD, which is also the company's principal place of business.
The company's principal activity is the design and retail of clothing.

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 following principal accounting policies have been applied:

 
2.2

Going concern

The accounts have been prepared on a going concern basis. The basis is considered appropriate as the director is satisfied there are sufficient funds available arising from cash generated from sales, cash loans from directors and further investment rounds, to meet the company's obligations as they fall due.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
MARFA STANCE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Turnover comprises revenuew recognised by the company in respect of design services and supply of clothing goods, exclusive of VAT. Revenue is recognised in the period services are provided or the point of sale for goods.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

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.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

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 5

 
MARFA STANCE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.10

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:

Development expenditure
-
3
years
Trademarks
-
10
years
Website
-
5
years

 
2.11

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:

Office equipment
-
33%

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.

 
2.12

Stocks

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 balance sheet 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.

 
2.13

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 6

 
MARFA STANCE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.14

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.

 
2.15

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 13 (2022 - 9).


4.


Intangible assets




Development expenditure
Trademarks
Computer software
Total

£
£
£
£



Cost


At 1 December 2022
40,473
19,375
56,713
116,561


Additions
-
8,863
57,688
66,551



At 30 November 2023

40,473
28,238
114,401
183,112



Amortisation


At 1 December 2022
13,491
1,175
13,236
27,902


Charge for the year on owned assets
13,491
2,384
13,702
29,577



At 30 November 2023

26,982
3,559
26,938
57,479



Net book value



At 30 November 2023
13,491
24,679
87,463
125,633



At 30 November 2022
26,982
18,200
43,477
88,659



Page 7

 
MARFA STANCE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

5.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 December 2022
12,858


Additions
15,802



At 30 November 2023

28,660



Depreciation


At 1 December 2022
5,660


Charge for the year on owned assets
7,429



At 30 November 2023

13,089



Net book value



At 30 November 2023
15,571



At 30 November 2022
7,198


6.


Debtors

2023
2022
£
£


Trade debtors
75,600
207,572

Other debtors
55,721
45,607

Prepayments and accrued income
145,519
10,100

276,840
263,279


Page 8

 
MARFA STANCE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
9,088
8,864

Trade creditors
917,298
659,716

Other taxation and social security
69,713
9,817

Other creditors
241,421
118,438

Accruals and deferred income
383,572
294,559

1,621,092
1,091,394



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank & other loans
1,764,863
475,180

Other creditors
200,000
200,000

1,964,863
675,180



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



216 (2022 - 447) Ordinary A shares of £1.00 each
216
447
231 (2022 - ) Ordinary B shares of £1.00 each
231
-

447

447



10.


Related party transactions

As at 30 November 2023, net amounts totalling £323,651 (2022: £307,614) were owed to the director. Interest is charged on the credit balance at 4%, totalling £12,697. The loan is included within other creditors in notes 7 and 8 to the financial statements.

 
Page 9