Registered number
05890499
YVES SALOMON UK LIMITED
Filleted Accounts
31 December 2023
YVES SALOMON UK LIMITED
Registered number: 05890499
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 610,377 780,264
Current assets
Stocks 2,619,200 2,486,147
Debtors 5 1,379,822 1,105,888
Cash at bank and in hand 397,638 1,564,995
4,396,660 5,157,030
Creditors: amounts falling due within one year 6 (2,981,914) (4,211,964)
Net current assets 1,414,746 945,066
Total assets less current liabilities 2,025,123 1,725,330
Creditors: amounts falling due after more than one year 7 (433,400) (885,190)
Provisions for liabilities (21,304) (33,664)
Net assets 1,570,419 806,476
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 1,569,419 805,476
Shareholder's funds 1,570,419 806,476
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr T Salomon
Director
Approved by the board on 1 August 2024
YVES SALOMON UK LIMITED
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of garments and from the rendering of services for the repair and storage of garments. Turnover from the sale of garments is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services for the repair and storage of garments is recognised by reference to the stage of completion of the service.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease or licence term
Plant and machinery 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. Stock at the year end has been valued in euros, and has been translated into sterling at the average exchange rate of the year.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Operating lease commitments
Operating lease commitments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Audit information
The audit report is unqualified.
Senior statutory auditor: Panicos Soteriou
Firm: Soteriou Christou Ltd
Date of audit report: 10 August 2024
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 19 20
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 January 2023 1,848,687 496,454 2,345,141
Additions 15,605 9,152 24,757
At 31 December 2023 1,864,292 505,606 2,369,898
Depreciation
At 1 January 2023 1,180,380 384,497 1,564,877
Charge for the year 164,365 30,279 194,644
At 31 December 2023 1,344,745 414,776 1,759,521
Net book value
At 31 December 2023 519,547 90,830 610,377
At 31 December 2022 668,307 111,957 780,264
5 Debtors 2023 2022
£ £
Trade debtors 1,070,306 800,248
Other debtors 309,516 305,640
1,379,822 1,105,888
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 61,569 265,237
Amounts owed to group undertakings and undertakings in which the company has a participating interest 2,353,903 3,195,247
Taxation and social security costs 473,879 676,916
Other creditors 92,563 74,564
2,981,914 4,211,964
7 Creditors: amounts falling due after one year 2023 2022
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 433,400 885,190
8 Events after the reporting date
In January 2024 the company vacated the temporary pop up section located at a designer outlet centre outside London.
9 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 1,043,014 1,343,014
10 Exceptional shortfall charges
The company operates concession departments at a London department store under concessions agreements whereby a percentage is payable to the department store as charges on the sales achieved by the departments. The company is committed to annual minimum payments under some of the agreements and the shortfall represents charges payable to the department store not recovered through the sales made by the concession departments.
11 Going concern
As the company continues to increase turnover and profit the director believes that there is no material uncertainty and hence the accounts continue to be prepared on a going concern basis.
12 Controlling party
The company's controlling party is Yves Salomon Fourreur SAS, a company registered in France.
13 Other information
YVES SALOMON UK LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
5 Market Yard Mews
194-204 Bermondsey Street
London
SE1 3TQ
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