YVES SALOMON UK LIMITED |
Notes to the Accounts |
for the year ended 31 December 2023 |
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1 |
Accounting policies |
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Basis of preparation |
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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). |
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Turnover |
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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. |
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Tangible fixed assets |
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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: |
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Leasehold land and buildings |
over the lease or licence term |
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Plant and machinery |
25% reducing balance |
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Stocks |
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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. |
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Debtors |
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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. |
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Creditors |
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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. |
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Taxation |
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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. |
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Provisions |
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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. |
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Foreign currency translation |
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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. |
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Operating lease commitments |
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Operating lease commitments are recognised as an expense on a straight line basis over the lease term. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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2 |
Audit information |
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The audit report is unqualified. |
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Senior statutory auditor: |
Panicos Soteriou |
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Firm: |
Soteriou Christou Ltd |
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Date of audit report: |
10 August 2024 |
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3 |
Employees |
2023 |
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2022 |
Number |
Number |
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Average number of persons employed by the company |
19 |
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20 |
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4 |
Tangible fixed assets |
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Land and buildings |
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Plant and machinery etc |
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Total |
£ |
£ |
£ |
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Cost |
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At 1 January 2023 |
1,848,687 |
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496,454 |
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2,345,141 |
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Additions |
15,605 |
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9,152 |
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24,757 |
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At 31 December 2023 |
1,864,292 |
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505,606 |
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2,369,898 |
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Depreciation |
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At 1 January 2023 |
1,180,380 |
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384,497 |
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1,564,877 |
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Charge for the year |
164,365 |
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30,279 |
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194,644 |
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At 31 December 2023 |
1,344,745 |
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414,776 |
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1,759,521 |
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Net book value |
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At 31 December 2023 |
519,547 |
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90,830 |
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610,377 |
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At 31 December 2022 |
668,307 |
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111,957 |
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780,264 |
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5 |
Debtors |
2023 |
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2022 |
£ |
£ |
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Trade debtors |
1,070,306 |
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800,248 |
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Other debtors |
309,516 |
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305,640 |
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1,379,822 |
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1,105,888 |
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6 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
£ |
£ |
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Trade creditors |
61,569 |
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265,237 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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2,353,903 |
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3,195,247 |
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Taxation and social security costs |
473,879 |
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676,916 |
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Other creditors |
92,563 |
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74,564 |
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2,981,914 |
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4,211,964 |
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7 |
Creditors: amounts falling due after one year |
2023 |
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2022 |
£ |
£ |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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433,400 |
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885,190 |
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8 |
Events after the reporting date |
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In January 2024 the company vacated the temporary pop up section located at a designer outlet centre outside London. |
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9 |
Other financial commitments |
2023 |
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2022 |
£ |
£ |
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Total future minimum payments under non-cancellable operating leases |
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1,043,014 |
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1,343,014 |
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10 |
Exceptional shortfall charges |
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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. |
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11 |
Going concern |
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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. |
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12 |
Controlling party |
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The company's controlling party is Yves Salomon Fourreur SAS, a company registered in France. |
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13 |
Other information |
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YVES SALOMON UK LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
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5 Market Yard Mews |
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194-204 Bermondsey Street |
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London |
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SE1 3TQ |