Company Registration No. 03226955 (England and Wales)
Baccarat UK Limited
Annual report and financial statements
For the year ended 31 December 2023
55 L
oudoun Road
St J
ohn's Wood
Lon
don NW8 0DL
BACCARAT UK LIMITED
Baccarat UK Limited
COMPANY INFORMATION
Directors
R Grosjean
M Henriquez
Secretary
M Wittmer
Company number
03226955
Registered office
55 Loudoun Road
St John's Wood
London
NW8 0DL
Auditor
Forvis Mazars LLP
6 Sutton Plaza
Sutton Court Road
Sutton
London
SM1 4FS
Business address
87-135 Brompton Road
Knightsbridge
London
SW1X 7XL
BACCARAT UK LIMITED
Baccarat UK Limited
CONTENTS
Page
Directors' report
1
Independent auditor's report
3 - 6
Profit and loss account
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 19
BACCARAT UK LIMITED
Baccarat UK Limited
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities
The principal activity of the company continued to be that of retailers of crystalware and jewellery.
Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

R Grosjean
M Henriquez
Auditor

The auditor, Forvis Mazars LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

Each of the directors in office at the date of approval of this annual report confirms that:

 

 

The company has taken the special provisions relating to small companies within Part 15 of the Companies Act 2006 in regards to preparing a strategic report.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
R Grosjean
Director
16 September 2024
BACCARAT UK LIMITED
Baccarat UK Limited
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

BACCARAT UK LIMITED
Baccarat UK Limited
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BACCARAT UK LIMITED
- 3 -
Opinion

We have audited the financial statements of Baccarat UK Limited (the ‘company’) for the year ended 31 December 2023 which comprise the Profit and loss account, the Balance sheet, the Statement of changes in equity, the Statement of cash flows and notes to the financial statements, including a summary of significant accounting policies.

 

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the “Auditor’s responsibilities for the audit of the financial statements” section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

BACCARAT UK LIMITED
Baccarat UK Limited
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BACCARAT UK LIMITED
- 4 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors’ responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

BACCARAT UK LIMITED
Baccarat UK Limited
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BACCARAT UK LIMITED
- 5 -
Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

 

Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: data protection legislation, indirect tax laws and tax regulations governing the retention of records, employment regulation, anti-bribery, corruption, fraud and money laundering legislation.

 

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:

 

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as the Companies Act 2006, tax legislation and pension legislation.

 

In addition, we evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, revenue recognition for high value made-to-order items (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions.

 

Our audit procedures in relation to fraud included but were not limited to:

 

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

 

BACCARAT UK LIMITED
Baccarat UK Limited
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BACCARAT UK LIMITED
- 6 -

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body for our audit work, for this report, or for the opinions we have formed.

Elisabeth Maxwell (Senior Statutory Auditor) for and on behalf of Forvis Mazars LLP
Chartered Accountants and Statutory Auditor
6 Sutton Plaza
Sutton Court Road
Sutton
SM1 4FS
17 September 2024
BACCARAT UK LIMITED
Baccarat UK Limited
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
3,878,717
3,645,798
Cost of sales
(1,811,295)
(1,630,396)
Gross profit
2,067,422
2,015,402
Administrative expenses
(1,970,454)
(1,924,256)
Operating profit
4
96,968
91,146
Interest receivable and similar income
6
2,084
92
Interest payable and similar expenses
7
(17,307)
(13,824)
Profit before taxation
81,745
77,414
Taxation
8
(19,628)
(12,294)
Profit for the financial year
62,117
65,120

The profit and loss account has been prepared on the basis that all operations are continuing operations.

 

There are no recognised gains or losses other than those passing through the profit and loss account.

 

The notes on pages 11 to 19 form part of these financial statements.

BACCARAT UK LIMITED
Baccarat UK Limited
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
9
-
0
-
0
Current assets
Stocks
10
1,084,852
848,144
Debtors
11
427,935
480,657
Cash at bank and in hand
97,679
1,414,157
1,610,466
2,742,958
Creditors: amounts falling due within one year
12
(969,115)
(2,162,789)
Net current assets
641,351
580,169
Provisions for liabilities
14
(20,085)
(21,020)
Net assets
621,266
559,149
Capital and reserves
Called up share capital
16
315,000
315,000
Profit and loss reserves
306,266
244,149
Total equity
621,266
559,149

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

 

The notes on pages 11 to 19 form part of these financial statements.

 

The financial statements were approved by the board of directors and authorised for issue on 16 September 2024 and are signed on its behalf by:
R Grosjean
Director
Company Registration No. 03226955
BACCARAT UK LIMITED
Baccarat UK Limited
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
315,000
179,029
494,029
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
65,120
65,120
Balance at 31 December 2022
315,000
244,149
559,149
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
62,117
62,117
Balance at 31 December 2023
315,000
306,266
621,266
The notes on pages 11 to 19 form part of these financial statements.
BACCARAT UK LIMITED
Baccarat UK Limited
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
19
(1,290,324)
1,408,749
Interest paid
(17,307)
(13,824)
Income taxes paid
(10,931)
(53,771)
Net cash (outflow)/inflow from operating activities
(1,318,562)
1,341,154
Investing activities
Interest received
2,084
92
Net cash generated from investing activities
2,084
92
Net (decrease)/increase in cash and cash equivalents
(1,316,478)
1,341,246
Cash and cash equivalents at beginning of year
1,414,157
72,911
Cash and cash equivalents at end of year
97,679
1,414,157
BACCARAT UK LIMITED
Baccarat UK Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
1
Accounting policies
Company information

Baccarat UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 55 Loudoun Road, St John's Wood, London, NW8 0DL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The directors have considered the company's business prospects and all relevant aspects of the company's financing position, including amounts due to and due from related companies and its ability to generate positive cash flows and obtain any additional funding that may be required. The immediate parent entity has confirmed that should it be required, it will provide support to the company for the 12 months following the signing of the accounts.true

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

 

Turnover from the sale of goods is recognised when risks and rewards of ownership are transferred to the customer of the buyer, usually at the point of sale.

Turnover from the sale of goods where the customer requests the delivery to be delayed is recognised at the point of sale. This is on the basis that the item is held in stock and is ready for delivery to the customer and the customer has confirmed the deferred delivery instruction.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% Reducing balance
Fixtures, fittings & equipment
39 Months straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

BACCARAT UK LIMITED
Baccarat UK Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand.

1.7
Financial assets

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Loans and receivables

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

 

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

BACCARAT UK LIMITED
Baccarat UK Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
Financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

1.9
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

BACCARAT UK LIMITED
Baccarat UK Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Provision for stock

The company applies a stock obsolescence provision based on the ageing of the stock and sales history. Whilst this is an estimate, the directors consider this to be an appropriate policy based on their ongoing knowledge and experience in the retail industry.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Concession sales
3,878,717
3,645,798
2023
2022
£
£
Other significant revenue
Interest income
2,084
92
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
3,878,717
3,645,798
BACCARAT UK LIMITED
Baccarat UK Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
32,000
30,000
5
Employees

The average monthly number of persons (excluding directors) employed by the company during the year was:

2023
2022
Number
Number
6
6

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
324,619
255,869
Social security costs
39,045
24,145
Pension costs
5,483
5,145
369,147
285,159
6
Interest receivable and similar income
2023
2022
£
£
Other interest receivable and similar income
2,084
92
7
Interest payable and similar expenses
2023
2022
£
£
Interest payable/(receivable) to group undertakings
17,307
13,824
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
20,563
30,668
Adjustments in respect of prior periods
-
0
(817)
Total current tax
20,563
29,851
BACCARAT UK LIMITED
Baccarat UK Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Taxation
(Continued)
- 16 -
Deferred tax
Origination and reversal of timing differences
(935)
(17,557)
Total tax charge
19,628
12,294

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
81,745
77,414
Expected tax charge based on the standard rate of corporation tax 23.07% (2022: 19.00%)
-
0
14,709
Tax effect of expenses that are not deductible in determining taxable profit
20,583
15,959
Adjustments in respect of prior years
-
0
(817)
Deferred tax on timing differences
(955)
(17,557)
Taxation charge for the year
19,628
12,294
9
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 and 31 December 2023
335,798
Depreciation and impairment
At 1 January 2023 and 31 December 2023
335,798
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
BACCARAT UK LIMITED
Baccarat UK Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
10
Stocks
2023
2022
£
£
Stocks
1,084,852
848,144

The stock figure includes a specific stock provision of £134,578 (2022: £185,860).

11
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
408,734
355,537
Other debtors
19,201
125,120
427,935
480,657

Included in the Trade Debtors figure is the offsetting creditor balance due to the customer of £96,323 (2022: £92,077).

12
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,110
26,828
Amounts due to group undertakings
366,861
1,384,486
Corporation tax
40,300
30,668
Other taxation and social security
221,164
186,723
Other creditors
339,680
534,084
969,115
2,162,789

 

13
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
-
935
BACCARAT UK LIMITED
Baccarat UK Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Deferred taxation
(Continued)
- 18 -
2023
Movements in the year:
£
Liability at 1 January 2023
935
Credit to profit or loss
(935)
Liability at 31 December 2023
-

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so.

14
Provisions for liabilities
2023
2022
£
£
Asset rehabilitation obligation provision
20,085
20,085
Deferred tax liabilities
13
-
0
935
20,085
21,020
15
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
5,483
5,145

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

16
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
165,000
165,000
165,000
165,000
Redeemable ordinary shares of £1 each
150,000
150,000
150,000
150,000
315,000
315,000
315,000
315,000

All shares in the company rank pari passu and carry equal voting rights.

 

 

BACCARAT UK LIMITED
Baccarat UK Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
17
Related party transactions

The company has taken advantage of the exemption available in accordance with FRS102 Section 33 'Related party disclosures' not to disclosure transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.

18
Parent company

The company is a subsidiary of Baccarat SA, a company incorporated in France whose consolidated accounts are available to the public and may be obtained from Rue des Cristalleries, 54120 Baccarat, France.

 

The ultimate controlling company is Fortune Legend Limited Sarl. (FLL), a company incorporated in Luxembourg, whose address is 124, Boulevard de la Petrusse, L-2330 Luxembourg.

19
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
62,117
65,120
Adjustments for:
Taxation charged
19,628
12,294
Finance costs
17,307
13,824
Investment income
(2,084)
(92)
Depreciation and impairment of tangible fixed assets
-
0
101,891
Movements in working capital:
(Increase)/decrease in stocks
(236,708)
51,817
Decrease in debtors
52,722
153,025
(Decrease)/increase in creditors
(991,783)
669,443
(Decrease)/increase in deferred income
(211,523)
341,427
Cash (absorbed by)/generated from operations
(1,290,324)
1,408,749
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