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Registered number: 07790533












EDWIN EUROPE UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 

EDWIN EUROPE UK LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Notes to the financial statements
 
4 - 12


 

EDWIN EUROPE UK LIMITED
 
COMPANY INFORMATION


Directors
E Fah 
C Warren 
H Schmidt-Jenne 




Registered number
07790533



Registered office
16 Great Queen Street
Covent Garden

London

WC2B 5AH




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:07790533
EDWIN EUROPE UK LIMITED

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
44,898
67,071

  
44,898
67,071

Current assets
  

Stocks
 6 
170,429
133,030

Debtors
  
966,701
306,273

Bank and cash balances
  
33,499
49,176

  
1,170,629
488,479

Creditors: amounts falling due within one year
 7 
(618,076)
(543,414)

Net current assets/(liabilities)
  
 
 
552,553
 
 
(54,935)

Total assets less current liabilities
  
597,451
12,136

Creditors: amounts falling due after more than one year
 8 
(1,651,812)
(1,030,974)

Provisions for liabilities
  

Other provisions
 9 
(148,144)
(118,336)

  
 
 
(148,144)
 
 
(118,336)

Net liabilities
  
(1,202,505)
(1,137,174)


Capital and reserves
  

Called up share capital 
 10 
1,983,729
1,983,729

Profit and loss account
  
(3,186,234)
(3,120,903)

Deficit on shareholder funds
  
(1,202,505)
(1,137,174)


Page 2


 
REGISTERED NUMBER:07790533
EDWIN EUROPE UK LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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 by: 




E Fah
Director

Date: 19 September 2024

The notes on pages 4 to 12 form part of these financial statements.

Page 3

 

EDWIN EUROPE UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Edwin Europe UK Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH.

The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis notwithstanding the fact that the company had incurred an underlying net loss for the year and had net liabilities at the end of the year.
The directors have considered future financial forecasts and the ability of the group to provide ongoing support. These forecasts indicate an underlying loss. In making their going concern assessment, the directors have obtained written confirmation from its parent company. The company will be reliant on the written confirmation from its parent company that it will provide financial support to the company for a period of at least 12 months from the date of approval of the financial statements to assist in meeting the company's liabilities as and when they fall due to the extent that it is not available from its existing resources. The directors are not aware of any reasons why this support would be withdrawn in the foreseeable future.
In assessing the going concern status of the company, the directors have also considered the company’s relationship with its group’s sole supplier of garments and accessories, with whom it has a good relationship and foresees no significant issues with the renewal of licenses with the supplier when they fall due.
For these reasons, the directors continue to believe that it is appropriate to adopt the going concern basis for the preparation of the financial statements.

 
2.3

Revenue

Revenue from the sale of garments and accessories is stated net of value added tax and is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually at the point of sale by the retail outlet), when the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Turnover for services and commissions receivable on agency sales and reimbursed marketing expenses are recognised when the company is contractually entitled to the income.

Page 4

 

EDWIN EUROPE UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.4

Other operating income

Other operating income are amounts charged for support services and are recognised when the company is contractually entitled to the income.

 
2.5

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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:

Long-term leasehold property
-
10%
Straight-line
Motor vehicles
-
25%
Straight-line
Fixtures and fittings
-
20%
Straight-line
Computer equipment
-
33%
Straight-line

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.


2.6

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Page 5

 

EDWIN EUROPE UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)





Financial instruments (continued)

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, and loans from fellow group companies, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

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

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

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.

Page 6

 

EDWIN EUROPE UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)





Financial instruments (continued)

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

 
2.7

Stocks

Stocks represent garments and accessories for resale and are stated at the lower of cost and net realisable value, being the estimated selling price less costs to sell. Cost is based on the cost of purchase on a weighted average basis. Finished goods include labour and attributable overheads that have been incurred in bringing the stocks to their present location and condition.

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.

 
2.8

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

  
2.9

Share capital

Ordinary shares are classified as equity.

 
2.10

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

  
2.11

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.

Page 7

 

EDWIN EUROPE UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

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.

 
2.13

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 8

 

EDWIN EUROPE UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, which are described in note 2, management have been required to make judgments, estimates and assumptions. These estimates which relate to the carrying values of assets and liabilities, where not readily available from other sources, are based on underlying assumptions and experience. Actual results may differ from these estimates. These estimates and assumptions are reviewed on an on-going basis.
A provision has been made for estimated business rates, where a demand has not been received by the company. The directors have made their assessment based on an estimate by a Chartered Surveyor, by reference to the rateable value of similar properties. The provision covers the period from 1 April 2017 onwards, being the last date that the ratings list entry was updated. There is an inevitable degree of judgment involved in that each property is unique and the rateable value will ultimately depend on an assessment made by the Valuation Office Agency.


4.


Employees

The average monthly number of employees, including directors, during the year was 12 (2022 - 13).

Page 9

 

EDWIN EUROPE UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Long-term leasehold property
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost


At 1 January 2023
11,026
52,205
327,015
14,715
404,961


Additions
-
-
9,204
1,357
10,561



At 31 December 2023

11,026
52,205
336,219
16,072
415,522



Depreciation


At 1 January 2023
8,507
35,024
281,435
12,924
337,890


Charge for the year
2,167
6,872
22,636
1,059
32,734



At 31 December 2023

10,674
41,896
304,071
13,983
370,624



Net book value



At 31 December 2023
352
10,309
32,148
2,089
44,898



At 31 December 2022
2,519
17,181
45,580
1,791
67,071


6.


Stocks

2023
2022
£
£

Finished goods and goods for resale
170,429
133,030


There is no significant difference between the replacement cost of stock and its carrying amount.

Page 10

 

EDWIN EUROPE UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
39,615
79,181

Amounts owed to group undertakings
481,297
411,978

Other taxation and social security
34,302
7,659

Other creditors
12,584
8,671

Accruals and deferred income
50,278
35,925

618,076
543,414


Amounts owed to group undertakings are interest free, have no fixed repayment date and are repayable on demand.


8.


Creditors: amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
1,651,812
1,030,974


The amounts owed to group undertakings falling due after more than one year represents a loan from the parent company.


9.


Provisions





Provisions

£





At 1 January 2023
118,336


Charged to profit or loss
29,808



At 31 December 2023
148,144

The provision recognised represents the potential business rates liability, notwithstanding a demand for payment has not been received by the company.

Page 11

 

EDWIN EUROPE UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,983,729 (2022 - 1,983,729) Ordinary shares of £1.00 each
1,983,729
1,983,729

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. 



11.


Related party transactions

The company has taken advantage of the exemption contained in FRS102 Section 33 "Related party disclosures" from disclosing transactions with entities which are a wholly owned part of the group.
Included within other debtors is an amount of £903 (2022: £903) due from a director of the company. The loan is provided interest free and is unsecured. There are no formal terms and conditions regarding repayment of the loan.


12.


Parent undertaking

The immediate parent undertaking is WIP Trading AG, a company registered in Switzerland.
The smallest and largest group that prepares group accounts and for which the company is a member is that headed by WIP Trading AG. Their registered office is Kirschgartenstrasse 5, 4051 Basel, Switzerland.


13.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 19 September 2024 by Marc Levy FCA (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.

 
Page 12