Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01true5The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falseWholesale and retail sale of jewellery5true 11737012 2023-01-01 2023-12-31 11737012 2022-01-01 2022-12-31 11737012 2023-12-31 11737012 2022-12-31 11737012 c:Director1 2023-01-01 2023-12-31 11737012 c:Director2 2023-01-01 2023-12-31 11737012 c:RegisteredOffice 2023-01-01 2023-12-31 11737012 d:FurnitureFittings 2023-01-01 2023-12-31 11737012 d:FurnitureFittings 2023-12-31 11737012 d:FurnitureFittings 2022-12-31 11737012 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11737012 d:ComputerEquipment 2023-01-01 2023-12-31 11737012 d:ComputerEquipment 2023-12-31 11737012 d:ComputerEquipment 2022-12-31 11737012 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11737012 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11737012 d:ComputerSoftware 2023-12-31 11737012 d:ComputerSoftware 2022-12-31 11737012 d:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 11737012 d:CurrentFinancialInstruments 2023-12-31 11737012 d:CurrentFinancialInstruments 2022-12-31 11737012 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 11737012 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 11737012 d:ShareCapital 2023-12-31 11737012 d:ShareCapital 2022-12-31 11737012 d:RetainedEarningsAccumulatedLosses 2023-12-31 11737012 d:RetainedEarningsAccumulatedLosses 2022-12-31 11737012 c:FRS102 2023-01-01 2023-12-31 11737012 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 11737012 c:FullAccounts 2023-01-01 2023-12-31 11737012 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11737012 d:ComputerSoftware d:OwnedIntangibleAssets 2023-01-01 2023-12-31 11737012 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: 11737012














ATELIER LABS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023

 
ATELIER LABS LIMITED
 
 
COMPANY INFORMATION


Directors
M T Lester 
S H Tsang 




Registered number
11737012



Registered office
Central House
1 Ballards Lane

London

United Kingdom

N3 1LQ




Accountants
Sopher + Co LLP
Chartered Accountants

5 Elstree Gate

Elstree Way

Borehamwood

Hertfordshire

WD6 1JD





 
ATELIER LABS LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
 
1 - 2
Notes to the Financial Statements
 
 
3 - 9

 
ATELIER LABS LIMITED
REGISTERED NUMBER:11737012

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
  
12,878
17,171

Tangible assets
 5 
7,849
10,872

  
20,727
28,043

Current assets
  

Stocks
  
53,742
31,607

Debtors: amounts falling due within one year
 6 
80,026
37,992

Cash at bank and in hand
  
1,278,962
806,378

  
1,412,730
875,977

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(369,244)
(179,950)

Net current assets
  
 
 
1,043,486
 
 
696,027

Provisions for liabilities
  

Deferred tax
  
(1,951)
(2,759)

  
 
 
(1,951)
 
 
(2,759)

Net assets
  
1,062,262
721,311


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
1,062,260
721,309

  
1,062,262
721,311

Page 1

 
ATELIER LABS LIMITED
REGISTERED NUMBER:11737012
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 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 statement of comprehensive income 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: 




S H Tsang
Director

Date: 25 September 2024

The notes on pages 3 to 9 form part of these financial statements.
Page 2

 
ATELIER LABS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Atelier Labs Limited is a private company limited by shares incorporated in England and Wales. The registered office is Central House, 1 Ballards Lane, London, United Kingdom, N3 1LQ.
The principal activity of the company continued to be that of wholesale and retail sale of jewellery.
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 £ Sterling.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover is recognised at the point when goods are dispatched.

 
2.3

Pensions

Defined contribution pension plan

The Company contributes to 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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
ATELIER LABS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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 except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.5

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:

Website development
-
5
years

 
2.6

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.

Page 4

 
ATELIER LABS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
on reducing balance
Computer equipment
-
33%
on cost

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.

 
2.7

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
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

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.

 
2.9

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.

 
2.10

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.

Page 5

 
ATELIER LABS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 5).

Page 6

 
ATELIER LABS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Website development

£



Cost


At 1 January 2023
21,464



At 31 December 2023

21,464



Amortisation


At 1 January 2023
4,293


Charge for the year on owned assets
4,293



At 31 December 2023

8,586



Net book value



At 31 December 2023
12,878



At 31 December 2022
17,171



Page 7

 
ATELIER LABS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
8,852
14,577
23,429


Additions
-
1,186
1,186



At 31 December 2023

8,852
15,763
24,615



Depreciation


At 1 January 2023
3,388
9,169
12,557


Charge for the year on owned assets
1,366
2,843
4,209



At 31 December 2023

4,754
12,012
16,766



Net book value



At 31 December 2023
4,098
3,751
7,849



At 31 December 2022
5,464
5,408
10,872


6.


Debtors

2023
2022
£
£


Trade debtors
76,393
26,084

Other debtors
3,633
10,336

Prepayments and accrued income
-
1,572

80,026
37,992


Page 8

 
ATELIER LABS 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
8,811
5,362

Corporation tax
217,750
69,485

Other taxation and social security
7,371
27,573

Other creditors
135,312
76,219

Accruals and deferred income
-
1,311

369,244
179,950



8.


Related party transactions

Included in other creditors are amounts owed to directors of £25,963 (2022: £475). These amounts are interest free and repayable on demand.

 
Page 9