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Registration number: 09321521

The Couture Club Limited

Unaudited Filleted Financial Statements

for the Period from 29 January 2023 to 27 January 2024

 

The Couture Club Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 11

 

The Couture Club Limited

Company Information

Directors

Mr Scott Shashua

Mr Ross Worswick

Registered office

40-42 Matthews Street
Higher Ardwick
Manchester
M12 5BB

Accountants

Williamson & Croft Audit Ltd
Chartered Accountants
York House
20 York Street
Manchester
M2 3BB

 

The Couture Club Limited

(Registration number: 09321521)
Balance Sheet as at 27 January 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

33,463

46,514

Tangible assets

5

395,610

200,783

Investments

6

90

90

 

429,163

247,387

Current assets

 

Stocks

7

1,366,411

1,980,905

Debtors

8

461,670

909,096

Cash at bank and in hand

 

860,101

390,946

 

2,688,182

3,280,947

Creditors: Amounts falling due within one year

9

(1,656,347)

(2,366,286)

Net current assets

 

1,031,835

914,661

Total assets less current liabilities

 

1,460,998

1,162,048

Creditors: Amounts falling due after more than one year

9

(165,751)

-

Provisions for liabilities

(92,965)

(45,110)

Net assets

 

1,202,282

1,116,938

Capital and reserves

 

Called up share capital

10

72

72

Capital redemption reserve

48

48

Retained earnings

1,202,162

1,116,818

Shareholders' funds

 

1,202,282

1,116,938

For the financial period ending 27 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 30 October 2024 and signed on its behalf by:
 

 

The Couture Club Limited

(Registration number: 09321521)
Balance Sheet as at 27 January 2024

.........................................
Mr Ross Worswick
Director

 

The Couture Club Limited

Notes to the Financial Statements for the Period from 29 January 2023 to 27 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
40-42 Matthews Street
Higher Ardwick
Manchester
M12 5BB

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ("FRS 102") and the Companies Act 2006, as applicable to companies subject to the small companies' regime. The disclosure requirements of Section 1A of FRS102 have been applied other than where additional disclosure is required to show a true and fair view.

Basis of preparation

The financial statements are presented in sterling which is the functional currency of the company. These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company.

Summary of disclosure exemptions

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 399 of the Companies Act 2006 and has not prepared group accounts.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

The Couture Club Limited

Notes to the Financial Statements for the Period from 29 January 2023 to 27 January 2024

Government grants

Government grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

Foreign currency transactions and balances

Transactions in foreign currencies are translated into sterling at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the profit and loss statement.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% Reducing balance

Computer equipment

33% Straight line

Motor vehicles

20% Reducing balance

Intangible assets

Development costs that are directly attributable to the design and testing of websites controlled by the company are recognised as intangible assets. Intangible assets are stated in the statement of financial position at cost, less amortisation.

Amortisation

Asset class

Amortisation method and rate

Website

20% Straight line

 

The Couture Club Limited

Notes to the Financial Statements for the Period from 29 January 2023 to 27 January 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

The Couture Club Limited

Notes to the Financial Statements for the Period from 29 January 2023 to 27 January 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 57 (2023 - 56).

 

The Couture Club Limited

Notes to the Financial Statements for the Period from 29 January 2023 to 27 January 2024

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 29 January 2023

97,467

97,467

Additions internally developed

7,238

7,238

At 27 January 2024

104,705

104,705

Amortisation

At 29 January 2023

50,953

50,953

Amortisation charge

20,289

20,289

At 27 January 2024

71,242

71,242

Carrying amount

At 27 January 2024

33,463

33,463

At 28 January 2023

46,514

46,514

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 29 January 2023

524,074

12,125

536,199

Additions

63,465

222,755

286,220

Disposals

(1,629)

-

(1,629)

At 27 January 2024

585,910

234,880

820,790

Depreciation

At 29 January 2023

327,764

7,652

335,416

Charge for the period

64,701

26,281

90,982

Eliminated on disposal

(1,218)

-

(1,218)

At 27 January 2024

391,247

33,933

425,180

Carrying amount

At 27 January 2024

194,663

200,947

395,610

At 28 January 2023

196,310

4,473

200,783

 

The Couture Club Limited

Notes to the Financial Statements for the Period from 29 January 2023 to 27 January 2024

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of short leasehold land and buildings.
 

6

Investments

2024
£

2023
£

Investments in subsidiaries

90

90

Subsidiaries

£

Cost or valuation

At 29 January 2023

90

Provision

Carrying amount

At 27 January 2024

90

At 28 January 2023

90

7

Stocks

2024
£

2023
£

Finished goods and goods for resale

1,366,411

1,980,905

8

Debtors

Note

2024
£

2023
£

Due within one year

Trade debtors

 

313,675

414,969

Amounts owed by group undertakings

12

23,936

293,887

Prepayments

 

119,595

186,776

Other debtors

 

4,464

13,464

 

461,670

909,096

 

The Couture Club Limited

Notes to the Financial Statements for the Period from 29 January 2023 to 27 January 2024

9

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

-

400,479

Trade creditors

 

892,774

1,143,063

Amounts owed to group undertakings

12

11,295

87,163

Taxation and social security

 

410,002

292,057

Accruals and deferred income

 

185,626

208,371

Other creditors

 

156,650

235,153

 

1,656,347

2,366,286

2024
£

2023
£

Due after one year

Other creditors

165,751

-

Included within loans and borrowings are amounts totalling £Nil (2023: £221,923) which are secured by way of a floating charge over the company's assets.

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £1 each

72

72

72

72

Ordinary B of £1 each

-

-

-

-

72

72

72

72

 

The Couture Club Limited

Notes to the Financial Statements for the Period from 29 January 2023 to 27 January 2024

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments, guarantees and contingencies not included in the balance sheet is £77,546 (2023 - £74,862).

12

Related party transactions

Transactions and balances with related parties during the period are shown below. Transactions were undertaken in the ordinary course of business. Outstanding balances are unsecured and will be settled in cash.

As at the balance sheet date, amounts of £21,370 (2023: £293,887) were owed from the subsidiary company (by virtue of its 90% interest in the issued share capital of the company) and are included within debtors due within one year.

As at the balance sheet date, within debtors due within one year are amounts of £2,500 (2023: £Nil) owed from a parent company (by virtue of its 50% interest in the issued share capital of the company).

As at the balance sheet date, within creditors due within one year are amounts of £736 (2023: £Nil) owed to a parent company (by virtue of its 50% interest in the issued share capital of the company).

The loans are provided interest free, unsecured and repayable on demand.

Dividends of £228,000 (2023: £114,000) were paid in the year to the parent companies by virtue of the companies each owning a 50% interest in the issued share capital of the company.

Transactions with directors

As at 27 January 2024 there were amounts totalling £Nil due from the Directors (2023: £Nil due from the directors).

Directors' remuneration

The directors' remuneration for the period was as follows:

2024
£

2023
£

Remuneration

28,500

146,000

Contributions paid to money purchase schemes

50,481

1,592

78,981

147,592