Registration number:
The Couture Club Limited
for the Period from 29 January 2023 to 27 January 2024
The Couture Club Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
The Couture Club Limited
Company Information
Directors |
Mr Scott Shashua Mr Ross Worswick |
Registered office |
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Accountants |
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The Couture Club Limited
(Registration number: 09321521)
Balance Sheet as at 27 January 2024
Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
72 |
72 |
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Capital redemption reserve |
48 |
48 |
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Retained earnings |
1,202,162 |
1,116,818 |
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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:
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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
The Couture Club Limited
(Registration number: 09321521)
Balance Sheet as at 27 January 2024
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The Couture Club Limited
Notes to the Financial Statements for the Period from 29 January 2023 to 27 January 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
The Couture Club Limited
Notes to the Financial Statements for the Period from 29 January 2023 to 27 January 2024
Intangible assets |
Other intangible assets |
Total |
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Cost or valuation |
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At 29 January 2023 |
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Additions internally developed |
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At 27 January 2024 |
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Amortisation |
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At 29 January 2023 |
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Amortisation charge |
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At 27 January 2024 |
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Carrying amount |
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At 27 January 2024 |
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At 28 January 2023 |
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Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 29 January 2023 |
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Additions |
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Disposals |
( |
- |
( |
At 27 January 2024 |
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Depreciation |
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At 29 January 2023 |
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Charge for the period |
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Eliminated on disposal |
( |
- |
( |
At 27 January 2024 |
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Carrying amount |
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At 27 January 2024 |
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At 28 January 2023 |
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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.
Investments |
2024 |
2023 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 29 January 2023 |
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Provision |
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Carrying amount |
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At 27 January 2024 |
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At 28 January 2023 |
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Stocks |
2024 |
2023 |
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Finished goods and goods for resale |
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Debtors |
Note |
2024 |
2023 |
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Due within one year |
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Trade debtors |
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Amounts owed by group undertakings |
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Prepayments |
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Other debtors |
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The Couture Club Limited
Notes to the Financial Statements for the Period from 29 January 2023 to 27 January 2024
Creditors |
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
- |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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2024 |
2023 |
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Due after one year |
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Other creditors |
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- |
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.
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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72 |
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72 |
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- |
- |
- |
- |
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The Couture Club Limited
Notes to the Financial Statements for the Period from 29 January 2023 to 27 January 2024
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 £
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 |
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Remuneration |
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Contributions paid to money purchase schemes |
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78,981 |
147,592 |