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Registration number: 11340918

Il Sarto Milano Limited

Unaudited Filleted Financial Statements

for the Period from 29 January 2023 to 27 January 2024

 

Il Sarto Milano Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Il Sarto Milano Limited

Company Information

Directors

Mr Ross Worswick

Mr Scott Shashua

Bradley Howard

Registered office

40-42 Matthews Street
Higher Ardwick
Manchester
M12 5BB

Accountants

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

 

Il Sarto Milano Limited

(Registration number: 11340918)
Balance Sheet as at 27 January 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

7,481

13,310

Tangible assets

5

-

329

 

7,481

13,639

Current assets

 

Stocks

6

24,115

123,726

Debtors

7

10,902

200,866

Cash at bank and in hand

 

92

115,155

 

35,109

439,747

Creditors: Amounts falling due within one year

8

(115,989)

(429,560)

Net current (liabilities)/assets

 

(80,880)

10,187

Total assets less current liabilities

 

(73,399)

23,826

Creditors: Amounts falling due after more than one year

8

(13,950)

(24,111)

Net liabilities

 

(87,349)

(285)

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

(87,449)

(385)

Shareholders' deficit

 

(87,349)

(285)

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and Directors' Report has been taken.

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

 

Il Sarto Milano Limited

(Registration number: 11340918)
Balance Sheet as at 27 January 2024

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

 

Il Sarto Milano Limited

Notes to the Unaudited 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' 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.

Going concern

At the balance sheet date the company has net liabilities totalling £87,349. The company is reliant on the support of its parent in order to continue to trade. The directors have confirmed this support will continue for the foreseeable future and have prepared projections and cashflows to 31 January 2025. Based on their underlying assumptions and the pledge of continued financial support the Company will have sufficient working capital to meet liabilities when they fall due. On this basis the Directors have concluded that it is appropriate to prepare the financial statements 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.

 

Il Sarto Milano Limited

Notes to the Unaudited 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 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.

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

Office equipment

33% Straight line

Intangible assets

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

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website

20% Straight line

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.

 

Il Sarto Milano Limited

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

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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 0 (2023 - 0).

 

Il Sarto Milano Limited

Notes to the Unaudited 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

29,225

29,225

At 27 January 2024

29,225

29,225

Amortisation

At 29 January 2023

15,915

15,915

Amortisation charge

5,829

5,829

At 27 January 2024

21,744

21,744

Carrying amount

At 27 January 2024

7,481

7,481

At 28 January 2023

13,310

13,310

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 29 January 2023

2,178

2,178

At 27 January 2024

2,178

2,178

Depreciation

At 29 January 2023

1,850

1,850

Charge for the period

328

328

At 27 January 2024

2,178

2,178

Carrying amount

At 27 January 2024

-

-

At 28 January 2023

329

329

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

24,115

123,726

 

Il Sarto Milano Limited

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

7

Debtors

Current

2024
£

2023
£

Trade debtors

-

186,801

Prepayments

6,644

1,460

Other debtors

4,258

12,605

 

10,902

200,866

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

10,199

9,948

Trade creditors

 

82,426

115,451

Amounts owed to group undertakings

10

21,370

293,887

Taxation and social security

 

-

6,989

Accruals and deferred income

 

1,994

3,285

 

115,989

429,560

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

13,950

24,111

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       
 

Il Sarto Milano Limited

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

10

Related party transactions

Throughout the current period the immediate parent company was The Couture Club Limited by virtue of its 90% interest in the issued share capital of the company. As at the balance sheet date amounts of £21,370 (2023: £293,887) were owed to the parent company and are included within creditors due within one year.

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

Directors' remuneration

The directors did not receive any remuneration in respect of their services to the company.