Registration number:
Il Sarto Milano Limited
for the Period from 29 January 2023 to 27 January 2024
Il Sarto Milano Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Il Sarto Milano Limited
Company Information
Directors |
Mr Ross Worswick Mr Scott Shashua Bradley Howard |
Registered office |
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Accountants |
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Il Sarto Milano Limited
(Registration number: 11340918)
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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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 (liabilities)/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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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
(87,449) |
(385) |
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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:
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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.
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
Il Sarto Milano Limited
(Registration number: 11340918)
Balance Sheet as at 27 January 2024
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Il Sarto Milano Limited
Notes to the Unaudited 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' 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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Il Sarto Milano Limited
Notes to the Unaudited 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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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 |
Total |
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Cost or valuation |
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At 29 January 2023 |
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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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At 27 January 2024 |
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Carrying amount |
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At 27 January 2024 |
- |
- |
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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Il Sarto Milano Limited
Notes to the Unaudited Financial Statements for the Period from 29 January 2023 to 27 January 2024
Debtors |
Current |
2024 |
2023 |
Trade debtors |
- |
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Prepayments |
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Other debtors |
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Creditors |
Note |
2024 |
2023 |
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Due within one year |
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Bank loans and overdrafts |
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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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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Il Sarto Milano Limited
Notes to the Unaudited Financial Statements for the Period from 29 January 2023 to 27 January 2024
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.