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Registration number: 02455044

Touchstone Accessories Limited

Annual Report and Audited Financial Statements

for the Year Ended 31 January 2024

 

Contents

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Financial Statements

4 to 14

 

Touchstone Accessories Limited

Company Information

Director

Mr R Sahni

Company secretary

Mrs H Sahni

Registered office

1 Lisson Courtyard
50 Lisson Street
Marylebone
London
NW1 5DF

Bankers

National Westminster Bank Plc
Ealing Branch
1 The Mall
Ealing
London
W5 2PL

Auditors

Mehta & Tengra
Chartered Accountants
Statutory Auditors
9 Berners Place
London
W1T 3AD

 

Touchstone Accessories Limited

(Registration number: 02455044)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

1,527

-

Tangible assets

6

1,799,169

1,860,275

Investments

7

178,406

178,406

 

1,979,102

2,038,681

Current assets

 

Stocks

8

29,139

76,221

Debtors

9

2,344,348

913,592

Cash at bank and in hand

 

1,089,912

2,324,075

 

3,463,399

3,313,888

Creditors: Amounts falling due within one year

10

(3,224,051)

(3,157,853)

Net current assets

 

239,348

156,035

Total assets less current liabilities

 

2,218,450

2,194,716

Provisions for liabilities

(63,617)

(63,617)

Net assets

 

2,154,833

2,131,099

Capital and reserves

 

Called up share capital

11

100

100

Retained earnings

2,154,733

2,130,999

Shareholders' funds

 

2,154,833

2,131,099

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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 October 2024
 

.........................................
Mr R Sahni
Director

 

Touchstone Accessories Limited

Statement of Changes in Equity for the Year Ended 31 January 2024

Share capital
£

Retained earnings
£

Total
£

At 1 February 2023

100

2,130,999

2,131,099

Profit for the year

-

73,734

73,734

Dividends

-

(50,000)

(50,000)

At 31 January 2024

100

2,154,733

2,154,833

Share capital
£

Retained earnings
£

Total
£

At 1 February 2022

100

2,344,827

2,344,927

Loss for the year

-

(133,828)

(133,828)

Dividends

-

(80,000)

(80,000)

At 31 January 2023

100

2,130,999

2,131,099

 

Touchstone Accessories Limited

Notes to the Financial Statements for the Year Ended 31 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:
1 Lisson Courtyard
50 Lisson Street
Marylebone
London
NW1 5DF

These financial statements were authorised for issue by the director on 29 October 2024.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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.

Subsidiary companies, Associated companies and consolidated accounts
FRS (Financial Reporting Standard) 102 Section 9 requires associated companies to be incorporated in the
consolidated accounts of the investing company.
Touchstone Retail Ltd and Avant Gard Jewellery Ltd are associated companies of Touchstone Accessories Ltd.
Touchstone Accessories LLC is a subsidiary company.
However, as Touchstone Accessories Ltd qualifies as a small group, Section 9.3 (e), it is eligible for the
exemption from preparing Consolidated Accounts.

 

Touchstone Accessories Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Going concern

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

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 29 October 2024 was P Tengra, who signed for and on behalf of Mehta & Tengra.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods 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.

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.

Foreign currencies
Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the
transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date
are translated at the foreign exchange rate ruling at that date. Foreign exchange differences arising on
translation are recognised in the income statement. Non- monetary assets and liabilities that are
measured in terms of the historical cost in a foreign currency are translated using the exchange rate at the
date of the transaction.
Long term monetary items are translated at the year end rate.
The assets and liabilities of foreign operations arising on consolidation are translated at foreign exchange
rates ruling at the balance sheet date. The revenues and expenses of foreign operations are translated at
an average rate for the period where this rate approximates to the foreign exchange rates ruling at the
dates of the transactions.
Hire purchase and leasing

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.

 

Touchstone Accessories Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

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:

Fixtures, fittings and equipment - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those
asset have suffered an impairment loss. If there is an indication of possible impairment, the recoverable
amount of any affected asset is estimated and compared with its carrying amount. If the estimated
recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an
impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised
estimate of its recoverable amount, but not in excess of the amount that would have been determined had
no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is
recognised immediately in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Intangible assets

Intangible assets are initially measured at cost.After initial recognition,intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 Domain

10% on cost

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.

 

Touchstone Accessories Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

Investments
Fixed asset investments are stated at the lower of cost or impairment.
Current asset investments are stated at cost.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2023 - 3).

4

Taxation

Tax charged/(credited) in the profit and loss account

 

Touchstone Accessories Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

2024
£

2023
£

Current taxation

UK corporation tax

5,616

-

 

Touchstone Accessories Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

5

Intangible assets

Website Domain
 £

Total
£

Cost or valuation

Additions

1,697

1,697

At 31 January 2024

1,697

1,697

Amortisation

Amortisation charge

170

170

At 31 January 2024

170

170

Carrying amount

At 31 January 2024

1,527

1,527

6

Tangible assets

Long leasehold
£

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

2,070,375

74,150

124,743

2,269,268

Additions

-

7,858

-

7,858

Disposals

-

-

(47,645)

(47,645)

At 31 January 2024

2,070,375

82,008

77,098

2,229,481

Depreciation

At 1 February 2023

289,856

62,968

56,169

408,993

Charge for the year

41,408

4,760

15,259

61,427

Eliminated on disposal

-

-

(40,108)

(40,108)

At 31 January 2024

331,264

67,728

31,320

430,312

Carrying amount

At 31 January 2024

1,739,111

14,280

45,778

1,799,169

At 31 January 2023

1,780,519

11,182

68,574

1,860,275

 

Touchstone Accessories Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

7

Investments

2024
£

2023
£

Loan to group undertakings

178,364

178,364

Shares in group undertakings

42

42

178,406

178,406

Associates

£

Cost

At 1 February 2023

178,364

Provision

Carrying amount

At 31 January 2024

178,364

At 31 January 2023

178,364

Fixed asset investment - Shares

£

Cost or valuation

At 1 February 2023

42

 

Touchstone Accessories Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertaking

Touchstone Accessories LLC

California

USA

Ordinary

100%

100%

Associates

Touchstone Retail Ltd

England and Wales

Ordinary

25%

25%

 

UK

     

Avant Gard Jewellery Ltd

England and Wales

Ordinary

18%

18%

 

UK

     

Subsidiary undertakings

Touchstone Accessories LLC

Touchstone Accessories LLC was formed to service the USA trade of Touchstone Accessories Ltd and did not trade during the year to 31 January 2024.

Associates

Touchstone Retail Ltd

The principal activity of Touchstone Retail Ltd is Retailer of fashion product. Its financial period end is 31 January. The profit for the financial period was £54,333 and the aggregate amount of capital and reserves at the end of the period was £(3,139,608).

Avant Gard Jewellery Ltd

The principal activity of Avant Gard Jewellery Ltd is Retailer of fine jewellery. Its financial period end is 30 September. The loss for the financial period was £14,175 and the aggregate amount of capital and reserves at the end of the period was £(703,217).

8

Stocks

2024
£

2023
£

Goods in transit

29,139

76,221

 

Touchstone Accessories Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

9

Debtors

Current

2024
£

2023
£

Trade debtors

305,976

222,299

Prepayments and accrued income

55,678

53,106

Other debtors

2,682

2,681

Shareholder loan account

68,892

49,900

Director current account

414,769

332,800

Investments

1,340,000

130,530

Tax repayable

156,351

122,276

 

2,344,348

913,592

10

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

190,012

289,849

Accruals and deferred income

198,215

113,119

VAT

35,441

33,728

Trade creditors - Associated company

2,757,187

2,716,694

Other creditors

136

413

Corporation tax

39,691

1,230

Social security and other taxes

3,369

2,820

3,224,051

3,157,853

11

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         
 

Touchstone Accessories Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

12

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

42,212

39,949

Summary of transactions with associates

Touchstone Retail Limited
Touchstone Accessories Limited holds 25% of the share capital of Touchstone Retail Limited.

Avant Gard Jewellery Limited
Touchstone Accessories Limited holds 18% of the share capital of Avant Gard Jewellery Limited.

 

Income and receivables from related parties

2024

Associates
£

Sale of goods

275,940

Receipt of services

90,000

365,940

2023

Associates
£

Sale of goods

352,590

Receipt of services

100,000

452,590

Loans to related parties

2024

Associates
£

Total
£

At start of period

178,364

178,364

At end of period

178,364

178,364

2023

Associates
£

Total
£

At start of period

178,364

178,364

At end of period

178,364

178,364

 

Touchstone Accessories Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Loans from related parties

2024

Associates
£

Total
£

At start of period

2,716,694

2,716,694

Advanced

40,493

40,493

At end of period

2,757,187

2,757,187

2023

Associates
£

Total
£

At start of period

2,497,506

2,497,506

Advanced

219,188

219,188

At end of period

2,716,694

2,716,694

13

Pension Commitments

The company operates a defined contribution scheme for its staff under "auto enrolment".Contributions
are charged to the profit and loss account. During the year the company's contribution was £3,250 (2023:
£3,210).The amounts outstanding at the balance sheet date was £136 (2023:£413).

The company also contributed £100,000 to Touchstone Accessories pension scheme, a defined contribution scheme.

14

Ultimate controlling party

The ultimate controlling party is R S Sahni.
The director R S Sahni with his associate own all the issued share capital of the company and controls the
reporting entity.