Registration number:
Touchstone Accessories Limited
for the
Year Ended 31 January 2024
Contents
Company Information |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Touchstone Accessories Limited
Company Information
Director |
Mr R Sahni |
Company secretary |
Mrs H Sahni |
Registered office |
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Bankers |
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Auditors |
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Touchstone Accessories Limited
(Registration number: 02455044)
Balance Sheet as at 31 January 2024
Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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- |
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Tangible assets |
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Investments |
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|
|
|
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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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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
2,154,733 |
2,130,999 |
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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
......................................... |
Touchstone Accessories Limited
Statement of Changes in Equity for the Year Ended 31 January 2024
Share capital |
Retained earnings |
Total |
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At 1 February 2023 |
|
|
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Profit for the year |
- |
|
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Dividends |
- |
( |
( |
At 31 January 2024 |
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|
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Share capital |
Retained earnings |
Total |
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At 1 February 2022 |
|
|
|
Loss for the year |
- |
( |
( |
Dividends |
- |
( |
( |
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
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
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 |
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Current taxation |
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UK corporation tax |
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- |
Touchstone Accessories Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
Intangible assets |
Website Domain |
Total |
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Cost or valuation |
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Additions |
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At 31 January 2024 |
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Amortisation |
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Amortisation charge |
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At 31 January 2024 |
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Carrying amount |
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At 31 January 2024 |
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Tangible assets |
Long leasehold |
Fixtures and fittings |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 February 2023 |
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Additions |
- |
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- |
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Disposals |
- |
- |
( |
( |
At 31 January 2024 |
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Depreciation |
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At 1 February 2023 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
( |
( |
At 31 January 2024 |
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Carrying amount |
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At 31 January 2024 |
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At 31 January 2023 |
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Touchstone Accessories Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
Investments |
2024 |
2023 |
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Loan to group undertakings |
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Shares in group undertakings |
42 |
42 |
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Associates |
£ |
Cost |
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At 1 February 2023 |
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Provision |
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Carrying amount |
|
At 31 January 2024 |
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At 31 January 2023 |
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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 |
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2024 |
2023 |
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Subsidiary undertaking |
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California USA |
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Associates |
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England and Wales |
Ordinary |
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UK |
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England and Wales |
Ordinary |
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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 |
Avant Gard Jewellery Ltd The principal activity of Avant Gard Jewellery Ltd is |
Stocks |
2024 |
2023 |
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Goods in transit |
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Touchstone Accessories Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
Debtors |
Current |
2024 |
2023 |
Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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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 |
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Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Accruals and deferred income |
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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 |
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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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Ordinary of £1 each |
100 |
100 |
100 |
100 |
Touchstone Accessories Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
Related party transactions |
Director's remuneration
The director's remuneration for the year was as follows:
2024 |
2023 |
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Remuneration |
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Summary of transactions with associates
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 |
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Receipt of services |
|
|
|
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2023 |
Associates |
Sale of goods |
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Receipt of services |
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Loans to related parties
2024 |
Associates |
Total |
At start of period |
|
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At end of period |
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|
2023 |
Associates |
Total |
At start of period |
|
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At end of period |
|
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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 |
|
|
Advanced |
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At end of period |
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|
2023 |
Associates |
Total |
At start of period |
|
|
Advanced |
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At end of period |
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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.
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.