Company registration number 14456937 (England and Wales)
LUXURY RETAIL PARTNERS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LUXURY RETAIL PARTNERS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
LUXURY RETAIL PARTNERS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
Notes
£
£
Current assets
Debtors
4
132,037
Cash at bank and in hand
524
132,561
Creditors: amounts falling due within one year
5
(16,221)
Net current assets
116,340
Creditors: amounts falling due after more than one year
6
(300,000)
Net liabilities
(183,660)
Capital and reserves
Called up share capital
3
Profit and loss reserves
(183,663)
Total equity
(183,660)

For the financial Period ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 1 November 2024 and are signed on its behalf by:
L Meyer-Hentschel Davis
Director
Company registration number 14456937 (England and Wales)
LUXURY RETAIL PARTNERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Luxury Retail Partners Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 34 Switch House West, Circus Road West, London, United Kingdom, SW11 8BD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company incurred a net loss of £183,663 during the period ended 31 December 2023 and had net liabilities of £183,660 at that date. These conditions indicate the existence of a material uncertainty that may cast significant doubt on the company's ability to continue as a going concern.

 

The directors have prepared cash flow forecasts and have reviewed the company's financial position for a period extending at least 12 months from the date of approval of these financial statements. The forecasts indicate that the company will require continued financial support to meet its liabilities as they fall due.

 

The directors and shareholders of the company, have confirmed their intention to provide such financial support as is necessary to enable the company to continue in operational existence. They have also agreed not to demand repayment of the loans advanced to the company until it is in a position to do so.

 

Based on the assurances provided by the directors, the financial statements have been prepared on a going concern basis. The directors are confident that the company will be able to meet its obligations as they fall due and continue its operations for the foreseeable future.

 

The directors believe that the continued financial support and the measures taken will enable the company to continue as a going concern. Accordingly, they have adopted the going concern basis in preparing these financial statements.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

LUXURY RETAIL PARTNERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

LUXURY RETAIL PARTNERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 4 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the Period was:

2023
Number
Total
2
4
Debtors
2023
Amounts falling due within one year:
£
Other debtors
132,037
5
Creditors: amounts falling due within one year
2023
£
Trade creditors
398
Taxation and social security
5,014
Other creditors
10,809
16,221
6
Creditors: amounts falling due after more than one year
2023
£
Other creditors
300,000
LUXURY RETAIL PARTNERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 5 -
7
Related party transactions

During the period, the company received a loan of £102 from a director of the company. The loan is unsecured, interest-free and repayable on demand. £51 remains outstanding at the period end and is included within other loans. This loan was repaid in 2024.

 

During the period, the company made a loan of £131,099 to the spouse of a director of the company. The loan is unsecured, accrued interest at 5% and repayable on demand. £131,099 is due from the spouse of the director at the period end and is included within other debtors. This loan was repaid back to the company in 2024

 

During the period, the company received loans of £300,000 from a shareholder of the company. The loans are secured by the assets of the company, interest accrues at 5% and the loans are repayable on 31 January 2025.

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