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