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REGISTERED NUMBER: 02455446 (England and Wales)














Strategic Report, Report of the Director and

Audited Financial Statements for the Year Ended 29 February 2024

for

VOGUE (UK) LIMITED

VOGUE (UK) LIMITED (REGISTERED NUMBER: 02455446)






Contents of the Financial Statements
for the year ended 29 FEBRUARY 2024




Page

Company Information 1

Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 5

Statement of Income and Retained Earnings 8

Balance Sheet 9

Notes to the Financial Statements 10


VOGUE (UK) LIMITED

Company Information
for the year ended 29 FEBRUARY 2024







DIRECTOR: A D Norford





REGISTERED OFFICE: Unit 20
Strawberry Lane Industrial Estate
Strawberry Lane
Willenhall
West Midlands
WV13 3RS





REGISTERED NUMBER: 02455446 (England and Wales)





AUDITORS: Elsby & Co (Sywell) Ltd
Statutory Auditors
155 Wellingborough Road
Rushden
Northamptonshire
NN10 9TB

VOGUE (UK) LIMITED (REGISTERED NUMBER: 02455446)

Strategic Report
for the year ended 29 FEBRUARY 2024

The director presents his strategic report for the year ended 29 February 2024.

REVIEW OF BUSINESS
The company is engaged in the supply of radiator and bathroom products to the heating and plumbing industry.

During the year under review the business had extreme price increases across all materials used within the operation. The business had to react in the market to the extreme price pressure and as such some of the raw material price increases were passed onto our customer base, albeit with a delayed timing. In some cases alternative supply chains were looked at.

The company suffered a reduction in its turnover in a period of uncertainty in the marketplace, however has increased its gross profit margins due to the review of the business supplies. Turnover for the year was £11.4m (2023 - £14.2m) with a profit before tax for the period of £329k (2023 - £878k).

Net Assets of the company decreased by 26.3% to £2.0m (2023 - £2.8m).

PRINCIPAL RISKS AND UNCERTAINTIES
Strategic, financial, commercial, operational, social, environmental and ethical risks are all considered as part of the group's controls, which are designed to manage rather than eliminate the risk of failure to achieve business objectives. Therefore, they can only provide reasonable, not absolute, assurance against material misstatement or loss.

Although at present there are no immediate risks considered likely to have a significant impact on the short or long-term value of the company, the principal risks identified are as follows:

Liquidity risks:
The company is part of a group which relies on bank lending facilities which require it to trade within certain financial criteria. Management closely manages the financial position of the company and group and reviews future cash flows on a regular basis, in order to meet the conditions. The director is confident that the group has sufficient cash facilities to enable it to trade within its terms and to continue to meet its liabilities as they fall due.

Market risks:
Given the current economic climate, with the backdrop of the war in Ukraine, inflation and interest rates, the company has taken various measures to reduce its cost base to minimise any risk.

Credit risks:
The group's credit risk is primarily attributable to its trade debtors. The amounts presented in the balance sheet are net of allowances for doubtful debts, estimated by the management based on prior experience, the current economic environment and specific customer issues. The company has implemented policies that require appropriate credit checks on potential customers or review of existing customer credit history before a sale is made together with having in force a credit insurance policy.

Competitive risk:
The company operates in a competitive industry where price is important. Conditions which can suddenly affect the buying price present a risk, such as exchange rates, as the company sources a significant amount of its supplies from overseas. To manage this risk, the company closely monitors foreign exchange rates and reacts accordingly.


VOGUE (UK) LIMITED (REGISTERED NUMBER: 02455446)

Strategic Report
for the year ended 29 FEBRUARY 2024

FINANCIAL INSTRUMENTS
The Company's principal financial instruments are comprised of bank balances, invoice discounting, trade debtors and trade creditors. The main purpose of these instruments is to provide finance for the company's operations.

In respect of bank balances and asset based lending, the company manages its cashflow tightly, and monitors the relationship between these financial instruments, ensuring there are sufficient funds to meet amounts due, and that the company is operating within contractual limits.

Trade debtors and the invoice discounting facility are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers, together with insurance against bad debts.

Trade creditor risk is managed by close relationships with key suppliers and ensuring that sufficient funds are available to meet amounts due.

DEVELOPMENT AND PERFORMANCE
The company's key performance indicators include turnover, (including sales product mix), gross profit margin, net profit before taxation and net assets.

2024 2023 % change
Turnover £11.4M £14.2M -19.6%
Gross profit margin % 35.5% 32.2% +3.3%
Net profit before taxation £329K £878K -62.5%
Net assets £2.0M £2.8M -26.3%

As stated above the largest impact on the financial results for the year to 29 February 2024 was the cost increases on supplies. These were passed onto the customer base which resulted in a reduction in the sales demand for the year.

As shown above the sales reduced in the year by £2.8M, a decrease in 19.7% on the previous year.

FUTURE DEVELOPMENTS
The company intends to grow turnover through new opportunities resulting from the expansion of the group. There is a positive outlook because some key costs, such as freight and fuel, have reduced, and UK inflation appears to be reducing, which allows better control of margins.

ON BEHALF OF THE BOARD:





A D Norford - Director


5 November 2024

VOGUE (UK) LIMITED (REGISTERED NUMBER: 02455446)

Report of the Director
for the year ended 29 FEBRUARY 2024

The director presents his report with the financial statements of the company for the year ended 29 February 2024.

DIVIDENDS
An interim dividend of £100 per share was paid on 29 February 2024. The director recommends that no final dividend be paid.

The total distribution of dividends for the year ended 29 February 2024 will be £ 1,000,000 .

DIRECTOR
A D Norford held office during the whole of the period from 1 March 2023 to the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen, in accordance with section 414C(11) of the Companies Act 2006, and as noted in the Report of the Directors, to include certain matters in its Strategic Report that would otherwise be required to be disclosed in the Report of the Directors.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





A D Norford - Director


5 November 2024

Report of the Independent Auditors to the Members of
Vogue (UK) Limited

Opinion
We have audited the financial statements of Vogue (UK) Limited (the 'company') for the year ended 29 February 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 29 February 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Vogue (UK) Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

We considered the nature of the company's industry and its control environment, and discussed the Company's policies and procedures relating to fraud and compliance with laws and regulations.
We obtained an understanding of the legal and regulatory frameworks that the company operates in, and identified the key laws and regulations that:
- had a direct effect on the determination of material amounts and disclosures in the financial statements; and

-
do not have a direct effect on the financial statements but compliance with which may be fundamental to the
company's ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

In common with all audits under ISAs ( UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

-
reviewing financial statement disclosures by testing to supporting documentation to assess compliance with
provisions of relevant laws and regulations described as having a direct effect on the financial statements;

-
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of
material misstatement due to fraud;

-
enquiring of management concerning actual and potential litigation and claims, and instances of non-compliance
with laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Vogue (UK) Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Carl Elsby ACA (Senior Statutory Auditor)
for and on behalf of Elsby & Co (Sywell) Ltd
Statutory Auditors
155 Wellingborough Road
Rushden
Northamptonshire
NN10 9TB

11 November 2024

VOGUE (UK) LIMITED (REGISTERED NUMBER: 02455446)

Statement of Income and
Retained Earnings
for the year ended 29 FEBRUARY 2024

2024 2023
Notes £    £   

TURNOVER 4 11,410,166 14,196,728

Cost of sales 7,356,902 9,624,443
GROSS PROFIT 4,053,264 4,572,285

Administrative expenses 3,831,175 3,686,749
222,089 885,536

Other operating income 119,868 -
OPERATING PROFIT 6 341,957 885,536


Interest payable and similar expenses 7 13,383 7,796
PROFIT BEFORE TAXATION 328,574 877,740

Tax on profit 8 59,681 166,131
PROFIT FOR THE FINANCIAL YEAR 268,893 711,609

Retained earnings at beginning of year 2,757,733 2,046,124

Dividends 9 (1,000,000 ) -

RETAINED EARNINGS AT END OF YEAR 2,026,626 2,757,733

VOGUE (UK) LIMITED (REGISTERED NUMBER: 02455446)

Balance Sheet
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 325,980 380,360
325,980 380,360

CURRENT ASSETS
Stocks 13 2,623,695 2,602,443
Debtors 14 1,711,305 3,062,704
Cash at bank 135,646 139,472
4,470,646 5,804,619
CREDITORS
Amounts falling due within one year 15 2,648,834 3,216,812
NET CURRENT ASSETS 1,821,812 2,587,807
TOTAL ASSETS LESS CURRENT LIABILITIES 2,147,792 2,968,167

CREDITORS
Amounts falling due after more than one year 16 (26,820 ) (100,751 )

PROVISIONS FOR LIABILITIES 20 (74,346 ) (89,683 )
NET ASSETS 2,046,626 2,777,733

CAPITAL AND RESERVES
Called up share capital 21 10,000 10,000
Capital redemption reserve 22 10,000 10,000
Retained earnings 22 2,026,626 2,757,733
SHAREHOLDERS' FUNDS 2,046,626 2,777,733

The financial statements were approved by the director and authorised for issue on 5 November 2024 and were signed by:





A D Norford - Director


VOGUE (UK) LIMITED (REGISTERED NUMBER: 02455446)

Notes to the Financial Statements
for the year ended 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Vogue (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of Vogue UK Limited is pounds sterling.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d).

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding value added tax and other sales taxes.

Turnover from the sale of goods is recognised when all the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the economic benefits associated with the transaction will flow to the Company; and
- the costs incurred or to be incurred in respect of the transaction 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 2% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are stated at the lower of cost and net realisable value (being the estimated selling price less costs to complete and sell). Cost is based on the cost of purchase on a first in, first out basis after adjusting for obsolete and slow moving items. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount if reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit or loss.

VOGUE (UK) LIMITED (REGISTERED NUMBER: 02455446)

Notes to the Financial Statements - continued
for the year ended 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

(i) Financial assets and liabilities

All financial assets and liabilities are initially measured at transaction price (including transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

Other debt instruments not meeting these conditions are measured at fair value through profit or loss.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Company, despite having retained some but not all of the significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

VOGUE (UK) LIMITED (REGISTERED NUMBER: 02455446)

Notes to the Financial Statements - continued
for the year ended 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

Foreign currencies
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period-end, foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair-value are measured using the exchange rate when fair value was determined.

Leases
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the statement of comprehensive income over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liabilities.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Going concern
These financial statements have been prepared on a going concern basis, which the director believes to be appropriate. The company is part of a group of companies and some group companies have incurred losses in this financial period. This company provides cross-company guarantees to secure group debts. The director has reviewed the latest group forecasts for the following year and has a reasonable expectation that the company and the group have adequate resources to continue in operational existence for the foreseeable future. Therefore he continues to adopt the going concern basis of accounting in preparing the annual financial statements.

VOGUE (UK) LIMITED (REGISTERED NUMBER: 02455446)

Notes to the Financial Statements - continued
for the year ended 29 FEBRUARY 2024

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Company's accounting policies, which are described in note 2, the director is required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Critical judgements in applying the Company's accounting policies
The following are critical judgements, apart from those involving estimates (which are dealt with separately below), that the director has made in the process of applying the Company's accounting policies and that have the most significant effect on the amount recognised in the financial statements.

Impairment of assets
The director constantly reviews factors likely to impact the value or recoverability of assets held by the company. In conducting their review, they consider both internal and external sources of information as well as past experiences and market conditions. As far as the director is aware there are no prevailing indications that assets held without impairment require one, or where an impairment has already been made that the amount of that impairment requires adjustment.

Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing material adjustment to the carrying amount of assets and liabilities within the next financial year are discussed below:

Debtor provisioning
The company exercises judgement as to its ability to collect outstanding receivables and in the event that any such recoverability becomes uncertain makes a provision against that debt. The company analyses its historical collection experience and current economic trends when determining the extent to which a provision should be made.

Inventory and finished goods provisions
The accounting estimate related to valuation of inventories is considered a "critical accounting estimate" because it is susceptible to changes from period-to-period due to the requirement for management to make estimates relative to each of the underlying factors, ranging from purchasing, to sales, to production. If actual demand or market conditions differ from estimates, inventory adjustments to lower market values would result in a reduction to the carrying value of inventory, an increase in inventory write-offs and a decrease to gross margins.

Depreciation
The company estimates the residual value and useful economic life of fixed assets.

VOGUE (UK) LIMITED (REGISTERED NUMBER: 02455446)

Notes to the Financial Statements - continued
for the year ended 29 FEBRUARY 2024

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 10,434,611 13,152,464
Europe 651,417 664,106
Rest of world 324,138 380,158
11,410,166 14,196,728

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,819,771 2,972,620
Social security costs 267,658 330,375
Other pension costs 63,847 64,491
3,151,276 3,367,486

The average number of employees during the year was as follows:
2024 2023

Management 1 2
Warehouse 15 15
Sales 18 18
Transport 6 6
Stock & operations 37 42
Finance 4 5
Office 6 6
87 94

2024 2023
£    £   
Director's remuneration - -

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 28,606 50,402
Depreciation - assets on hire purchase contracts 53,592 26,740
Loss on disposal of fixed assets 7,012 12,300
Auditors' remuneration 18,342 29,344
Foreign exchange differences 1,190 (68 )

VOGUE (UK) LIMITED (REGISTERED NUMBER: 02455446)

Notes to the Financial Statements - continued
for the year ended 29 FEBRUARY 2024

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
HMRC interest 1,114 1,669
Hire purchase interest 12,269 6,127
13,383 7,796

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 75,018 147,812

Deferred tax (15,337 ) 18,319
Tax on profit 59,681 166,131

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 328,574 877,740
Profit multiplied by the standard rate of corporation tax in the UK of 24.490%
(2023 - 19%)

80,468

166,771

Effects of:
Expenses not deductible for tax purposes 523 1,777
Income not taxable for tax purposes (23,862 ) -
Capital allowances in excess of depreciation - (20,736 )
Adjustments to tax charge in respect of previous periods 2,802 -
Effect of short term timing differences (deferred tax) - 18,319
Effect of change in rate on deferred tax (250 ) -
Total tax charge 59,681 166,131

The Finance Act 2021 has provided for increases in the main rate of corporation tax from 19% to 25% effective from 1 April 2023.

9. DIVIDENDS
2024 2023
£    £   
Ordinary shares of 1 each
Interim 1,000,000 -

VOGUE (UK) LIMITED (REGISTERED NUMBER: 02455446)

Notes to the Financial Statements - continued
for the year ended 29 FEBRUARY 2024

10. PENSION COMMITMENTS

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge for the period amounted to £63,847 (2023: £64,491).

11. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 30,000
AMORTISATION
At 1 March 2023
and 29 February 2024 30,000
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 -

12. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 March 2023 76,606 310,280 433,309 333,605 1,153,800
Additions - - - 43,675 43,675
Disposals - - - (27,959 ) (27,959 )
At 29 February 2024 76,606 310,280 433,309 349,321 1,169,516
DEPRECIATION
At 1 March 2023 42,381 269,067 379,243 82,749 773,440
Charge for year 1,532 9,201 11,986 59,479 82,198
Eliminated on disposal - - - (12,102 ) (12,102 )
At 29 February 2024 43,913 278,268 391,229 130,126 843,536
NET BOOK VALUE
At 29 February 2024 32,693 32,012 42,080 219,195 325,980
At 28 February 2023 34,225 41,213 54,066 250,856 380,360

The net book value of tangible fixed assets includes £ 189,692 (2023 - £ 199,609 ) in respect of assets held under hire purchase contracts.

13. STOCKS
2024 2023
£    £   
Stocks 2,623,695 2,602,443

VOGUE (UK) LIMITED (REGISTERED NUMBER: 02455446)

Notes to the Financial Statements - continued
for the year ended 29 FEBRUARY 2024

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,404,160 1,683,774
Amounts owed by group undertakings 160,163 1,092,727
Other debtors 3,728 375
Prepayments and accrued income 143,254 285,828
1,711,305 3,062,704

Included within debtors is £2,011,561 (2023 - £2,080,760) which form part of a confidential invoice discounting facility.

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other loans (see note 17) 455,537 1,064,492
Hire purchase contracts (see note 18) 114,150 99,592
Trade creditors 1,664,150 1,510,104
Amounts owed to group undertakings 99,690 196,325
Tax - 37,093
Social security and other taxes 62,653 68,715
VAT 151,922 138,210
Other creditors 32,692 32,278
Accrued expenses 68,040 70,003
2,648,834 3,216,812

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 18) 26,820 100,751

17. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Confidential invoice discounting 455,537 1,064,492

VOGUE (UK) LIMITED (REGISTERED NUMBER: 02455446)

Notes to the Financial Statements - continued
for the year ended 29 FEBRUARY 2024

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 114,150 99,592
Between one and five years 26,820 100,751
140,970 200,343

Non-cancellable operating leases
2024 2023
£    £   
Within one year 245,361 258,174
Between one and five years 397,926 643,287
643,287 901,461

Operating lease payments recognised as an expense during the year was £249,132 (2023 - £249,403).

VOGUE (UK) LIMITED (REGISTERED NUMBER: 02455446)

Notes to the Financial Statements - continued
for the year ended 29 FEBRUARY 2024

19. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Invoice financing creditor 455,537 1,064,492
Hire purchase contracts 140,970 200,343
596,507 1,264,835

The obligations under hire purchase contracts are secured on the assets to which they relate.

The Company has the following securities at the balance sheet date:

Shawbrook Bank Limited holds a fixed and floating charge over the assets of the Company in respect of the Brand K Group facility of up to £32.9m (2023 - £26.5m). The group facilities include invoice discounting over receivables of up to £29.5m (2023 - £21.5m), in aggregate with the inventory facility, which is up to £5m (2023 - £5m), a cashflow facility of up to £3.41m (2023 - £1.6m). The cashflow facility is repayable in 36 monthly instalments. The advance rate for the invoice discounting facility is 85%. There is a group cross company guarantee in place as security for the charge. The bank also holds a right of group set-off.

Post year end, the group entered a new facility agreement up to £41.6m. It includes invoice discounting over receivables of up to £35m, in aggregate with the inventory facility up to £5m, and a cashflow facility of up to £6.6m.

The total balances secured at the year end across the group are as follows: confidential invoice discounting facility: £13.1m (2023 - £14.1m), inventory facility: £2.6m (2023 - £3.2m) and cashflow facility: £2.6m (2023 - £1.2m).

The balance due on the Company's confidential invoice discount facility at the balance sheet date was £455,537 (2023 - £1,064,492). No other facility was used by the Company during the year (2023 - none).

20. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 74,346 89,683

Deferred
tax
£   
Balance at 1 March 2023 89,683
Provided during year (15,337 )
Balance at 29 February 2024 74,346

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
10,000 Ordinary 1 10,000 10,000

Ordinary shares have one vote per share.

VOGUE (UK) LIMITED (REGISTERED NUMBER: 02455446)

Notes to the Financial Statements - continued
for the year ended 29 FEBRUARY 2024

22. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 March 2023 2,757,733 10,000 2,767,733
Profit for the year 268,893 268,893
Dividends (1,000,000 ) (1,000,000 )
At 29 February 2024 2,026,626 10,000 2,036,626

23. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group, on the grounds that consolidated financial statements for the period ended 28th February 2024 of its ultimate parent company, Brand K Holdings Limited, are publicly available.

24. ULTIMATE CONTROLLING PARTY

For the year, the ultimate parent company was Brand K Holdings Limited. The registered office for the ultimate parent company was Thistledown Barn, Holcot Lane, Sywell, Northampton, NN6 0BG. The group accounts of Brand K Holdings Limited, which include the results of this company, can be obtained from Companies House.

For the year, Brand K Holdings Limited was under the control of Alex Norford.