REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 29 February 2024 |
for |
AMI PARIS UK LTD |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 29 February 2024 |
for |
AMI PARIS UK LTD |
AMI PARIS UK LTD (REGISTERED NUMBER: 09425031) |
Contents of the Financial Statements |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Statement of Changes in Equity | 3 |
Notes to the Financial Statements | 4 |
AMI PARIS UK LTD |
Company Information |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
Bath House |
6-8 Bath Street |
Bristol |
BS1 6HL |
AMI PARIS UK LTD (REGISTERED NUMBER: 09425031) |
Balance Sheet |
29 FEBRUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved and authorised for issue by the director and authorised for issue on |
AMI PARIS UK LTD (REGISTERED NUMBER: 09425031) |
Statement of Changes in Equity |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 March 2022 | ( |
) | ( |
) |
Changes in equity |
Profit for the year | - | 185,181 | 185,181 |
Total comprehensive income | - |
Balance at 28 February 2023 | ( |
) | ( |
) |
Changes in equity |
Profit for the year | - | 943,543 | 943,543 |
Total comprehensive income | - |
Balance at 29 February 2024 | ( |
) | ( |
) |
AMI PARIS UK LTD (REGISTERED NUMBER: 09425031) |
Notes to the Financial Statements |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
1. | COMPANY INFORMATION |
Ami Paris UK Ltd is a |
The company's principal activities and nature of its operations was that of store retailing. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006. |
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 on the historical cost convention. The principal accounting policies adopted are set out below. |
Going concern |
The financial statements have been prepared on a going concern basis. The Director has reviewed and considered relevant information, including the annual budget and future cash flows in making his assessment. Based on these assessments, the Director has concluded that the Company can continue to adopt the going concern basis in preparing the annual report and accounts. |
This assumes that the company will have sufficient financial resources to continue trading. As at 29 February 2024 the company has net current liabilities of £1,740,157, and an overall net liability position of £187,774. |
Within this position is a loan from AMI Paris SAS, parent company of £2,515,818. |
AMI Paris SAS has indicated that they will provide continued support to the company for at least a period of twelve months from the date these accounts were approved, and the loan to the company will not be called for repayment until the company is in a financial position to do so. |
On this basis, The Director considers the going concern basis of preparation of the financial statements to be appropriate. |
Turnover |
Turnover represents the total invoice value, excluding value added tax, of sales made during the year 29 February 2024 and derives from the provision of goods falling within the company's ordinary activities. |
Tangible fixed assets |
Short leasehold property | - |
Improvements to property | - |
Fixtures and fittings | - |
Computer equipment | - |
AMI PARIS UK LTD (REGISTERED NUMBER: 09425031) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are stated at the lower of cost and net realisable value. Cost comprises direct materials and where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. |
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. |
Provision is made against the carrying value of stocks where the net realisable value is less than the cost of stock held. |
Cash and cash equivalents |
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less. |
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 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. |
Basic financial assets |
Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
Basic financial liabilities |
Basic financial liabilities, including trade and other creditors and amounts due to group undertakings 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. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire. |
Leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Taxation |
Current tax represents the amount of tax payable or receivable in respect of taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
AMI PARIS UK LTD (REGISTERED NUMBER: 09425031) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Foreign exchange |
Transactions in currencies other than the functional currency (foreign currency) are initially recorded at the exchange rate prevailing on the date of the transaction. |
Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction, or, if the asset or liability is measured at fair value, the rate when that fair value was determined. |
All translating differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Short | Improvements | Fixtures |
leasehold | to | and | Computer |
property | property | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 March 2023 |
Additions |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
AMI PARIS UK LTD (REGISTERED NUMBER: 09425031) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
VAT | 146,057 | 105,621 |
Other creditors |
Accruals and deferred income |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | RELATED PARTY DISCLOSURES |
During the year the company entered into transactions with AMI Paris SAS the company's parent entity. These transactions were all on an arm's length basis under normal commercial conditions. At the year end date the amount owed to AMI Paris SAS is £2,515,818 (2023 - £1,877,890). There is no interest accruing on this loan. |
10. | ULTIMATE CONTROLLING PARTY |
The company is a 100% subsidiary of AMI Paris SAS, a company incorporated in France. |