Caseware UK (AP4) 2023.0.135 2023.0.135 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrue2023-02-01falseNo description of principal activity4641 11552082 2023-02-01 2024-01-31 11552082 2022-02-01 2023-01-31 11552082 2024-01-31 11552082 2023-01-31 11552082 c:Director3 2023-02-01 2024-01-31 11552082 d:PlantMachinery 2023-02-01 2024-01-31 11552082 d:PlantMachinery 2024-01-31 11552082 d:PlantMachinery 2023-01-31 11552082 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 11552082 d:FurnitureFittings 2023-02-01 2024-01-31 11552082 d:FurnitureFittings 2024-01-31 11552082 d:FurnitureFittings 2023-01-31 11552082 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 11552082 d:ComputerEquipment 2023-02-01 2024-01-31 11552082 d:ComputerEquipment 2024-01-31 11552082 d:ComputerEquipment 2023-01-31 11552082 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 11552082 d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 11552082 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-02-01 2024-01-31 11552082 d:Goodwill 2024-01-31 11552082 d:Goodwill 2023-01-31 11552082 d:ComputerSoftware 2024-01-31 11552082 d:ComputerSoftware 2023-01-31 11552082 d:CurrentFinancialInstruments 2024-01-31 11552082 d:CurrentFinancialInstruments 2023-01-31 11552082 d:Non-currentFinancialInstruments 2024-01-31 11552082 d:Non-currentFinancialInstruments 2023-01-31 11552082 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 11552082 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 11552082 d:Non-currentFinancialInstruments d:AfterOneYear 2024-01-31 11552082 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-31 11552082 d:ShareCapital 2024-01-31 11552082 d:ShareCapital 2023-01-31 11552082 d:SharePremium 2024-01-31 11552082 d:SharePremium 2023-01-31 11552082 d:RetainedEarningsAccumulatedLosses 2024-01-31 11552082 d:RetainedEarningsAccumulatedLosses 2023-01-31 11552082 c:FRS102 2023-02-01 2024-01-31 11552082 c:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 11552082 c:FullAccounts 2023-02-01 2024-01-31 11552082 c:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 11552082 d:WithinOneYear 2024-01-31 11552082 d:WithinOneYear 2023-01-31 11552082 d:BetweenOneFiveYears 2024-01-31 11552082 d:BetweenOneFiveYears 2023-01-31 11552082 2 2023-02-01 2024-01-31 11552082 d:Goodwill d:OwnedIntangibleAssets 2023-02-01 2024-01-31 11552082 d:ComputerSoftware d:OwnedIntangibleAssets 2023-02-01 2024-01-31 11552082 e:PoundSterling 2023-02-01 2024-01-31 iso4217:GBP xbrli:pure
Registered number: 11552082













Handbag Clinic Ltd

Financial statements
Information for filing with the registrar

31 January 2024




 
Handbag Clinic Ltd


Balance sheet
At 31 January 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
7,172
8,173

Tangible assets
 6 
85,948
81,697

  
93,120
89,870

Current assets
  

Stocks
  
114,477
64,884

Debtors
 7 
353,306
381,366

Cash at bank and in hand
  
131,568
19,147

  
599,351
465,397

Creditors: amounts falling due within one year
 8 
(1,390,799)
(1,711,103)

Net current liabilities
  
 
 
(791,448)
 
 
(1,245,706)

Total assets less current liabilities
  
(698,328)
(1,155,836)

Creditors: amounts falling due after more than one year
 9 
(53,907)
(99,900)

  

Net liabilities
  
(752,235)
(1,255,736)


Capital and reserves
  

Called up share capital 
  
9,098
6,744

Share premium account
  
5,767,569
3,584,854

Profit and loss account
  
(6,528,902)
(4,847,334)

Shareholders’ deficit
  
(752,235)
(1,255,736)


1

 
Handbag Clinic Ltd

    
Balance sheet (continued)
At 31 January 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 October 2024.




C H Staerck
Director

Company registered number: 11552082
The notes on pages 3 to 9 form part of these financial statements. 

2

 
Handbag Clinic Ltd
 
 

Notes to the financial statements
Year ended 31 January 2024

1.


General information

The company is a private company limited by shares, registered and domiciled in England and Wales. The address of the registered office is Unit 10 Hobson Insustrial Estate, Burnopfield, Newcastle Upon Tyne, NE16 6EA.


2.

Statement of compliance

The financial statements of the company have been prepared in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102, ‘The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland’ (‘FRS 102’) and the Companies Act 2006.

3.Accounting policies

 
3.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
3.2

Going concern

The financial statements are prepared on the going concern basis. Despite the losses incurred in the year, the directors have not identified any material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern. The directors have pledged their support to the company should it be needed to meet its obligations, and they also consider that further funding from shareholders will be available if required.
If this basis proved to be invalid, the financial statements would have to be prepared on a breakup basis in which case the balance sheet would be restated to include all assets at estimated realisable values and all liabilities would become current and would have to be increased to include those liabilities contingent on the company ceasing to trade. 

 
3.3

Revenue recognition

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured.
Turnover is measured as the consideration received or receivable, net of discounts and value added tax, at point of sale of finished goods.
Turnover for consignment stock represents the commission received on the sale. 

 
3.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
3.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

3

 
Handbag Clinic Ltd
 

 
Notes to the financial statements
Year ended 31 January 2024

3.Accounting policies (continued)

 
3.6

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
3.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

 
3.8

Intangible assets

Intangible assets comprise goodwill which represents the difference between the fair value of its identifiable assets and liabilities at the date of transfer to the company on demerger from prior operation and the consideration paid.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

 Amortisation is provided on the following bases:

Website costs
-
10%
straight line

4

 
Handbag Clinic Ltd
 

 
Notes to the financial statements
Year ended 31 January 2024

3.Accounting policies (continued)

 
3.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
straight line
Fixtures and fittings
-
20%
straight line
Computer equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
3.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.

 
3.11

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


4.


Employees

The average monthly number of employees, including directors, during the year was 46 (2023 - 41).

5

 
Handbag Clinic Ltd
 
 

Notes to the financial statements
Year ended 31 January 2024

5.


Intangible assets




Computer software
Goodwill
Total

£
£
£



Cost


At 1 February 2023
10,008
2,427,480
2,437,488



At 31 January 2024

10,008
2,427,480
2,437,488



Amortisation


At 1 February 2023
1,835
2,427,480
2,429,315


Charge for the year
1,001
-
1,001



At 31 January 2024

2,836
2,427,480
2,430,316



Net book value



At 31 January 2024
7,172
-
7,172



At 31 January 2023
8,173
-
8,173



6

 
Handbag Clinic Ltd
 
 

Notes to the financial statements
Year ended 31 January 2024

6.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost


At 1 February 2023
29,022
82,700
46,381
158,103


Additions
-
22,672
19,472
42,144



At 31 January 2024

29,022
105,372
65,853
200,247



Depreciation


At 1 February 2023
17,270
32,974
26,162
76,406


Charge for the year
5,804
17,988
14,101
37,893



At 31 January 2024

23,074
50,962
40,263
114,299



Net book value



At 31 January 2024
5,948
54,410
25,590
85,948



At 31 January 2023
11,752
49,726
20,219
81,697

7

 
Handbag Clinic Ltd
 
 

Notes to the financial statements
Year ended 31 January 2024

7.


Debtors

2024
2023
£
£


Trade debtors
226,733
263,046

Prepayments and accrued income
61,478
48,500

Tax recoverable
65,095
69,820

353,306
381,366



8.


Creditors: amounts falling due within one year

2024
2023
£
£

Convertible loan stock
-
750,000

Bank loans
10,782
10,782

Other loans
92,570
132,665

Trade creditors
967,060
407,432

Other taxation and social security
84,425
203,141

Other creditors
186,736
127,570

Accruals and deferred income
49,226
79,513

1,390,799
1,711,103


The convertible loan stock accrues interest at 10% per annum and is convertible into equity at the discretion of the stockholders on the advent of certain defined events, providing the company has not previously repaid the principal and accrued interest. Previosuly held convertible loan stock, as well as convertible loan stock issued in year, were converted into equity in September 2023.


9.


Creditors: amounts falling due after more than one year

2024
2023
£
£

Bank loans
23,536
33,456

Other creditors
30,371
66,444

53,907
99,900


8

 
Handbag Clinic Ltd
 
 

Notes to the financial statements
Year ended 31 January 2024

10.


Commitments under operating leases

At 31 January 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
36,000
36,000

Later than 1 year and not later than 5 years
-
36,000

36,000
72,000

 
9