Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false2023-01-01falseRetail sale of clothing in specialised stores1313truetrue 02798240 2023-01-01 2023-12-31 02798240 2022-01-01 2022-12-31 02798240 2023-12-31 02798240 2022-12-31 02798240 c:Director2 2023-01-01 2023-12-31 02798240 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 02798240 d:Buildings d:LongLeaseholdAssets 2023-12-31 02798240 d:Buildings d:LongLeaseholdAssets 2022-12-31 02798240 d:OfficeEquipment 2023-01-01 2023-12-31 02798240 d:OfficeEquipment 2023-12-31 02798240 d:OfficeEquipment 2022-12-31 02798240 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02798240 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 02798240 d:OtherPropertyPlantEquipment 2023-12-31 02798240 d:OtherPropertyPlantEquipment 2022-12-31 02798240 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02798240 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02798240 d:CurrentFinancialInstruments 2023-12-31 02798240 d:CurrentFinancialInstruments 2022-12-31 02798240 d:Non-currentFinancialInstruments 2023-12-31 02798240 d:Non-currentFinancialInstruments 2022-12-31 02798240 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02798240 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 02798240 d:ShareCapital 2023-12-31 02798240 d:ShareCapital 2022-12-31 02798240 d:RetainedEarningsAccumulatedLosses 2023-12-31 02798240 d:RetainedEarningsAccumulatedLosses 2022-12-31 02798240 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 02798240 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 02798240 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 02798240 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 02798240 c:OrdinaryShareClass1 2023-01-01 2023-12-31 02798240 c:OrdinaryShareClass1 2023-12-31 02798240 c:OrdinaryShareClass1 2022-12-31 02798240 c:FRS102 2023-01-01 2023-12-31 02798240 c:Audited 2023-01-01 2023-12-31 02798240 c:FullAccounts 2023-01-01 2023-12-31 02798240 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02798240 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 02798240 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 02798240









ETON SHIRTS LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
ETON SHIRTS LIMITED
REGISTERED NUMBER: 02798240

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
24,794
1,136

  
24,794
1,136

Current assets
  

Stocks
 5 
492,316
376,250

Debtors: amounts falling due after more than one year
 6 
-
115,237

Debtors: amounts falling due within one year
 6 
2,469,007
1,089,536

Cash at bank and in hand
  
104,485
104,710

  
3,065,808
1,685,733

Creditors: amounts falling due within one year
 7 
(2,951,717)
(1,661,640)

Net current assets
  
 
 
114,091
 
 
24,093

Total assets less current liabilities
  
138,885
25,229

  

Net assets
  
138,885
25,229


Capital and reserves
  

Called up share capital 
 9 
2
2

Profit and loss account
  
138,883
25,227

  
138,885
25,229


Page 1

 
ETON SHIRTS LIMITED
REGISTERED NUMBER: 02798240
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

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 income and retained earnings 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 by: 




B D Thörewik
Director

Date: 10 January 2025

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
ETON SHIRTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The principal activity of Eton Shirts Limited (the "Company") continued to be that of retail sale in specialised stores.
The Company is a private company limited by shares and is incorporated in England and Wales. 
The Registered Office address is 35 Ballards Lane, London, N3 1XW.

2.Accounting policies

 
2.1

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the Company will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements, and will be able to meet its debts as they fall due.
 
As at 31 December 2023, the Company had net assets of £138,885. Included within creditors is an amount of £2,751,909 owed to the parent Company. The Company is dependent on the continued support of the parent company to allow it to meet its financial obligations as they fall due and also not seeking repayment of existing loans made to the Company. This has been confirmed by the parent company.
 
The directors have reviewed forecasts and budgets in light of the above changes and are confident that the support from the parent company will continue for at least the next 12 months from the date of signature of these accounts, and, in conjunction with ongoing cash generated, believe that this will be sufficient to cover all ongoing cash requirements.
 
Based on all of the above, the directors believe that the Company has adequate resources to continue in operational existence for the foreseeable future and that it is appropriate to continue to use the going concern basis for the preparation of these financial statements.

Page 3

 
ETON SHIRTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Sterling.

Transactions and balances

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue 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 discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of 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 Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 4

 
ETON SHIRTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

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.

 
2.7

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.9

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.

Page 5

 
ETON SHIRTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
over the remaining term of the lease
Office equipment
-
over four years

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.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

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

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities, like trade and other debtors and creditors, and loans to and from related parties.
(i) Financial assets
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement consitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.
 
Page 6

 
ETON SHIRTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 13 (2022 - 13).

Page 7

 
ETON SHIRTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Long-term leasehold property
Office equipment
Other fixed assets
Total

£
£
£
£



Cost


At 1 January 2023
108,800
66,331
-
175,131


Additions
-
-
24,794
24,794



At 31 December 2023

108,800
66,331
24,794
199,925



Depreciation


At 1 January 2023
107,664
66,331
-
173,995


Charge for the year on owned assets
1,136
-
-
1,136



At 31 December 2023

108,800
66,331
-
175,131



Net book value



At 31 December 2023
-
-
24,794
24,794



At 31 December 2022
1,136
-
-
1,136


5.


Stocks

2023
2022
£
£

Finished goods and goods for resale
492,316
376,250


Page 8

 
ETON SHIRTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£

Due after more than one year

Deferred tax asset
-
115,237




2023
2022
£
£

Due within one year

Trade debtors
113,710
154,343

Amounts owed by group undertakings
1,925,780
555,886

Other debtors
270,381
291,123

Prepayments and accrued income
82,199
88,184

Deferred tax asset
76,937
-

2,469,007
1,089,536


Amounts owed by group undertakings are unsecured, interest-free and repayable on demand.


7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
8,138
124,777

Amounts owed to group undertakings
2,751,909
1,323,805

Other taxation and social security
8,954
9,790

Other creditors
52,605
53,114

Accruals and deferred income
130,111
150,154

2,951,717
1,661,640


Amounts owed to group undertakings are unsecured, interest-free and repayable on demand.



 

Page 9

 
ETON SHIRTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Deferred taxation




2023


£






At beginning of year
115,237


Charged to other comprehensive income
(38,300)



At end of year
76,937

The deferred tax asset is made up as follows:

2023
2022
£
£


Fixed asset timing differences
(5,914)
357

Tax losses carried forward
82,851
114,880

76,937
115,237

Page 10

 
ETON SHIRTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of £1.00 each
2
2



10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £7,733 (2022 - £6,594). Contributions totalling £1,388 (2022 - £1,430) were payable to the fund at the reporting date and are included in creditors.


11.


Related party transactions

The Company has taken advantage of the exemption conferred by FRS 102 section 33.1A from the requirement to disclose transactions with other wholly owned group undertakings.


12.


Controlling party

The Company is a wholly owned subsidiary of Eton Group AB, a company incorporated in Sweden, registration number 5568762677. The Registered Office and principal place of business is Stora Vagen 8, SE-507 71 Ganghester, Sweden. The largest and smallest group consolidated financial statements are publicly available at this address.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was qualified.

The qualification in the audit report was as follows:
We were unable to observe the counting of physical inventories as at 31 December 2023. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 December 2023, which are included in the Statement of Financial Position at £492,316, by using other audit procedures. Consequently, we were unable to determine whether any adjustment to this amount was necessary.
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 United Kingdom, including the Financial Reporting Council'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 qualified opinion.

The audit report was signed on 11 January 2025 by Myfanwy Neville FCA (Senior Statutory Auditor) on behalf of BKL Audit LLP.

 
Page 11