Company registration number 09186258 (England and Wales)
MAISON EX NIHILO UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MAISON EX NIHILO UK LIMITED
COMPANY INFORMATION
Directors
O Royere
S Loday
Company number
09186258
Registered office
2nd Floor
Regis House
45 King William Street
London
EC4R 9AN
Auditor
Azets Audit Services Limited
2nd Floor
Regis House
45 King William Street
London
EC4R 9AN
MAISON EX NIHILO UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
MAISON EX NIHILO UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
5
14,125
-
0
Current assets
Debtors
6
466,655
395,394
Cash at bank and in hand
643,580
892,857
1,110,235
1,288,251
Creditors: amounts falling due within one year
7
(597,026)
(1,034,483)
Net current assets
513,209
253,768
Total assets less current liabilities
527,334
253,768
Creditors: amounts falling due after more than one year
8
-
0
(24,953)
Deferred tax liability
9
(3,531)
-
0
Net assets
523,803
228,815
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
523,703
228,715
Total equity
523,803
228,815

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 21 January 2025 and are signed on its behalf by:
O Royere
Director
Company Registration No. 09186258
MAISON EX NIHILO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Maison Ex Nihilo UK Limited (the 'company') is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor Regis House, 45 King William Street, London, EC4R 9AN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 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 £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. Revenue is recognised at the point in time when the risks and rewards associated with the goods are transferred to the customer. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, plant and machinery
3 years straight line
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks with original maturities of three months or less.

MAISON EX NIHILO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
Basic financial assets

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.

Classification of financial liabilities

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

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.

1.7
Equity instruments

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.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

MAISON EX NIHILO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

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.

3
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
7,500
-
0
4
Employees

The average monthly number of persons employed directly by the company during the year was 14 (2022: 14).

 

The two (2022: two) board directors were not remunerated by the company during the current or prior year. Instead, their wage costs were borne by the company’s parent.

 

MAISON EX NIHILO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Tangible fixed assets
Fixtures, plant and machinery
£
Cost
At 1 January 2023
103,642
Additions
18,755
Disposals
(103,642)
At 31 December 2023
18,755
Depreciation
At 1 January 2023
103,642
Depreciation charged in the year
4,630
Eliminated in respect of disposals
(103,642)
At 31 December 2023
4,630
Carrying amount
At 31 December 2023
14,125
At 31 December 2022
-
0
6
Debtors: amounts falling due within one year
2023
2022
£
£
Trade debtors
466,220
392,603
Other debtors
435
2,791
466,655
395,394
7
Creditors: amounts falling due within one year
2023
2022
£
£
as restated
Bank loans
-
0
9,888
Trade creditors
13,244
16,840
Amounts owed to parent company
334,835
579,384
Corporation tax
65,340
83,575
Other taxation and social security
49,951
192,577
Other creditors
133,656
152,219
597,026
1,034,483
MAISON EX NIHILO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
-
0
24,953
9
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
3,531
-
3,531
-
2023
Movements in the year:
£
Liability at 1 January 2023
-
Charge to profit or loss
3,531
Liability at 31 December 2023
3,531

The deferred tax liability set out above is expected to reverse within 3 years and relates to accelerated capital allowances that are expected to mature within the same period.

10
Related party transactions

The company has taken advantage of the exemption provided in section 33.1A of Financial Reporting Standard 102, allowing non-disclosure of related party transactions for wholly owned subsidiaries.

 

Included within other creditors is an amount of £1,250 (2022: £1,250) payable to a director. The loan is interest free and repayable upon demand.

11
Parent company

The parent company continues to be Enies SAS, a company registered in France whose registered office is at 35 Rue des Petits Champs, 75001, Paris.

MAISON EX NIHILO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
12
Retirement benefit schemes

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £1,639 (2022: £Nil) were payable to the fund at the balance sheet date and are included within other creditors.

13
Prior period adjustment

Tangible fixed assets

Upon reflection, management consider the asset class of 'land and buildings' to be inappropriate given the company holds no title (freehold or leasehold) to any properties. As such, it has reclassified all tangible fixed assets under the single category of 'fixtures, plant and machinery'. This adjustment is purely presentational and has no impact on equity as previously presented in the 31 December 2022 financial statements.

 

Foreign exchange

During the year, a loan was repaid to the company’s parent in full. At the time of repayment, it transpired that the loan was denominated in Euros but a portion of the loan had historically been erroneously treated as Pound Sterling-denominated. As such, a prior period adjustment has been recorded to translate the loan balance to Sterling as required, with the carried forward loan balance and loss on foreign exchange restated accordingly. Furthermore, the creditors note has been restated to present amounts payable to the company’s parent as a separate line item. The effects of the restatement are outlined in the table below:

Reconciliation of changes in equity
1 January
31 December
2022
2022
£
£
Adjustments to prior year
Exchange loss on loan
(24,669)
(117,138)
Equity as previously reported
(137,191)
345,953
Equity as adjusted
(161,860)
228,815
Analysis of the effect upon equity
Profit and loss reserves
(24,669)
(117,138)
Reconciliation of changes in profit for the previous financial period
2022
£
Adjustments to prior year
Exchange loss on loan
(62,465)
Profit as previously reported
453,140
Profit as adjusted
390,675
MAISON EX NIHILO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
14
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

 

The comparative figures included within these financial statements were not subject to a statutory audit. Nevertheless, we have obtained sufficient appropriate audit evidence that the opening balances do not contain misstatements that materially affect the current period’s financial statements.

 

 

Senior Statutory Auditor:
Daniel Graves BA(Hons) FCA
Statutory Auditor:
Azets Audit Services Limited
Date of audit report:
21 January 2025
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