Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-032024-02-0312023-01-29falseSale of jewellery1truetrue 11015024 2023-01-29 2024-02-03 11015024 2022-01-29 2023-01-28 11015024 2024-02-03 11015024 2023-01-28 11015024 c:Director1 2023-01-29 2024-02-03 11015024 d:CurrentFinancialInstruments 2024-02-03 11015024 d:CurrentFinancialInstruments 2023-01-28 11015024 d:Non-currentFinancialInstruments 2024-02-03 11015024 d:Non-currentFinancialInstruments 2023-01-28 11015024 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-03 11015024 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-28 11015024 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-03 11015024 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-28 11015024 d:ShareCapital 2024-02-03 11015024 d:ShareCapital 2023-01-28 11015024 d:SharePremium 2024-02-03 11015024 d:SharePremium 2023-01-28 11015024 d:RetainedEarningsAccumulatedLosses 2024-02-03 11015024 d:RetainedEarningsAccumulatedLosses 2023-01-28 11015024 c:EntityNoLongerTradingButTradedInPast 2023-01-29 2024-02-03 11015024 c:FRS102 2023-01-29 2024-02-03 11015024 c:Audited 2023-01-29 2024-02-03 11015024 c:FullAccounts 2023-01-29 2024-02-03 11015024 c:PrivateLimitedCompanyLtd 2023-01-29 2024-02-03 11015024 c:SmallCompaniesRegimeForAccounts 2023-01-29 2024-02-03 iso4217:GBP xbrli:pure

Registered number: 11015024










KENDRA SCOTT UK LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 3 FEBRUARY 2024

 
KENDRA SCOTT UK LIMITED
REGISTERED NUMBER: 11015024

BALANCE SHEET
AS AT 3 FEBRUARY 2024

3 February
28 January
2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
  
1,401
8,344

Cash at bank and in hand
 5 
126,908
131,677

  
128,309
140,021

Creditors: amounts falling due within one year
 6 
(17,945)
(17,794)

Net current assets
  
 
 
110,364
 
 
122,227

Total assets less current liabilities
  
110,364
122,227

Creditors: amounts falling due after more than one year
 7 
(1,134,815)
(1,088,463)

  

Net liabilities
  
(1,024,451)
(966,236)


Capital and reserves
  

Called up share capital 
  
2,000
2,000

Share premium account
  
198,000
198,000

Profit and loss account
  
(1,224,451)
(1,166,236)

  
(1,024,451)
(966,236)


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 profit and loss account 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 23 January 2025.




T J Nolan III
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
KENDRA SCOTT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 3 FEBRUARY 2024

1.


General information

The Company is a private company limited by shares, and is incorporated in the state of Tennesse. The address of its registered office is 5 The Green, Richmond, Surrey TW9 1PL.

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 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:

 
2.2

Going concern

The ultimate parent company, Kendra Scott Design Inc., has undertaken to provide financial support to the Company for a minimum of 12 months from the date of approval of these financial statements. 
On the basis of the above, the directors have a reasonable expectation that the Company has adequate resources to continue to operate for the foreseeable future and therefore consider that it is appropriate for these financial statements to be prepared on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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 Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

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.

Page 2

 
KENDRA SCOTT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 3 FEBRUARY 2024

2.Accounting policies (continued)

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

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.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet 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 receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is
Page 3

 
KENDRA SCOTT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 3 FEBRUARY 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)

immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the period was 1 (2023 - 1).

Page 4

 
KENDRA SCOTT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 3 FEBRUARY 2024

4.


Debtors

3 February
28 January
2024
2023
£
£


Other debtors
1,401
8,344

1,401
8,344



5.


Cash and cash equivalents

3 February
28 January
2024
2023
£
£

Cash at bank and in hand
126,908
131,677

126,908
131,677



6.


Creditors: Amounts falling due within one year

3 February
28 January
2024
2023
£
£

Trade creditors
6,917
2,334

Accruals and deferred income
11,028
15,460

17,945
17,794



7.


Creditors: Amounts falling due after more than one year

3 February
28 January
2024
2023
£
£

Amounts owed to group undertakings
959,400
959,400

Accruals and deferred income
175,415
129,063

1,134,815
1,088,463


Page 5

 
KENDRA SCOTT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 3 FEBRUARY 2024

8.


Controlling party

The immediate parent of the Company is Kendra Scott LLC, a company incorporated in the State of Tennessee, USA. The ultimate controlling party is Kendra Scott Design Inc., a company incorporated in the State of Delaware, USA, which is the largest and smallest group to consolidate these financial statements.  The registered office of Kendra Scott Design Inc. is 3800 North Lamar Blvd, Suite 400, Austin, Texas, USA TX 78756.


9.


Auditors' information

The auditors' report on the financial statements for the period ended 3 February 2024 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:

Material uncertainty related to going concern
In forming our opinion which is not qualified, we have considered the adequacy of the disclosures made in note 2.2 to the financial statements concerning the Company's trading ability to continue as a going concern. At the balance sheet date the Company's liabilities exceeded its total assets by £1,024,451 (2023: £966,236). This condition indicates the existence of a material uncertainty which may cast significant doubt about the Company's ability to continue as a going concern. Appropriate adjustment may be required in the financial statements if the Company were unable to continue as a going concern.

The audit report was signed on 23 January 2025 by Chris Cheung FCCA (Senior Statutory Auditor) on behalf of Sumer Auditco Limited.

 
Page 6