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Registered number: 01518316














FRANK SAUL (FASHIONS) LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

 
FRANK SAUL (FASHIONS) LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
 
1 - 2
Notes to the Financial Statements
 
 
3 - 9


 
FRANK SAUL (FASHIONS) LIMITED
REGISTERED NUMBER:01518316

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
18,279
20,716

Tangible assets
 5 
66,670
87,459

  
84,949
108,175

Current assets
  

Stocks
 6 
945,752
1,374,427

Debtors
 7 
9,910,098
7,547,526

Cash at bank and in hand
  
3,499,625
3,975,906

  
14,355,475
12,897,859

  

Creditors: amounts falling due within one year
 8 
(615,813)
(661,096)

Net current assets
  
 
 
13,739,662
 
 
12,236,763

Total assets less current liabilities
  
13,824,611
12,344,938

Provisions for liabilities
  

Deferred tax
 9 
(16,293)
(21,408)

Net assets
  
13,808,318
12,323,530


Capital and reserves
  

Called up share capital 
 10 
3,000
3,000

Capital redemption reserve
  
1,000
1,000

Profit and loss account
  
13,804,318
12,319,530

  
13,808,318
12,323,530


Page 1

 
FRANK SAUL (FASHIONS) LIMITED
REGISTERED NUMBER:01518316
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2024

The director considers 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 director acknowledges his 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 31 January 2025.




D Saul
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
FRANK SAUL (FASHIONS) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

The Company's legal form is that of a private limited company incorporated in England and Wales. The Company’s registered office and principal place of business is Frank Saul House, Steele Road, London, NW10 7AR
 The principal activity of the Company is the supply of ladies clothing.

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

Revenue

Turnover comprises revenue recognised by the Company in respect of goods supplied during the year, exclusive of Value Added Tax and trade discounts.
Revenue is recognised when goods are dispatched.

 
2.3

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, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
25% straight line
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
25% 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.

 
2.4

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Costs includes all direct costs.

Page 3

 
FRANK SAUL (FASHIONS) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.5

Debtors

Short term debtors are measured at transaction price, 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.

 
2.7

Creditors

Short term creditors are measured at the transaction price.

 
2.8

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.

 
2.9

Dividends

Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.10

Pensions

Defined contribution pension plan
The Company contributes to 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 the Statement of Comprehensive Income 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.

 
2.11

Interest income

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

Page 4

 
FRANK SAUL (FASHIONS) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.12

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.


 
2.13

Intangible assets

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.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.


3.


Employees

The average monthly number of employees, including directors, during the year was 17 (2023 - 18).

Page 5

 
FRANK SAUL (FASHIONS) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

4.


Intangible assets




Trademarks

£



Cost


At 1 November 2023
24,372



At 31 October 2024

24,372



Amortisation


At 1 November 2023
3,656


Charge for the year on owned assets
2,437



At 31 October 2024

6,093



Net book value



At 31 October 2024
18,279



At 31 October 2023
20,716



Page 6

 
FRANK SAUL (FASHIONS) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost 


At 1 November 2023
25,005
81,510
65,956
172,471


Additions
-
-
7,738
7,738



At 31 October 2024

25,005
81,510
73,694
180,209



Depreciation


At 1 November 2023
17,488
6,792
60,732
85,012


Charge for the year on owned assets
4,509
18,679
5,339
28,527



At 31 October 2024

21,997
25,471
66,071
113,539



Net book value



At 31 October 2024
3,008
56,039
7,623
66,670



At 31 October 2023
7,517
74,718
5,224
87,459


6.


Stocks

2024
2023
£
£

Finished goods and goods for resale
945,752
1,374,427


Page 7

 
FRANK SAUL (FASHIONS) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

7.


Debtors


2024
2023
£
£

Due after more than one year

Other debtors
9,585,028
6,981,470

Due within one year

Trade debtors
275,038
517,885

Other debtors
20,507
20,507

Prepayments and accrued income
29,525
27,664

9,910,098
7,547,526



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
127,554
144,276

Corporation tax
299,799
353,458

Taxation and social security
54,984
48,350

Other creditors
19,059
15,537

Accruals
114,417
99,475

615,813
661,096



9.


Deferred taxation




2024


£






At beginning of year
21,408


Released to profit or loss
(5,115)



At end of year
16,293

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
16,293
21,408

Page 8

 
FRANK SAUL (FASHIONS) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



3,000 Ordinary shares of £1.00 each
3,000
3,000


 
Page 9