Registered number:
FOR THE PERIOD ENDED 28 APRIL 2024
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AGENT PROVOCATEUR LIMITED
COMPANY INFORMATION
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AGENT PROVOCATEUR LIMITED
CONTENTS
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AGENT PROVOCATEUR LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 28 APRIL 2024
The directors present the strategic report for the period ended 28 April 2024
The company manages and distributes the Agent Provocateur lingerie brand, overseeing the brand's central operations, retail stores across multiple territories (through subsidiary companies), e-commerce, wholesale, and franchise operations.
Despite the challenging global economic climate, including inflationary pressures, increased cost of living, and other non-financial factors across some geographical markets, the UK market revenue grew by 18% to £15.8 million in this period, compared to £13.4 million in the prior period. The company’s total revenue decreased by 17% to £30.1 million, down from £36.5 million in the prior period. This decline reflects lower demand through digital channels and reduced wholesale orders due to the current challenges in the retail markets, however, this was offset by an increase in retail and franchise operations across all markets. With focus on greater stock control and maximizing opportunities resulted in an improved gross profit margin of 50.8%, compared to 43.2% in the previous period.
The following are seen as key risks and uncertainties to the group:
∙Changes in the global economic and luxury retail environment.
∙Impact of changes in cross border trading, in particular impact of changes between the EU & UKand US & UK. This is partially mitigated by the use of logistics partners & facilities in those territories
∙Foreign exchange movements, due to e-commerce sales and stock supplies being in foreigncurrencies. It is thought that the risk is mitigated to a large extent as a result of natural hedging arising from currency income from non-UK operations being set off against overseas stockpurchases transacted in non-GBP currencies.
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AGENT PROVOCATEUR LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024
Controls are in place to monitor turnover & KPls on an ongoing basis. These KPls are standard measures reflecting the overall financial and non-financial performance of the business and accordingly management considers these appropriate to monitor and report at board level. Development and performance The company aims to boost its sales through 2024/2025 by launching exceptional collections, while simultaneously maintaining strict cost control measures. Position of the company at the period end The directors believe that the company is well positioned to continue to deal with the ongoing uncertain climate and take advantage of opportunities as they arise.
This report was approved by the board and signed on its behalf.
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AGENT PROVOCATEUR LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 28 APRIL 2024
The directors present their report and the financial statements for the period ended 28 April 2024.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the period, after taxation, amounted to £1,569,194 (2023 - loss £48,717).
No dividends were declared in the year (2023 - £nil).
The directors who served during the period were:
The Strategic Report includes details of the company's future developments.
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AGENT PROVOCATEUR LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024
There have been no significant events affecting the Company since the year end.
The auditors, Hillier Hopkins LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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AGENT PROVOCATEUR LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AGENT PROVOCATEUR LIMITED
We have audited the financial statements of Agent Provocateur Limited (the 'Company') for the period ended 28 April 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
It has not been possible to obtain sufficient audit evidence in respect of the quantities of stock held at the US warehouse as at 30 April 2023 so as to enable us to form an opinion as to the disclosure of the comparative amount of total stocks in these financial statements. A suitable stock-count was not undertaken at that date as detailed in the audit opinion of the prior year financial statements.
Whilst we are satisfied that the company has reliable stock processes in place at this site, we have not been able to conclude that this specific stock is free from material misstatement. If there is a material error in the amount included in respect of stocks at 30 April 2023, this would have a corresponding effect on the amount included in the Statement of Comprehensive income under Cost of Sales, and reported gross profit percentage within the Strategic Report. At the 30 April 2023, the amount of stock deemed to be held at this warehouse, less specific and general provisions, amounted to £2,016,468. As disclosed in the prior year audit report, the work performed allows us to conclude that a significant amount of this stock checked did in fact exist and we have been able to conclude that there is a limit to the amount of stock that could be excluded from the year end figure. However, we have not been able to to reduce this level of uncertainty to below materiality for this entity. We have been able to complete our stock testing work satisfactorily in all other respects other than as relates to existence and completeness as at 30 April 2023 in this specific location. Our opinion is not qualified in respect of stock held at this location at 28 April 2024, nor in any other respect except as set out above. 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.
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AGENT PROVOCATEUR LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AGENT PROVOCATEUR LIMITED (CONTINUED)
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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AGENT PROVOCATEUR LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AGENT PROVOCATEUR LIMITED (CONTINUED)
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙assess the nature of the industry and sector, control environment and business performance including the remuneration incentives and pressures of key management;
∙the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. We consider the results of our enquiries of management, about their own identification and assessment of the risks of irregularities;
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AGENT PROVOCATEUR LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AGENT PROVOCATEUR LIMITED (CONTINUED)
∙any matters we identified having obtained and reviewed the Company’s documentation of their policies and procedures relating to:
°identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
°the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
∙the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, and relevant tax legislation.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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AGENT PROVOCATEUR LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AGENT PROVOCATEUR LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Ground Floor
45 Pall Mall
SW1Y 5JG
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AGENT PROVOCATEUR LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 28 APRIL 2024
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AGENT PROVOCATEUR LIMITED
REGISTERED NUMBER: 10640672
BALANCE SHEET
AS AT 28 APRIL 2024
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AGENT PROVOCATEUR LIMITED
REGISTERED NUMBER: 10640672
BALANCE SHEET (CONTINUED)
AS AT 28 APRIL 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 30 form part of these financial statements.
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AGENT PROVOCATEUR LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 28 APRIL 2024
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AGENT PROVOCATEUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024
Agent Provocateur Limited is a private company limited by shares, incorporated in England and Wales. The registered office is 6-10 Market Road, London, England, N7 9PW.
The financial statements are presented in pound sterling which is the functional currency of the company and rounded to the nearest pound.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Four (Holdings) Limited as at 28 April 2024 and these financial statements may be obtained from its registered office: 6-10 Market Road, London, England, N7 9PW.
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AGENT PROVOCATEUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024
2.Accounting policies (continued)
The company made a loss of £1,569,194 (2023 - £48,717) for the period ended 28 April 2024 and the company had a net deficit position of £63,752,440 (2023 - £62,183,246) at the balance sheet date. The accounts have been prepared on the going concern basis as the directors have confirmed that working capital will continue to be made available as and when required to enable the company to meet its liabilities as they fall due. In addition, it has been informally agreed within the group that the amount due to other group companies, which amounted to £77,302,864 at the balance sheet date will not be repaid without first ensuring that this will not be detrimental to the company's ability to continue as a going concern.
The financial statements do not include any adjustments which would be required should ongoing financial support be withdrawn. The company expects to return to a cash generative position within a reasonable timeframe.
Functional and presentation currency
Transactions and balances
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer. For retail sales this is when the goods are paid for in the shop, for franchise, ecommerce and wholesale sales, this is usually on dispatch of the goods.
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AGENT PROVOCATEUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024
2.Accounting policies (continued)
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AGENT PROVOCATEUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024
2.Accounting policies (continued)
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AGENT PROVOCATEUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024
2.Accounting policies (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:
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.
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AGENT PROVOCATEUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
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 profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying
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AGENT PROVOCATEUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024
2.Accounting policies (continued)
amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.
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AGENT PROVOCATEUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024
Onerous lease provision An onerous lease provision has been included in the accounts based upon the management's assessment of whether the unavoidable costs of meeting the obligation under the lease contract exceeds the economic benefits expected to be received under it. There is currently no definitive research confirming whether a physical store contributes to ecommerce sales by way of marketing and brand awareness. For the consideration of this provision, it has been assumed that any connection is immaterial and consequently retail units have been considered as stand alone units. Provision for stock The Company applies a general provision consistently to its stocks in respect of both obsolescence and shrinkage, based on the directors' experience of the net realisable value of stocks over the previous years. The directors review this provision periodically in the light of any evidence of change. Provision for trade debtors The Company applies a general provision consistently to its trade debtors after accounting for specific bad debts, based on the directors' experience of trade debtor recovery over the previous years. The directors review this provision periodically in the light of any evidence of change.
Analysis of turnover by country of destination:
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AGENT PROVOCATEUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024
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AGENT PROVOCATEUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024
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AGENT PROVOCATEUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024
10.Taxation (continued)
There were no factors that may affect future tax charges.
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AGENT PROVOCATEUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024
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AGENT PROVOCATEUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024
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AGENT PROVOCATEUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024
Page 27
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AGENT PROVOCATEUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024
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AGENT PROVOCATEUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024
Profit and loss account
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 £102,261 (2023 - £96,081). Contributions totalling £14,224 (2023 - £19,872) were payable to the fund at the balance sheet date and are included in creditors.
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AGENT PROVOCATEUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024
The parent company is
The ultimate parent company is There is no ultimate controlling party. The smallest and largest group in which the group is consolidated is within
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