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Registered number: 13938717
Westman Atelier Ltd
Financial Statements
For The Year Ended 31 December 2023
Paul Beare Ltd
Contents
Page
Company Information 1
Balance Sheet 2
Notes to the Financial Statements 3—5
Page 1
Company Information
Director Mr David Neville
Company Number 13938717
Registered Office 49 Greek Street
London
W1D 4EG
Accountants Paul Beare Ltd
49 Greek Street
London
Greater London
W1D 4EG
Auditors RPG Crouch Chapman LLP
40 Gracechurch Street
London
EC3V 0BT
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Balance Sheet
Registered number: 13938717
31 December 2023 31 December 2022
Notes $ $ $ $
FIXED ASSETS
Tangible Assets 4 131,082 114,745
131,082 114,745
CURRENT ASSETS
Debtors 5 2,069,599 858,928
2,069,599 858,928
Creditors: Amounts Falling Due Within One Year 6 (2,121,718 ) (946,808 )
NET CURRENT ASSETS (LIABILITIES) (52,119 ) (87,880 )
TOTAL ASSETS LESS CURRENT LIABILITIES 78,963 26,865
PROVISIONS FOR LIABILITIES
Deferred Taxation (28,686 ) (28,686 )
NET ASSETS/(LIABILITIES) 50,277 (1,821 )
CAPITAL AND RESERVES
Called up share capital 7 13 13
Profit and Loss Account 50,264 (1,834 )
SHAREHOLDERS' FUNDS 50,277 (1,821)
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr David Neville
Director
03/03/2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Westman Atelier Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13938717 . The registered office is 49 Greek Street, London, W1D 4EG.
Westman Atelier Ltd is 100% owned by Westman Atelier Holdings Inc.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 33.3%
Fixtures & Fittings 33.3%
2.4. Financial Instruments
The Company engages solely in basic financial instrument transactions, leading to the recognition of financial assets and liabilities such as trade and other receivables, payables, bank loans, loans to related parties and investments in ordinary shares.
Financial assets and liabilities are offset, with only the net amounts shown in the financial statements, when there is a legally enforceable right to offset the recognised amounts and an intention to settle on a net basis or to simultaneously realise the asset and settle the liability.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
The tax charge comprises current and deferred tax for the year. 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. 
Deferred tax is only recognised to the extent that the associated timing differences are likely to reverse in the foreseeable future.
2.7. Pensions
The Company operates a defined pension contributions scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. Amounts not paid are shown as a creditor in the balance sheet. 
The assets of the plan are held separately from the Company in independently administered funds. 
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2.8. Debtors
The Company monitors trade and other receivable balances and contract assets and estimates the
allowance for lifetime expected credit losses. Estimates of expected credit losses are based on historical
collection experience and other factors, including current market conditions and forecast economic
performance.
2.9. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2022: 3)
10 3
4. Tangible Assets
Plant & Machinery
$
Cost
As at 1 January 2023 126,712
Additions 54,114
As at 31 December 2023 180,826
Depreciation
As at 1 January 2023 11,967
Provided during the period 37,777
As at 31 December 2023 49,744
Net Book Value
As at 31 December 2023 131,082
As at 1 January 2023 114,745
5. Debtors
31 December 2023 31 December 2022
$ $
Due within one year
VAT 52,424 -
Amounts owed by group undertakings 2,017,175 858,928
2,069,599 858,928
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6. Creditors: Amounts Falling Due Within One Year
31 December 2023 31 December 2022
$ $
VAT - 12,259
Other creditors 1,569 -
Accruals and deferred income 13,212 13,212
Amounts owed to group undertakings 2,106,937 921,337
2,121,718 946,808
7. Share Capital
31 December 2023 31 December 2022
$ $
Allotted, Called up and fully paid 13 13
8. Pension Commitments
The company operates a defined contribution 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 $21,645 (2022: $4,747). Contributions totalling $nil (2022: $nil) were payable to the fund at the balance sheet date and are included in creditors.
9. Related Party Disclosures
The Company has taken advantage of the exemption in paragraph 33.1A of FRS102 from the requirement to disclose transactions with group companies on the grounds that consolidated financial statements are prepared by the ultimate parent company.
10. Controlling Parties
The company’s immediate and ultimate parent is Westman Atelier Holdings Inc incorporated in Delaware, US. Westman Atelier Holdings Inc is the parent undertaking of the smallest and largest group of undertakings to consolidate in these financial statements as at 31 December 2023.
Gucci Westman Neville is considered to be the ultimate controlling party.
11. Audit Information
The auditor's report on the accounts of Westman Atelier Ltd for the year ended 31 December 2023 was unqualified.
The auditor's report was signed by Mohammad Sakib ACA (Senior Statutory Auditor) for and on behalf of RPG Crouch Chapman LLP , Statutory Auditor.
RPG Crouch Chapman LLP
40 Gracechurch Street
London
EC3V 0BT
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