Registered number: 12665418
GINA BACCONI TRADING LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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GINA BACCONI TRADING LIMITED
REGISTERED NUMBER: 12665418
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
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Creditors: amounts falling due within one year
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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 by:
The notes on pages 2 to 11 form part of these financial statements.
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GINA BACCONI TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Gina Bacconi Trading Limited ('the Company') is a private company limited by shares and registered in England and Wales. The address of the Company's registered office and principal place of business is Shubette House, 2 Apsley Way, London, NW2 7HF.
2.Accounting policies
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Summary of significant accounting policies
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The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all reporting periods presented, unless otherwise stated.
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Basis of preparation of financial statements
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The financial statements of the company 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 UK Companies Act 2006.
The preparation of financial statements in conformity with Financial Reporting Standard 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the company's accounting policies.
Details of those estimates and/or judgments made in applying the company's accounting policies towards the preparation of these financial statements that may be considered as yielding a significant risk of a material adjustment being made to the carrying amounts of assets and/or liabilities reported in the balance sheet during the next financial reporting period are disclosed in note 3 to the financial statements.
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Functional and presentational currency
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Items included in the financial statements of the company are measured using the currency of the primary economic environment in which the Company operates (the "functional currency").
The functional currency of the company and the currency in which the financial statements are presented (the "presentational currency") is 'Pounds Sterling' (£) rounded to the nearest single unit of currency.
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Foreign currency translation
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Foreign currencies are translated into the functional (and presentational) currency using the exchange rates prevailing at the date of the respective transaction or valuation where items are remeasured.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at financial reporting period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.
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GINA BACCONI TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
The directors at the time of approving the financial statements, having reviewed the company's performance up to the date these financial statements were approved and expected performance over the 18 months following the balance sheet date, have a reasonable expectation that the company has, available at its disposal, adequate resources to continue in operational existence for the foreseeable future.
While there will always remain inherent uncertainty, the directors have no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the company to continue as a going concern and therefore consider it both appropriate to continue to adopt the going concern basis in preparing the company's financial statements and to not recognise any adjustments in the financial statements that would arise if the going concern basis were to become no longer appropriate.
Turnover comprises revenues receivable by the company during the reporting period in respect of the sale of own-brand and private-label clothing.
Revenues in respect of sales of clothing are recognised on despatch/transfer of goods for practical reasons; the impact of which is considered as being immaterial to reported revenues.
Revenue is measured at the fair value of the consideration received or receivable exclusive of VAT and less deductions for actual and expected returns.
Operating leases, net of benefits receivable as an incentive, are charged to profit and loss on a straight line basis over the lease term.
The company operates a defined contribution pension plan for its employees; the assets of which are held separately from the company in independently administered funds.
A defined contribution pension plan is one under which the company pays fixed contributions to a separate entity. Once the contributions have been paid the company has no further payment obligations.
Contributions payable are recognised as an expense in profit or loss during the reporting period they fall due. Amounts falling due but not paid are included within other creditors in the balance sheet.
Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.
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GINA BACCONI TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Taxation for the financial reporting period comprises of current (i.e. corporation) taxation recognised in profit or loss.
Current taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date in the UK where taxable income is generated by the Company through its business operations. Positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation are periodically evaluated with provisions recognised, where appropriate, on the basis of amounts expected to be payable.
Intangible assets are initially recognised at cost and subsequently measured at cost less accumulated amortisation and accumulated impairment.
Tangible fixed assets are recognised under the cost model and stated at historical cost less accumulated depreciation. 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 upon acquisition.
The estimated useful lives range as follows:
Motor vehicles - Straight line over 3 years
Office equipment - Straight line over 4 years
Depreciation of a tangible fixed asset commences once the asset is available for use. The residual value and depreciation basis of tangible fixed assets are reviewed, and adjusted prospectively where deemed appropriate, if there is an indication of a significant change since the last balance sheet date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Garment stocks are stated at the lower of cost and net realisable value after making due allowance for obsolescence and slow-movement through stock provisions.
Stock provisions are adjusted for at each balance sheet date rather than throughout the reporting period to ensure stocks are not carried at an amount greater than net realisable value.
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GINA BACCONI TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
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 only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities; with said financial assets and liabilities classified in accordance with the substance of the underlying contractual obligations rather than its legal form.
Financial assets and liabilities are recognised in the balance sheet upon becoming party to the contractual provisions of the instrument. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or the financial asset is transferred along with substantially all the risks and rewards of ownership of the asset to another party. Financial liabilities are derecognised only when the company’s obligations are discharged, cancelled or expired.
The measurement of specific financial assets, financial liabilities and equity is as outlined in notes 2.16 to 2.19 below:
Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Debtors are initially measured at transaction price (i.e fair value) and subsequently held, at transaction price less provision for impairment of assets.
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Cash and cash equivalents
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Cash balances are reported by the company as being financial instruments classified as short term receivables and are represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours and subject to an insignificant risk of changes in value. Cash balances are held at floating interest rates linked to UK bank rates.
Creditors are initially measured and subsequently held at transaction price (i.e fair value).
Ordinary share capital, shown in equity, is initially measured and subsequently held at its nominal value. Where the transaction price for issued shares exceeds their nominal value, the difference is shown under equity in a share premium account with any directly attributable transaction costs associated with the issuing of said shares deducted from a share premium account.
Equity dividends are recognised when they become legally payable.
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GINA BACCONI TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Judgments in applying accounting policies and key sources of estimation uncertainty
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In the application of the company's accounting policies, the directors are required to apply judgment and make estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other available sources based on historical experience and other factors that are considered to be relevant. Consequently, actual results may differ from that originally estimated.
The judgments, estimates and assumptions that are considered as having a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period are addressed below:
Stock provisions
Stock provisions are calculated as a percentage of cost. The percentage applied is dependant and, therefore most sensitive, to the following factors - age and seasonality; and assumptions - forecasted loss and sale rates based on historic performance.
Impairment of trade debtors
The company's exposure to credit risk, and therefore susceptibility to bad debts, is minimal given that website sales are settled directly through cash or secure electronic means and concessionary sales are with partners whose credit is checked and limits agreed in advance on an individual basis prior to commencement of the sales arrangement. Impairment of trade debtors are therefore determined as being the equal to the sum outstanding upon taking into account the age of the debt, historical and market experience and quality of communications with the customer to date.
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The average monthly number of employees, including directors, during the year was 11 (2023 - 12).
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GINA BACCONI TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Goodwill & relevant assets
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Charge for the year on owned assets
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GINA BACCONI TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Charge for the year on owned assets
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Other fixed asset investments
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GINA BACCONI TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Raw materials and consumables
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Finished goods and goods for resale
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The carrying value of stocks are stated net of impairment losses totalling £378,018 (2023 - £351,110). Impairment losses totalling £26, 908 (2023 - £72,851)were recognised in profit and loss.
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Trade and other debtors falling due within one year are non-interest bearing and their fair value is not materially different from their carrying value.
At the balance sheet date, the provision for impairment against debtors falling due within one year was £4,520 (2023: £4,615).
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Cash and cash equivalents
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GINA BACCONI TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Creditors: Amounts falling due within one year
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Other taxation and social security
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The company held no financial instruments that would require specific disclosure under sections 1.12, 11 or 12 of Financial Reporting Standard 102 and paragraph 36 of Schedule 1 to the Companies Act 2006.
The pension cost charge represents contributions payable by the company towards defined contribution pension schemes and amounted to £14,925 (2023: £12,694).
Employee and employer contributions totalling £nil (2023: £nil) were payable at the balance sheet date.
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Related party transactions
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During the reporting period, design fees of £Nil (2023: £18,700) were payable by the company to a sibling of a director.
During the reporting period, rent payable of £210,600 (2023: £117,300) was payable to companies under common control.
At the balance sheet date, the Company owed £500,000 (2023: £Nil) to Shubette Properties Limited and was owed £7,826 (2023: £Nil) from Shubette Group of Companies Limited, both of which are companies under common control.
There were no other related party transactions and/or period end balances to report in accordance with the UK Companies Act 2006 and Section 1A of Financial Reporting Standard 102 as part of these financial statements.
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The company was under the control of its directors during the reporting period.
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GINA BACCONI TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The auditors' report on the financial statements for the year ended 30 September 2024 was unqualified.
The audit report was signed on 6 March 2025 by Richard Paul (senior statutory auditor) on behalf of Nyman Libson Paul LLP.
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