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Registration number: 09691092

Schedoni Luxury Goods Holdings Limited

Unaudited Financial Statements

for the Year Ended 31 July 2024

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Schedoni Luxury Goods Holdings Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Schedoni Luxury Goods Holdings Limited

Company Information

Directors

B Wang

X De Royere

S Schedoni

Registered office

35 Kensington Court Place
London
W8 5BJ

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Schedoni Luxury Goods Holdings Limited

Statement of Financial Position as at 31 July 2024

Note

2024

2023

Fixed assets

 

Intangible assets

4

186,665

266,665

Investments

5

10,000

10,000

 

196,665

276,665

Current assets

 

Debtors

6

1,239,877

1,182,421

Cash at bank and in hand

 

25,237

10,580

 

1,265,114

1,193,001

Creditors: Amounts falling due within one year

7

(1,815,168)

(1,159,165)

Net current (liabilities)/assets

 

(550,054)

33,836

Net (liabilities)/assets

 

(353,389)

310,501

Capital and reserves

 

Called up share capital

1,000

1,000

Share premium reserve

2,798,900

2,798,900

Profit and loss account

(3,153,289)

(2,489,399)

Total equity

 

(353,389)

310,501

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

 

Schedoni Luxury Goods Holdings Limited

Statement of Financial Position as at 31 July 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the Board on 3 April 2025 and signed on its behalf by:
 

.........................................

X De Royere

Director

Company registration number: 09691092

 

Schedoni Luxury Goods Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
35 Kensington Court Place
London
W8 5BJ

The principal activity of the company is that of the design and wholesale of luxury leather goods.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in Euros, as this is the currency extant in the market in which the group operates. The exchange rate at 31 July 2024 was £1:€1.1864.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Group accounts not prepared

In the opinion of the directors, the company and its subsidiary undertaking comprises a small group. The company has therefore taken advantage of the exemption provided by section 399 of the Companies Act 2006 not to prepare group accounts. The financial statements therefore include all details about the company as an individual undertaking and not its group.

Going concern

At 31 July 2024 the company had net liabilities amounting to €353,389 including cash at bank of €25,237.

At 31 July 2024 an amount of €1,580,512 was due to a director who has agreed not to call for repayment until the company has sufficient working capital.

The collection development was finalised during Q1 2024 and the collection was launched to the public in August 2024. The company is expecting to generate turnover towards the end of 2024.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

 

Schedoni Luxury Goods Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Trademarks and domains

Over 10 years

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Research and development

Product development costs are written off to profit and loss as incurred.

 

Schedoni Luxury Goods Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2023 - 0).

4

Intangible assets

Trademarks and domains
 €

Cost or valuation

At 1 August 2023

799,998

At 31 July 2024

799,998

Amortisation

At 1 August 2023

533,333

Amortisation charge

80,000

At 31 July 2024

613,333

Carrying amount

At 31 July 2024

186,665

At 31 July 2023

266,665

5

Investments

Subsidiaries

Cost or valuation

At 1 August 2023 and 31 July 2024

543,891

Provision

At 1 August 2023 and 31 July 2024

533,891

Carrying amount

At 31 July 2024

10,000

At 31 July 2023

10,000

6

Debtors

2024

2023

Amounts owed by group undertakings

1,160,677

1,174,995

Other debtors

79,200

7,426

1,239,877

1,182,421

 

Schedoni Luxury Goods Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

7

Creditors

Creditors: amounts falling due within one year

2024

2023

Trade creditors

126,309

46,550

Other creditors

1,688,859

1,112,615

1,815,168

1,159,165

8

Contingencies

In respect of the company's trademarks and domains, the original seller holds an option to repurchase them for an amount of €20,000 if the company ceases to trade or becomes insolvent.

9

Related party transactions

In accordance with FRS 102 paragraph 1AC.35 exemption is taken not to disclose transactions or amounts falling due between companies wholly owned within the group.