Registration number:
Schedoni Luxury Goods Holdings Limited
|
|
Schedoni Luxury Goods Holdings Limited
Contents
Company Information |
|
Statement of Financial Position |
|
Notes to the Unaudited Financial Statements |
Schedoni Luxury Goods Holdings Limited
Company Information
Directors |
B Wang X De Royere S Schedoni |
Registered office |
|
Accountants |
|
Schedoni Luxury Goods Holdings Limited
Statement of Financial Position as at 31 July 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current (liabilities)/assets |
( |
|
|
Net (liabilities)/assets |
( |
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Share premium reserve |
|
|
|
Profit and loss account |
( |
( |
|
Total equity |
( |
|
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 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
.........................................
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
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of the design and wholesale of luxury leather goods.
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
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
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
Staff numbers |
The average number of persons employed by the company during the year, was
Intangible assets |
Trademarks and domains |
|
Cost or valuation |
|
At 1 August 2023 |
|
At 31 July 2024 |
|
Amortisation |
|
At 1 August 2023 |
|
Amortisation charge |
|
At 31 July 2024 |
|
Carrying amount |
|
At 31 July 2024 |
|
At 31 July 2023 |
|
Investments |
Subsidiaries |
€ |
Cost or valuation |
|
At 1 August 2023 and 31 July 2024 |
|
Provision |
|
At 1 August 2023 and 31 July 2024 |
|
Carrying amount |
|
At 31 July 2024 |
|
At 31 July 2023 |
|
Debtors |
2024 |
2023 |
|
Amounts owed by group undertakings |
|
|
Other debtors |
|
|
|
|
Schedoni Luxury Goods Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
|
Trade creditors |
|
|
Other creditors |
|
|
|
|
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.
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.