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Registration number: 06801935

Solange Limited

Unaudited Financial Statements

for the Year Ended 31 August 2024

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Solange Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 6

 

Solange Limited

Company Information

Directors

S Azagury-Partridge

M C Partridge

M A E Partridge

O H J Partridge

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Solange Limited

Statement of Financial Position as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

60,191

88,488

Current assets

 

Stocks

5

2,476,838

2,511,143

Debtors

6

457,305

382,157

Cash at bank and in hand

 

584,361

839,330

 

3,518,504

3,732,630

Creditors: Amounts falling due within one year

7

(3,966,123)

(4,211,156)

Net current liabilities

 

(447,619)

(478,526)

Net liabilities

 

(387,428)

(390,038)

Capital and reserves

 

Called up share capital

380

380

Share premium reserve

16,917,578

16,917,578

Merger reserve

2,891,243

2,891,243

Profit and loss account

(20,196,629)

(20,199,239)

Total equity

 

(387,428)

(390,038)

For the financial year ending 31 August 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 provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

The directors have elected not to include a copy of the Income Statement within the financial statements, in accordance with the special provisions relating to companies subject to the small companies regime within the Companies Act 2006, section 444.

Approved and authorised by the Board on 29 April 2025 and signed on its behalf by:
 

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

S Azagury-Partridge

Director

Company registration number: 06801935

 

Solange Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

1

General information

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

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company during the year was that of jewellery designers and retailers.

2

Accounting policies

Statement of compliance

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

Basis of preparation

These financial statements have been prepared using the historical cost convention and are presented in sterling, which is the functional currency of the entity.

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.

Group accounts not prepared

In the opinion of the director, the company and its subsidiary undertakings comprise 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.

Going concern

The company made a profit for the year ended 31 August 2024 and had a deficiency of net assets at that date amounting to £387,428.

At 31 August 2024 an amount of £2,719,298 was due to the shareholder, who has confirmed that it is her intention not to call for repayment of this amount until the company has sufficient working capital.

On the basis of the above, and 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.

Revenue recognition

The turnover shown in the income statement represents amounts receivable for stock items supplied during the year in the normal course of business, exclusive of Value Added Tax and discounts.

The company recognises turnover at the point of despatch of online and wholesale orders and at the point of sale for in-store retail.

 

Solange Limited

Notes to the Financial Statements for the Year Ended 31 August 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

Over the remaining length of the lease

Furniture, fittings and equipment

20% straight line

Property, plant and equipment

20% straight line

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Operating lease agreements

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company during the year, was 14 (2023 - 16).

 

Solange Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

4

Tangible assets

Leasehold improvements
£

Furniture, fittings and equipment
 £

Property, plant and equipment
 £

Total
£

Cost or valuation

At 1 September 2023

79,036

355,219

47,699

481,954

Additions

-

5,069

-

5,069

At 31 August 2024

79,036

360,288

47,699

487,023

Depreciation

At 1 September 2023

54,328

304,271

34,867

393,466

Charge for the year

11,470

16,497

5,399

33,366

At 31 August 2024

65,798

320,768

40,266

426,832

Carrying amount

At 31 August 2024

13,238

39,520

7,433

60,191

At 31 August 2023

24,708

50,948

12,832

88,488

5

Stocks

2024
£

2023
£

Stock

2,476,838

2,511,143

 

Solange Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

6

Debtors

2024
£

2023
£

Trade debtors

54,516

92,913

Amounts owed by group undertakings

7,297

7,296

Other debtors

395,492

281,948

457,305

382,157

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

138,355

103,020

Taxation and social security

32,411

63,594

Other creditors

3,795,357

4,044,542

3,966,123

4,211,156

8

Financial commitments and guarantees

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £151,147 (2023 - £206,423).

9

Related party transactions

In accordance with FRS 102 paragraph 1AC.35, exemption is taken not to disclose transactions or amounts falling due in the year between wholly owned undertakings.

10

Transaction with directors

At 31 August 2024 an amount of £307,599 (2023: £163,189) was due from the directors. During the year, advances of £309,464 and repayments of £170,000 were made. Interest of £4,946 (2023: £4,994) was charged at 2.25% p.a.. There are no set terms in place.