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Registered number: 10009242
SARTORIAL LONDON LTD
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MAY 2024
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SARTORIAL LONDON LTD
REGISTERED NUMBER: 10009242
STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024
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Debtors: amounts falling due within one year
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Creditors: Amounts Falling Due Within One Year
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Total assets less current liabilities
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SARTORIAL LONDON LTD
REGISTERED NUMBER: 10009242
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2024
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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 income and retained earnings 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 on 14 May 2025.
The notes on pages 3 to 8 form part of these financial statements.
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SARTORIAL LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Sartorial London Ltd is a private company limited by shares and registered in England and Wales.
The address of the registered office is 124 Finchley Road, London, NW3 5JS and the principal place of business is Flat 21, Cambium House, Palace Arts Way, Wembley, HA9 0GH.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
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Foreign Branch and Currency Translation
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The company operates a branch in Taiwan, which is not a separate legal entity but forms an integral part of the company’s operations. The branch’s activities are consistent with those of the UK entity and are fully incorporated into these financial statements.
The branch’s financial information is maintained in New Taiwan Dollars (TWD) and translated into Pounds Sterling (GBP) for reporting purposes. In accordance with FRS 102 Section 30: Foreign Currency Translation, income and expenditure items are translated at the average exchange rate for the reporting period, while monetary assets and liabilities are translated at the exchange rate ruling at the balance sheet date. Any exchange differences arising on translation are recognised in profit or loss.
The financial statements have been prepared on a going concern basis. The directors have reviewed the company’s financial position, cash flow forecasts, and future obligations and consider that the company has adequate resources to continue in operational existence for the foreseeable future, being at least 12 months from the date of approval of the financial statements.
The company shows net liabilities of £443,665 (2023: £228,019). In order to continue trading it is
dependent on a loan from the director, Mr Jong-Jin Kou, who has confirmed his intention to continue to provide financial support to the company for the foreseeable future. Accordingly, these financial statements are prepared on the basis that the company will continue to be a going concern.
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SARTORIAL LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
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Foreign currency translation
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Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Exchange differences are recognised in the profit and loss account.
Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
The company operates a branch in Taiwan whose financial information is maintained in New Taiwan Dollars (TWD). The results and balances of the branch are translated into pounds sterling (GBP) as follows:
Income and expenses at average exchange rates for the period
Assets and liabilities at closing exchange rates
Resulting exchange differences are recognised in profit or loss
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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SARTORIAL LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Tax is recognised in the statement of income and retained earnings.
The current 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 income.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. 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 by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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straight line over 3 years
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straight line over 3 and 5 years
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on unit cost basis.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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SARTORIAL LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
Debtors are measured at transaction price, less any impairment.
Creditors are measured at the transaction price.
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The average monthly number of employees, including directors, during the year was 1 (2023 - 1).
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Charge for the year on owned assets
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SARTORIAL LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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Charge for the year on owned assets
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Prepayments and accrued income
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SARTORIAL LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Commitments under operating leases
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At 31 May 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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At the balance sheet date, the Company owed £916,871 (2023: £568,486) to its director. The amount owed are unsecured, non-interest bearing and repayable on demand with no fixed date for repayment.
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