| REGISTERED NUMBER: |
| Gabriela Hearst Ltd |
| Financial Statements |
| for the Year Ended 31 December 2023 |
| REGISTERED NUMBER: |
| Gabriela Hearst Ltd |
| Financial Statements |
| for the Year Ended 31 December 2023 |
| Gabriela Hearst Ltd (Registered number: 11955189) |
| Contents of the Financial Statements |
| for the year ended 31 December 2023 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Gabriela Hearst Ltd |
| Company Information |
| for the year ended 31 December 2023 |
| Directors: |
| Registered office: |
| Registered number: |
| Auditors: |
| Statutory Auditor |
| New Derwent House |
| 69-73 Theobalds Road |
| London |
| WC1X 8TA |
| Gabriela Hearst Ltd (Registered number: 11955189) |
| Balance Sheet |
| 31 December 2023 |
| 2023 | 2022 |
| as restated |
| Notes | £ | £ | £ |
| Fixed assets |
| Tangible assets | 4 |
| Current assets |
| Stocks |
| Debtors | 5 |
| Cash at bank |
| Creditors |
| Amounts falling due within one year | 6 |
| Net current liabilities | ( |
) | ( |
) |
| Total assets less current liabilities |
| Provisions for liabilities |
| Net assets |
| Capital and reserves |
| Called up share capital |
| Retained earnings |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Gabriela Hearst Ltd (Registered number: 11955189) |
| Notes to the Financial Statements |
| for the year ended 31 December 2023 |
| 1. | Statutory information |
| Gabriela Hearst Ltd is a |
| 2. | Accounting policies |
| Basis of preparing the financial statements |
| Set out below is a summary of the principal accounting policies, all of which have been applied consistently (except as otherwise stated). |
| Significant judgements and estimates |
| In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. |
| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. |
| Critical judgements in applying the Company's accounting policies |
| The critical judgements that the directors have made in the process of applying the Company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below: |
| (i) Assessing indicators and impairment |
| In assessing whether there have been any indicators or impairment assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience or recoverability. There have been no indicators or impairments identified during the current financial year. |
| Key sources of estimation uncertainty |
| The key assumptions concerning the future, and other key sources of estimation uncertainty that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. |
| (ii) Recoverability of receivables |
| The Company establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability the directors consider factors such as the ageing of the receivables, past experience and recoverability, and the credit profile of individual or groups of customers. |
| Turnover |
| Turnover represents amounts receivable for goods provided in the year and is stated net of VAT. |
| Tangible fixed assets |
| Leasehold improvements | - straight line over the period of the lease, being ten years |
| Fixtures and fittings | - straight line over 4 years |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Gabriela Hearst Ltd (Registered number: 11955189) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2023 |
| 2. | Accounting policies - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Going concern |
| The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. |
| The Directors acknowledge that the company is dependent upon the continuing support of its parent and have considered the uncertainty around the ability of that company to continue to provide that support. The Directors do not expect the parent company to withdraw support or request for loan repayment within the 12 months. |
| Gabriela Hearst Ltd (Registered number: 11955189) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2023 |
| 2. | Accounting policies - continued |
| Financial instruments |
| Financial assets and liabilities are recognised when the Company becomes party to the contractual provisions of the financial instrument. The Company holds financial instruments which comprise cash and cash equivalents, trade and other receivables, equity investments, trade and other payables, loans and borrowings. The company has chosen to apply the provisions of Section 11 Basic Financial Instruments. |
| Financial assets / liabilities - classified as basic financial instruments |
| (i) Cash and cash equivalents |
| This includes cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less. |
| (ii) Trade and other receivables |
| Trade and other receivables are initially recognised at the transaction price, including any transaction costs, and subsequently measured at amortised cost including the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment. |
| At the end of each reporting period, the Company assesses whether there is objective evidence that an receivable amount may be impaired. A provision for impairment is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in profit or loss. |
| (iii) Trade and other payables and loans and borrowings |
| Trade and other payables and loans and borrowings are initially measured at the transaction price, including any transaction costs, and subsequently measured at amortised cost using the effective interest method. |
| 3. | Employees and directors |
| The average number of employees during the year was |
| 4. | Tangible fixed assets |
| Fixtures |
| Improvements | and |
| to property | fittings | Totals |
| £ | £ | £ |
| Cost |
| At 1 January 2023 |
| Additions |
| At 31 December 2023 |
| Depreciation |
| At 1 January 2023 |
| Charge for year |
| At 31 December 2023 |
| Net book value |
| At 31 December 2023 |
| At 31 December 2022 |
| Gabriela Hearst Ltd (Registered number: 11955189) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2023 |
| 5. | Debtors: amounts falling due within one year |
| 2023 | 2022 |
| as restated |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 6. | Creditors: amounts falling due within one year |
| 2023 | 2022 |
| as restated |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 7. | Disclosure under Section 444(5B) of the Companies Act 2006 |
| The Auditors' Report was qualified on the following basis: |
| Basis for qualified opinion |
| We were not appointed as auditors of the company until after 31 December 2023 and thus did not observe the counting of physical stock at the end of the period. We were unable to satisfy ourselves by alternative means concerning the stock quantities held at 31 December 2023, which are included in the balances sheet at £742,344, by using other audit procedures. |
| Consequently we were unable to determine whether any adjustment to the stock total is required. |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion |
| Matters required to report by exception |
| Arising solely from the limitation on the scope of our work relating to inventory, referred to above: |
| - we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; |
| and |
| - we were unable to determine whether adequate accounting records have been kept. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| for and on behalf of |
| The figures included as comparatives for the period to 31 December 2022 are unaudited. |
| Gabriela Hearst Ltd (Registered number: 11955189) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2023 |
| 8. | Related party disclosures |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| 9. | Ultimate controlling party |
| The ultimate parent company is Gabriela Hearst LLC, a company registered in the United States of America. |
| Gabriela Hearst LLC prepares group financial statements and copies can be obtained from 985 Madison Avenue, New York, 10075. |