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REGISTERED NUMBER: 11955189 (England and Wales)















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: J A Hearst
G Hearst
T A Colin





Registered office: 3rd Floor
1 Ashley Road
Altrincham
Cheshire
WA14 2DT





Registered number: 11955189 (England and Wales)





Auditors: Cooper Parry Group Limited
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 4 530,764 685,147

Current assets
Stocks 742,344 1,147,399
Debtors 5 444,931 365,348
Cash at bank 166,414 8,129
1,353,689 1,520,876
Creditors
Amounts falling due within one year 6 1,475,143 1,528,051
Net current liabilities (121,454 ) (7,175 )
Total assets less current liabilities 409,310 677,972

Provisions for liabilities 64,800 98,887
Net assets 344,510 579,085

Capital and reserves
Called up share capital 100 100
Retained earnings 344,410 578,985
344,510 579,085

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 15 May 2025 and were signed on its behalf by:





T A Colin - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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 8 (2022 - 7 ) .

4. Tangible fixed assets
Fixtures
Improvements and
to property fittings Totals
£ £ £
Cost
At 1 January 2023 912,866 466,548 1,379,414
Additions - 1,127 1,127
At 31 December 2023 912,866 467,675 1,380,541
Depreciation
At 1 January 2023 302,553 391,714 694,267
Charge for year 91,287 64,223 155,510
At 31 December 2023 393,840 455,937 849,777
Net book value
At 31 December 2023 519,026 11,738 530,764
At 31 December 2022 610,313 74,834 685,147

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 79,266 59,748
Amounts owed by group undertakings 41,084 -
Other debtors 324,581 305,600
444,931 365,348

6. Creditors: amounts falling due within one year
2023 2022
as restated
£ £
Trade creditors 19,272 100,058
Amounts owed to group undertakings 1,346,620 1,206,442
Taxation and social security 99,730 215,101
Other creditors 9,521 6,450
1,475,143 1,528,051

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:

Chris Evans (Senior Statutory Auditor)
for and on behalf of Cooper Parry Group Limited

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.