2023-04-012024-03-312024-03-31false08355444L'Estrange London 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L'Estrange London Limited

Registered Number
08355444
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

L'Estrange London Limited
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

W J L Green
T C Horne

Registered Address

Building 423 - Sky View (Ro) Argosy Road, Castle Donington
East Midlands Airport
Derby
DE74 2SA

Registered Number

08355444 (England and Wales)
L'Estrange London Limited
Statement of Financial Position
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets421,64818,551
Tangible assets576,84384,813
Investments6106106
98,597103,470
Current assets
Stocks71,490,1731,451,238
Debtors8201,598283,531
Cash at bank and on hand220,364502,117
1,912,1352,236,886
Creditors amounts falling due within one year9(1,919,771)(748,433)
Net current assets (liabilities)(7,636)1,488,453
Total assets less current liabilities90,9611,591,923
Creditors amounts falling due after one year10(543,951)(732,710)
Net assets(452,990)859,213
Capital and reserves
Called up share capital189201
Share premium4,091,3473,861,611
Other reserves26,391-
Profit and loss account(4,570,917)(3,002,599)
Shareholders' funds(452,990)859,213
The financial statements were approved and authorised for issue by the Board of Directors on 20 May 2025, and are signed on its behalf by:
W J L Green
Director
Registered Company No. 08355444
L'Estrange London Limited
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention.
Functional and presentation currency
The financial statements are presented in pound sterling (£), which is the company’s functional currency, and figures are rounded to the nearest whole pound.
Going concern
The financial statements have been prepared on the going concern basis. The company incurred losses during the year, however the directors believe that the company has sufficient financial resources to be able to meet its obligations, if and when, they become due, and that the company can continue in operational existence for a period of at least 12 months from the statement of financial position date. On this basis, the directors are of the opinion that they should continue to adopt the going concern basis in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets. Share based payments have been made to employees of the company. The fair value of any vested share options is recognised in the income statement. The fair value of share options is estimated using the Black-Scholes model. The fair value of the ordinary shares in issue at the date of granting the options is used as an input to the model. There have been no other significant judgements or estimates applied to the numbers contained within these financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Operating leases
Rentals payable under operating leases are charged to the income statement on a straight-line basis over the period of the lease.
Defined contribution pension plan
Contributions to defined contribution plans are expensed in the period to which they relate.
Share-based payments
The company operates an equity-settled compensation plan. The fair value of the services received in exchange for the grant of the options is recognised as an expense in the income statement. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. At each statement of position date, the entity revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the income statement. The credit entry is taken to reserves because the share options are equity-settled.
Foreign currency translation
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each reporting 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. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at the period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.
Current taxation
Taxation for the period comprises current 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 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 statement of financial position date.
Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Intangible assets consist of Trademarks which are being amortised evenly over their estimated useful life of five years.
Tangible fixed assets and depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Reducing balance (%)Straight line (years)
Plant and machinery-4
Fixtures and fittings253
Office Equipment-3
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses.
Stocks and work in progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents compromise cash on hand and demand 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 to changes in value.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently,at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out right short term loan not at market rate, the financial asset or liability is measured, initially,at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Government grants or assistance
Other operating income represents government grants received. A grant that does not impose specified future performance-related conditions is recognised in income when the grant proceeds are received or receivable. In the case of performance-related grants, income is recognised only when the performance-related conditions are met.
2.Staff Costs
The company operates an EMI qualifying share option scheme and during the year the company granted 202,439 (2023: 0) EMI qualifying share options to employees at an average weighted exercise price of £0.2501 per share (2023: £nil). During the year 147,665 share options vested (2023: 0), 20,472 lapsed (2023: 0) and 0 options were exercised (2023: 0). At the statement of financial position date, 127,193 vested share options remained exercisable (2023: 0) and 54,774 options had yet to vest (2023: 0). An amount of £26,391 has been charged to the income statement in respect of the EMI qualifying share options (2023: £nil). The share options generally vest over a 4 year period with a 1 year cliff and are exercisable over the company's Ordinary shares.
3.Average number of employees

20242023
Average number of employees during the year2522
4.Intangible assets
Other intangible assets consist of Trademarks.

Other

Total

££
Cost or valuation
At 01 April 2327,41527,415
Additions9,5009,500
At 31 March 2436,91536,915
Amortisation and impairment
At 01 April 238,8648,864
Charge for year6,4036,403
At 31 March 2415,26715,267
Net book value
At 31 March 2421,64821,648
At 31 March 2318,55118,551
5.Tangible fixed assets

Plant & machinery

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 April 231,108114,78216,284132,174
Additions-43,294-43,294
At 31 March 241,108158,07616,284175,468
Depreciation and impairment
At 01 April 2332435,20111,83647,361
Charge for year27748,0552,93251,264
At 31 March 2460183,25614,76898,625
Net book value
At 31 March 2450774,8201,51676,843
At 31 March 2378479,5814,44884,813
6.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 April 23106106
At 31 March 24106106
Net book value
At 31 March 24106106
At 31 March 23106106

Notes

1Investments in group undertakings and participating interests
7.Stocks

2024

2023

££
Other stocks1,490,1731,451,238
Total1,490,1731,451,238
8.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables19,9861,638
Amounts owed by group undertakings-83,512
Other debtors114,05993,667
Prepayments and accrued income67,552104,713
Total201,597283,530
9.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables318,863407,634
Bank borrowings and overdrafts28,0819,953
Amounts owed to related parties199,629-
Taxation and social security174,05715,115
Other creditors1,055,241217,196
Accrued liabilities and deferred income143,90098,535
Total1,919,771748,433
Amounts owed to related parties are unsecured, non-interest bearing and repayable on demand. Included within other creditors is an amount of £949,732 which relate to advanced subscription agreements.
10.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts12,48222,434
Other creditors531,469710,276
Total543,951732,710
Included in other creditors is a loan of £12,483 (2023: £22,435) secured by the UK government under the coronavirus business support scheme.
11.Operating lease commitments
Minimum lease payments under non-cancellable operating leases fall due as follows: Within one year: £5,676 (2023: £13,244) Between two to five years: £nil (2023: £nil)
12.Related party transactions
During the year the directors received repayments from the company totalling £65,200 (2023: £68,366). During the year the directors made advances to the company totalling £4,746 (2023: £1,701) At the date of the financial statements, the company owed the directors £38,352 (2023: 98,806). The loans are interest-free and repayable subject to the loan agreement.