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Registration number: 13889346

Tristate UK Ltd

Financial Statements

for the Year Ended 31 December 2024

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

 

Tristate UK Ltd

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 7

 

Tristate UK Ltd

Company Information

Directors

L Osti

L Cocchia

Registered office

86 Jermyn Street
London
SW1Y 6AW

Auditor

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

 

Tristate UK Ltd

Statement of Financial Position as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

215,102

272,794

Current assets

 

Stocks

6

768,000

454,044

Debtors

7

280,807

167,491

Cash at bank and in hand

 

779,136

203,695

 

1,827,943

825,230

Creditors: Amounts falling due within one year

8

(2,125,311)

(1,454,262)

Net current liabilities

 

(297,368)

(629,032)

Net liabilities

 

(82,266)

(356,238)

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

(83,266)

(357,238)

Shareholders' deficit

 

(82,266)

(356,238)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the Board on 27 May 2025 and signed on its behalf by:
 

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

L Cocchia

Director

Company registration number: 13889346

 

Tristate UK Ltd

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

1

General information

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

The address of its registered office is:
86 Jermyn Street
London
SW1Y 6AW

The principal activity of the company is that of retail sale of clothing through an online platform and a physical store location.

2

Audit Report

The Independent Auditor's Report contained the following qualified opinion:

"The company held stock of inventory at 31 December 2024 in two separate locations. No physical stock take was undertaken in respect of a material proportion of the stock held at one location and thus we were unable to observe the counting of a material proportion of stock held at 31 December 2024. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 December 2024 included in the statement of financial position amounting to £61,806 out of the total inventory at that date of £768,000. Consequently we were unable to determine whether any adjustment to this amount was necessary.

The company held stock of inventory at 31 December 2023 in two locations. No physical stock take was undertaken at one location and thus we were unable to observe the counting of physical inventories held
at that location at 31 December 2023. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 December 2023 which are included in the comparatives of the statement of financial position at £272,038 out of the total inventory at that date of £454,044. Consequently we were unable to determine whether any adjustment to this amount was necessary or whether there was any consequential effect to cost of sales for the year ended 31 December 2024.

We were not appointed as auditor of the company until after 31 December 2022 and thus did not observe the counting of physical inventories at the end of that period. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 December 2022 in the statement of financial position which amounted to £107,551, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount at 31 December 2022 was necessary or whether there was any consequential effect on the costs of sales for the year ended 31 December 2023, which is included in the comparative figures.
"

The name of the Senior Statutory Auditor who signed the audit report on 27 May 2025 was Helen Evans, who signed for and on behalf of Brebners.

3

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.

 

Tristate UK Ltd

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

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value 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, unless otherwise stated.

Going concern

The company made a profit for the year ended 31 December 2024 but had a deficit of assets at that date of £82,266 and a deficit of net current assets of £297,368. At that date an amount of £1,788,605 was due to the parent undertaking in respect of trade facilities included within trade creditors who has agreed not to call for repayment until such time as the company has sufficient working capital.

With the resources that the company has, including support from the parent undertaking which is expected to continue, the directors believe that the company has sufficient working capital for a period exceeding 12 months from the approval of the financial statements.

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

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue from retail sales at the point of sale, when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity. Online sales are recognised at the point of dispatch.

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.

Tax

The current income 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 taxable income.

 

Tristate UK Ltd

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

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and computer equipment

5 years straight line

Leasehold improvements

5 years straight line

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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.

4

Staff numbers

The average number of persons employed by the company during the year, was 5 (2023 - 5).

 

Tristate UK Ltd

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

5

Tangible assets

Leasehold improvements
£

Furniture, fittings and computer equipment
£

Total
£

Cost or valuation

At 1 January 2024

198,415

154,910

353,325

Additions

-

15,013

15,013

At 31 December 2024

198,415

169,923

368,338

Depreciation

At 1 January 2024

46,511

34,020

80,531

Charge for the year

39,683

33,022

72,705

At 31 December 2024

86,194

67,042

153,236

Carrying amount

At 31 December 2024

112,221

102,881

215,102

At 31 December 2023

151,904

120,890

272,794

6

Stocks

2024
£

2023
£

Stock

768,000

454,044

7

Debtors

2024
£

2023
£

Trade debtors

2,141

-

Other debtors

278,666

167,491

280,807

167,491

Other debtors includes an amount of £78,000 (2023 - £78,000) recoverable in greater than one year.

 

Tristate UK Ltd

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

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

1,817,071

870,464

Amounts due to group undertakings

-

534,340

Taxation and social security

223,898

22,354

Other creditors

84,342

27,104

2,125,311

1,454,262

9

Financial commitments, guarantees and contingencies

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 £523,192 (2023 - £666,762).

10

Related party transactions

The company has taken advantage of the exemption conferred by FRS 102 paragraph 1AC.35 not to disclose transactions or amounts falling due with companies wholly owned within the group.

11

Relationship between entity and parents

The smallest group preparing group accounts including the results of the company is headed by Shiny Ease Limited, incorporated in British Virgin Islands.

The registered address of Shiny Ease Limited is Vistra Corporate Services Centre, Wickhams Cay II, RoadTown, Tortola, VG1110, British Virgin Islands