0 0 Il Sarto Milano Limited 11340918 false 2024-01-28 2025-02-01 2025-02-01 The principal activity of the company is fashion design and retail. Digita Accounts Production Advanced 6.30.9574.0 true true 11340918 2024-01-28 2025-02-01 11340918 2025-02-01 11340918 bus:OrdinaryShareClass1 2025-02-01 11340918 core:CurrentFinancialInstruments 2025-02-01 11340918 core:CurrentFinancialInstruments core:WithinOneYear 2025-02-01 11340918 core:Non-currentFinancialInstruments core:AfterOneYear 2025-02-01 11340918 core:OtherResidualIntangibleAssets 2025-02-01 11340918 core:FurnitureFittingsToolsEquipment 2025-02-01 11340918 bus:SmallEntities 2024-01-28 2025-02-01 11340918 bus:AuditExemptWithAccountantsReport 2024-01-28 2025-02-01 11340918 bus:FilletedAccounts 2024-01-28 2025-02-01 11340918 bus:SmallCompaniesRegimeForAccounts 2024-01-28 2025-02-01 11340918 bus:RegisteredOffice 2024-01-28 2025-02-01 11340918 bus:Director1 2024-01-28 2025-02-01 11340918 bus:Director2 2024-01-28 2025-02-01 11340918 bus:Director3 2024-01-28 2025-02-01 11340918 bus:OrdinaryShareClass1 2024-01-28 2025-02-01 11340918 bus:PrivateLimitedCompanyLtd 2024-01-28 2025-02-01 11340918 bus:Agent1 2024-01-28 2025-02-01 11340918 core:ComputerSoftware 2024-01-28 2025-02-01 11340918 core:OtherResidualIntangibleAssets 2024-01-28 2025-02-01 11340918 core:FurnitureFittingsToolsEquipment 2024-01-28 2025-02-01 11340918 core:OfficeEquipment 2024-01-28 2025-02-01 11340918 countries:EnglandWales 2024-01-28 2025-02-01 11340918 2024-01-27 11340918 core:OtherResidualIntangibleAssets 2024-01-27 11340918 core:FurnitureFittingsToolsEquipment 2024-01-27 11340918 2023-01-29 2024-01-27 11340918 2024-01-27 11340918 bus:OrdinaryShareClass1 2024-01-27 11340918 core:CurrentFinancialInstruments 2024-01-27 11340918 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-27 11340918 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-27 11340918 core:OtherResidualIntangibleAssets 2024-01-27 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 11340918

Il Sarto Milano Limited
Unaudited Filleted Financial Statements
for the Period from 28 January 2024 to 1 February 2025

Il Sarto Milano Limited

Contents

Company Information | 1
Balance Sheet | 2
Notes to the Unaudited Financial Statements | 3 to 8

Il Sarto Milano Limited

Company Information

Directors | Mr Ross Worswick Mr Scott Shashua Bradley Howard

Registered office | 40-42 Matthews Street Higher Ardwick Manchester M12 5BB

Accountants | Williamson & Croft Audit Ltd Chartered AccountantYork House 20 York Street Manchester M2 3BB

Il Sarto Milano Limited

(Registration number: 11340918)
Balance Sheet as at 1 February 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Intangible assets | 4 | 1,567 | 7,481
Current assets |  |  |
Stocks | 6 | - | 24,115
Debtors | 7 | 21 | 10,902
Cash at bank and in hand |  | 3,955 | 92
|  | 3,976 | 35,109
Creditors: Amounts falling due within one year | 8 | (121,625) | (115,989)
Net current liabilities |  | (117,649) | (80,880)
Total assets less current liabilities |  | (116,082) | (73,399)
Creditors: Amounts falling due after more than one year | 8 | (3,531) | (13,950)
Net liabilities |  | (119,613) | (87,349)
Capital and reserves |  |  |
Called up share capital | 9 | 100 | 100
Retained earnings |  | (119,713) | (87,449)
Shareholders' deficit |  | (119,613) | (87,349)

For the financial period ending 1 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and 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 Profit and Loss Account and Directors' Report has been taken.

Approved and authorised by the Board on 12 September 2025 and signed on its behalf by:

......................................... Mr Ross Worswick Director

Il Sarto Milano Limited

Notes to the Unaudited Financial Statements for the Period from 28 January 2024 to 1 February 2025

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:
40-42 Matthews Street
Higher Ardwick
Manchester
M12 5BB

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006, as applicable to companies subject to the small companies' regime. The disclosure requirements of Section 1A of FRS102 have been applied other than where additional disclosure is required to show a true and fair view.

Basis of preparation

The financial statements are presented in sterling which is the functional currency of the company. These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company.

Summary of disclosure exemptions

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Going concern

At the balance sheet date the company has net liabilities totalling £119,613. The company is reliant on the support of its parent in order to continue to trade. The directors have confirmed this support will continue for the foreseeable future and have prepared projections and cashflows to 31 January 2026. Based on their underlying assumptions and the pledge of continued financial support the Company will have sufficient working capital to meet liabilities when they fall due. On this basis the Directors have concluded that it is appropriate to prepare the financial statements on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services 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 when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Il Sarto Milano Limited

Notes to the Unaudited Financial Statements for the Period from 28 January 2024 to 1 February 2025

Government grants

Government grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

Foreign currency transactions and balances

Transactions in foreign currencies are translated into sterling at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the profit and loss statement.

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.

Tangible assets

Tangible assets are stated in the balance sheet 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
Fixtures and Fittings | 25% Reducing balance
Office equipment | 33% Straight line

Intangible assets

Development costs that are directly attributable to the design and testing of computer software controlled by the company are recognised as intangible assets. Intangible assets are stated in the statement of financial position at cost, less amortisation.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Website | 20% 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.

Il Sarto Milano Limited

Notes to the Unaudited Financial Statements for the Period from 28 January 2024 to 1 February 2025

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors 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.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the period, was 0 (2024 - 0).

Il Sarto Milano Limited

Notes to the Unaudited Financial Statements for the Period from 28 January 2024 to 1 February 2025

4 | Intangible assets

| Other intangible assets £ | Total £
Cost or valuation
At 28 January 2024 | 29,225 | 29,225
At 1 February 2025 | 29,225 | 29,225
Amortisation
At 28 January 2024 | 21,744 | 21,744
Amortisation charge | 5,914 | 5,914
At 1 February 2025 | 27,658 | 27,658
Carrying amount
At 1 February 2025 | 1,567 | 1,567
At 27 January 2024 | 7,481 | 7,481

5 | Tangible assets

| Furniture, fittings and equipment £ | Total £
Cost or valuation
At 28 January 2024 | 2,178 | 2,178
At 1 February 2025 | 2,178 | 2,178
Depreciation
At 28 January 2024 | 2,178 | 2,178
At 1 February 2025 | 2,178 | 2,178
Carrying amount
At 1 February 2025 | - | -

6 | Stocks

| 2025 £ | 2024 £
Finished goods and goods for resale | - | 24,115

Il Sarto Milano Limited

Notes to the Unaudited Financial Statements for the Period from 28 January 2024 to 1 February 2025

7 | Debtors

Current | 2025 £ | 2024 £
Prepayments | 13 | 6,644
Other debtors | 8 | 4,258
| 21 | 10,902

8 | Creditors

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Bank loans and overdrafts |  | 10,456 | 10,199
Trade creditors |  | 71,667 | 82,426
Amounts owed to group undertakings | 10 | 37,469 | 21,370
Accruals and deferred income |  | 2,033 | 1,994
|  | 121,625 | 115,989

Creditors: amounts falling due after more than one year

| Note | 2025 £ | 2024 £
Due after one year |  |  |
Loans and borrowings |  | 3,531 | 13,950

9 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary of £1 each | 100 | 100 | 100 | 100

Il Sarto Milano Limited

Notes to the Unaudited Financial Statements for the Period from 28 January 2024 to 1 February 2025

10 | Related party transactions

Throughout the current period the immediate parent company was The Couture Club Limited by virtue of its 90% interest in the issued share capital of the company. As at the balance sheet date amounts of £37,469 (2024: £21,370) were owed to the parent company and are included within creditors due within one year.
These loans are provided interest free, unsecured and repayable on demand.

Directors' remuneration

The directors did not receive any remuneration in respect of their services to the company.