Registration number: 07010901

Xupes Handbags & Jewellery Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 10

Xupes Handbags & Jewellery Ltd

Company Information

Directors

Reece Morgan Debra Willis

Company secretary

Mark Lyndon Williams

Registered office

5 Ducketts Wharf South Street Bishop's Stortford Hertfordshire CM23 3AR

Accountants

Mansell & Co Chartered Certified Accountants5 Ducketts Wharf South Street Bishop Stortford Hertfordshire CM23 3AR

Xupes Handbags & Jewellery Ltd

(Registration number: 07010901)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Goodwill	4	42,917	47,917
Intangible assets not including goodwill	4	73,443	103,990
Tangible assets	5	4,246	4,412
		77,689	108,402
Current assets
Stocks	6	824,281	932,253
Debtors	7	94,916	131,103
Cash at bank and in hand		355,805	791,390
		1,275,002	1,854,746
Creditors: Amounts falling due within one year	8	(228,330)	(396,463)
Net current assets		1,046,672	1,458,283
Total assets less current liabilities		1,167,278	1,614,602
Creditors: Amounts falling due after more than one year	8	(668,677)	(636,044)
Net assets		498,601	978,558
Capital and reserves
Called up share capital	9	545,530	645,530
Capital redemption reserve		21	21
Retained earnings		(46,950)	333,007
Shareholders' funds		498,601	978,558

For the financial year ending 31 December 2024 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 year 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 September 2025 and signed on its behalf by:
 

Xupes Handbags & Jewellery Ltd

(Registration number: 07010901)
Balance Sheet as at 31 December 2024

......................................... Reece Morgan Director

......................................... Debra Willis Director

Xupes Handbags & Jewellery Ltd

Notes to the Unaudited 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:
5 Ducketts Wharf
South Street
Bishop's Stortford
Hertfordshire
CM23 3AR
United Kingdom

These financial statements were authorised for issue by the Board on 17 September 2025.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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.

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.

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.

Xupes Handbags & Jewellery Ltd

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

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
Computer equipment	4 years straight line
Studio equipment	4 years straight line
Furniture and fixtures	4 years straight line
Computer software	4 years straight line
Servicing	4 years straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Negative goodwill

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

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	3 years straight line
Goodwill	10 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.

Xupes Handbags & Jewellery Ltd

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

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Xupes Handbags & Jewellery Ltd

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

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 13).

Xupes Handbags & Jewellery Ltd

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

4	Intangible assets

	Goodwill  £	Internally generated software development costs  £	Total £
Cost or valuation
At 1 January 2024	50,000	135,821	185,821
Additions acquired separately	-	11,159	11,159
At 31 December 2024	50,000	146,980	196,980
Amortisation
At 1 January 2024	2,083	31,831	33,914
Amortisation charge	5,000	41,706	46,706
At 31 December 2024	7,083	73,537	80,620
Carrying amount
At 31 December 2024	42,917	73,443	116,360
At 31 December 2023	47,917	103,990	151,907

Negative goodwill

5	Tangible assets

	Fixtures and fittings £	Plant and machinery £	Office equipment £	Total £
Cost or valuation
At 1 January 2024	225	2,230	14,716	17,171
Additions	400	-	1,184	1,584
At 31 December 2024	625	2,230	15,900	18,755
Depreciation
At 1 January 2024	38	330	12,391	12,759
Charge for the year	90	557	1,103	1,750
At 31 December 2024	128	887	13,494	14,509
Carrying amount
At 31 December 2024	497	1,343	2,406	4,246
At 31 December 2023	187	1,900	2,325	4,412

Xupes Handbags & Jewellery Ltd

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

6

Stocks

	2024 £	2023 £
Other inventories	824,281	932,253

7

Debtors

Current	2024 £	2023 £
Trade debtors	66,856	17,898
Prepayments	17,841	60,537
Other debtors	10,219	52,668
	94,916	131,103

Xupes Handbags & Jewellery Ltd

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

8

Creditors

Creditors: amounts falling due within one year

	2024 £	2023 £
Due within one year
Trade creditors	146,268	190,333
Taxation and social security	10,820	35,631
Accruals and deferred income	67,799	157,095
Other creditors	3,443	13,404
	228,330	396,463

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Loans and borrowings	10	668,677	636,044

9	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary of £0.00 each	529,879	530	529,879	530
Preference of £100 each	5,450	545,000	5,450	545,000
	535,329	545,530	535,329	545,530

10	Loans and borrowings

Non-current loans and borrowings

	2024 £	2023 £
Other borrowings	668,677	636,044