AFRICAN LUXURY LTD Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 08619583

AFRICAN LUXURY LTD

Filleted Unaudited Financial Statements

31 December 2024

AFRICAN LUXURY LTD

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Intangible assets	5	8,945	71,327
Tangible assets	6	11,104	17,735
		--------	--------
		20,049	89,062

Current assets

Stocks		754,751	904,029
Debtors	7	363,287	470,571
Cash at bank and in hand		266,684	186,087
		------------	------------
		1,384,722	1,560,687

Creditors: amounts falling due within one year	8	684,532	924,204
		------------	------------
Net current assets		700,190	636,483
		---------	---------
Total assets less current liabilities		720,239	725,545

Creditors: amounts falling due after more than one year	9	516,750	511,114
		---------	---------
Net assets		203,489	214,431
		---------	---------

Capital and reserves

Called up share capital	1	1
Profit and loss account	203,488	214,430
	---------	---------
Shareholders funds	203,489	214,431
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the 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.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

AFRICAN LUXURY LTD

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 25 September 2025 , and are signed on behalf of the board by:

Mr A K Mavros
Director

Company registration number: 08619583

AFRICAN LUXURY LTD

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 104-106 Fulham Road, London, SW3 6HS.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

These accounts have been prepared on the going concern basis and the challenges presented by current economic climate, the directors are satisfied that the company has sufficient cash flows to meet its liabilities as they fall due for at least one year from the date of approval of the accounts.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill	-	Amortisation over 10 years
Development costs	-	Amortisation over 10 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Long leasehold property	-	Equal installments over the term of lease
Plant and machinery	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 17 (2023: 15 ).

5. Intangible assets

	Goodwill	Development costs	Total
	£	£	£
Cost
At 1 January 2024 and 31 December 2024	600,000	25,619	625,619
	---------	--------	---------
Amortisation
At 1 January 2024	540,000	14,292	554,292
Charge for the year	60,000	2,382	62,382
	---------	--------	---------
At 31 December 2024	600,000	16,674	616,674
	---------	--------	---------
Carrying amount
At 31 December 2024	–	8,945	8,945
	---------	--------	---------
At 31 December 2023	60,000	11,327	71,327
	---------	--------	---------

6. Tangible assets

	Long leasehold property	Plant and machinery	Total
	£	£	£
Cost
At 1 January 2024 and 31 December 2024	229,798	48,490	278,288
	---------	--------	---------
Depreciation
At 1 January 2024	216,841	43,712	260,553
Charge for the year	2,591	4,040	6,631
	---------	--------	---------
At 31 December 2024	219,432	47,752	267,184
	---------	--------	---------
Carrying amount
At 31 December 2024	10,366	738	11,104
	---------	--------	---------
At 31 December 2023	12,957	4,778	17,735
	---------	--------	---------

7. Debtors

	2024	2023
	£	£
Trade debtors	440	–
Other debtors	362,847	470,571
	---------	---------
	363,287	470,571
	---------	---------

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	61,833	171,940
Trade creditors	368,683	482,124
Accruals and deferred income	51,000	42,604
Corporation tax	27,928	30,818
Social security and other taxes	124,151	157,154
Director loan accounts	1,272	688
Other creditors	49,665	38,876
	---------	---------
	684,532	924,204
	---------	---------

9. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	516,750	511,114
	---------	---------

Included in creditors is a loan of £585,000 taken from Natwest bank in Oct 2024 to refinance the previous loans. The rate of interest is 2.35% per annum over the base rate. The loan will be repaid in 120 monthly installments. This long-term loans is secured by fixed charges over 104-106 Fulham Road, London, SW3 6HS and the assets of the company. Included in creditors is another loan of £50,000 taken from Natwest Bank in April 2020. The rate of interest is 3.40% per annum over the base rate. The loan will be repaid in 60 monthly installments.

10. Director's advances, credits and guarantees

At the balance sheet date,the company is owed by director £1,272 (2023: £688 )

11. Related party transactions

No guarantees have been given or received. At the balance sheet date company owed £154,782 (2023: £202,184) to Mavros & Sons (Pvt) Ltd, a company registered in Zimbabwe and owned by director.