ACCOUNTS - Final Accounts

Registered number: 07858293

EXTRAVAGANCE RETAIL LIMITED

Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 December 2024

EXTRAVAGANCE RETAIL LIMITED

Company Information

Director	N Bennett


Registered number	07858293


Registered office	44-45 The Lanes
	The Oasis, Meadowhall Centre
	Sheffield
	S9 1EP

EXTRAVAGANCE RETAIL LIMITED

Registered number: 07858293

Balance sheet

As at 31 December 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	5		1,075		1,694
			1,075		1,694
Current assets
Stocks		24,816		34,815
Debtors		20,790		15,462
Cash at bank and in hand		180,665		216,766
		226,271		267,043
Creditors: amounts falling due within one year	7	(60,825)		(74,989)
Net current assets			165,446		192,054
Total assets less current liabilities			166,521		193,748
Net assets			166,521		193,748

Capital and reserves
Called up share capital	8	100	100
Profit and loss account		166,421	193,648
		166,521	193,748

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 July 2025.

N Bennett

Director

The notes on pages 3 to 7 form part of these financial statements.

Page 1

EXTRAVAGANCE RETAIL LIMITED

Registered number: 07858293

Balance sheet (continued)

As at 31 December 2024

Page 2

EXTRAVAGANCE RETAIL LIMITED

Notes to the financial statements

For the year ended 31 December 2024

1.	General information

Extravagance Retail Limited is a private company limited by shares incorporated in England within the United Kingdom. The address of the registered office is given in the company information page of these financial statements.
The financial statements are presented in sterling which is the functional currency of the company.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue represents turnover from the sale of goods.

2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 3

EXTRAVAGANCE RETAIL LIMITED

Notes to the financial statements

For the year ended 31 December 2024

2.Accounting policies (continued)

2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

Goodwill

years

2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Shop equipment	-	20%
Fixtures and fittings	-	20%
Office equipment	-	20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.9

Stocks

Stocks are stated at the lower of cost and net realisable value.

2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

EXTRAVAGANCE RETAIL LIMITED

Notes to the financial statements

For the year ended 31 December 2024

2.Accounting policies (continued)

2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 8 (2023 -10).

Page 5

EXTRAVAGANCE RETAIL LIMITED

Notes to the financial statements

For the year ended 31 December 2024

4.	Intangible assets

		Goodwill
		£
	Cost
	At 1 January 2024	30,000
	At 31 December 2024	30,000
	Amortisation
	At 1 January 2024	30,000
	At 31 December 2024	30,000
	Net book value
	At 31 December 2024	-
	At 31 December 2023	-

5.	Tangible fixed assets

	Shop equipment	Fixtures and fittings	Office equipment	Total
	£	£	£	£
Cost or valuation
At 1 January 2024	5,021	4,612	4,221	13,854
At 31 December 2024	5,021	4,612	4,221	13,854
Depreciation
At 1 January 2024	4,014	4,612	3,534	12,160
Charge for the year on owned assets	310	-	309	619
At 31 December 2024	4,324	4,612	3,843	12,779
Net book value
At 31 December 2024	697	-	378	1,075
At 31 December 2023	1,007	-	687	1,694

Page 6

EXTRAVAGANCE RETAIL LIMITED

Notes to the financial statements

For the year ended 31 December 2024

Debtors

					2024	2023
					£	£


Other debtors	9,387	9,761
Prepayments and accrued income	11,403	5,702
	20,790	15,463

7.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	28,450	26,427
Other taxation and social security	22,282	37,876
Other creditors	4,315	5,509
Accruals and deferred income	5,778	5,177
	60,825	74,989

8.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

100 (2023 -100) Ordinary shares of £1.00 each	100	100

9.	Related party transactions
	Included in other debtors is a loan to the director in the sum of £9,387 (2023 - £9,761). The loan is unsecured, interest free and repayable upon demand.

Page 7