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Registered number: 09636566 GARY & ALICE LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
GARY & ALICE LIMITED
CONTENTS
| Page
Statement of Financial Position | 1
Notes to the Financial Statements | 2 - 8
GARY & ALICE LIMITED REGISTERED NUMBER:09636566
STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 720,616 |  | 160,692
Current assets |  |  |  |  |
Debtors: amounts falling due after more than one year | 5 | 263,074 |  | 196,354 |
Debtors: amounts falling due within one year | 5 | 101,555 |  | 220,801 |
Bank and cash balances |  | 131,849 |  | 30,063 |
|  | 496,478 |  | 447,218 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 6 | (802,860) |  | (195,039) |
Net current (liabilities)/assets |  |  | (306,382) |  | 252,179
Total assets less current liabilities |  |  | 414,234 |  | 412,871
Creditors: amounts falling due after more than one year | 7 |  | (85,907) |  | (104,547)
Net assets |  |  | 328,327 |  | 308,324
Capital and reserves |  |  |  |  |
Called up share capital | 8 |  | 940,100 |  | 940,100
Profit and loss account |  |  | (611,773) |  | (631,776)
|  |  | 328,327 |  | 308,324
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 comprehensive income 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 13 November 2025.
C Bettane
Director
The notes on pages 2 to 8 form part of these financial statements. Page 1
GARY & ALICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
1. | General information
Gary & Alice Limited is a private limited liability company registered in England and Wales. Its registered office address and principal place of business is at Kujten, 98 King’s Road, London SW3 4TZ. The principal activity of the company during the year was that of the retail of fashion clothing and accessories. 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 following principal accounting policies have been applied:
| 2.2 | Going concern
The company at the reporting date has a net current liabilities due to the parent company. The company is reliant on the support of its parent company, BCS Group, to be able to meet its cashflow requirements and financial obligations as and when they fall due. BCS Group has provided confirmation of its ongoing support for a period of at least twelve months from the date of signing of these financial statements and therefore in the opinion of the director it is appropriate for the financial statements to be prepared on a going concern basis.
| 2.3 | Turnover
Turnover represents amounts receivable in respect of the sales of goods, exclusive of Value Added Tax and trade discounts. Revenue from the sale of goods, both online and in store, is recognised when the customer completes the order and the right to receive consideration is established.
| 2.4 | 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. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Page 2
GARY & ALICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.4 | Tangible fixed assets (continued)
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. The estimated useful lives range as follows:
|  |  |  | Long-term leasehold property | - | 10 | years
|  |  |  | Plant and machinery | - | 10 | years
|  |  |  | Fixtures and fittings | - | 3 | years
|  |  |  | Equipment | - | 3 | years
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.
| 2.5 | Basic financial instruments
The company only enters into transactions that result in the recognition of basic financial assets and basic financial liabilities. Basic financial assets, such as trade and other debtors, are initially recognised at the transaction price less attributable transaction costs. Basic financial liabilities, such as trade and other creditors, are initially recognised at the transaction price plus attributable transaction costs. Subsequently, they are measured at amortised cost using the effective interest method, less any impairment losses in the case of basic financial assets. Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Page 3
GARY & ALICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.6 | Foreign currency translation
The company's functional and presentational currency is £ sterling. Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income.
| 2.7 | 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. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.8 | Pensions
The company contributes to 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 the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.
| 2.9 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.10 | Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date. Page 4
GARY & ALICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.11 | Current and deferred taxation
Tax is recognised in the Statement of Comprehensive Income, 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 reporting date. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: 1) The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and 2) Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
3. | Employees
| The average monthly number of employees, including directors, during the year was 8 (2024 - 8).
Page 5
GARY & ALICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
4. | Tangible fixed assets
|  | Leasehold improvements | Plant and machinery | Equipment | Total
|  | £ | £ | £ | £
| Cost |  |  |  |
| At 1 March 2024 | 503,433 | 121,270 | 21,704 | 646,407
| Additions | 625,217 | - | 9,236 | 634,453
| At 28 February 2025 | 1,128,650 | 121,270 | 30,940 | 1,280,860
| Depreciation |  |  |  |
| At 1 March 2024 | 374,671 | 99,125 | 11,919 | 485,715
| Charge for the year on owned assets | 58,110 | 12,654 | 3,765 | 74,529
| At 28 February 2025 | 432,781 | 111,779 | 15,684 | 560,244
| Net book value |  |  |  |
| At 28 February 2025 | 695,869 | 9,491 | 15,256 | 720,616
| At 29 February 2024 | 128,762 | 22,145 | 9,785 | 160,692
5. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due after more than one year |  |
| Other debtors | 263,074 | 196,354
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due within one year |  |
| Amounts owed by group undertakings | - | 162,866
| Other debtors | 60,228 | 5,308
| Prepayments and accrued income | 41,327 | 52,627
|  | 101,555 | 220,801
Page 6
GARY & ALICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
6. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 2,245 | 103,740
| Amounts owed to group undertakings | 723,132 | -
| Other taxation and social security | 22,535 | 57,797
| Other creditors | 18,950 | 19,162
| Accruals and deferred income | 35,998 | 14,340
|  | 802,860 | 195,039
7. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other creditors | 85,907 | 104,547
8. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 940,100 Ordinary shares of £1 each | 940,100 | 940,100
9. | Pension commitments
The company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £1,052 (2024 - £962). Contributions totalling £269 (2024 - £239) were payable to the fund at the reporting date and are included in other creditors. Page 7
GARY & ALICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
10. | Commitments under operating leases
| At 28 February 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 468,189 | 371,006
| Later than 1 year and not later than 5 years | 1,474,008 | 1,091,176
| Later than 5 years | - | 736,250
|  | 1,942,197 | 2,198,432
11. | Parent undertaking
The immediate and ultimate parent undertaking is BCS Group, a company registered in France.
12. | Auditors' information
The auditors' report on the financial statements for the year ended 28 February 2025 was unqualified. The audit report was signed on 13 November 2025 by Martyn Atkinson (Senior Statutory Auditor) on behalf of Sopher + Co LLP.
Page 8