Registration number: 08603919

Solace London Limited

Contents

Company Information	1
Statement of Financial Position	2 to 3
Notes to the Financial Statements	4 to 8

Solace London Limited

Company Information

Directors

R Holliday-Stevens L J Taylor-Ferguson

Registered office

The Silver Building 60 Dock Road Unit 234 London E16 1YZ

Accountants

Brebners Chartered Accountants 130 Shaftesbury Avenue London W1D 5AR

Solace London Limited

Statement of Financial Position as at 31 March 2025

	Note	2025 £	(As restated) 2024 £
Fixed assets
Intangible assets	4	31,994	36,187
Tangible assets	5	180,846	61,759
		212,840	97,946
Current assets
Stocks	6	1,654,962	1,216,957
Debtors	7	1,537,494	739,595
Cash at bank and in hand		1,886,375	1,798,586
		5,078,831	3,755,138
Creditors: Amounts falling due within one year	8	(3,538,220)	(2,724,892)
Net current assets		1,540,611	1,030,246
Total assets less current liabilities		1,753,451	1,128,192
Provisions for liabilities		(18,080)	(15,312)
Net assets		1,735,371	1,112,880
Capital and reserves
Called up share capital		2	2
Retained earnings		1,735,369	1,112,878
Shareholders' funds		1,735,371	1,112,880

For the financial year ending 31 March 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 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 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’.

The directors of Solace London Limited have elected not to include a copy of the profit and loss account within the financial statements, in accordance with the special provisions relating to companies subject to the small companies regime within the Companies Act 2006, s444.

Solace London Limited

Statement of Financial Position as at 31 March 2025

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

.........................................

R Holliday-Stevens

Director

.........................................

L J Taylor-Ferguson

Director

Company registration number: 08603919

Solace London Limited

Notes to the Financial Statements for the Year Ended 31 March 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:
The Silver Building
60 Dock Road
Unit 234
London
E16 1YZ

The principal activity of the company is that of the design and distribution of womenswear.

2	Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company made a profit for the year ended 31 March 2025 and had net assets at that date amounting to £1,735,371 including cash at bank of £1,886,375.

The directors believe, after careful consideration of the forecast cashflows and expected trading performance, that the company will have sufficient cash to meets its liabilities as they fall due. The directors have therefore concluded that it is appropriate to adopt the going concern basis for the preparation of these financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods 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 turnover in respect of internet sales on the date a customer confirms an order and settles the consideration due. Turnover in respect of wholesale sales are recognised on the date the goods are despatched.

Solace London Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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
Plant & Machinery	20 - 25% Straight Line
Website Development	33.33% Straight Line
Leasehold improvements	Over the remaining period of the lease

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
Trade marks	10% straight line

Solace London Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

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 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.

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 during the year, was 9 (2024 - 10).

4	Intangible assets

	Trade marks  £	Total £
Cost or valuation
At 1 April 2024	41,929	41,929
At 31 March 2025	41,929	41,929
Amortisation
At 1 April 2024	5,742	5,742
Amortisation charge	4,193	4,193
At 31 March 2025	9,935	9,935
Carrying amount
At 31 March 2025	31,994	31,994
At 31 March 2024	36,187	36,187

Solace London Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

5	Tangible assets

	Leasehold improvements £	Website development £	Plant & machinery £	Total £
Cost or valuation
At 1 April 2024	-	55,236	119,312	174,548
Additions	107,943	-	42,926	150,869
At 31 March 2025	107,943	55,236	162,238	325,417
Depreciation
At 1 April 2024	-	49,646	63,143	112,789
Charge for the year	-	3,319	28,463	31,782
At 31 March 2025	-	52,965	91,606	144,571
Carrying amount
At 31 March 2025	107,943	2,271	70,632	180,846
At 31 March 2024	-	5,590	56,169	61,759

6

Stocks

	2025 £	2024 £
Stock for resale	1,654,962	1,216,957

7

Debtors

	2025 £	(As restated) 2024 £
Trade debtors	394,094	322,556
Other debtors	1,143,400	417,039
	1,537,494	739,595

Other debtors includes an amount of £180,000 (2024: £180,000) recoverable in greater than one year.

Solace London Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

8

Creditors

Creditors: amounts falling due within one year

	2025 £	(As restated) 2024 £
Trade creditors	174,304	117,820
Taxation and social security	1,004,382	603,340
Other creditors	2,359,534	2,003,732
	3,538,220	2,724,892

9	Transactions with Directors

At 31 March 2025 an amount of £687,185 (2024: £Nil) was due from the directors. During the year advances of £4,286,028 and repayments of £3,598,854 were made. No interest was payable to the company. There are no set terms in place.

10	Commitments and guarantees

The total amount of financial commitments in respect of operating leases not included in the statement of financial position is £2,325,000 (2024: £2,604,000).

The total amount of financial commitments in respect of contracted capital commitments is £255,000 (2024: £Nil).

11	Prior period adjustment

During the year the directors identified that trade debtors and other creditors at 31 March 2024 were overstated by £946,927 as deposits received from customers in advance of invoicing were both overstated by the same amount. This has been corrected in these financial statements and the comparative figures restated.

The effect of these adjustments is to decrease gross assets by £946,927 from that previously stated but with no impact on reserves or profit and loss.

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