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COMPANY REGISTRATION NUMBER: 06629877

Elie Saab UK Limited

Filleted Unaudited Accounts

31 December 2024

Elie Saab UK Limited

Accounts

Year ended 31 December 2024

Contents | Pages

Statement of financial position | 1 to 2

Notes to the accounts | 3 to 8

Elie Saab UK Limited

Statement of Financial Position

31 December 2024

| 2024 | 2023
Note | £ | £ | £

Fixed assets

Tangible assets | 5 |  | 4,756 | 10,066

Current assets

Stocks | 1,105,513 |  | 1,169,250
Debtors | 7 | 47,085,752 |  | 19,968,718
Cash at bank and in hand | 111,741 |  | 175,450
| ------------- |  | -------------
| 48,303,006 |  | 21,313,418

Creditors: amounts falling due within one year | 8 | ( 5,698,803) |  | ( 7,054,749)
| ------------- |  | -------------
Net current assets |  | 42,604,203 | 14,258,669
|  | ------------- | -------------
Total assets less current liabilities |  | 42,608,959 | 14,268,735

Creditors: amounts falling due after more than one year | 9 |  | ( 68,044,269) | ( 38,946,038)
|  | ------------- | -------------
Net liabilities |  | ( 25,435,310) | ( 24,677,303)
|  | ------------- | -------------

Capital and reserves

Called up share capital |  | 200,000 | 200,000
Profit and loss account |  | ( 25,635,310) | ( 24,877,303)
|  | ------------- | -------------
Shareholders deficit |  | ( 25,435,310) | ( 24,677,303)
|  | ------------- | -------------

These accounts 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 accounts 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 accounts .

Elie Saab UK Limited

Statement of Financial Position (continued)

31 December 2024
These accounts were approved by the board of directors and authorised for issue on 12 March 2026 , and are signed on behalf of the board by:

Mr Elie B Saab |
Director |

Company registration number: 06629877

Elie Saab UK Limited

Notes to the Accounts

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 10 Orange Street, London, WC2H 7DQ, United Kingdom.
2. Statement of compliance
These accounts 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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company made a loss of £758,007 for the year to 31 December 2024, as at that date the company's current liabilities exceeded its total assets by £25,435,310. The directors confirm the ultimate parent company, Elie Saab Holding Limited (Jersey), immediate parent undertaking, Elie Saab Investments Limited and the ultimate owner Mr Elias Bou Saab. Elie Saab Holding Limited (Jersey) and Elie Saab Investments Limited have provided a commitment to provide any financial support which may be necessary in in order that the company can meet its liabilities and carry on trading without significant curtailment of operations for the foreseeable future. There is however some uncertainty of the financial performance of both companies. Given the above, there is a material uncertainty which may cast significant doubt as to the company's ability to continue as a going concern and therefore it may be unable to realise its assets and discharge its liabilities in the normal course of business. The directors have assessed this position and have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and should be able to manage its business risks successfully despite the current uncertain economic outlook. Accordingly, they continue to adopt the going concern basis in preparing the accounts.
Consolidation
The company has taken advantage of the option not to prepare consolidated accounts contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, which are described in note 3, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The directors have deemed that there are no significant estimates or judgements used in preparing these 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.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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:

| Fixtures and fittings | - | 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 is determined using the first-in, first-out (FIFO) method. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its 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 charge is recognised immediately in profit or loss.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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: 16 ).
5. Tangible assets

| Fixtures and fittings
| £
Cost |
At 1 January 2024 | 5,621,599
Additions | 3,156
| ------------
At 31 December 2024 | 5,624,755
| ------------
Depreciation |
At 1 January 2024 | 5,611,533
Charge for the year | 8,466
| ------------
At 31 December 2024 | 5,619,999
| ------------
Carrying amount |
At 31 December 2024 | 4,756
| ------------
At 31 December 2023 | 10,066
| ------------

6. Investments
The company has a direct investment in Elie Saab USA Holding LLC, a holding company incorporated in the USA.
The company has indirect holdings in the following companies:
Elie Saab USA Retail Holding LLC - a holding company
Elie Saab NY LLC - a vendor of luxury clothes and accessories
The company holds, directly or indirectly, 100% of the share capital of all related undertakings.
The registered office of all related undertakings is:
Corporation Trust Centre, 1209 Orange Street, Wilmington, New Castle County, DE 19801, Delaware.
7. Debtors

| 2024 | 2023
| £ | £
Trade debtors | 4,042,723 | 208,160
Amounts owed by group undertakings | 40,735,215 | 16,482,205
Other debtors | 2,307,814 | 3,278,353
| ------------- | -------------
| 47,085,752 | 19,968,718
| ------------- | -------------

The debtors above include the following amounts falling due after more than one year:

| 2024 | 2023
| £ | £
Other debtors | 1,291,197 | 1,567,882
| ------------ | ------------

The company paid £4,127,218 in the year ended 31 December 2015 to secure a lease agreement for a building in London in which the company opened a new store in August 2016. These funds were required to be paid in order to settle the previous tenant's agreement with the landlord. The balance outstanding included within other debtors amounts to £1,567,882 (2023: 1,844,567) of which £1,291,197 (2023: £1,567,882) is payable after more than one year.
8. Creditors: amounts falling due within one year

| 2024 | 2023
| £ | £
Bank loans and overdrafts | 10,001 | 10,000
Trade creditors | 4,329,773 | 863,382
Amounts owed to group undertakings | – | 4,796,824
Accruals and deferred income | 1,353,217 | 1,353,927
Social security and other taxes | – | 28,265
Other creditors | 5,812 | 2,351
| ------------ | ------------
| 5,698,803 | 7,054,749
| ------------ | ------------

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

| 2024 | 2023
| £ | £
Bank loans and overdrafts | 6,364 | 15,738
Amounts owed to group undertakings | 68,037,905 | 38,930,300
| ------------- | -------------
| 68,044,269 | 38,946,038
| ------------- | -------------

10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:

| 2024 | 2023
| £ | £
Not later than 1 year | 1,000,000 | 1,000,000
Later than 1 year and not later than 5 years | 4,000,000 | 4,000,000
Later than 5 years | 600,000 | 1,600,000
| ------------ | ------------
| 5,600,000 | 6,600,000
| ------------ | ------------

11. Related party transactions
During the year the company incurred the following transactions with group members that are not wholly owned at normal market conditions: Purchase of goods £1,960,932 (2023: £2,008,277) Sale of goods £267,125 (2023: £225,457) No further related party transactions were undertaken such as are required to be disclosed under FRS 102 Section 1A.
12. Controlling party
The immediate parent undertaking is Elie Saab Investments Limited, a company incorporated in Cyprus. The ultimate parent company is Elie Saab Holdings Limited , a company incorporated in Jersey. The controlling party is Elias Bou Saab. Elie Saab Holdings Limited is the smallest and largest group in which the company is consolidated.