Bespoke Mayfair Ltd
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Notes to the Accounts |
for the year ended 31 May 2020
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
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Leasehold land and buildings |
over the lease term |
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Fixtures, fittings, tools and equipment |
over 5 years |
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Stocks |
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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 method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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Going concern |
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The directors are confident of the continuing support of the parent company, Bespok SA, and the accounts have therefore been prepared on a going concern basis. |
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2 |
Employees |
2020 |
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2019 |
Number |
Number |
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Average number of persons employed by the company |
2 |
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2 |
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3 |
Tangible fixed assets |
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Land and buildings |
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Plant and machinery etc |
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Total |
£ |
£ |
£ |
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Cost |
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At 1 June 2019 |
295,728 |
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327,146 |
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622,874 |
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Additions |
29,863 |
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457 |
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30,320 |
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At 31 May 2020 |
325,591 |
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327,603 |
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653,194 |
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Depreciation |
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At 1 June 2019 |
29,381 |
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96,299 |
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125,680 |
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Charge for the year |
21,493 |
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65,429 |
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86,922 |
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At 31 May 2020 |
50,874 |
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161,728 |
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212,602 |
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Net book value |
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At 31 May 2020 |
274,717 |
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165,875 |
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440,592 |
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At 31 May 2019 |
266,347 |
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230,847 |
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497,194 |
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4 |
Debtors |
2020 |
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2019 |
£ |
£ |
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Trade debtors |
(213,336) |
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(741) |
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Other debtors |
74,141 |
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73,561 |
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(139,195) |
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72,820 |
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5 |
Creditors: amounts falling due within one year |
2020 |
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2019 |
£ |
£ |
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Bank loans and overdrafts |
664 |
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664 |
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Trade creditors |
11,834 |
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(9,486) |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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622,522 |
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643,927 |
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Taxation and social security costs |
9,016 |
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26,050 |
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Other creditors |
83,004 |
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288,274 |
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727,040 |
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949,429 |
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6 |
Controlling party |
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The company is a wholly owned subsidiary of Bespok SA, a company incorporated in Luxembourg with registered office address: 25C Boulevard Royal, 2449 Luxembourg
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7 |
Other information |
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Bespoke Mayfair Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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7 Stafford Street |
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London |
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W1S 4RT |