|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 DECEMBER 2017 |
|
FOR |
|
SUMIRAGO LIMITED |
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 DECEMBER 2017 |
|
FOR |
|
SUMIRAGO LIMITED |
SUMIRAGO LIMITED (REGISTERED NUMBER: 08874260) |
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
SUMIRAGO LIMITED |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
50 Seymour Street |
London |
W1H 7JG |
SUMIRAGO LIMITED (REGISTERED NUMBER: 08874260) |
|
BALANCE SHEET |
31 DECEMBER 2017 |
|
2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
|
|
Tangible assets | 5 |
|
|
|
|
|
CURRENT ASSETS |
Stocks |
|
|
Debtors | 6 |
|
|
Cash at bank and in hand |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 7 |
|
|
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
) |
( |
) |
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
|
|
|
|
|
The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
SUMIRAGO LIMITED (REGISTERED NUMBER: 08874260) |
|
BALANCE SHEET - continued |
31 DECEMBER 2017 |
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the Board of Directors on
by: |
|
|
|
|
|
|
|
SUMIRAGO LIMITED (REGISTERED NUMBER: 08874260) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
|
|
1. | STATUTORY INFORMATION |
|
Sumirago Limited is a
|
registered number and registered office address can be found on the Company Information page. |
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
The financial statements have been prepared on a going concern basis notwithstanding the fact that the company |
has a deficiency on shareholders' funds at the year end. |
|
The company's parent company, Boutique 1 (London) Limited, has confirmed that it will continue to provide |
financial support to the company for a period up to one year from the date of the approval of the financial |
statements. |
|
For this reason the directors believe that the continued use of the going concern basis of preparation is |
appropriate.The financial statements do not include any adjustments that may be necessary if the company was |
unable to continue its business. |
|
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
|
Significant judgements and estimates |
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. |
|
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
|
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
|
Franchise - amount paid in connection with the acquisition of a lease in 2014, is being amortised evenly over its |
estimated useful life of 4 years. |
SUMIRAGO LIMITED (REGISTERED NUMBER: 08874260) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
|
|
2. | ACCOUNTING POLICIES - continued |
|
Tangible fixed assets |
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment |
losses. |
|
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life. |
Short leasehold | Over the term of the lease |
Fixtures, fittings & equipment | 20% on cost |
|
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets |
have suffered an impairment. If there is an indication of possible impairment, the recoverable amount of any |
affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the |
carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised |
immediately in profit or loss. |
|
If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of |
its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss |
been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit |
or loss. |
|
Stocks |
Stocks are valued at the lower of cost and estimated selling price less costs to sell. The cost of these stock are |
measured by using the first-in, first-out (FIFO) or weighted average cost formula and the same cost formula has |
been used for all stock items having a similar nature and use. |
|
At each reporting date, stocks are assessed to determine whether a provision for any impairment is required by |
comparing the carrying amount of each item of stock (or group of similar items) with its selling price less costs to |
sell. |
|
If an item of stock (or group of similar items) is impaired, the carrying amount of the stock (or the group of |
similar items) is reduced to its selling price less costs to sell. That reduction is an impairment loss and it is |
recognised immediately in profit or loss |
|
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial |
assets and liabilities like trade and other accounts receivable and payable. |
|
Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are |
measured, initially and subsequently, at the undiscounted amount of the cash and other consideration, expected to |
be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, |
like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not |
a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is |
measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar |
debt instrument and subsequently at amortised cost. |
|
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
|
SUMIRAGO LIMITED (REGISTERED NUMBER: 08874260) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
|
|
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
|
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
|
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
|
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at |
the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
|
Leases |
Rentals payable under operating leases are charged to profit or loss on a straight-line basis over the lease term, |
unless the rental payments are structured to increase in line with expected general inflation, in which case the |
company recognises annual rent expense to amounts owed to the lessor. |
|
The aggregate benefit of lease incentives are recognised as a reduction to the expense recognised over the lease |
term on a straight line basis. |
|
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
|
Debtors |
Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of |
business. Trade debtors are recognised at the undiscounted amount of cash receivable, which is normally the |
invoice price, less any allowance for doubtful debts. |
|
Creditors |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of |
business from suppliers. Trade creditors are recognised at the undiscounted amount owed to the supplier, which |
is normally the invoice price. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
SUMIRAGO LIMITED (REGISTERED NUMBER: 08874260) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
|
|
4. | INTANGIBLE FIXED ASSETS |
Franchise |
£ |
COST |
At 1 January 2017 |
and 31 December 2017 |
|
AMORTISATION |
At 1 January 2017 |
|
Amortisation for year |
|
At 31 December 2017 |
|
NET BOOK VALUE |
At 31 December 2017 |
|
At 31 December 2016 |
|
|
5. | TANGIBLE FIXED ASSETS |
Short | Fixtures, |
leasehold | fittings&equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2017 |
|
|
|
Additions |
|
|
|
At 31 December 2017 |
|
|
|
DEPRECIATION |
At 1 January 2017 |
|
|
|
Charge for year |
|
|
|
At 31 December 2017 |
|
|
|
NET BOOK VALUE |
At 31 December 2017 |
|
|
|
At 31 December 2016 |
|
|
|
|
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Other debtors |
|
|
VAT |
|
|
Prepayments |
|
|
|
|
|
Other debtors include an amount of £609,000 which relates to a rent deposit. |
SUMIRAGO LIMITED (REGISTERED NUMBER: 08874260) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
|
|
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Social security and other taxes |
|
|
VAT | 56,217 | - |
Other creditors |
|
|
Directors' current accounts | 548 | 362 |
Accrued expenses |
|
|
|
|
|
8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
|
The following advances and credits to a director subsisted during the years ended 31 December 2017 and |
31 December 2016: |
|
2017 | 2016 |
£ | £ |
|
Balance outstanding at start of year | ( |
) |
|
Amounts advanced | ( |
) | ( |
) |
Amounts repaid |
|
|
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
|
9. | RELATED PARTY DISCLOSURES |
|
During the year, the company entered into the following transactions in the ordinary course of business, with |
other related parties in which directors have a controlling interest: |
|
2017 | 2016 |
£ | £ |
Sales | 258,957 | 59,083 |
Purchases | 28,729 | Nil |
Loan interest paid | 14,860 | 32,632 |
Management charges paid | 8,522 | 35,724 |
|
At 31 December 2017, other creditors include an amount of £289,479 (2016: £182,355) owed to the related |
party and no interest is accruing on this amount. |
|
10. | CONTROL AND ULTIMATE CONTROLLING PARTY |
|
Boutique 1 (London) Limited is the parent company and controls the company by virtue of its 100% |
shareholdings. It is a private company, limited by shares, registered in England and Wales. Its principal place of |
business is 259a Pavilion Road, London SW1W 0BP |
|
The ultimate controlling party throughout the year was Z Matta and L J Matta by virtue of their majority |
shareholdings in Boutique 1 (London) Limited. |