Henry Poole And Company (Savile Row) Limited
Henry Poole And Company (Savile Row) Limited
Registered number: 00409961
Unaudited Financial Statements
For The Year Ended
31 December 2022
Ten Forward Accounting Ltd
Chartered Certified Accountants
1 Mountview Court
310 Friern Barnet Lane
London
N20 0LD
Henry Poole And Company (Savile Row) Limited
Unaudited Financial Statements
For The Year Ended
31 December 2022
Unaudited Financial Statements
Contents | |
Page | |
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Statement of Financial Position | 1—2 |
Notes to the Financial Statements | 3—7 |
Henry Poole And Company (Savile Row) Limited
Statement of Financial Position
As At
31 December 2022
Statement of Financial Position
Registered number:
00409961
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Intangible Assets | 4 |
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Tangible Assets | 5 |
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Investments | 6 |
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CURRENT ASSETS | |||||
Stocks | 7 |
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Debtors | 8 |
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Investments | 9 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 10 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Creditors: Amounts Falling Due After More Than One Year | 11 |
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PROVISIONS FOR LIABILITIES | |||||
Provisions For Charges | 12 |
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Deferred Taxation | - |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 13 |
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Capital redemption reserve |
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Income Statement |
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SHAREHOLDERS' FUNDS | 1,625,466 | 1,381,020 | |||
Henry Poole And Company (Savile Row) Limited
Statement of Financial Position (continued)
As At
31 December 2022
On behalf of the board
Director
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The notes on pages 3 to 7 form part of these financial statements.
Henry Poole And Company (Savile Row) Limited
Notes to the Financial Statements
For The Year Ended
31 December 2022
Notes to the Financial Statements
1.
General Information
Henry Poole and Company (Savile Row) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 15 Savile Row, London, W1S 3PJ.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Turnover
Turnover represents the invoiced value of goods sold, net of VAT, plus the estimated net sales value of contracted work completed to the end of the year.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
2.3.
Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives.
Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website development 20% straight line
2.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment.
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost less estimated residual value of each assets over its expected useful life, as follows:
Leasehold |
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Plant & Machinery |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
2.5.
Investment Properties
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
2.6.
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2.7.
Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Henry Poole And Company (Savile Row) Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
2.8.
Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity Instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2.9.
Foreign Currencies
Transactions denominated in foreign currencies are recorded at the rate of exchange ruling at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. All differences are taken to profit and loss account.
2.10.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred Tax was written off at year end.
2.11.
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
2.12.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the income statement, directors report, and notes to the financial statements relating to the income statement.
Henry Poole And Company (Savile Row) Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
3.
Average Number of Employees
The average monthly number of persons (including directors) employed by the company during the year was: 23 (2021: 28)
4.
Intangible Assets
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Amortisation | |||
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Provided during the period |
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Net Book Value | |||
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As at
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5.
Tangible Assets
Land & Property | |||
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Leasehold | Plant & Machinery | Total | |
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Cost | |||
As at
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Additions |
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Depreciation | |||
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Provided during the period |
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As at
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Net Book Value | |||
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As at
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Henry Poole And Company (Savile Row) Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
6.
Investments
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Provision | |
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Net Book Value | |
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7.
Stocks
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£ | £ | ||
Stock |
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Work in progress |
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8.
Debtors
2022 | 2021 | ||
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£ | £ | ||
Due within one year | |||
Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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Corporation tax recoverable assets |
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9.
Current Asset Investments
2022 | 2021 | ||
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£ | £ | ||
Other investments, held for sale |
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Henry Poole And Company (Savile Row) Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
10.
Creditors: Amounts Falling Due Within One Year
2022 | 2021 | ||
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£ | £ | ||
Trade creditors |
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Corporation tax |
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Other taxes and social security |
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Other creditors |
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Deposit for works held on account |
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Accruals and deferred income |
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Cumulative preference share dividends unpaid |
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11.
Creditors: Amounts Falling Due After More Than One Year
2022 | 2021 | ||
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Bank loans |
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12.
Provisions for Liabilities
Deferred Tax | Other Provisions | Total | |
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£ | £ | £ | |
As at
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275,314 |
Reversals |
( |
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(275,314) |
14.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2022 | 2021 | ||
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£ | £ | ||
Not later than one year |
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Later than one year and not later than five years |
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