ACCOUNTS - Final Accounts preparation

Commitments under operating leases

At 31 December 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

DORMEUIL (UK) LIMITED - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-312022-12-31truefalsefalse2022-01-01that of selling high quality woolen worsted suited fabrics to customers within the UK.67 00930546 2022-01-01 2022-12-31 00930546 2021-01-01 2021-12-31 00930546 2022-12-31 00930546 2021-12-31 00930546 2021-01-01 00930546 c:CompanySecretary1 2022-01-01 2022-12-31 00930546 c:Director1 2022-01-01 2022-12-31 00930546 c:Director2 2022-01-01 2022-12-31 00930546 c:Director3 2022-01-01 2022-12-31 00930546 c:Director3 2022-12-31 00930546 c:Director4 2022-01-01 2022-12-31 00930546 c:RegisteredOffice 2022-01-01 2022-12-31 00930546 d:Buildings 2022-01-01 2022-12-31 00930546 d:Buildings d:LongLeaseholdAssets 2022-01-01 2022-12-31 00930546 d:Buildings d:LongLeaseholdAssets 2022-12-31 00930546 d:Buildings d:LongLeaseholdAssets 2021-12-31 00930546 d:PlantMachinery 2022-01-01 2022-12-31 00930546 d:FurnitureFittings 2022-01-01 2022-12-31 00930546 d:FurnitureFittings 2022-12-31 00930546 d:FurnitureFittings 2021-12-31 00930546 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 00930546 d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 00930546 d:CurrentFinancialInstruments 2022-12-31 00930546 d:CurrentFinancialInstruments 2021-12-31 00930546 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 00930546 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 00930546 d:ShareCapital 2022-01-01 2022-12-31 00930546 d:ShareCapital 2022-12-31 00930546 d:ShareCapital 2021-01-01 2021-12-31 00930546 d:ShareCapital 2021-12-31 00930546 d:ShareCapital 2021-01-01 00930546 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 00930546 d:RetainedEarningsAccumulatedLosses 2022-12-31 00930546 d:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 00930546 d:RetainedEarningsAccumulatedLosses 2021-12-31 00930546 d:RetainedEarningsAccumulatedLosses 2021-01-01 00930546 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 00930546 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2021-12-31 00930546 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-12-31 00930546 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2021-12-31 00930546 c:OrdinaryShareClass1 2022-01-01 2022-12-31 00930546 c:OrdinaryShareClass1 2022-12-31 00930546 c:OrdinaryShareClass1 2021-12-31 00930546 c:FRS102 2022-01-01 2022-12-31 00930546 c:Audited 2022-01-01 2022-12-31 00930546 c:FullAccounts 2022-01-01 2022-12-31 00930546 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 00930546 d:WithinOneYear 2022-12-31 00930546 d:WithinOneYear 2021-12-31 00930546 d:BetweenOneFiveYears 2022-12-31 00930546 d:BetweenOneFiveYears 2021-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 00930546

Dormeuil (UK) Limited

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

COMPANY INFORMATION

Directors	Richard Boide
	Dominic Francis Dormeuil
	Victor Ashley Dormeuil (appointed 1 April 2022)
	Christopher Stopford Robinson


Company secretary	Marcus Jessop FCA


Registered number	00930546


Registered office	35 Sackville Street
	London
	W1S 3EG


Independent auditors	Wellden Turnbull Limited
	Albany House
	Claremont Lane
	Esher
	Surrey
	KT10 9FQ

CONTENTS

	Page
Directors' report	1 - 2
Independent auditors' report	3 - 6
Statement of comprehensive income	7
Balance sheet	8
Statement of changes in equity	9
Notes to the financial statements	10 - 17

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

The directors present their report and the financial statements for the year ended 31 December 2022.

Directors' responsibilities statement

The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Directors

The directors who served during the year were:

Richard Boide

Dominic Francis Dormeuil

Victor Ashley Dormeuil (appointed 1 April 2022)

Christopher Stopford Robinson

Disclosure of information to auditors

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditors, Wellden Turnbull Limited, were appointed during the year and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 1

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 28 April 2023 and signed on its behalf.

___________________________

Christopher Stopford Robinson

Director

35 Sackville Street

London

W1S 3EG

Page 2

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF

Opinion

We have audited the financial statements of (the 'Company') for the year ended 31 December 2022, which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2022 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 3

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the directors' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit; or

∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 4

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. We have identified the greatest risk of a material impact on the financial statements from irregularities, including fraud, to relate to the timing and recognition of revenue and the override of controls by management. We have obtained an understanding of the legal and regulatory frameworks that the Company operates within including both those that directly have an impact on the financial statements and more widely those for which non-compliance could have a significant impact on the Company’s operations and reputation. The Companies Act 2006, employee legislation, health and safety legislation and data protection are those we have identified in this regard. Auditing standards limit the required procedures as to non-compliance with laws and regulations to enquiries of those charged with governance and review of any applicable correspondence.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

∙Enquiry of management and those charged with governance as to actual and potential litigation and claims;

∙Assessing the reasonableness of revenue recognised in the period based on underlying contractual terms and obligations and the requirements of accounting standards, ensuring that sales are recorded in the correct period;

∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations and accounting standards; and

∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business, and reviewing accounting estimates for bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Other matters

The financial statements for the year ended 31 December 2021 were audited by Heywards who expressed an unmodified opinion on those financial statements.

Page 5

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF (CONTINUED)

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Nelligan FCA (senior statutory auditor)

for and on behalf of

Wellden Turnbull Limited

Albany House

Claremont Lane

Esher

Surrey

KT10 9FQ

28 April 2023

Page 6

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2022

	2022	2021
	£	£


Turnover	771,423	535,848
Cost of sales	(253,444)	(167,365)
Gross profit	517,979	368,483
Distribution costs	(36,487)	(34,218)
Administrative expenses	(518,254)	(432,298)
Other operating income	50,000	101,362
Operating profit	13,238	3,329
Tax on profit	-	-
Profit for the financial year	13,238	3,329

There was no other comprehensive income for 2022 (2021:£NIL).

The notes on pages 10 to 17 form part of these financial statements.

Page 7

REGISTERED NUMBER: 00930546

BALANCE SHEET

AS AT 31 DECEMBER 2022

		2022		2021
Note		£		£

Fixed assets
Tangible assets	5		12,228		13,319
			12,228		13,319
Current assets
Debtors: amounts falling due within one year	6	155,912		118,951
Cash at bank and in hand	7	46,798		50,427
		202,710		169,378
Creditors: amounts falling due within one year	8	(170,911)		(151,908)
Net current assets			31,799		17,470
Total assets less current liabilities			44,027		30,789
Provisions for liabilities
Other provisions	10	(25,000)		(25,000)
			(25,000)		(25,000)
Net assets			19,027		5,789

Capital and reserves
Called up share capital		100	100
Profit and loss account	12	18,927	5,689
		19,027	5,789

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 April 2023.

Christopher Stopford Robinson

Director

The notes on pages 10 to 17 form part of these financial statements.

Page 8

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2022

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2022	100	5,689	5,789
Comprehensive income for the year
Profit for the year	-	13,238	13,238
Other comprehensive income for the year	-	-	-
Total comprehensive income for the year	-	13,238	13,238
Total transactions with owners	-	-	-
At 31 December 2022	100	18,927	19,027

The notes on pages 10 to 17 form part of these financial statements.

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2021

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2021	100	2,360	2,460
Comprehensive income for the year
Profit for the year	-	3,329	3,329
Other comprehensive income for the year	-	-	-
Total comprehensive income for the year	-	3,329	3,329
Total transactions with owners	-	-	-
At 31 December 2021	100	5,689	5,789

The notes on pages 10 to 17 form part of these financial statements.

Page 9

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

1.	General information

The principal activity of the company continued to be that of selling high quality woolen worsted suited fabrics to customers within the UK.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

These financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Compliance with accounting standards

The financial statements have been prepared in accordance with the provisions of FRS102. There were no material departures from that standard.

2.3

Going concern

The financial statements have been prepared on a going concern basis which means that the Company can be expected to meet its liabilities as they fall due for a period of 12 months from the date of signing these financial statements. In assessing the appropriateness of the going concern basis of preparation the Directors have taken into account the key risks of the business. The Directors have considered the Company's business model and availability of cash resources and cite that the Company is profitable, is in a net asset position at the year end and has generated sufficient cash to meet its liabilities during the financial year.
Further, should the Company require it, financial support could be provided from it's parent. Having undertaken this assessment the Directors consider that the Company will be able to meet its liabilities as they fall due for the foreseeable future and it is therefore appropriate to prepare the financial statements on a going concern basis.

Page 10

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.5

Revenue

Turnover represents the sale of Dormeuil cloth, material and commission earned net of VAT.

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure.

Page 11

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

				Land and buildings leasehold	-	over the period of the lease
				Fixtures, fittings & equipment	-	5 to 15 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 12

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.

2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or 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 or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Page 13

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilties 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Employees

The average monthly number of employees, including the directors, during the year was as follows:

	2022	2021
	No.	No.

Total	6	7

5.	Tangible fixed assets

	Long-term leasehold property	Fixtures and fittings	Total
	£	£	£
Cost or valuation
At 1 January 2022	129,734	45,337	175,071
Additions	-	1,966	1,966
At 31 December 2022	129,734	47,303	177,037
Depreciation
At 1 January 2022	129,734	32,018	161,752
Charge for the year on owned assets	-	3,057	3,057
At 31 December 2022	129,734	35,075	164,809
Net book value
At 31 December 2022	-	12,228	12,228
At 31 December 2021	-	13,319	13,319

Page 14

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

Debtors

					2022	2021
					£	£


Trade debtors	59,091	66,523
Amounts owed by group undertakings	51,489	41,668
Other debtors	30,882	8,520
Prepayments and accrued income	14,450	2,240
	155,912	118,951

Amounts owed by group undertakings are interest free and repayable on demand.

7.	Cash and cash equivalents
		2022	2021
		£	£

Cash at bank and in hand	46,798	50,427
	46,798	50,427

8.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Amounts owed to group undertakings	92,851	84,539
Other taxation and social security	11,167	9,955
Accruals and deferred income	66,893	57,414
	170,911	151,908

Amounts owed to group undertakings are interest free and repayable on demand.

9.	Financial instruments
		2022	2021
		£	£

	Financial assets
	Financial assets measured at fair value through profit or loss	46,798	50,427

Financial assets measured at fair value through profit or loss comprise cash and cash equivalents.

Page 15

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

10.	Provisions

		Dilapidationprovision
		£

	At 1 January 2022	25,000
	At 31 December 2022	25,000

11.	Share capital
		2022	2021
		£	£

Allotted, called up and fully paid

100 (2021 - 100) Ordinary Shares shares of £1.00 each	100	100

12.

Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

13.	Pension commitments

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Not later than 1 year	50,000	50,000
Later than 1 year and not later than 5 years	148,630	198,620
	198,630	248,620

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NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

15.	Related party transactions
	The company is exempt under the terms of the Financial Reporting Standard 102 (FRS 102) Section 33 paragraph 1A, from disclosing related party transactions with other group companies, on the grounds that the company is wholly owned within the group and the company is included in consolidated financial statements prepared by the group.

16.	Controlling party

The company's immediate parent undertaking is Dormeuil Freres SAS,a company incorporated in France.

In the Directors' opinion the ultimate parent undertaking is Fraxa Holding SAS, a company incorporate in France. Copies of its group financial statements, which include the company, are available from its registered office at Air Park Sud, 3 Avenue Jeanne Garnerin, 91320, Wissous Cedex, France.

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