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REGISTERED NUMBER: 11870545 (England and Wales)















INNOVCO FASHIONS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2023






INNOVCO FASHIONS LTD (REGISTERED NUMBER: 11870545)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


INNOVCO FASHIONS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2023







DIRECTORS: Mr J. Cohen
Mr S Cohen





REGISTERED OFFICE: 30 Commercial Road
Edmonton
London
N18 1TP





REGISTERED NUMBER: 11870545 (England and Wales)





ACCOUNTANTS: Sinclairs Bartrum Lerner
Chartered Accountants
Second Floor
34 Lime Street
London
EC3M 7AT

INNOVCO FASHIONS LTD (REGISTERED NUMBER: 11870545)

BALANCE SHEET
31ST MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 21,078 26,348

CURRENT ASSETS
Stocks 15,000 15,000
Debtors 5 10,911 9,552
Cash at bank and in hand 1,594 2,677
27,505 27,229
CREDITORS
Amounts falling due within one year 6 148,483 143,818
NET CURRENT LIABILITIES (120,978 ) (116,589 )
TOTAL ASSETS LESS CURRENT LIABILITIES (99,900 ) (90,241 )

CREDITORS
Amounts falling due after more than one year 7 5,864 18,703
NET LIABILITIES (105,764 ) (108,944 )

CAPITAL AND RESERVES
Called up share capital 10 2 2
Retained earnings (105,766 ) (108,946 )
SHAREHOLDERS' FUNDS (105,764 ) (108,944 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 in accordance with Section 476 of the Companies Act 2006.

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.

INNOVCO FASHIONS LTD (REGISTERED NUMBER: 11870545)

BALANCE SHEET - continued
31ST MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4th October 2023 and were signed on its behalf by:





Mr S Cohen - Director


INNOVCO FASHIONS LTD (REGISTERED NUMBER: 11870545)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023


1. STATUTORY INFORMATION

Innovco Fashions Ltd is a private company, limited by shares , registered in England and Wales. The company's 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 (£).


The significant accounting policies applied in the preparation of these financial statements are set out below.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements and going concern
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The financial statements have been prepared on the going concern, which presumes that the company will be able to continue trading for the foreseeable future. The parent company, directors and creditors have indicated their continued intention to provide adequate funds for the company to meet its liabilities as they fall due. If this support were to be withdrawn the company would be unable to continue in operational existence. Adjustments would then have to be made to reduce the balance sheet values to their recoverable amounts and to provide for further liabilities that may arise. The company is unable to quantify the effect of any such adjustments on the financial statements.

The parent company, directors and creditors will continue to support the company for the foreseeable future. The directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Furniture and fixtures - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


INNOVCO FASHIONS LTD (REGISTERED NUMBER: 11870545)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


2. ACCOUNTING POLICIES - continued
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.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independent administered fund. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2022 - 21 ) .

INNOVCO FASHIONS LTD (REGISTERED NUMBER: 11870545)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


4. TANGIBLE FIXED ASSETS
Furniture Fixtures
and and
fixtures fittings Totals
£    £    £   
COST
At 1st April 2022
and 31st March 2023 50,883 125 51,008
DEPRECIATION
At 1st April 2022 24,599 61 24,660
Charge for year 5,257 13 5,270
At 31st March 2023 29,856 74 29,930
NET BOOK VALUE
At 31st March 2023 21,027 51 21,078
At 31st March 2022 26,284 64 26,348

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,228 -
Other debtors 9,683 9,552
10,911 9,552

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 12,839 11,098
Trade creditors 12,258 16,879
Amounts owed to group undertakings 93,391 69,943
Taxation and social security 1,703 4,013
Other creditors 28,292 41,885
148,483 143,818

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 5,864 18,703

INNOVCO FASHIONS LTD (REGISTERED NUMBER: 11870545)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 12,839 11,098
Between one and five years 5,864 18,703
18,703 29,801

Non-cancellable operating leases
2023 2022
£    £   
Within one year 18,500 18,500
Between one and five years 2,940 21,440
21,440 39,940

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 18,703 29,801

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary £1 2 2

11. ULTIMATE CONTROLLING PARTY

The immediate and ultimate parent undertaking is The Innovco Group Limited incorporated in England & Wales. The registered office is 30 Commercial Road, Edmonton, London, United Kingdom, N18 1TP.