Registered number
11408640
FOSSILS LONDON LTD
Unaudited Filleted Accounts
30 June 2023
FOSSILS LONDON LTD
Registered number: 11408640
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 4,441 3,794
Current assets
Stocks 43,625 39,907
Debtors 4 19,614 19,629
Cash at bank and in hand 10,680 21,217
73,919 80,753
Creditors: amounts falling due within one year 5 (71,724) (74,867)
Net current assets 2,195 5,886
Total assets less current liabilities 6,636 9,680
Provisions for liabilities (840) (720)
Net assets 5,796 8,960
Capital and reserves
Called up share capital 1 1
Profit and loss account 5,795 8,959
Shareholder's funds 5,796 8,960
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ms Catherine Coulter
Director
Approved by the board on 5 October 2023
FOSSILS LONDON LTD
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
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).
Turnover
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.
Tangible fixed assets
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:
Fixtures, fittings, tools and equipment 25% on reducing balance
Stocks
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.
Debtors
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.
Creditors
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.
Taxation
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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022 8,067
Additions 2,127
At 30 June 2023 10,194
Depreciation
At 1 July 2022 4,273
Charge for the year 1,480
At 30 June 2023 5,753
Net book value
At 30 June 2023 4,441
At 30 June 2022 3,794
4 Debtors 2023 2022
£ £
Other debtors 19,614 19,629
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 3,351 2,593
Taxation and social security costs 3,569 4,076
Other creditors 64,804 68,198
71,724 74,867
6 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 13,442 24,178
7 Dividends 2023 2022
£ £
Interim dividends on Ordinary shares of £1 each 1,000 2,000
8 Related party transactions
Other creditors includes a loan to the company from the sole director of £63,126 (2022: £66,518) which is unsecured, interest-free and with no fixed repayment date.
9 Other information
FOSSILS LONDON LTD is a private company limited by shares and incorporated in England. Its registered office is:
25a Museum Street
London
WC1A 1JU
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