Company Registration No. 3210572 (England and Wales)
Hangers of London Limited
Unaudited accounts
for the year ended 31 December 2022
Hangers of London Limited
Unaudited accounts
Contents
Hangers of London Limited
Company Information
for the year ended 31 December 2022
Directors
Barbaros INANC
Naci INANC
Company Number
3210572 (England and Wales)
Registered Office
27 Old Gloucester St
Holborn
London
WC1N 3AX
United Kingdom
Accountants
Jones Hunt & Keelings - Chartered Certified Accountants
71 Knowl Piece
Wilbury Way
Hitchin
Hertfordshire
SG4 0TY
Hangers of London Limited
Statement of financial position
as at 31 December 2022
Cash at bank and in hand
(111,295)
883
Creditors: amounts falling due within one year
(32,347)
(91,768)
Net current assets
949,061
1,100,651
Total assets less current liabilities
949,061
1,187,493
Creditors: amounts falling due after more than one year
(101,255)
(246,372)
Net assets
847,806
941,121
Called up share capital
1,100
1,100
Profit and loss account
846,706
940,021
Shareholders' funds
847,806
941,121
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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2023 and were signed on its behalf by
Barbaros INANC
Director
Company Registration No. 3210572
Hangers of London Limited
Notes to the Accounts
for the year ended 31 December 2022
Hangers of London Limited is a private company, limited by shares, registered in England and Wales, registration number 3210572. The registered office is 27 Old Gloucester St, Holborn, London, WC1N 3AX, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Critical account judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion, there are no significant judgements or key sources of estimation uncertainty.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 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.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Hangers of London Limited
Notes to the Accounts
for the year ended 31 December 2022
The directors are of the opinion that it is appropriate to prepare the accounts on a going concern basis. The company has continued to meet its obligations since the balance sheet date and the directors have agreed adequate facilities with the company bankers and appropriate payment terms with all major creditors. The parent company has pledged its continued support for the foreseeable future.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
7 years / straight line
Motor vehicles
5 years / straight line
Fixtures & fittings
7 years / straight line
Computer equipment
3 years / straight line
Government grants have been accounted for under the accrual model, recognised as other income against the period to which they relate.
The accounts are presented in £ sterling.
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Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 January 2022
182,819
119,686
77,109
13,553
393,167
Disposals
(182,819)
(119,686)
(77,109)
(13,553)
(393,167)
At 31 December 2022
-
-
-
-
-
At 1 January 2022
114,963
102,734
77,109
11,519
306,325
On disposals
(114,963)
(102,734)
(77,109)
(11,519)
(306,325)
At 31 December 2022
-
-
-
-
-
At 31 December 2022
-
-
-
-
-
At 31 December 2021
67,856
16,952
-
2,034
86,842
Amounts falling due within one year
Trade debtors
55,951
147,656
Other debtors
1,800
116,800
Amounts falling due after more than one year
Amounts due from group undertakings etc.
1,034,952
732,952
Hangers of London Limited
Notes to the Accounts
for the year ended 31 December 2022
6
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
-
58,670
Trade creditors
(7,424)
(2,851)
Taxes and social security
-
53,454
Other creditors
296
(53,101)
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Creditors: amounts falling due after more than one year
2022
2021
Bank loans
170,833
246,372
Amounts owed to group undertakings and other participating interests
2,462
-
Loans from directors
(72,040)
-
The secured debts for 2022 are £170,833 and for 2021 they are £246,372
The Company operates a defined contributions pension scheme for its employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £0 (2021 - £791). Contributions totalling £0 (2021 - £0) were payable to the fund at the balance sheet date and are included in creditors.
9
Transactions with related parties
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable to the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
HOL Holdings Limited is regarded by the directors as being the ultimate parent company, the immediate parent company is HOL Trading Holdings Limited.
HOL Holdings Limited is controlled by N Inanc, B Inanc and B Inanc. HOL Holdings Limited prepares financial statements and they can be obtained at the following address:
27 Old Gloucester Street
London
England
WC1N 3AX
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Average number of employees
During the year the average number of employees was 0 (2021: 8).