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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
Page
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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
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Hangers of London Limited Statement of financial position as at 31 December 2022
2022 
2021 
Notes
£ 
£ 
Fixed assets
Tangible assets
- 
86,842 
Current assets
Inventories
- 
194,128 
Debtors
1,092,703 
997,408 
Cash at bank and in hand
(111,295)
883 
981,408 
1,192,419 
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 
Capital and reserves
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
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Hangers of London Limited Notes to the Accounts for the year ended 31 December 2022
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
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
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
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
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 taxation
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.
Financial instruments
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.
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Hangers of London Limited Notes to the Accounts for the year ended 31 December 2022
Going concern
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
Government grants have been accounted for under the accrual model, recognised as other income against the period to which they relate.
Presentation currency
The accounts are presented in £ sterling.
4
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
- 
- 
- 
- 
- 
Depreciation
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
- 
- 
- 
- 
- 
Net book value
At 31 December 2022
- 
- 
- 
- 
- 
At 31 December 2021
67,856 
16,952 
- 
2,034 
86,842 
5
Debtors
2022 
2021 
£ 
£ 
Amounts falling due within one year
Trade debtors
55,951 
147,656 
Other debtors
1,800 
116,800 
57,751 
264,456 
Amounts falling due after more than one year
Amounts due from group undertakings etc.
1,034,952 
732,952 
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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 
VAT
39,475 
35,596 
Trade creditors
(7,424)
(2,851)
Taxes and social security
- 
53,454 
Other creditors
296 
(53,101)
32,347 
91,768 
7
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)
- 
101,255 
246,372 
The secured debts for 2022 are £170,833 and for 2021 they are £246,372
8
Pension commitments
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.
10
Controlling party
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
11
Average number of employees
During the year the average number of employees was 0 (2021: 8).
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