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Registration number: 08440699

Kilic Fashion Limited (Purplish London)

trading as Purplish London

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Kilic Fashion Limited (Purplish London)

trading as Purplish London

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Kilic Fashion Limited (Purplish London)

trading as Purplish London

Company Information

Directors

Mr Hikmet Kilic

Ms Hyun Sook Baik

Registered office

124 Commercial Road
London
E1 1NL

Bankers

Metro Bank Plc

Natwest Bank Plc

 

Kilic Fashion Limited (Purplish London)

trading as Purplish London

(Registration number: 08440699)
Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,527

3,944

Other financial assets

250,000

500,000

 

253,527

503,944

Current assets

 

Stocks

5

14,675

94,000

Debtors

6

280,408

30,821

Cash at bank and in hand

 

144,170

201,134

 

439,253

325,955

Creditors: Amounts falling due within one year

7

(60,540)

(125,026)

Net current assets

 

378,713

200,929

Total assets less current liabilities

 

632,240

704,873

Creditors: Amounts falling due after more than one year

7

(133,888)

(177,311)

Net assets

 

498,352

527,562

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

497,352

526,562

Shareholders' funds

 

498,352

527,562

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 23 November 2023 and signed on its behalf by:
 

 

Kilic Fashion Limited (Purplish London)

trading as Purplish London

(Registration number: 08440699)
Statement of Financial Position as at 31 March 2023

.........................................
Mr Hikmet Kilic
Director

 

Kilic Fashion Limited (Purplish London)

trading as Purplish London

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
124 Commercial Road
London
E1 1NL

These financial statements were authorised for issue by the Board on 23 November 2023.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Adjusting events after the financial period

Ms Hyun Sook Baik resigned as director of the company on 21 July 2023.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Kilic Fashion Limited (Purplish London)

trading as Purplish London

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20%, straight line

Plant and machinery

20%, straight line

Office equipment

20%, straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Kilic Fashion Limited (Purplish London)

trading as Purplish London

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Kilic Fashion Limited (Purplish London)

trading as Purplish London

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to or from related parties and investments in non-puttable ordinary shares.
 
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 profit or loss.

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 the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date. Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

Kilic Fashion Limited (Purplish London)

trading as Purplish London

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

34,777

81,211

9,115

125,103

Additions

3,644

-

-

3,644

At 31 March 2023

38,421

81,211

9,115

128,747

Depreciation

At 1 April 2022

30,833

81,211

9,115

121,159

Charge for the year

4,061

-

-

4,061

At 31 March 2023

34,894

81,211

9,115

125,220

Carrying amount

At 31 March 2023

3,527

-

-

3,527

At 31 March 2022

3,944

-

-

3,944

5

Stocks

2023
£

2022
£

Stocks

14,675

94,000

6

Debtors

Current

2023
£

2022
£

Trade debtors

24,028

24,100

Other debtors

256,380

6,721

 

280,408

30,821

7

Creditors

Creditors: amounts falling due within one year

 

Kilic Fashion Limited (Purplish London)

trading as Purplish London

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2023
£

2022
£

Due within one year

Trade creditors

11,199

66,120

Taxation and social security

49,341

55,906

Accruals and deferred income

-

3,000

60,540

125,026

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

133,888

177,311

8

Related party transactions

Summary of transactions with other related parties



 

Loans to related parties

2023

Total
£

At start of period

500,000

Repaid

(250,000)

At end of period

250,000

Terms of loans to related parties

The company previously made an interest free loan to HK Property Limited (09999902) of £500,000, both companies share a common director-shareholder, Mr Hikmet Kilic. During the year HK Property Limited repaid £250,000. The balance at the year end is £250,000.