Registered number
07456079
Koko Fashion Limited
Filleted Accounts
31 March 2023
Ref:
K014
Koko Fashion Limited
Registered number: 07456079
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 38,106 45,114
Current assets
Stocks 935,500 851,500
Debtors 4 96,915 96,654
Cash at bank and in hand 239,769 184,860
1,272,184 1,133,014
Creditors: amounts falling due within one year 5 (495,775) (432,369)
Net current assets 776,409 700,645
Total assets less current liabilities 814,515 745,759
Creditors: amounts falling due after more than one year 6 (34,779) (44,167)
Net assets 779,736 701,592
.
Capital and reserves
Called up share capital 100 100
Profit and loss account 779,636 701,492
Shareholders' funds 779,736 701,592
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 members have 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.
Mrs Jian Fei Wu
Director
Approved by the board on 24 December 2023
Koko Fashion Limited
Notes to the Accounts
for the year ended 31 March 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:
Plant and machinery 20% reducing balance
Fixtures and fittings 20% 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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 9 12
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 193,385
Additions 2,156
At 31 March 2023 195,541
Depreciation
At 1 April 2022 148,271
Charge for the year 9,164
At 31 March 2023 157,435
Net book value
At 31 March 2023 38,106
At 31 March 2022 45,114
4 Debtors 2023 2022
£ £
Trade debtors 160 434
Other debtors 96,755 96,220
96,915 96,654
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 416,560 371,388
Taxation and social security costs 38,765 24,990
Other creditors 40,450 35,991
495,775 432,369
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 34,779 44,167
7 Other information
Koko Fashion Limited is a private company limited by shares and incorporated in England. Its registered office is:
38 Derby Street
Manchester
M8 8HN
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