Company Registration No. 13632168 (England and Wales)
London Fashion Collective Ltd
Unaudited accounts
for the year ended 31 December 2023
London Fashion Collective Ltd
Unaudited accounts
Contents
London Fashion Collective Ltd
Company Information
for the year ended 31 December 2023
Directors
Barbaros INANC
Scott ASHCROFT
Company Number
13632168 (England and Wales)
Registered Office
103 King's Cross Road
London
WC1X 9LP
United Kingdom
London Fashion Collective Ltd
Statement of financial position
as at 31 December 2023
Cash at bank and in hand
8,807
428
Creditors: amounts falling due within one year
587
(4,916)
Net current liabilities
(4,407)
(3,647)
Net liabilities
(4,407)
(3,647)
Called up share capital
100
100
Profit and loss account
(4,507)
(3,747)
Shareholders' funds
(4,407)
(3,647)
For the year ending 31 December 2023 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 7 February 2024 and were signed on its behalf by
Barbaros INANC
Director
Company Registration No. 13632168
London Fashion Collective Ltd
Notes to the Accounts
for the year ended 31 December 2023
London Fashion Collective Ltd is a private company, limited by shares, registered in England and Wales, registration number 13632168. The registered office is 103 King's Cross Road, London, WC1X 9LP, 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.
The company was incorporated on 20 September 2021.
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.
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.
London Fashion Collective Ltd
Notes to the Accounts
for the year ended 31 December 2023
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.
The accounts are presented in £ sterling.
Amounts falling due within one year
Other debtors
(13,692)
(13,900)
5
Creditors: amounts falling due within one year
2023
2022
Trade creditors
(587)
4,916
6
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.
7
Average number of employees
During the year the average number of employees was 0 (2022: 0).