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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
Page
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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
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London Fashion Collective Ltd Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Current assets
Inventories
- 
10,209 
Debtors
(13,801)
(9,368)
Cash at bank and in hand
8,807 
428 
(4,994)
1,269 
Creditors: amounts falling due within one year
587 
(4,916)
Net current liabilities
(4,407)
(3,647)
Net liabilities
(4,407)
(3,647)
Capital and reserves
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
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London Fashion Collective Ltd Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
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.
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.
Incorporation
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
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
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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London Fashion Collective Ltd Notes to the Accounts for the year ended 31 December 2023
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.
Presentation currency
The accounts are presented in £ sterling.
4
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
(468)
4,260 
Trade debtors
359 
272 
Other debtors
(13,692)
(13,900)
(13,801)
(9,368)
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).
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