Londonsac Limited
Unaudited Financial Statements
For the year ended 30 June 2023
Pages for Filing with Registrar
Company Registration No. 07671740 (England and Wales)
Londonsac Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Londonsac Limited
Balance Sheet
As at 30 June 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
0
-
0
Current assets
Debtors
4
538
230
Cash at bank and in hand
214,170
211,546
214,708
211,776
Creditors: amounts falling due within one year
5
(5,435,252)
(5,406,460)
Net current liabilities
(5,220,544)
(5,194,684)
Capital and reserves
Called up share capital
6
50,000
50,000
Profit and loss reserves
(5,270,544)
(5,244,684)
Total equity
(5,220,544)
(5,194,684)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 12 January 2024 and are signed on its behalf by:
Rahimo Haiderali Sacoor
Director
Company Registration No. 07671740
Londonsac Limited
Notes to the Financial Statements
For the year ended 30 June 2023
Page 2
1
Accounting policies
Company information

Londonsac Limited is a private company limited by shares incorporated in England and Wales. The registered office is Charlotte Building, 17 Gresse Street, London, W1T 1QL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At 30 June 2023, the company had net current liabilities of £5,220,544 (2022: £5,194,684) of which amounts due to the directors total £1,272,885 (2022: £1,272,692) and amounts due to a related party of £4,156,135 (2022: £4,038,138).

 

As a result of the coronavirus pandemic and subsequent lockdowns in the United Kingdom, the store closed from the end of March 2020, the company made staff redundant and the company exited their operating lease from the store in Westfield shopping centre. The directors continue to monitor and look for new opportunities with regards to reopening a store in the UK.

 

The directors have confirmed that they will continue to provide financial support for the foreseeable future and for a period of at least 12 months from the date of signing of these accounts and not require repayment of the loan until the company can afford to make repayments. Accordingly the directors consider it appropriate that the financial statements are prepared on a going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Londonsac Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
1
Accounting policies
(Continued)
Page 3
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
8 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The Company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

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

Londonsac Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
Page 4
3
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 July 2022
2,066
Disposals
(2,066)
At 30 June 2023
-
0
Depreciation and impairment
At 1 July 2022
2,066
Eliminated in respect of disposals
(2,066)
At 30 June 2023
-
0
Carrying amount
At 30 June 2023
-
0
At 30 June 2022
-
0
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
538
230
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
6,232
2,977
Other creditors
5,429,020
5,402,788
Accruals and deferred income
-
0
695
5,435,252
5,406,460

 

6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50,000
50,000
Londonsac Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
Page 5
7
Related party transactions

At 30 June 2023, there were amounts due to the directors of £1,272,885 (2022: £1,272,692), outstanding on their directors' current account.

 

During the year expenses of £24,200 (2022: £74,400) were recharged to, and purchases totalling £4,156,135 (2022: £4,038,138) were made from Sacentro, a fellow subsidiary company.

8
Controlling party

There is no overall controlling party.

2023-06-302022-07-01false07 February 2024CCH SoftwareCCH Accounts Production 2023.200No description of principal activityMalik Haiderali SacoorSalim Haiderali SacoorRahimo Haiderali SacoorMoez Haiderali Sacoor076717402022-07-012023-06-30076717402023-06-30076717402022-06-3007671740core:OtherPropertyPlantEquipment2023-06-3007671740core:OtherPropertyPlantEquipment2022-06-3007671740core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3007671740core:CurrentFinancialInstrumentscore:WithinOneYear2022-06-3007671740core:ShareCapital2023-06-3007671740core:ShareCapital2022-06-3007671740core:RetainedEarningsAccumulatedLosses2023-06-3007671740core:RetainedEarningsAccumulatedLosses2022-06-3007671740bus:Director32022-07-012023-06-3007671740core:FurnitureFittings2022-07-012023-06-3007671740core:OtherPropertyPlantEquipment2022-06-3007671740core:OtherPropertyPlantEquipment2022-07-012023-06-3007671740core:CurrentFinancialInstruments2023-06-3007671740core:CurrentFinancialInstruments2022-06-3007671740bus:PrivateLimitedCompanyLtd2022-07-012023-06-3007671740bus:SmallCompaniesRegimeForAccounts2022-07-012023-06-3007671740bus:FRS1022022-07-012023-06-3007671740bus:AuditExemptWithAccountantsReport2022-07-012023-06-3007671740bus:Director12022-07-012023-06-3007671740bus:Director22022-07-012023-06-3007671740bus:Director42022-07-012023-06-3007671740bus:FullAccounts2022-07-012023-06-30xbrli:purexbrli:sharesiso4217:GBP