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COMPANY REGISTRATION NUMBER: 03166077
NEW WORLD FASHION GROUP LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 December 2022
NEW WORLD FASHION GROUP LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2022
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
NEW WORLD FASHION GROUP LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
Y C Pham
T A Pham
Registered office
215 Mare Street
London
England
E8 3QE
Accountants
TC BSG Valentine Limited
Accountants
Lynton House
7-12 Tavistock Square
London
WC1H 9BQ
NEW WORLD FASHION GROUP LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2022
2022
2021
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
11,711
21,363
CURRENT ASSETS
Debtors
6
2,382,799
2,367,006
Cash at bank and in hand
104,087
------------
------------
2,382,799
2,471,093
CREDITORS: amounts falling due within one year
7
( 486,507)
( 545,972)
------------
------------
NET CURRENT ASSETS
1,896,292
1,925,121
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
1,908,003
1,946,484
CREDITORS: amounts falling due after more than one year
8
( 2,109,705)
( 2,109,705)
------------
------------
NET LIABILITIES
( 201,702)
( 163,221)
------------
------------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
( 201,802)
( 163,321)
---------
---------
SHAREHOLDERS DEFICIT
( 201,702)
( 163,221)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2022 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
NEW WORLD FASHION GROUP LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2022
These financial statements were approved by the board of directors and authorised for issue on 29 March 2024 , and are signed on behalf of the board by:
T A Pham
Director
Company registration number: 03166077
NEW WORLD FASHION GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2022
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 215 Mare Street, London, E8 3QE, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Revenue recognition Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings - 25% reducing balance
Equipment - 33% straight line
Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2021: 21 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 January 2022 and 31 December 2022
102,146
145,897
248,043
---------
---------
---------
Depreciation
At 1 January 2022
85,913
140,767
226,680
Charge for the year
4,522
5,130
9,652
---------
---------
---------
At 31 December 2022
90,435
145,897
236,332
---------
---------
---------
Carrying amount
At 31 December 2022
11,711
11,711
---------
---------
---------
At 31 December 2021
16,233
5,130
21,363
---------
---------
---------
6. Debtors
2022
2021
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
33,952
Other debtors
2,348,847
2,367,006
------------
------------
2,382,799
2,367,006
------------
------------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
12,033
Amounts owed to group undertakings
463,148
463,148
Social security and other taxes
37,728
Other creditors
23,359
33,063
---------
---------
486,507
545,972
---------
---------
Details of security held by the company's bankers are as follows. Debenture including fixed charge over all present freehold and leasehold property; first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and first floating charge over all assets and undertaking both present and future dated 11 December 2002.
8. Creditors: amounts falling due after more than one year
2022
2021
£
£
Amounts owed to group undertakings
2,109,705
2,109,705
------------
------------
9. Related party transactions
The company has taken advantage of the exemption available in FRS102 Section 33 Related Party Disclosures not to disclose transactions entered into between members of a group since any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group.