Registered number
09885974
ECHO FASHION LTD
Filleted Accounts
31 December 2023
ECHO FASHION LTD
Registered number: 09885974
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 488,957 495,533
Current assets
Stocks 342,629 409,961
Debtors 4 421,433 504,633
Cash at bank and in hand 172,686 188,980
936,748 1,103,574
Creditors: amounts falling due within one year 5 (766,685) (941,352)
Net current assets 170,063 162,222
Net assets 659,020 657,755
Capital and reserves
Called up share capital 100 100
Profit and loss account 658,920 657,655
Shareholders' funds 659,020 657,755
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 his 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.
BEHCET AKYAR
Director
Approved by the board on 5 April 2024
ECHO FASHION LTD
Notes to the Accounts
for the year ended 31 December 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:
Leasehold land and buildings Nil
Plant and machinery over 15 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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 10 10
3 Tangible fixed assets
Land and buildings Plant and machinery etc Fixture and fittings Total
£ £ £ £
Cost
At 1 January 2023 3,656 798,472 64,657 866,785
Additions - 8,919 15,265 24,184
Disposals - (5,773) - (5,773)
At 31 December 2023 3,656 801,618 79,922 885,196
Depreciation
At 1 January 2023 - 342,501 28,751 371,252
Charge for the year - 12,864 17,897 30,761
On disposals - (5,774) - (5,774)
At 31 December 2023 - 349,591 46,648 396,239
Net book value
At 31 December 2023 3,656 452,027 33,274 488,957
At 31 December 2022 3,656 455,971 35,906 495,533
4 Debtors 2023 2022
£ £
Trade debtors 388,003 467,717
Other debtors 33,430 36,916
421,433 504,633
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 125,423 147,635
Taxation and social security costs 56,708 101,961
Other creditors 584,554 691,756
766,685 941,352
6 Registration of a charge
The charges consist of fixed and floating charges and the person entitled is Barclays Bank plc.
7 Related party transactions
Included in the other creditors at the year end is an amount of £127,447 (2021: £346,758) due to the director of the company, Mr Behcet Akyar.
8 Controlling party
Ultimate controlling party is Mr Behcet Akyar as director and majority shareholder throughout the current and previous year.
9 Other information
ECHO FASHION LTD is a private company limited by shares and incorporated in England. Its registered office is:
389C HIGH ROAD
WOOD GREEN
LONDON
N22 8JA
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