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REGISTERED NUMBER: 01475642 (England and Wales)














FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

FLICK FASHIONS LIMITED

FLICK FASHIONS LIMITED (REGISTERED NUMBER: 01475642)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023




Page

Abridged Statement of Financial Position 1

Notes to the Financial Statements 3


FLICK FASHIONS LIMITED (REGISTERED NUMBER: 01475642)

ABRIDGED STATEMENT OF FINANCIAL POSITION
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 71,939 46,631

CURRENT ASSETS
Stocks 354,000 296,790
Debtors 93,228 591,797
Cash at bank and in hand 568 2,656
447,796 891,243
CREDITORS
Amounts falling due within one year 1,397,682 1,570,603
NET CURRENT LIABILITIES (949,886 ) (679,360 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(877,947

)

(632,729

)

CREDITORS
Amounts falling due after more than one
year

15,833

65,630
NET LIABILITIES (893,780 ) (698,359 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (893,880 ) (698,459 )
SHAREHOLDERS' FUNDS (893,780 ) (698,359 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

FLICK FASHIONS LIMITED (REGISTERED NUMBER: 01475642)

ABRIDGED STATEMENT OF FINANCIAL POSITION - continued
31ST DECEMBER 2023


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

All the members have consented to the preparation of an abridged Income Statement and an abridged Statement of Financial Position for the year ended 31st December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19th September 2024 and were signed on its behalf by:





T Sharif - Director


FLICK FASHIONS LIMITED (REGISTERED NUMBER: 01475642)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. STATUTORY INFORMATION

Flick Fashions Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 01475642

Registered office: Unit F4 Bluegate Park
Hubert Road
Brentwood
Essex
CM14 4JE

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
The turnover shown in the profit and loss account represents the amounts invoiced during the year, exclusive of Value Added Tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - Over the term of the Lease
Plant and machinery etc - 25% on reducing balance, 25% on cost and 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.


FLICK FASHIONS LIMITED (REGISTERED NUMBER: 01475642)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

2. ACCOUNTING POLICIES - continued
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 13 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st January 2023 272,288
Additions 55,323
Impairments (73,590 )
At 31st December 2023 254,021
DEPRECIATION
At 1st January 2023 225,657
Charge for year 19,604
Impairments (63,179 )
At 31st December 2023 182,082
NET BOOK VALUE
At 31st December 2023 71,939
At 31st December 2022 46,631

FLICK FASHIONS LIMITED (REGISTERED NUMBER: 01475642)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

5. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 129,408 190,009
Bank loans 71,066 151,034
200,474 341,043

Bank loan and overdraft are secured by a first legal charge on the freehold property held personally by the directors.

6. RELATED PARTY DISCLOSURES

On 12 July 2023, as part of a restructuring process, the shares owned by KTS Group Ltd were transferred to Mssrs T Sharif & family. The company from this date does not form part of the wider group.

During the year the company charged a management fee of £97,697 (2022: £96,683) to KTS Pension Fund.