Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-01-312023-02-01falsewholesale of clothing88truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 11178208 2023-02-01 2024-01-31 11178208 2022-02-01 2023-01-31 11178208 2024-01-31 11178208 2023-01-31 11178208 c:Director1 2023-02-01 2024-01-31 11178208 d:OfficeEquipment 2023-02-01 2024-01-31 11178208 d:OfficeEquipment 2024-01-31 11178208 d:OfficeEquipment 2023-01-31 11178208 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 11178208 d:CurrentFinancialInstruments 2024-01-31 11178208 d:CurrentFinancialInstruments 2023-01-31 11178208 d:Non-currentFinancialInstruments 2024-01-31 11178208 d:Non-currentFinancialInstruments 2023-01-31 11178208 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 11178208 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 11178208 d:Non-currentFinancialInstruments d:AfterOneYear 2024-01-31 11178208 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-31 11178208 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-01-31 11178208 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-01-31 11178208 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-01-31 11178208 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-01-31 11178208 d:ShareCapital 2024-01-31 11178208 d:ShareCapital 2023-01-31 11178208 d:RetainedEarningsAccumulatedLosses 2024-01-31 11178208 d:RetainedEarningsAccumulatedLosses 2023-01-31 11178208 d:AcceleratedTaxDepreciationDeferredTax 2024-01-31 11178208 d:AcceleratedTaxDepreciationDeferredTax 2023-01-31 11178208 d:TaxLossesCarry-forwardsDeferredTax 2024-01-31 11178208 d:TaxLossesCarry-forwardsDeferredTax 2023-01-31 11178208 d:RetirementBenefitObligationsDeferredTax 2024-01-31 11178208 d:RetirementBenefitObligationsDeferredTax 2023-01-31 11178208 c:FRS102 2023-02-01 2024-01-31 11178208 c:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 11178208 c:FullAccounts 2023-02-01 2024-01-31 11178208 c:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 11178208 2 2023-02-01 2024-01-31 11178208 e:PoundSterling 2023-02-01 2024-01-31 iso4217:GBP xbrli:pure

Registered number:  11178208














GLOBAL FASHION BRANDS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024


 
GLOBAL FASHION BRANDS LIMITED
REGISTERED NUMBER: 11178208

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
8,011
10,572

  
8,011
10,572

Current assets
  

Stocks
  
132,189
83,090

Debtors: amounts falling due within one year
 5 
228,910
130,378

Cash at bank and in hand
 6 
37,813
34,482

  
398,912
247,950

Creditors: amounts falling due within one year
 7 
(404,635)
(161,278)

Net current (liabilities)/assets
  
 
 
(5,723)
 
 
86,672

Total assets less current liabilities
  
2,288
97,244

Creditors: amounts falling due after more than one year
 8 
(40,126)
(72,504)

Provisions for liabilities
  

Deferred tax
 10 
-
(1,649)

  
 
 
-
 
 
(1,649)

Net (liabilities)/assets
  
(37,838)
23,091


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(37,938)
22,991

  
(37,838)
23,091


Page 1

 
GLOBAL FASHION BRANDS LIMITED
REGISTERED NUMBER: 11178208
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
R Talwar
Director

Date: 16 October 2024

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
GLOBAL FASHION BRANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

The company is a private company limited by shares, which is incorporated under the Companies Act 2006 and registered in England and Wales (no.11178208). The address of the registered office is The Plaza, 100 Old Hall Street, Liverpool, England, L3 9QJ.
These financial statements present information about the company as an individual undertaking; it is not a member of a group of companies. The principal activity of the company during the year was that of the wholesale of clothing.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
GLOBAL FASHION BRANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
GLOBAL FASHION BRANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
25%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
GLOBAL FASHION BRANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2023 - 8).

Page 6

 
GLOBAL FASHION BRANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 February 2023
24,794


Additions
2,128



At 31 January 2024

26,922



Depreciation


At 1 February 2023
14,223


Charge for the year on owned assets
4,688



At 31 January 2024

18,911



Net book value



At 31 January 2024
8,011



At 31 January 2023
10,572

Page 7

 
GLOBAL FASHION BRANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


Debtors

2024
2023
£
£


Trade debtors
179,321
100,578

Other debtors
37,851
27,774

Prepayments and accrued income
2,930
2,026

Deferred taxation
8,808
-

228,910
130,378



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
37,813
34,482

37,813
34,482


Page 8

 
GLOBAL FASHION BRANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
32,379
31,580

Other loans
18,742
-

Trade creditors
126,340
91,203

Corporation tax
-
1,058

Other taxation and social security
3,892
5,113

Other creditors
215,830
27,468

Accruals and deferred income
7,452
4,856

404,635
161,278


The following liabilities were secured:

2024
2023
£
£



Other creditors
159,549
4,241

Bank loans
32,379
31,580

191,928
35,821

Details of security provided:

The other creditors are secured by fixed and floating charges held against the assets of the company.
The bank loans are secured by fixed and floating charges held against the assets of the company.

Page 9

 
GLOBAL FASHION BRANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
40,126
72,504

40,126
72,504


The following liabilities were secured:

2024
2023
£
£



Bank loans
40,126
72,504

40,126
72,504

Details of security provided:

The bank loans are secured by fixed and floating charges held against the assets of the company.

Page 10

 
GLOBAL FASHION BRANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
32,379
31,580

Other loans
18,742
-


51,121
31,580

Amounts falling due 1-2 years

Bank loans
33,197
32,379


33,197
32,379

Amounts falling due 2-5 years

Bank loans
6,928
40,125


6,928
40,125


91,246
104,084



10.


Deferred taxation




2024


£






At beginning of year
(1,650)


Charged to profit or loss
10,458



At end of year
8,808

Page 11

 
GLOBAL FASHION BRANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
 
10.Deferred taxation (continued)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(1,627)
(1,714)

Short term timing differences
639
64

Losses carried forward
9,796
-

8,808
(1,650)


11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £4,300 (2023: £3,867). Contributions totalling £875 (2023: £897) were payable to the fund at the balance sheet date and are included in creditors.


12.


Related party transactions

Included in other creditors is £55,406 (2023: £976) owed to the director. The loan is repayable on demand.


13.


Controlling party

The company is under the control of R Talwar by virtue of his shareholding.

Page 12