CITY CHIC COLLECTIVE UK LIMITED

Company Registration Number:
13084123 (England and Wales)

Unaudited statutory accounts for the year ended 30 June 2024

Period of accounts

Start date: 3 July 2023

End date: 30 June 2024

CITY CHIC COLLECTIVE UK LIMITED

Contents of the Financial Statements

for the Period Ended 30 June 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

CITY CHIC COLLECTIVE UK LIMITED

Directors' report period ended 30 June 2024

The directors present their report with the financial statements of the company for the period ended 30 June 2024

Principal activities of the company

City Chic Collective UK Limited was previously an omni-channel retailer specialising in plus-size women’s apparel, footwear and accessories. It was a collective of customer-led brands including City Chic, CCX and Evans. City Chic and CCX are better dressing for plus women whilst Evans targeted a broad customer base across the conservative and fashion segments, both with a long history and significant online customer following. City Chic Collective UK Limited also sold the collective of brands through third-party marketplace and wholesale partners in the UK and Europe. On 3 August 2023, the company divested the Evans business and all inventory via an asset sale and purchase agreement (the Agreement). Under the Agreement, the Evans brand, intellectual property, customer base and all inventory has been sold for a total cash consideration of £8,000,000. Net of transaction costs, and the closure of the UK warehouse, the consideration was £6,400,000. The carrying value of net assets at the date of disposal was £8,086,795 leading to a loss of £86,795 being recognised on disposal. It is noted that in the prior period an impairment was already taken on these assets, knowing the approximate disposal value at June 2023 (Note 23). City Chic retains the right to trade under the City Chic and other non-Evans brands in the UK and EMEA in the future. As such the directors plan to maintain City Chic Collective UK Limited for future business in the region and the Parent entity will continue to support the company.



Directors

The director shown below has held office during the whole of the period from
3 July 2023 to 30 June 2024

Philip Daniel Ryan


Secretary Jacqueline Anne Shanahan

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
20 December 2024

And signed on behalf of the board by:
Name: Philip Daniel Ryan
Status: Director

CITY CHIC COLLECTIVE UK LIMITED

Profit And Loss Account

for the Period Ended 30 June 2024

2024 2023


£

£
Turnover: 792,767 20,712,938
Cost of sales: ( 385,599 ) ( 19,830,951 )
Gross profit(or loss): 407,168 881,987
Administrative expenses: ( 1,047,979 ) ( 16,441,126 )
Operating profit(or loss): (640,811) (15,559,139)
Profit(or loss) before tax: (640,811) (15,559,139)
Tax: 0 202,666
Profit(or loss) for the financial year: (640,811) (15,356,473)

CITY CHIC COLLECTIVE UK LIMITED

Balance sheet

As at 30 June 2024

Notes 2024 2023


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets: 3 0 148,735
Tangible assets: 4 0 4,777
Investments:   0 0
Total fixed assets: 0 153,512
Current assets
Stocks: 5 0 6,021,779
Debtors: 6 5,293,328 2,346,963
Cash at bank and in hand: 2,031 1,555,505
Investments:   0 0
Total current assets: 5,295,359 9,924,247
Creditors: amounts falling due within one year: 7 ( 2,321,529 ) ( 5,828,336 )
Net current assets (liabilities): 2,973,830 4,095,911
Total assets less current liabilities: 2,973,830 4,249,423
Provision for liabilities: ( 634,782 )
Total net assets (liabilities): 2,973,830 3,614,641
Capital and reserves
Called up share capital: 41,934,100 41,934,100
Share premium account: 0 0
Other reserves: 0 0
Profit and loss account: (38,960,270 ) (38,319,459 )
Total Shareholders' funds: 2,973,830 3,614,641

The notes form part of these financial statements

CITY CHIC COLLECTIVE UK LIMITED

Balance sheet statements

For the year ending 30 June 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

This report was approved by the board of directors on 20 December 2024
and signed on behalf of the board by:

Name: Philip Daniel Ryan
Status: Director

The notes form part of these financial statements

CITY CHIC COLLECTIVE UK LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised: Sale of goods Turnover 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 turnover 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.

    Tangible fixed assets depreciation policy

    Tangible 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 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: Computer equipment 3 years 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.

    Intangible fixed assets amortisation policy

    Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life and are amortised on a straight-line basis to the Statement of Comprehensive Income over their useful economic lives. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows: Brand 10 years Customer listing 3 years Goodwill 10 years Computer software 5 years Web development 4 years

CITY CHIC COLLECTIVE UK LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 0 2

CITY CHIC COLLECTIVE UK LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 3 July 2023 13,263,266 8,939,243 22,202,509
Additions
Disposals 0 ( 8,700,000 ) ( 8,700,000 )
Revaluations
Transfers
At 30 June 2024 13,263,266 239,243 13,502,509
Amortisation
At 3 July 2023 13,263,266 8,790,508 22,053,774
Charge for year 108,133 108,133
On disposals ( 8,700,000 ) ( 8,700,000 )
Other adjustments 40,602 40,602
At 30 June 2024 13,263,266 239,243 13,502,509
Net book value
At 30 June 2024 0 0 0
At 2 July 2023 0 148,735 148,735

CITY CHIC COLLECTIVE UK LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

4. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 3 July 2023 15,490 15,490
Additions
Disposals
Revaluations
Transfers
At 30 June 2024 15,490 15,490
Depreciation
At 3 July 2023 10,713 10,713
Charge for year 4,777 4,777
On disposals
Other adjustments
At 30 June 2024 15,490 15,490
Net book value
At 30 June 2024 0 0
At 2 July 2023 4,777 4,777

CITY CHIC COLLECTIVE UK LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

5. Stocks

2024 2023
£ £
Stocks 0 6,021,779
Total 0 6,021,779

CITY CHIC COLLECTIVE UK LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

6. Debtors

2024 2023
£ £
Trade debtors 0 1,125,305
Prepayments and accrued income 76,063
Other debtors 5,293,328 1,145,595
Total 5,293,328 2,346,963

CITY CHIC COLLECTIVE UK LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

7. Creditors: amounts falling due within one year note

2024 2023
£ £
Trade creditors 10,603 1,457,337
Taxation and social security 0 629,997
Accruals and deferred income 17,427 818,043
Other creditors 2,293,499 2,922,959
Total 2,321,529 5,828,336