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Registered number: 11134041
The Fashion Incubator Limited
Unaudited Financial Statements
For The Year Ended 31 January 2025
Oliver Green 11 Business Consultants
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11134041
2025 2024
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1,579,520 3,169,360
Tangible Assets 5 6,968 5,313
Investments 6 487,504 487,504
2,073,992 3,662,177
CURRENT ASSETS
Stocks 7 499,721 898,512
Debtors 8 898,810 1,469,332
Cash at bank and in hand 12,337 184,843
1,410,868 2,552,687
Creditors: Amounts Falling Due Within One Year 9 (1,108,278 ) (1,393,380 )
NET CURRENT ASSETS (LIABILITIES) 302,590 1,159,307
TOTAL ASSETS LESS CURRENT LIABILITIES 2,376,582 4,821,484
NET ASSETS 2,376,582 4,821,484
CAPITAL AND RESERVES
Called up share capital 10 1,941 1,891
Share premium account 13,397,127 12,989,138
Profit and Loss Account (11,022,486 ) (8,169,545 )
SHAREHOLDERS' FUNDS 2,376,582 4,821,484
Page 1
Page 2
For the year ending 31 January 2025 the company was entitled to exemption from audit 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Jasper Smith
Director
01/08/2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
The Fashion Incubator Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11134041 . The registered office is Aberdeen House, South Road , Hayward Heath, West Sussex , RH16 4NG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are interlectual property, brand and software licensens. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 33.33% straight line basis
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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Page 4
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2024: 9)
5 9
4. Intangible Assets
Other
£
Cost
As at 1 February 2024 5,949,200
As at 31 January 2025 5,949,200
Amortisation
As at 1 February 2024 2,779,840
Provided during the period 1,589,840
As at 31 January 2025 4,369,680
Net Book Value
As at 31 January 2025 1,579,520
As at 1 February 2024 3,169,360
5. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 February 2024 9,102
Additions 4,756
As at 31 January 2025 13,858
...CONTINUED
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Page 5
Depreciation
As at 1 February 2024 3,789
Provided during the period 3,101
As at 31 January 2025 6,890
Net Book Value
As at 31 January 2025 6,968
As at 1 February 2024 5,313
6. Investments
Unlisted
£
Cost
As at 1 February 2024 487,504
As at 31 January 2025 487,504
Provision
As at 1 February 2024 -
As at 31 January 2025 -
Net Book Value
As at 31 January 2025 487,504
As at 1 February 2024 487,504
7. Stocks
2025 2024
£ £
Materials 499,721 857,668
Finished goods - 40,844
499,721 898,512
8. Debtors
2025 2024
£ £
Due within one year
Trade debtors 30,770 801
Prepayments and accrued income 804,534 1,361,300
VAT 63,506 107,231
898,810 1,469,332
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Page 6
9. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors 464,363 521,769
Bank loans and overdrafts 733 -
Other taxes and social security 33,865 24,251
Other creditors 586,255 820,000
Accruals and deferred income 23,062 27,360
1,108,278 1,393,380
10. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 1,941 1,891
Page 6