ACCOUNTS - Final Accounts preparation

Registered number: 15528939

MOMENTUM APPAREL LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

MOMENTUM APPAREL LIMITED

REGISTERED NUMBER: 15528939

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024
Note		£

Fixed assets
Tangible assets	4		142,213
			142,213
Current assets
Stocks	5	99,344
Debtors: amounts falling due within one year	6	57,862
Cash at bank and in hand	7	25,489
		182,695
Creditors: amounts falling due within one year	8	(277,655)
Net current (liabilities)/assets			(94,960)
Total assets less current liabilities			47,253
Creditors: amounts falling due after more than one year	9		(44,091)

Net assets			3,162

Capital and reserves
Called up share capital	10	100
Profit and loss account		3,062
		3,162

Page 1

MOMENTUM APPAREL LIMITED

REGISTERED NUMBER: 15528939

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

The director considers 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 period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his 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:

................................................

Mr C Stratos

Director

Date: 30 September 2025

The notes on pages 3 to 9 form part of these financial statements.

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MOMENTUM APPAREL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

1.	General information

Momentum Apparel Limited is a private limited company limited by share capital, incorporated in England and Wales.

The Company's registration number is 15528939.

The address of the registered office is 1 Vincent Square, London, United Kingdom, SW1P 2PN.

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'.

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MOMENTUM APPAREL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.5

Interest income

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

2.6

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.

Page 4

MOMENTUM APPAREL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.7

Borrowing costs

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

2.8

Pensions

Defined contribution pension plan

The Company contributes into 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.

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:

Long-term leasehold property	-	20%
Plant and machinery	-	20%
Fixtures and fittings	-	20%

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.

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.

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MOMENTUM APPAREL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

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.

Employees

The average monthly number of employees, including directors, during the period was 6.

4.	Tangible fixed assets

	Long-term leasehold property	Plant and machinery	Fixtures and fittings	Total
	£	£	£	£
Cost or valuation
Additions	109,434	27,218	12,052	148,704
At 31 December 2024	109,434	27,218	12,052	148,704
Depreciation
Charge for the period on owned assets	4,837	1,231	423	6,491
At 31 December 2024	4,837	1,231	423	6,491
Net book value
At 31 December 2024	104,597	25,987	11,629	142,213

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MOMENTUM APPAREL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

5.	Stocks
		2024
		£

	Finished goods and goods for resale	99,344
		99,344

Debtors

					2024
					£


	Trade debtors	24,472
	Other debtors	100
	Prepayments and accrued income	33,290
		57,862

7.	Cash and cash equivalents
		2024
		£

	Cash at bank and in hand	25,489
		25,489

8.	Creditors: Amounts falling due within one year
		2024
		£

	Other loans	112,500
	Trade creditors	117,567
	Other taxation and social security	24,863
	Other creditors	404
	Accruals and deferred income	22,321
		277,655

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MOMENTUM APPAREL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

9.	Creditors: Amounts falling due after more than one year
		2024
		£

	Accruals and deferred income	44,091
		44,091

10.	Share capital
		2024
		£

		Allotted, called up and partly paid

		55 Ordinary A shares of £1.00 each	55
		30 Ordinary B shares of £1.00 each	30
		15 Ordinary C shares of £1.00 each	15

			100

On incorporation the above stated shares were issued to shareholders at par value.

11.	Pension commitments

The Company contributes into 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 £173. Contributions totalling £404 were payable to the fund at the balance sheet date and are included in creditors.

12.

Related party transactions

CM Delta Limited
Mr C Stratos is also a director of CM Delta Limited.
CM Delta Limited provided consultancy services amounting to £20,000 and recharged expenses amounting to £5,389 to Momentum Apparel Limited. At the balance sheet date, Momentum Apparel Limited owed a trade balance of £27,220 to CM Delta Limited.
Momentum Apparel Limited also have an outstanding loan balance with CM Delta Limited of £112,500. The loan balance includes £2,500 of interest and there is no fixed date for repayment.
Momentum Apparel Limited charged rent of £20,000 and recharged costs of £392 to CM Delta Limited. CM Delta Limited owed a trade balance of £24,472 to Momentum Apparel Limited.

Page 8

MOMENTUM APPAREL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

13.	Controlling party

The ultimate controlling party by virtue of his shareholding is Mr C Stratos.

Page 9