Registration number: 04049642

Neo-Concept (UK) Limited

Contents

Balance Sheet	1
Notes to the Unaudited Financial Statements	2 to 8

Neo-Concept (UK) Limited

(Registration number: 04049642)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	5	571,834	162,358
Current assets
Stocks	6	623,185	150,560
Debtors	7	246,577	190,658
Cash at bank and in hand		749,297	480,827
		1,619,059	822,045
Creditors: Amounts falling due within one year	8	(2,843,186)	(2,700,666)
Net current liabilities		(1,224,127)	(1,878,621)
Net liabilities		(652,293)	(1,716,263)
Capital and reserves
Called up share capital		100	100
Retained earnings		(652,393)	(1,716,363)
Shareholders' deficit		(652,293)	(1,716,263)

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 December 2025 and signed on its behalf by:
 

Ms H Lewis Director

Neo-Concept (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1st Floor
88 Goswell Road
London
EC1V 7DB

These financial statements were authorised for issue by the Board on 31 December 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional and presentational currency of the company, and rounded to the nearest £.

Going concern

At the accounting date the company has negative reserves of £652,393 (2023 - £1,716,363). The company is reliant on the continued support of the parent company who agrees to ensure the company meets it’s commitments as they fall. With this in mind the accounts have been completed on a going concern basis.

Government grants

Government grants are recognised when it is reasonable to expect that the grants will be received
and that all related conditions will be met, usually on submission of a valid claim or payment.

Government grants in respect of capital expenditure are credited to a deferred income account and
are released to profit over the expected useful lives of the relevant assets by equal annual
instalments.
Grants of a revenue nature are credited to income so as to match them with the expenditure to which
they relate.

Tax

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

Neo-Concept (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets is reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Improvements to property	20% straight line
Furniture, fittings and equipment	15% straight line
Office equipment	15% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Computer software	10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Neo-Concept (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Neo-Concept (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods
and provision of services in the ordinary course of the company’s activities. Turnover is shown net of
sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividends and other distributions to the equity holders of the company are recognised as a liability in the statement of changes in equity in the period in which the dividend and other distributions are approved by the shareholders.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year was 31 (2023 - 20).

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 January 2024	141,800	141,800
At 31 December 2024	141,800	141,800
Amortisation
At 1 January 2024	141,800	141,800
At 31 December 2024	141,800	141,800
Carrying amount
At 31 December 2024	-	-

Neo-Concept (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5	Tangible assets

	Improvements to property £	Furniture, fittings and equipment £	Office equipment £	Total £
Cost or valuation
At 1 January 2024	173,943	101,428	24,488	299,859
Additions	464,097	24,500	3,083	491,680
At 31 December 2024	638,040	125,928	27,571	791,539
Depreciation
At 1 January 2024	81,196	40,013	16,293	137,502
Charge for the year	67,953	12,542	1,708	82,203
At 31 December 2024	149,149	52,555	18,001	219,705
Carrying amount
At 31 December 2024	488,891	73,373	9,570	571,834
At 31 December 2023	92,747	61,416	8,195	162,358

6

Stocks

	2024 £	2023 £
Other inventories	623,185	150,560

7

Debtors

	Note	2024 £	2023 £
Trade debtors		-	23,185
Amounts owed by related parties	10	30,381	14,576
Other debtors		216,196	152,897
		246,577	190,658

Neo-Concept (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

8

Creditors

Due within one year	Note	2024 £	2023 £
Amounts due to related parties	10	2,586,536	2,593,219
Social security and other taxes		243,002	97,982
Other creditors		6,563	5,365
Accruals		7,085	4,100
		2,843,186	2,700,666