London Wholesale Clothing Limited Company Accounts

NAM & CO LONDON LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04104666

LONDON WHOLESALE CLOTHING LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 December 2016

LONDON WHOLESALE CLOTHING LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2016

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	3

The following pages do not form part of the financial statements

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	7

LONDON WHOLESALE CLOTHING LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	C Y Pham
	T A Pham

Company secretary	C Y Pham

Registered office	Lynton House
	7 - 12 Tavistock Square
	London
	WC1H 9BQ

Accountants	BSG Valentine
	Chartered Accountants
	Lynton House
	7 - 12 Tavistock Square
	London
	WC1H 9BQ

LONDON WHOLESALE CLOTHING LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2016

	2016		2015
Note	£	£	£	£

Current assets

Stocks		–	74,601
Debtors	5	82,436	76,502
Cash at bank and in hand		50,552	27,944
		---------	---------
		132,988	179,047

Creditors: amounts falling due within one year	6	( 104,287)		( 135,296)
		---------		---------
Net current assets			28,701		43,751
			--------		--------
Total assets less current liabilities			28,701		43,751
			--------		--------
Net assets			28,701		43,751
			--------		--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	28,601	43,651
	--------	--------
Members funds	28,701	43,751
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2016 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 financial statements for the year in question in accordance with section 476 ;

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

These financial statements were approved by the board of directors and authorised for issue on 27 September 2017 , and are signed on behalf of the board by:

T A Pham

Director

Company registration number: 04104666

LONDON WHOLESALE CLOTHING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2016

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lynton House, 7 - 12 Tavistock Square, London, WC1H 9BQ.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2015: 5 ).

5. Debtors

	2016	2015
	£	£
Trade debtors	26,095	15,515
Other debtors	56,341	60,987
	--------	--------
	82,436	76,502
	--------	--------

6. Creditors: amounts falling due within one year

	2016	2015
	£	£
Trade creditors	594	20,500
Amounts owed to group undertakings and undertakings in which the company has a participating interest	87,203	40,552
Social security and other taxes	6,490	–
Other creditors	10,000	74,244
	---------	---------
	104,287	135,296
	---------	---------

Details of security held by the company's bankers are as follows.

Debenture including fixed charge over all present freehold and leasehold property; first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and first floating charge over all assets and undertaking both present and future dated 03 September 2003.

Company unlimited multilateral guarantee dated 20 August 2003 given by London Wholesale Clothing Limited, New World Fashion Group Plc, New World Clothing Limited, Dongtai International Limited and Spirit Clothing Limited.

7. Directors' advances, credits and guarantees

During the year, the company paid £48,000 (2015: £48,000) to the director in relation to the rental of premises.

8. Related party transactions

The company was under the control of Nam Pham throughout the year. Nam Pham owns 100% of the issued share capital of the parent company, New World Fashion Group Limited. As at the year end the company was owed £22,694 (2015: £22,694) by Pham Properties Limited, a company related by common directorship. The company has taken advantage of the exemption available in FRS102 Section 33 Related Party Disclosures not to disclose transactions entered into between members of a group since any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group.

9. Controlling party

The company is a wholly owned subsidiary of New World Fashion Group Limited, a company incorporated in the United Kingdom.

10. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2015.

No transitional adjustments were required in equity or profit or loss for the year.

LONDON WHOLESALE CLOTHING LIMITED

MANAGEMENT INFORMATION

YEAR ENDED 31 DECEMBER 2016

The following pages do not form part of the financial statements.

LONDON WHOLESALE CLOTHING LIMITED

CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LONDON WHOLESALE CLOTHING LIMITED

YEAR ENDED 31 DECEMBER 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of London Wholesale Clothing Limited for the year ended 31 December 2016, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of London Wholesale Clothing Limited, as a body, in accordance with the terms of our engagement letter dated 21 April 2016. Our work has been undertaken solely to prepare for your approval the financial statements of London Wholesale Clothing Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than London Wholesale Clothing Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that London Wholesale Clothing Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of London Wholesale Clothing Limited. You consider that London Wholesale Clothing Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of London Wholesale Clothing Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

BSG Valentine Chartered Accountants

Lynton House 7 - 12 Tavistock Square London WC1H 9BQ

27 September 2017