New World Clothing Limited Filleted accounts for Companies House (small and micro)

NEW WORLD FASHION GROUP LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03166077

NEW WORLD CLOTHING LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 December 2017

NEW WORLD CLOTHING LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2017

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

NEW WORLD CLOTHING LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	Y C Pham
	T A Pham

Company secretary	C Y Pham

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

Accountants	BSG Valentine (UK) LLP
	Chartered Accountants
	Lynton House
	7 - 12 Tavistock Square
	London
	WC1H 9BQ

NEW WORLD CLOTHING LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2017

	2017		2016
Note	£	£	£	£

Fixed assets

Tangible assets	5		66,883		20,329

Current assets

Debtors	6	1,846,997	1,043,690
Cash at bank and in hand		477,774	1,595,068
		------------	------------
		2,324,771	2,638,758

Creditors: amounts falling due within one year	7	131,160		182,459
		------------		------------
Net current assets			2,193,611		2,456,299
			------------		------------
Total assets less current liabilities			2,260,494		2,476,628

Creditors: amounts falling due after more than one year	8	2,109,694	2,111,473
		------------	------------
Net assets		150,800	365,155
		------------	------------

Capital and reserves

Called up share capital	100	100
Profit and loss account	150,700	365,055
	---------	---------
Shareholders funds	150,800	365,155
	---------	---------

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 comprehensive income has not been delivered.

For the year ending 31 December 2017 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 .

NEW WORLD CLOTHING LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 December 2017

These financial statements were approved by the board of directors and authorised for issue on 27 September 2018 , and are signed on behalf of the board by:

T A Pham

Director

Company registration number: 03166077

NEW WORLD CLOTHING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2017

1. General information

The company is a private company limited by shares, registered in United Kingdom. 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 Section 1A of FRS 102, '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.

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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	25% reducing balance
Equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 28 (2016: 30 ).

5. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 January 2017	52,059	77,801	129,860
Additions	39,570	36,958	76,528
	--------	---------	---------
At 31 December 2017	91,629	114,759	206,388
	--------	---------	---------
Depreciation
At 1 January 2017	40,975	68,556	109,531
Charge for the year	13,032	16,942	29,974
	--------	---------	---------
At 31 December 2017	54,007	85,498	139,505
	--------	---------	---------
Carrying amount
At 31 December 2017	37,622	29,261	66,883
	--------	---------	---------
At 31 December 2016	11,084	9,245	20,329
	--------	---------	---------

6. Debtors

	2017	2016
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	91,022	87,203
Other debtors	1,755,975	956,487
	------------	------------
	1,846,997	1,043,690
	------------	------------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	79,494	25,461
Corporation tax	–	69,360
Social security and other taxes	37,218	35,729
Other creditors	14,448	51,909
	---------	---------
	131,160	182,459
	---------	---------

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 11 December 2002. Company unlimited multilateral guarantee dated 20 August 2003 given by New World Fashion Group Plc, New World Clothing Limited, Spirit Clothing Limited, Dongtai International Limited, and London Wholesale Clothing Limited. Company unlimited multilateral guarantee dated 2 December 2002 given by New World Fashion Group Plc, New World Clothing Limited, Spirit Clothing Limited, and Dongtai International Limited.

8. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	2,109,694	2,111,473
	------------	------------

9. Directors' advances, credits and guarantees

During the year, the company paid £120,000 (2016: £120,000) to the director in relation to the rental of premises.

10. Related party transactions

As at the year end the company was owed £1,068,711 (2016: £691,463) 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.

11. Controlling party

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