Fabric Time Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07038854 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 October 2018

for

Fabric Time Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Ms G Ferris

G Bonarski

REGISTERED OFFICE:

11 Station Hill

Chippenham

Wiltshire

SN15 1EQ

REGISTERED NUMBER:

07038854 (England and Wales)

ACCOUNTANTS:

Grafton Jones

Chartered Tax Advisers & Business Accountants

2 New Road

Chippenham

Wiltshire

SN15 1EJ

FIXED ASSETS

Tangible assets

4

6,533

7,847

CURRENT ASSETS

Stocks

17,000

10,000

Debtors

5

30,512

30,601

Cash at bank and in hand

376

1,131

47,888

41,732

CREDITORS

Amounts falling due within one year

6

(352,605

)

(369,175

)

NET CURRENT LIABILITIES

(304,717

)

(327,443

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(298,184

)

(319,596

)

CAPITAL AND RESERVES

Called up share capital

101

101

Retained earnings

(298,285

)

(319,697

)

SHAREHOLDERS' FUNDS

(298,184

)

(319,596

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 8 March 2019 and were signed on its behalf by:

G Bonarski - Director

1.	STATUTORY INFORMATION

Fabric Time Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

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 of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 November 2017

28,906

10,817

14,890

54,613

Additions

1,159

-

-

1,159

At 31 October 2018

30,065

10,817

14,890

55,772

DEPRECIATION

At 1 November 2017

24,824

9,824

12,118

46,766

Charge for year

1,310

248

915

2,473

At 31 October 2018

26,134

10,072

13,033

49,239

NET BOOK VALUE

At 31 October 2018

3,931

745

1,857

6,533

At 31 October 2017

4,082

993

2,772

7,847

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.18

31.10.17

£

£

Other debtors

30,512

30,601

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.18

31.10.17

£

£

Bank loans and overdrafts

27,981

30,911

Trade creditors

4,435

63,655

Amounts owed to group undertakings

73,297

140,687

Taxation and social security

918

1,557

Other creditors

245,974

132,365

352,605

369,175

7.	RELATED PARTY DISCLOSURES

At the balance sheet date the company owe £815 (2017: £68,205) to Second Sunrise Ltd which is under common

control of the directors. The company owed £72,482 (2017: £72,482) to Fabric Time Holding Limited.

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party of the company is Fabric Time Group Limited, by virtue of the fact that the

company owns 100% of the share capital.