Etiquette Labels Limited - Limited company - abbreviated - 11.0.0

REGISTERED NUMBER: 02667780 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 31 March 2014

for

Etiquette Labels Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Miss C J Gough

T J L Bunce

SECRETARY:

Miss C J Gough

REGISTERED OFFICE:

Plot 6

Clywedog Road North

Wrexham Industrial Estate

Wrexham

Clwyd

LL13 9XN

REGISTERED NUMBER:

02667780 (England and Wales)

ACCOUNTANTS:

Myersons

Chartered Accountants

32 Derby Street

Ormskirk

Lancashire

L39 2BY

FIXED ASSETS

Intangible assets

2

10,424

11,292

Tangible assets

3

1,021,161

839,967

1,031,585

851,259

CURRENT ASSETS

Stocks

326,313

378,903

Debtors

1,012,358

915,953

Cash at bank and in hand

49,726

45,553

1,388,397

1,340,409

CREDITORS

Amounts falling due within one year

4

1,629,599

1,501,429

NET CURRENT LIABILITIES

(241,202

)

(161,020

)

TOTAL ASSETS LESS CURRENT LIABILITIES

790,383

690,239

CREDITORS

Amounts falling due after more than one year

4

270,755

214,390

NET ASSETS

519,628

475,849

CAPITAL AND RESERVES

Called up share capital

5

20,100

20,100

Profit and loss account

499,528

455,749

SHAREHOLDERS' FUNDS

519,628

475,849

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 15 August 2014 and were signed on its behalf by:

Miss C J Gough - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

in accordance with the property

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

10% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

However, in accordance with FRS15, it is in the directors opinion that certain items of Plant & Machinery have a

significantly higher Net Book Value than that stated in the accounts. For this reason, and until those asset values

fall back in line with the financial statements, these items have not been depreciated.

Stocks

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

moving items.

Deferred taxation

No provision is made for taxation deferred in respect timing differences as in the opinion of the directors, there is

a reasonable probability that the liability will not arise in the foreseeable future. (The unprovided deferred tax

liability for the year ended 31 March 2014 is £128,859 (2013: £106,516)).

Foreign currencies

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account 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 the profit and loss account in the period to which they relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2013

and 31 March 2014

17,368

AMORTISATION

At 1 April 2013

6,076

Amortisation for year

868

At 31 March 2014

6,944

NET BOOK VALUE

At 31 March 2014

10,424

At 31 March 2013

11,292

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2013

2,400,334

Additions

330,707

Disposals

(53,745

)

At 31 March 2014

2,677,296

DEPRECIATION

At 1 April 2013

1,560,367

Charge for year

128,196

Eliminated on disposal

(32,428

)

At 31 March 2014

1,656,135

NET BOOK VALUE

At 31 March 2014

1,021,161

At 31 March 2013

839,967

4.

CREDITORS

Creditors include an amount of £ 1,030,781 (31.3.13 - £ 976,176 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.14

31.3.13

value:

£

£

20,100

Ordinary

£1

20,100

20,100