BLACKMILL CLOTHING LIMITED - Filleted accounts

BLACKMILL CLOTHING LIMITED - Filleted accounts

BLACKMILL CLOTHING LIMITED - Company Information

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Registered number: 09376432
BLACKMILL CLOTHING LIMITED
REPORT AND ACCOUNTS
FOR THE YEAR ENDED
31 JANUARY 2019
BLACKMILL CLOTHING LIMITED
REGISTERED NUMBER: 09376432
BALANCE SHEET
as at 31 January 2019
Notes 2019 2018
£ £
FIXED ASSETS
Tangible assets 3 604 314
CURRENT ASSETS
Stocks 19,503 18,935
Debtors 4 13,644 10,548
Cash at bank and in hand 3,495 916
36,642 30,399
CREDITORS: amounts falling due within one year 5 (21,168) (20,160)
NET CURRENT ASSETS 15,474 10,239
NET ASSETS 16,078 10,553
CAPITAL AND RESERVES
Called up share capital 1 1
Profit and loss account 16,077 10,552
SHAREHOLDER'S FUNDS 16,078 10,553
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A P Oates
Director
Approved by the board on 30 October 2019
BLACKMILL CLOTHING LIMITED
NOTES TO THE ACCOUNTS
for the year ended 31 January 2019
1 ACCOUNTING POLICIES
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer equipment 33.3% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 EMPLOYEES 2019 2018
Number Number
Average number of persons employed by the company 1 1
3 TANGIBLE FIXED ASSETS
Computer equipment
£
Cost
At 1 February 2018 499
Additions 418
At 31 January 2019 917
Depreciation
At 1 February 2018 185
Charge for the year 128
At 31 January 2019 313
Net book value
At 31 January 2019 604
At 31 January 2018 314
4 DEBTORS 2019 2018
£ £
Trade debtors 13,644 10,548
5 CREDITORS: amounts falling due within one year 2019 2018
£ £
Bank loans and overdrafts 1,300 1,300
Trade creditors 8,357 6,137
Corporation tax 6,473 4,538
Other taxes and social security costs 399 880
Other creditors 4,639 7,305
21,168 20,160
6 RELATED PARTY TRANSACTIONS
At the balance sheet date £3,874 (2018: £6,540) was due from the company to Mrs M Oates, the director. The amount is unsecured, interest free and has no fixed repayment date.
7 CONTROLLING PARTY
The company was controlled by Mrs M Oates by virtue of her 100% shareholding.
8 OTHER INFORMATION
Blackmill Clothing Limited is a private company limited by shares and incorporated in England. Its registered office is:
7 Faraday Court
First Avenue
Burton on Trent
Staffordshire
DE14 2WX
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