Over The Top Textiles Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03370898 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

FOR

OVER THE TOP TEXTILES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mrs S A T Prince

REGISTERED OFFICE:

Unit 6

Sketchley Meadows

Hinckley

Leicestershire

LE10 3EN

REGISTERED NUMBER:

03370898 (England and Wales)

ACCOUNTANTS:

PWH Accountancy Ltd

The Counting House

High Street

Lutterworth

Leicestershire

LE17 4AY

FIXED ASSETS

Intangible assets

5

-

-

Tangible assets

6

94,023

119,366

94,023

119,366

CURRENT ASSETS

Stocks

108,676

110,072

Debtors

7

52,629

13,911

Cash at bank and in hand

275,357

338,082

436,662

462,065

CREDITORS

Amounts falling due within one year

8

144,339

178,444

NET CURRENT ASSETS

292,323

283,621

TOTAL ASSETS LESS CURRENT LIABILITIES

386,346

402,987

CREDITORS

Amounts falling due after more than one year

9

(25,081

)

(57,138

)

PROVISIONS FOR LIABILITIES

10

(6,435

)

(14,458

)

NET ASSETS

354,830

331,391

CAPITAL AND RESERVES

Called up share capital

11

5

5

Retained earnings

12

354,825

331,386

SHAREHOLDERS' FUNDS

354,830

331,391

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the director on 1 November 2019 and were signed by:

Mrs S A T Prince - Director

1.	STATUTORY INFORMATION

Over The Top Textiles 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company's accounting policies, the directors are required to make judgements, estimates

and assumptions about the carrying values of assets and liabilities that are not readily apparent from other

sources. The estimates and underlying assumptions are based on historical experience and other factors that are

considered relevant, Actual results may differ from these estimates.

Turnover

Revenue comprises the fair value of the consideration received or receivable for the rendering of services in the

ordinary course of the company's activities. Revenue is shown net of VAT and trade discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future

economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

The amount of revenue is not considered to be reliably measurable until all contingencies relating to the sale

have been resolved. The company bases its estimates on historical results, taking into consideration the type of

customer, the type of transaction and the specifics of each arrangement.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% 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.

Financial instruments

Financial assets

Receivables are stated at amortised cost using the effective interest rate method. A provision for impairment of

receivables is established where there is objective evidence that the company will not be able to collect all

amounts due according to the original terms of payment. Receivables are considered for impairment on a case by

case basis and any provision is based on the directors' assessment of the amount recoverable on each receivable.

Financial liabilities

The company's financial liabilities include trade and other payables, which are measured at amortised cost using

the effective interest rate method. Financial liabilities are recognised when the company becomes a party to the

contractual agreements of the instrument. Interest-related charges are recognised as an expense in the period in

which they are incurred.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid

investments with original maturities of three months or less, and bank overdrafts.

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.

Hire purchase and leasing commitments

Payments under operating leases are charged to the profit and loss account in the year in which they are incurred.

Tangible fixed assets acquired under finance leases and hire purchase contracts are capitalised and depreciated in

the same manner as other tangible fixed assets over their estimated useful economic lives or, if shorter the lease

term. The related obligation, net of future charges, are included in creditors falling due within and after more

than one year. The interest element of repayments of finance leases and hire purchase contracts is charged to the

profit and loss account over the duration of the lease and represents a constant proportion of the capital balance

outstanding, so as to produce a constant periodic rate of charge on the net obligations outstanding in each period.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2018 - NIL ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2018

and 31 March 2019

72,800

AMORTISATION

At 1 April 2018

and 31 March 2019

72,800

NET BOOK VALUE

At 31 March 2019

-

At 31 March 2018

-

6.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 April 2018

178,064

55,418

87,508

320,990

Additions

1,328

741

-

2,069

At 31 March 2019

179,392

56,159

87,508

323,059

DEPRECIATION

At 1 April 2018

119,667

26,688

55,269

201,624

Charge for year

14,931

4,421

8,060

27,412

At 31 March 2019

134,598

31,109

63,329

229,036

NET BOOK VALUE

At 31 March 2019

44,794

25,050

24,179

94,023

At 31 March 2018

58,397

28,730

32,239

119,366

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

24,698

10,911

Other debtors

27,931

3,000

52,629

13,911

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Hire purchase contracts

26,128

20,200

Trade creditors

61,721

78,067

Taxation and social security

24,814

49,052

Other creditors

31,676

31,125

144,339

178,444

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts

25,081

57,138

10.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

6,435

14,458

Deferred

tax

£

Balance at 1 April 2018

14,458

Credit to Income Statement during year

(8,023

)

Balance at 31 March 2019

6,435

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

5

Ordinary

£1

5

5

12.

RESERVES

Retained

earnings

£

At 1 April 2018

331,386

Profit for the year

55,443

Dividends

(32,004

)

At 31 March 2019

354,825

13.	ULTIMATE CONTROLLING PARTY

The controlling party is Mrs S A T Prince.

The ultimate controlling party is Mrs S A T Prince.