Fansworld Limited - Limited company - abbreviated

REGISTERED NUMBER: 06677134 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2014

FOR

FANSWORLD LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

P R Madigan

SECRETARY:

P R Madigan

REGISTERED OFFICE:

120-124 Towngate

Leyland

Lancashire

PR25 2LQ

REGISTERED NUMBER:

06677134 (England and Wales)

ACCOUNTANTS:

RfM Preston Ltd

Chartered Accountants

120-124 Towngate

Leyland

Lancashire

PR25 2LQ

FIXED ASSETS

Tangible assets

2

1,396

891

CURRENT ASSETS

Stocks

1,250

1,150

Debtors

22,072

20,367

Cash at bank

-

4,184

23,322

25,701

CREDITORS

Amounts falling due within one year

8,634

6,542

NET CURRENT ASSETS

14,688

19,159

TOTAL ASSETS LESS CURRENT
LIABILITIES

16,084

20,050

CAPITAL AND RESERVES

Called up share capital

3

100

Profit and loss account

15,984

19,950

SHAREHOLDERS' FUNDS

16,084

20,050

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2014 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 29 May 2015 and were signed by:

P R Madigan - 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 amounts chargeable, net of value added tax, in respect of the sale of sporting

memorabilia.

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

-

20% on cost

STOCKS

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving

stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

DEFERRED TAX

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of

certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet

date, except as required by FRSSE. Deferred tax is measured at the rates that are expected to apply in the

periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the

balance sheet date.

FOREIGN CURRENCIES

Profit and loss transactions in foreign currencies are translated into sterling at the exchange rate ruling at the

date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into

sterling at the closing rates at the balance sheet date and the exchange differences are included in the profit

and loss account.

HIRE PURCHASE AND LEASING COMMITMENTS

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over

the period of the lease.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2013

1,907

Additions

933

At 31 August 2014

2,840

DEPRECIATION

At 1 September 2013

1,016

Charge for year

428

At 31 August 2014

1,444

NET BOOK VALUE

At 31 August 2014

1,396

At 31 August 2013

891

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

100

Ordinary

1

100

4.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2014 and

31 August 2013:

2014

2013

£

P R Madigan

Balance outstanding at start of year

(3,461

)

(10,116

)

Amounts advanced

(16,638

)

(3,465

)

Amounts repaid

10,000

10,120

Balance outstanding at end of year

(10,099

)

(3,461

)

The loan is interest free.

Fansworld Limited - Limited company - abbreviated - 11.6

Fansworld Limited - Limited company - abbreviated - 11.6