Posh Brats Limited - Period Ending 2014-08-31

Registration number: 06606117

Posh Brats Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 August 2014
 

Paul Austen Associates Ltd
Chartered Accountants
Charter House
7-9 Wagg Street
Congleton
Congleton
Cheshire
CW12 4BA

Posh Brats Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Posh Brats Limited
for the Year Ended 31 August 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Posh Brats Limited for the year ended 31 August 2014 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Posh Brats Limited, as a body, in accordance with the terms of our engagement letterdated 23 May 2014. Our work has been undertaken solely to prepare for your approval the accounts of Posh Brats Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Posh Brats Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Posh Brats Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Posh Brats Limited. You consider that Posh Brats Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Posh Brats Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Paul Austen Associates Ltd
Chartered Accountants
Charter House
7-9 Wagg Street
Congleton
Congleton
Cheshire
CW12 4BA

22 May 2015

Page 1

Posh Brats Limited
(Registration number: 06606117)
Abbreviated Balance Sheet at 31 August 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					8,335			4,814
Current assets
Stocks					10,700			7,697
Debtors					230			229
Cash at bank and in hand					197			197
					11,127			8,123
Creditors: Amounts falling due within one year					(39,992)			(43,959)
Net current liabilities					(28,865)			(35,836)
Net liabilities					(20,530)			(31,022)
Capital and reserves
Called up share capital		3			2			2
Profit and loss account					(20,532)			(31,024)
Shareholders' deficit					(20,530)			(31,022)

For the year ending 31 August 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 22 May 2015 and signed on its behalf by:

.........................................
Mark De Staedtler
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Posh Brats Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Going concern

The financial statements have been prepared on a going concern basis. As at 31 August 2013 the company had net liabilities of £31,723 (2012: £33,622). The cmpany has made a small profit this year and contiues to rely on the support of the directors who have confirmed that they are committed to provide the necessary support.

Turnover

Turnover represents amounts chargeable in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	15% reducing balance
Plant and machinery	15% straight line

Stock

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

Posh Brats Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 September 2013		9,395			9,395
Additions		4,991			4,991
At 31 August 2014		14,386			14,386
Depreciation
At 1 September 2013		4,581			4,581
Charge for the year		1,470			1,470
At 31 August 2014		6,051			6,051
Net book value
At 31 August 2014		8,335			8,335
At 31 August 2013		4,814			4,814

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary of £1 each		2			2			2			2

4	Related party transactions

Directors' advances and credits

	2014 Advance/ Credit £	2014 Repaid £	2013 Advance/ Credit £	2013 Repaid £
Mark De Staedtler
Amounts owed to director	20,898	-	20,898	-

Page 4