Clockwork Apparel Limited - Limited company - abbreviated - 11.6
Clockwork Apparel Limited - Limited company - abbreviated - 11.6
| CLOCKWORK APPAREL LIMITED |
| ABBREVIATED UNAUDITED ACCOUNTS |
| FOR THE YEAR ENDED |
| 31 MARCH 2014 |
| CLOCKWORK APPAREL LIMITED (REGISTERED NUMBER: 03017620) |
| CONTENTS OF THE ABBREVIATED ACCOUNTS |
| FOR THE YEAR ENDED 31 MARCH 2014 |
| Page |
| Company Information | 1 |
| Abbreviated Balance Sheet | 2 |
| Notes to the Abbreviated Accounts | 4 |
| CLOCKWORK APPAREL LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2014 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| CLOCKWORK APPAREL LIMITED (REGISTERED NUMBER: 03017620) |
| ABBREVIATED BALANCE SHEET |
| 31 MARCH 2014 |
| 2014 | 2013 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 2 |
| Investments | 3 |
| CURRENT ASSETS |
| Stocks |
| Debtors |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 4 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 5 |
| Profit and loss account |
| SHAREHOLDERS' FUNDS |
| 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. |
| CLOCKWORK APPAREL LIMITED (REGISTERED NUMBER: 03017620) |
| ABBREVIATED BALANCE SHEET - continued |
| 31 MARCH 2014 |
| The financial statements were approved by the Board of Directors on |
| CLOCKWORK APPAREL LIMITED (REGISTERED NUMBER: 03017620) |
| NOTES TO THE ABBREVIATED ACCOUNTS |
| FOR THE YEAR ENDED 31 MARCH 2014 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The accounts are prepared in accordance with applicable United Kingdom Accounting Standards (United |
| Kingdom Generally Accepted Accounting Practice), which have been consistently applied (except as otherwise |
| stated). |
| 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). |
| Preparation of consolidated financial statements |
| The financial statements contain information about Clockwork Apparel Limited as an individual company and |
| do not contain consolidated financial information as the parent of a group. The company has taken the option |
| under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements. |
| Going concern |
| The directors have formed the judgement, at the time of approving the financial statements, that there is a |
| reasonable expectation that the Company has sufficient access to financial resources which, together with |
| internally generated cash flows, will continue to provide sufficient sources of liquidity to fund its current |
| operations including its contractual and commercial commitments and the Company is well placed to manage its |
| business risks successfully, despite the current economic outlook. |
| For these reasons, the directors continue to adopt the going concern basis in preparing the financial statements. |
| Turnover |
| Turnover comprises sales of goods to customers less an appropriate deduction for actual and expected returns, |
| discounts and is stated net of value added tax and other sales taxes. Turnover is recognised when the significant |
| risks and rewards of ownership have been transferred to the buyer. |
| Tangible fixed assets |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| Tangible fixed assets are assessed annually for any indications of impairment between the carrying and net |
| realisable values on the basis that the assets are to be sold in the normal course of business. |
| Stocks |
| Stocks, which consist of clothing apparel and accessories for resale, are stated at the lower of cost and net |
| realisable value. Cost, where applicable, comprises direct materials, direct labour costs and those overheads that |
| have been incurred in bringing the stocks to their present location and condition. Net realisable value is the |
| estimated selling price less the estimated costs of disposal. |
| CLOCKWORK APPAREL LIMITED (REGISTERED NUMBER: 03017620) |
| NOTES TO THE ABBREVIATED ACCOUNTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2014 |
| 1. | ACCOUNTING POLICIES - continued |
| Taxation |
| The tax expense represents the sum of the tax currently payable and the deferred tax. |
| The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before |
| taxation as reported in the profit and loss account because it excludes items of income and expense that are |
| taxable or deductible in other years and it further excludes items which are never taxable or deductible. The |
| Company's liability for current tax is calculated using tax rates that have been enacted or substantially enacted |
| by the balance sheet date. |
| Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of |
| assets and liabilities in the financial statements and the corresponding tax bases used in the computation of |
| taxable profit. This is accounted for using the balance sheet liability method. Deferred tax liabilities are |
| generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent |
| that it is probable that taxable profits will be available against which deductible temporary differences can be |
| utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from |
| the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the |
| accounting profit. |
| Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or |
| the asset realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to |
| items charged or credited directly to reserves, in which case the deferred tax is also dealt with in reserves. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
| balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling |
| at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| 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. |
| Trade debtors |
| Trade debtors are measured at amortised cost which is carrying amount less provision for irrecoverable |
| amounts. Allowances for the estimated irrecoverable amounts are made in the profit and loss account when the |
| debtor is considered to be uncollectible. |
| Trade creditors |
| Trade creditors are measured at amortised cost. |
| Finance loans |
| Finance loans are recognised in the balance sheet at amortised cost. Finance charges are recognised in the profit |
| and loss account in the period in which they are incurred. |
| CLOCKWORK APPAREL LIMITED (REGISTERED NUMBER: 03017620) |
| NOTES TO THE ABBREVIATED ACCOUNTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2014 |
| 2. | TANGIBLE FIXED ASSETS |
| Total |
| £ |
| COST |
| At 1 April 2013 |
| Additions |
| At 31 March 2014 |
| DEPRECIATION |
| At 1 April 2013 |
| Charge for year |
| At 31 March 2014 |
| NET BOOK VALUE |
| At 31 March 2014 |
| At 31 March 2013 |
| 3. | FIXED ASSET INVESTMENTS |
| Investments |
| other |
| than |
| loans |
| £ |
| COST |
| At 1 April 2013 |
| and 31 March 2014 | 2 |
| NET BOOK VALUE |
| At 31 March 2014 |
| At 31 March 2013 |
| The company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Nature of business: |
| % |
| Class of shares: | holding |
| Ordinary | 100.00 |
| £ | £ |
| Aggregate capital and reserves | 705,621 | 746,725 |
| Profit for the year/period | 705,619 | 746,723 |
| 4. | CREDITORS |
| Creditors include an amount of £ |
| CLOCKWORK APPAREL LIMITED (REGISTERED NUMBER: 03017620) |
| NOTES TO THE ABBREVIATED ACCOUNTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2014 |
| 5. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2014 | 2013 |
| value: | £ | £ |
| Ordinary A | £1 |
| (2013 - |
| NIL | Ordinary B | £1 |
| NIL | Ordinary C | £1 |
| 10,100 | 300 |
| 6. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 March 2014 and |
| 31 March 2013: |
| 2014 | 2013 |
| £ | £ |
| Balance outstanding at start of year | ( |
) | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Balance outstanding at end of year | ( |
) |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Balance outstanding at end of year |
| Included in creditors is a loan of £482,414 (2013: £1,418,712) for which J Tendler has given a personal |
| guarantee. |