DIRECT_4_CRAFTS_LTD - Accounts

DIRECT4CRAFTS LTD - Company Information

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Company Registration No. 07962721 (England and Wales)

DIRECT 4 CRAFTS LTD

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2015

DIRECT 4 CRAFTS LTD

CONTENTS

Page

Accountants' report

Abbreviated balance sheet

Notes to the abbreviated accounts

3 - 4

DIRECT 4 CRAFTS LTD

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF DIRECT 4 CRAFTS LTD FOR THE YEAR ENDED 28 FEBRUARY 2015

- 1 -

The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 4 have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Direct 4 Crafts Ltd for the year ended 28 February 2015 which comprise the Profit and Loss Account, the Balance Sheet and the related notes 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, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.

This report is made solely to the Board of Directors of Direct 4 Crafts Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Direct 4 Crafts Ltd and state those matters that we have agreed to state to the Board of Directors of Direct 4 Crafts Ltd, 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 Direct 4 Crafts Ltd and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Direct 4 Crafts Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Direct 4 Crafts Ltd. You consider that Direct 4 Crafts Ltd 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 financial statements of Direct 4 Crafts Ltd. 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 financial statements.

Carpenter Box

25 November 2015

Chartered Accountants

Amelia House

Crescent Road

Worthing

West Sussex

BN11 1QR

DIRECT 4 CRAFTS LTD

ABBREVIATED BALANCE SHEET

AS AT

28 FEBRUARY 2015

- 2 -

2015

2014

Notes

Fixed assets

Tangible assets

5,037

5,340

Current assets

Stocks

45,701

42,877

Debtors

16,113

15,925

Cash at bank and in hand

6,835

1,500

68,649

60,302

Creditors: amounts falling due within one year

(39,081)

(37,679)

Net current assets

29,568

22,623

Total assets less current liabilities

34,605

27,963

Provisions for liabilities

(800)

33,805

27,163

Capital and reserves

Called up share capital

3,940

2,000

Profit and loss account

29,865

25,163

Shareholders' funds

33,805

27,163

For the financial year ended 28 February 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

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

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 25 November 2015

Mr A Ricketts

Mr D Baker

Director

Company Registration No. 07962721

DIRECT 4 CRAFTS LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 28 FEBRUARY 2015

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.3

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Computer equipment

25% p.a. straight line

Fixtures, fittings & equipment

25% p.a. reducing balance

1.4

Leasing

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.5

Stock

Stock is valued at the lower of cost and net realisable value.

1.6

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

1.7

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

DIRECT 4 CRAFTS LTD

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 28 FEBRUARY 2015

- 4 -

Fixed assets

Tangible assets

Cost

At 1 March 2014

7,670

Additions

1,950

At 28 February 2015

9,620

Depreciation

At 1 March 2014

2,330

Charge for the period

2,253

At 28 February 2015

4,583

Net book value

At 28 February 2015

5,037

At 28 February 2014

5,340

Share capital

2015

2014

Allotted, called up and fully paid

3,940 ordinary shares of £1 each

3,940

2,000

During the period 1,940 ordinary shares of £1 each were allotted and fully paid at par for cash consideration.