Abbreviated Company Accounts - KHOSLA WINES LTD

Registered Number 07150715

KHOSLA WINES LTD

Abbreviated Accounts

31 May 2015

KHOSLA WINES LTD Registered Number 07150715

Abbreviated Balance Sheet as at 31 May 2015

	Notes	31/05/2015	28/02/2014
		£	£
Fixed assets
Tangible assets	2	345,592	10,184
		345,592	10,184
Current assets
Stocks		114,245	30,250
Debtors		468,781	531,479
Cash at bank and in hand		167,294	47,315
		750,320	609,044
Creditors: amounts falling due within one year	3	(574,331)	(598,065)
Net current assets (liabilities)		175,989	10,979
Total assets less current liabilities		521,581	21,163
Creditors: amounts falling due after more than one year	3	(372,733)	-
Total net assets (liabilities)		148,848	21,163
Capital and reserves
Called up share capital		10,000	10,000
Profit and loss account		138,848	11,163
Shareholders' funds		148,848	21,163

For the year ending 31 May 2015 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 27 February 2016

And signed on their behalf by:
Mr R Khosla, Director

KHOSLA WINES LTD Registered Number 07150715

Notes to the Abbreviated Accounts for the period ended 31 May 2015

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover represents amounts receivable for goods net of VAT.

Tangible assets depreciation policy
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 33.33% straight line
Fixtures, fittings and equipment 15% reducing balance
Motor vehicles 20% reducing balance

It is the company's policy to maintain its property in a state of good repair to prolong its useful life and in the case of freehold property the directors consider that the life of the property and its residual value is such that depreciation is not significant. Accordingly, no depreciation is provided on freehold property.

2Tangible fixed assets

	£
Cost
At 1 March 2014	19,575
Additions	344,653
Disposals	-
Revaluations	-
Transfers	-
At 31 May 2015	364,228
Depreciation
At 1 March 2014	9,391
Charge for the year	9,245
On disposals	-
At 31 May 2015	18,636
Net book values
At 31 May 2015	345,592
At 28 February 2014	10,184

3Creditors

	31/05/2015 £	28/02/2014 £
Secured Debts	178,933	0
Instalment debts due after 5 years	144,733	0