Abbreviated Company Accounts - WORLDFLAIR LIMITED

WORLDFLAIR LIMITED - Company Information

04720668 WORLDFLAIR LIMITED 2015-05-31 false 2014-06-01 2015-05-31 true 04720668 2014-06-01 2015-05-31 04720668 2015-05-31 04720668 2014-05-31 04720668 uk-gaap-cd-bus:Director1 2014-06-01 2015-05-31 04720668 uk-gaap-cd-bus:Director2 2014-06-01 2015-05-31 uk-gaap-cd-bus:OrdinaryShareClass1 2014-06-01 2015-05-31 uk-gaap-cd-bus:OrdinaryShareClass1 2015-05-31 uk-gaap-cd-bus:OrdinaryShareClass1 2014-05-31 iso4217:GBP shares

Registered Number 04720668

WORLDFLAIR LIMITED

Abbreviated Accounts

31 May 2015

WORLDFLAIR LIMITED Registered Number 04720668

Abbreviated Balance Sheet as at 31 May 2015

	Notes	2015	2014
		£	£
Fixed assets
Tangible assets	2	5,803	6,827
		5,803	6,827
Current assets
Stocks		12,300	23,550
Debtors		18,829	15,080
Cash at bank and in hand		192	639
		31,321	39,269
Creditors: amounts falling due within one year		(71,137)	(64,272)
Net current assets (liabilities)		(39,816)	(25,003)
Total assets less current liabilities		(34,013)	(18,176)
Total net assets (liabilities)		(34,013)	(18,176)
Capital and reserves
Called up share capital	3	100	100
Profit and loss account		(34,113)	(18,276)
Shareholders' funds		(34,013)	(18,176)

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 29 February 2016

And signed on their behalf by:
Salim Amanji, Director

WORLDFLAIR LIMITED Registered Number 04720668

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 the total invoice value, excluding value added tax, of sales made during the year.

Tangible assets depreciation policy
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:
Fixtures, fittings
and equipment - 15% reducing balance basis

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

Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, where transactions or events that result in an obligation to pay more or a right to pay less tax in the future have occurred by the balance sheet date with certain limited exceptions.
Deferred tax is calculated on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws enacted at the balance sheet date.

Transactions with director
A personal guarantee has been given by the director in respect to the bank borrowings.

2Tangible fixed assets

	£
Cost
At 1 June 2014	11,760
Additions	-
Disposals	-
Revaluations	-
Transfers	-
At 31 May 2015	11,760
Depreciation
At 1 June 2014	4,933
Charge for the year	1,024
On disposals	-
At 31 May 2015	5,957
Net book values
At 31 May 2015	5,803
At 31 May 2014	6,827

3Called Up Share Capital
Allotted, called up and fully paid:

	2015 £	2014 £
100 Ordinary shares of £1 each	100	100