Sun Fashion Limited - Period Ending 2015-10-31

Registration number: 06642223

Sun Fashion Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 October 2015
 

Power Accountax Limited
Chartered Accountants
8c High Street
Southampton
Hampshire
SO14 2DH

Sun Fashion Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Sun Fashion Limited
(Registration number: 06642223)
Abbreviated Balance Sheet at 31 October 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets					8,500			8,500
Tangible fixed assets					6,403			7,770
					14,903			16,270
Current assets
Stocks					62,456			62,547
Debtors					81,652			83,216
Cash at bank and in hand					25,257			26,010
					169,365			171,773
Creditors: Amounts falling due within one year					(165,469)			(174,641)
Net current assets/(liabilities)					3,896			(2,868)
Net assets					18,799			13,402
Capital and reserves
Called up share capital		3			102			102
Profit and loss account					18,698			13,300
Balance sheet suspense					(1)			-
Shareholders' funds					18,799			13,402

For the year ending 31 October 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 director acknowledges her 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 director on 28 July 2016

.........................................
Mrs Melanie Barter
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Sun Fashion Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2015
......... 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).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible 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	Amortisation method and rate
Goodwill	Nil

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
Plant & machinery	15% reducing balance
Fixture & fittings	15% reducing balance
Motor vehicles	25% reducing balance

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 2

Sun Fashion Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2015
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 November 2014		8,500			25,250			33,750
At 31 October 2015		8,500			25,250			33,750
Depreciation
At 1 November 2014		-			17,480			17,480
Charge for the year		-			1,367			1,367
At 31 October 2015		-			18,847			18,847
Net book value
At 31 October 2015		8,500			6,403			14,903
At 31 October 2014		8,500			7,770			16,270

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary A shares of £1 each		100			100			100			100
Ordinary B shares of £1 each		1			1			1			1
Ordinary C shares of £1 each		1			1			1			1
		102			102			102			102

4	Related party transactions

Director's advances and credits

	2015 Advance/ Credit £	2015 Repaid £	2014 Advance/ Credit £	2014 Repaid £
Mrs Melanie Barter
The amount owed to the director by the company as at the year end was	22,079	-	465	-

Page 3