Mankind Designerwear Limited - Period Ending 2016-01-31

Registration number: 1476495

Mankind Designerwear Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 January 2016
 

Horne Brooke Shenton
Chartered Accountants
15 Olympic Court Boardmans Way
Whitehills Business Park
Blackpool
FY4 5GU

Mankind Designerwear Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

Mankind Designerwear Limited
(Registration number: 1476495)
Abbreviated Balance Sheet at 31 January 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					18,511			20,364
Current assets
Stocks					123,957			133,767
Debtors					47,613			57,856
Cash at bank and in hand					56,635			39,961
					228,205			231,584
Creditors: Amounts falling due within one year					(125,204)			(184,761)
Net current assets					103,001			46,823
Total assets less current liabilities					121,512			67,187
Creditors: Amounts falling due after more than one year					(54,450)			-
Provisions for liabilities					(3,359)			(749)
Net assets					63,703			66,438
Capital and reserves
Called up share capital		4			175			175
Profit and loss account					63,528			66,263
Shareholders' funds					63,703			66,438

For the year ending 31 January 2016 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 his responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit or loss for the financial year in accordance with the requirements of section 396 and which otherwise comply with the requirements of the Companies Act 2006 relating to the accounts, so far as applicable to the company.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 15 August 2016

 Mr P Carpenter
 Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Mankind Designerwear Limited
Notes to the Abbreviated Accounts for the Year Ended 31 January 2016
......... 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 January 2015).

Going concern

The financial statements have been prepared on a going concern basis.

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year net of value added tax. Revenue is recognised on the sale of goods at the point of the till sale.

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
Fixtures, fittings and equipment	10% reducing balance
Computer equipment	33 1/3% 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.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 2

Mankind Designerwear Limited
Notes to the Abbreviated Accounts for the Year Ended 31 January 2016
......... continued

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.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 February 2015		219,380			219,380
Additions		540			540
At 31 January 2016		219,920			219,920
Depreciation
At 1 February 2015		199,016			199,016
Charge for the year		2,393			2,393
At 31 January 2016		201,409			201,409
Net book value
At 31 January 2016		18,511			18,511
At 31 January 2015		20,364			20,364

3

Creditors

Included in the creditors are the following amounts due after more than five years:

		2016 £			2015 £
After more than five years not by instalments		24,200			-

Page 3

Mankind Designerwear Limited
Notes to the Abbreviated Accounts for the Year Ended 31 January 2016
......... continued

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary A of £1 each		100			100			100			100
Ordinary B of £1 each		75			75			75			75
		175			175			175			175

5

Control

The company is controlled by Mr P Carpenter. Mr P Carpenter is the managing director and majority shareholder.

Page 4