Abbreviated Company Accounts - 1ST FOR FABRICS LTD

1ST FOR FABRICS LTD - Company Information

Registered Number 04903507

1ST FOR FABRICS LTD

Abbreviated Accounts

31 March 2016

1ST FOR FABRICS LTD Registered Number 04903507

Abbreviated Balance Sheet as at 31 March 2016

	Notes	2016	2015
		£	£
Fixed assets
Intangible assets	2	31,000	31,000
Tangible assets	3	44,381	32,211
		75,381	63,211
Current assets
Stocks		54,521	66,100
Debtors		86	2,073
Cash at bank and in hand		34,021	67,050
		88,628	135,223
Creditors: amounts falling due within one year		(41,763)	(77,570)
Net current assets (liabilities)		46,865	57,653
Total assets less current liabilities		122,246	120,864
Provisions for liabilities		(8,876)	(6,441)
Total net assets (liabilities)		113,370	114,423
Capital and reserves
Called up share capital		100	100
Profit and loss account		113,270	114,323
Shareholders' funds		113,370	114,423

For the year ending 31 March 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 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 16 November 2016

And signed on their behalf by:
B Sherburn, Director

1ST FOR FABRICS LTD Registered Number 04903507

Notes to the Abbreviated Accounts for the period ended 31 March 2016

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 value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

Tangible assets depreciation policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

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

Deferred taxation
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.

2Intangible fixed assets

	£
Cost
At 1 April 2015	31,000
Additions	-
Disposals	-
Revaluations	-
Transfers	-
At 31 March 2016	31,000
Amortisation
At 1 April 2015	-
Charge for the year	-
On disposals	-
At 31 March 2016	-
Net book values
At 31 March 2016	31,000
At 31 March 2015	31,000

3Tangible fixed assets

	£
Cost
At 1 April 2015	75,819
Additions	21,660
Disposals	-
Revaluations	-
Transfers	-
At 31 March 2016	97,479
Depreciation
At 1 April 2015	43,608
Charge for the year	9,490
On disposals	-
At 31 March 2016	53,098
Net book values
At 31 March 2016	44,381
At 31 March 2015	32,211

Equipment & Machinery 15% Reducing Balance
Motor vehicles 25% Reducing Balance