Textile_Warehouse_Limited - Accounts

TEXTILE WAREHOUSE LIMITED - Company Information

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Company Registration No. 05581030 (England and Wales)

Textile Warehouse Limited

Abbreviated Accounts

For The Year Ended 31 March 2016

TEXTILE WAREHOUSE LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

TEXTILE WAREHOUSE LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

8,333

17,841

Current assets

Stocks

1,038,148

1,286,334

Debtors

10,112

65,896

Cash at bank and in hand

53,666

109,185

1,101,926

1,461,415

Creditors: amounts falling due within one year

(918,816)

(1,199,972)

Net current assets

183,110

261,443

Total assets less current liabilities

191,443

279,284

Provisions for liabilities

(80)

(1,600)

191,363

277,684

Capital and reserves

Called up share capital

Profit and loss account

191,361

277,682

Shareholders' funds

191,363

277,684

For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 20 December 2016

Mr J F Cook

Director

Company Registration No. 05581030

TEXTILE WAREHOUSE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Turnover

Turnover represents amounts receivable for internet trading net of VAT .internet trading net of VAT.

1.3

Tangible fixed assets and depreciation

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:

Fixtures, fittings and equipment

30% straight line

1.4

Stock

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

1.5

Deferred taxation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

1.6

Foreign currency translation

Fixed assets

Tangible assets

Cost

At 1 April 2015

54,466

Additions

1,619

At 31 March 2016

56,085

Depreciation

At 1 April 2015

36,625

Charge for the year

11,127

At 31 March 2016

47,752

Net book value

At 31 March 2016

8,333

At 31 March 2015

17,841

TEXTILE WAREHOUSE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2016

- 3 -

Share capital

2016

2015

Allotted, called up and fully paid

2 Ordinary shares of £1 each