EDWARD_TAYLOR_TEXTILES_LT - Accounts

EDWARD TAYLOR TEXTILES LTD - Company Information

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Company Registration No. 07820106 (England and Wales)

EDWARD TAYLOR TEXTILES LTD

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2016

EDWARD TAYLOR TEXTILES LTD

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

EDWARD TAYLOR TEXTILES LTD

ABBREVIATED BALANCE SHEET

AS AT

30 APRIL 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

504,483

450,108

Current assets

Stocks

100,020

61,261

Debtors

344,253

228,010

Cash at bank and in hand

130,402

574,675

289,271

Creditors: amounts falling due within one year

(545,858)

(388,164)

Net current assets/(liabilities)

28,817

(98,893)

Total assets less current liabilities

533,300

351,215

Creditors: amounts falling due after more than one year

(67,997)

(11,232)

Provisions for liabilities

(76,950)

(60,818)

Accruals and deferred income

(144,500)

(138,514)

243,853

140,651

Capital and reserves

Called up share capital

Profit and loss account

243,851

140,649

Shareholders' funds

243,853

140,651

EDWARD TAYLOR TEXTILES LTD

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

30 APRIL 2016

- 2 -

For the financial year ended 30 April 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 11 January 2017

Mr I I Patel

Mr M I Patel

Director

Company Registration No. 07820106

EDWARD TAYLOR TEXTILES LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 APRIL 2016

- 3 -

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).

The company finances its operations by means of an invoice discounting facility. The directors are not aware of any reason why the facility will not be maintained at its current level. As a result the directors have continued to adopt the going concern basis in preparing the financial statements.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

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:

Plant and machinery

10% Straight Line

Fixtures, fittings & equipment

15% Reducing Balance and 33.3% Straight Line

Fixed assets

Tangible assets

Cost

At 1 May 2015

686,758

Additions

17,915

At 30 April 2016

704,673

Depreciation

At 1 May 2015

130,608

Charge for the year

69,582

At 30 April 2016

200,190

Net book value

At 30 April 2016

504,483

At 30 April 2015

450,108

EDWARD TAYLOR TEXTILES LTD

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2016

- 4 -

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £267,217 (2015 - £193,554).

Creditors: amounts falling due after more than one year

The aggregate amount of creditors for which security has been given amounted to £67,997 (2015 - £11,232).

Share capital

2016

2015

Allotted, called up and fully paid

2 Ordinary shares of £1 each

Related party relationships and transactions

Advances and credits to directors

Advances and credits granted to the directors during the year are outlined in the table below:

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

Mr I I Patel -

3.00

47,923

577

48,500

Mr M I Patel -

3.00

47,923

577

48,500

95,846

1,154

97,000

Loans from the directors

Transactions in relation to loans with directors during the year are outlined in the table below:

Description

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

Mr I I Patel -

490

452

Mr M I Patel -

490

452

980

904