Accounts filed on 31-05-2016

Accounts filed on 31-05-2016

WIZARDS COUTURE LIMITED - Company Information

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WIZARDS COUTURE LIMITED

Company Registration Number:
03772517 (England and Wales)

Report of the Directors and Unaudited Financial Statements

Period of accounts

Start date: 01 June 2015

End date: 31 May 2016

WIZARDS COUTURE LIMITED

Contents of the Financial Statements

for the Period Ended 31 May 2016

Company Information
Report of the Directors
Profit and Loss Account
Gains and Losses
Balance sheet
Notes to the Financial Statements

WIZARDS COUTURE LIMITED

Company Information

for the Period Ended 31 May 2016




Director: Monika Gyongyi Soltesz
Georgina Szabo
Secretary: Attila Szabo
Registered office: 105
Ebberns Road
Hemel Hempstead
HP3 9QS
Company Registration Number: 03772517 (England and Wales)

WIZARDS COUTURE LIMITED

Directors' Report Period Ended 31 May 2016

The directors present their report with the financial statements of the company for the period ended 31 May 2016

Principal Activities

Tailoring

Directors
 The directors shown below have held office during the whole of the period from
01 June 2015 to 31 May 2016
Monika Gyongyi Soltesz
Georgina Szabo

Political and charitable donations

No charitable donations were made during the year. No contributions to political organisations were made during the year.

Company policy on the employment of disabled persons

It is the company’s policy to give employment to disabled persons wherever practicable. At present none of our Employees or Directors are registered disabled.

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on 27 February 2017
And Signed On Behalf Of The Board By:

Name: Monika Gyongyi Soltesz
Status: Director

WIZARDS COUTURE LIMITED

Profit and Loss Account

for the Period Ended 31 May 2016


Notes
2016
£
2015
£
Turnover: 14,408 15,003
Cost of sales: ( 3,369 ) ( 4,155 )
Gross profit or (loss): 11,039 10,848
Distribution costs: 0 0
Administrative expenses: 2 ( 11,297 ) ( 12,985 )
Other operating income: 0 0
Operating profit or (loss): ( 258 ) ( 2,137 )
Interest receivable and similar income: 0 0
Interest payable and similar charges: 0 0
Profit or (loss) on ordinary activities before taxation: ( 258 ) ( 2,137 )
Tax on profit or (loss) on ordinary activities: 3 0 0
Profit or (loss) for the financial year: ( 258 ) ( 2,137 )

The notes form part of these financial statements

WIZARDS COUTURE LIMITED

Statement of total recognised gains and losses

The company does not have any gains and losses other than Profit and Loss for the period to report

WIZARDS COUTURE LIMITED

Balance sheet

As at 31 May 2016


Notes
2016
£
2015
£
Fixed assets
Intangible assets: 0 0
Tangible assets: 4 279 319
Total fixed assets: 279 319
Current assets
Stocks: 0 0
Debtors: 5 260 260
Cash at bank and in hand: 981 1,376
Total current assets: 1,241 1,636
Creditors: amounts falling due within one year: 6 ( 2,042 ) ( 2,218 )
Net current assets (liabilities): ( 801 ) ( 582 )
Total assets less current liabilities: ( 522 ) ( 263 )
Creditors: amounts falling due after more than one year: 0 0
Provision for liabilities: 0 0
Total net assets (liabilities): ( 522 ) ( 263 )

The notes form part of these financial statements

WIZARDS COUTURE LIMITED

Balance sheet continued

As at 31 May 2016


Notes
2016
£
2015
£
Capital and reserves
Called up share capital: 7 4 4
Revaluation reserve: 0 0
Profit and loss account: 8 ( 526 ) ( 267 )
Shareholders funds: ( 522 ) ( 263 )

For the year ending 31 May 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 and in accordance with the Financial Reporting Standard for Smaller Entities 2015.

The financial statements were approved by the Board of Directors on 27 February 2017

SIGNED ON BEHALF OF THE BOARD BY:

Name: Monika Gyongyi Soltesz
Status: Director

The notes form part of these financial statements

WIZARDS COUTURE LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2016

  • 1. Accounting policies

    Basis of measurement and preparation of accounts

    The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008)

    Turnover policy

    The turnover shown in the profit and loss account represents revenue earned during the period, exclusive of VAT

    Tangible fixed assets depreciation policy

    Depreciation is provided, after taking account of any grants receivable, at the following annual rates in order to write off each asset over its estimated useful life. Land & Buildings 0% on cost per annum, Plant & Equipment 10% on cost per annum, Fixtures & Fittings 20% on cost per annum, Office Equipment 33% on cost per annum, Motor Vehicles 25% on cost per annum.

    Intangible fixed assets amortisation policy

    Intangible fixed assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight basis over their estimated useful economic lives, not to exceed twenty years. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.

    Valuation information and policy

    Stocks and work -in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

    Other accounting policies

    Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability. Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. Research and Development Expenditure on research and development is written off in the year in which it is incurred.

WIZARDS COUTURE LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2016

  • 2. Directors' remuneration


    2016
    £
    2015
    £
    Directors' remuneration: 10,200 12,200
    Value of contributions to directors' pensions: 0 0
    TOTAL: 10,200 12,200

WIZARDS COUTURE LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2016

  • 3. Taxation

    The tax charge on the profit on ordinary activities for the period was as follows:


    2016
    £
    2015
    £
    UK Corporation tax: 0 0
    Deferred tax: 0 0
    Tax on profit or (loss) on ordinary activities: 0 0
    Profit or (loss) on ordinary activities before taxation: ( 258 ) ( 2,137 )
    Profit or (loss) on ordinary activities before taxation multiplied by the rate(s) of Corporation Tax applicable: ( 72 ) ( 598 )
    Expense not deductable for tax purposes: 0 0
    Accelerated capital allowances: 0 0
    Any other adjustments: 72 598
    Current tax charge or (credit): 0 0

WIZARDS COUTURE LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2016

  • 4. Tangible assets

    Land and buildings Plant and Machinery Fixtures and fittings Office Equipment Motor vehicles Total
    Cost £ £ £ £ £ £
    01 June 2015: - 399 - - - 399
    Additions: - 0 - - - 0
    Disposals: - 0 - - - 0
    Revaluations: - 0 - - - 0
    Transfers: - 0 - - - 0
    31 May 2016: - 399 - - - 399
    Depreciation
    01 June 2015: - 80 - - - 80
    Charge for year: - 40 - - - 40
    On disposals: - 0 - - - 0
    Other adjustments: - 0 - - - 0
    31 May 2016: - 120 - - - 120
    Net book value
    31 May 2016: - 279 - - - 279
    31 May 2015: - 319 - - - 319

WIZARDS COUTURE LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2016

  • 5. Debtors


    2016
    £
    2015
    £
    Trade debtors: 260 260
    Prepayments and accrued income: 0 0
    Other debtors: 0 0
    Total: 260 260

WIZARDS COUTURE LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2016

  • 6. Creditors: amounts falling due within one year


    2016
    £
    2015
    £
    Bank loans and overdrafts: 0 0
    Amounts due under finance leases and hire purchase contracts: 0 0
    Trade creditors: 1,790 1,966
    Taxation and social security: 252 252
    Accruals and deferred income: 0 0
    Other creditors: 0 0
    Total: 2,042 2,218

WIZARDS COUTURE LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2016

  • 7. Called up share capital

    Allotted, called up and paid

    Previous period
    2015
    Class Number of shares Nominal value per share (£) Total (£)
    Ordinary shares: 4 1.00 4
    Preference shares: 0 0.00 0
    Total share capital (£): 4
    Current period
    2016
    Class Number of shares Nominal value per share (£) Total (£)
    Ordinary shares: 4 1.00 4
    Preference shares: 0 0.00 0
    Total share capital (£): 4

WIZARDS COUTURE LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2016

  • 8. Profit and loss account


    2016
    £
    2015
    £
    Opening balance: ( 268 ) 1,870
    Profit or (loss) for the period: ( 258 ) ( 2,137 )
    Equity dividends paid: 0 0
    Retained profit: ( 526 ) ( 267 )