Variety Silk House Limited Small abbreviated accounts

VARIETY SILK HOUSE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER 01801332

VARIETY SILK HOUSE LIMITED

UNAUDITED ABBREVIATED ACCOUNTS

FOR

30 June 2016

MALDE & CO

Chartered Certified Accountants

99 Kenton Road

Kenton Harrow

Middlesex

HA3 0AN

VARIETY SILK HOUSE LIMITED

ABBREVIATED BALANCE SHEET

30 June 2016

		2016		2015
Note		£	£	£
FIXED ASSETS	2
Tangible assets			121,235	143,747
Investments			38,027	38,027
			----------	----------
			159,262	181,774
			----------	----------

CURRENT ASSETS

Stocks		632,167		599,341
Debtors	3	166,169		181,177
Cash at bank and in hand		6,807		6,886
		----------		----------
		805,143		787,404
CREDITORS: Amounts falling due within one year	4	578,189		529,301
		----------		----------
NET CURRENT ASSETS			226,954	258,103
			----------	----------
TOTAL ASSETS LESS CURRENT LIABILITIES			386,216	439,877

CREDITORS: Amounts falling due after more than one year	5	97,257	106,115
		----------	----------
		288,959	333,762
		----------	----------

CAPITAL AND RESERVES

Called up equity share capital	6	100	100
Profit and loss account		288,859	333,662
		----------	----------
SHAREHOLDERS' FUNDS		288,959	333,762
		----------	----------

For the year ended 30th June 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 accounts for the year in question in accordance with section 476; and

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

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

These abbreviated accounts were approved by the directors and authorised for issue on 22 March 2017 , and are signed on their behalf by:

Mr M C Shah Director

Company Registration Number: 01801332

VARIETY SILK HOUSE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

YEAR ENDED 30TH JUNE 2016

1. ACCOUNTING POLICIES

Basis of accounting

The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015). In adopting the Financial Reporting Standard for Smaller Entities (effective January 2015), it was not necessary to change any accounting policies and no prior period adjustment was required. Hence there has been no effect on the results for the current period in adopting the new Financial Reporting Standard for Smaller Entities.

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

Fixed assets

All fixed assets are initially recorded at cost.

Depreciation

Depreciation is calculated so as to write off the cost of an asset over the useful economic life of that asset as follows:

Leasehold improvements - over the life of the lease.

Furniture & equipment - 20% reducing balance basis.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Pension costs

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

2. FIXED ASSETS

Tangible Assets	Investments	Total
£	£	£

COST

At 1st July 2015 and 30th June 2016	793,713	38,027	831,740
	----------	---------	----------

DEPRECIATION

At 1st July 2015	649,966	–	649,966
Charge for year	22,512	–	22,512
	----------	---------	----------
At 30th June 2016	672,478	–	672,478
	----------	---------	----------

NET BOOK VALUE

At 30th June 2016	121,235	38,027	159,262
	----------	---------	----------

At 30th June 2015	143,747	38,027	181,774
	----------	---------	----------

Listed investments having a net book value of £38,027 are held by the company and had a market value of £500 at the end of the year (2015 - £625)

3. DEBTORS

Debtors include amounts of £24,000 (2015 - £24,000) falling due after more than one year.

4. CREDITORS: Amounts falling due within one year

The following liabilities disclosed under creditors falling due within one year are secured by the company:

	2016	2015
	£	£
Bank loans and overdrafts	112,233	164,239
	----------	----------

The bank loans are secured by a fixed and floating charge over all the company's assets and Mr M C Shah has provided a personal guarantee in respect of these bank loans.

5. CREDITORS: Amounts falling due after more than one year

The following liabilities disclosed under creditors falling due after more than one year are secured by the company:

	2016	2015
	£	£
Bank loans and overdrafts	97,257	106,115
	---------	----------

The bank loans are secured by a fixed and floating charge over all the company's assets and Mr M C Shah has provided a personal guarantee in respect of these bank loans.

Included within creditors falling due after more than one year is an amount of £42,498 (2015 - £37,667) in respect of liabilities which fall due for payment after more than five years from the balance sheet date.

6. SHARE CAPITAL

Allotted, called up and fully paid:

	2016		2015
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----