Ethically Sourced Products Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 04024969

Ethically Sourced Products Limited

Abbreviated Unaudited Accounts

for the Year Ended 30 June 2016

Page

Abbreviated Balance Sheet

1

Notes to the Abbreviated Accounts

2

FIXED ASSETS

Tangible assets

2

55,889

54,672

CURRENT ASSETS

Stocks

12,187

8,000

Debtors

109,459

91,965

Cash at bank

21,561

21,737

143,207

121,702

CREDITORS

Amounts falling due within one year

187,130

168,099

NET CURRENT LIABILITIES

(43,923

)

(46,397

)

TOTAL ASSETS LESS CURRENT LIABILITIES

11,966

8,275

PROVISIONS FOR LIABILITIES

9,972

9,464

NET ASSETS/(LIABILITIES)

1,994

(1,189

)

CAPITAL AND RESERVES

Called up share capital

3

100

100

Profit and loss account

1,894

(1,289

)

SHAREHOLDERS' FUNDS

1,994

(1,189

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 30 March 2017 and were signed by:

R D Olley - Director

1.	ACCOUNTING POLICIES

Accounting convention

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).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Turnover is recognised on despatch of goods.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures & Fittings - 3 years straight line

Plant & Machinery - 20% reducing balance

Motor Vehicles - 25% reducing balance

Leasehold Property - 10 years straight line

Stocks

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

slow moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2015

142,184

Additions

17,127

At 30 June 2016

159,311

DEPRECIATION

At 1 July 2015

87,512

Charge for year

15,910

At 30 June 2016

103,422

NET BOOK VALUE

At 30 June 2016

55,889

At 30 June 2015

54,672

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

100

Ordinary

1

100

100