ACCOUNTS - Final Accounts preparation

THETFORD GUNS & COUNTRY CLOTHING LIMITED - Company Information

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Registered number: 06834080

THETFORD GUNS & COUNTRY CLOTHING LIMITED

UNAUDITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2016

THETFORD GUNS & COUNTRY CLOTHING LIMITED

CONTENTS

	Page
Accountants' report	1
Balance sheet	2 - 3
Notes to the abbreviated accounts	4 - 5

THETFORD GUNS & COUNTRY CLOTHING LIMITED

The following reproduces the text of the Chartered accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THETFORD GUNS & COUNTRY CLOTHING LIMITED
FOR THE YEAR ENDED 31 JULY 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Thetford Guns & Country Clothing Limited for the year ended 31 July 2016 which comprise the Profit and loss account, the Balance sheet and the related notes from the company's accounting records and from information and explanations you have given to us.

As a member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/
regulations-standards-and-guidance.

This report is made solely to the Board of directors of Thetford Guns & Country Clothing Limited, as a body, in accordance with the terms of our engagement letter dated 27 October 2015. Our work has been undertaken solely to prepare for your approval the financial statements of Thetford Guns & Country Clothing Limited and state those matters that we have agreed to state to the Board of directors of Thetford Guns & Country Clothing Limited, as a body, in this report in accordance with ICAEW Technical release TECH07/16AAF . To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Thetford Guns & Country Clothing Limited and its Board of directors, as a body, for our work or for this report.

It is your duty to ensure that Thetford Guns & Country Clothing Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Thetford Guns & Country Clothing Limited. You consider that Thetford Guns & Country Clothing Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Thetford Guns & Country Clothing Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

MA Partners LLP

Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ

28 April 2017

Page 1

THETFORD GUNS & COUNTRY CLOTHING LIMITED

REGISTERED NUMBER: 06834080

ABBREVIATED BALANCE SHEET

AS AT 31 JULY 2016

2016

2015

	Note	£	£	£	£
FIXED ASSETS
Tangible assets	2		5,636		5,950

CURRENT ASSETS
Stocks	189,259		159,735
Debtors	5,630		10,544
Cash at bank	101,274		77,050

	296,163		247,329
CREDITORS: amounts falling due within one year	(90,679)		(142,466)
NET CURRENT ASSETS		205,484		104,863

TOTAL ASSETS LESS CURRENT LIABILITIES

211,120

110,813

CREDITORS: amounts falling due after more than one year	(61,320)	-
PROVISIONS FOR LIABILITIES
Deferred tax	(1,127)	(1,190)
NET ASSETS	148,673	109,623

CAPITAL AND RESERVES
Called up share capital	3	1,000	1,000
Profit and loss account		147,673	108,623

SHAREHOLDERS' FUNDS

148,673

109,623

The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 July 2016 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Page 2

THETFORD GUNS & COUNTRY CLOTHING LIMITED

ABBREVIATED BALANCE SHEET (continued)

AS AT 31 JULY 2016

The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf by:

................................................

C A Blake

Director

Date: 28 April 2017

The notes on pages 4 to 5 form part of these financial statements.

Page 3

THETFORD GUNS & COUNTRY CLOTHING LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2016

1.ACCOUNTING POLICIES

	1.1	Basis of preparation of financial statements
		The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

	1.2	Turnover
		Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

	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 of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant and machinery	-	25% Reducing Balance
Fixtures and fittings	-	25% Reducing Balance
Office equipment	-	25% Reducing Balance

	1.4	Operating leases
		Rentals under operating leases are charged to the Profit and loss account on a straight line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.

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

	1.6	Deferred taxation
		Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
		A net deferred tax asset is recognised only if it can be regarded as 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 assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse. Deferred tax assets and liabilities are not discounted.

Page 4

THETFORD GUNS & COUNTRY CLOTHING LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2016

2.TANGIBLE FIXED ASSETS

		£
	Cost
	At 1 August 2015	13,133
	Additions	1,565
	At 31 July 2016	14,698

	Depreciation
	At 1 August 2015	7,183
	Charge for the year	1,879
	At 31 July 2016	9,062

	Net book value
	At 31 July 2016	5,636
	At 31 July 2015	5,950

3.SHARE CAPITAL

	2016	2015
	£	£
Allotted, called up and fully paid

1,000 Ordinary shares of £1 each	1,000	1,000

Page 5