Sweetmay Ltd - Period Ending 2016-10-31

Registration number: 05290843

Sweetmay Ltd

trading as Kings Bazaar

Unaudited Abbreviated Accounts

for the Year Ended 31 October 2016
 

Stapletons
Chartered Certified Accountants
4 Market Street
Crediton
Devon
EX17 2AJ

Sweetmay Ltd
trading as Kings Bazaar
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Sweetmay Ltd
trading as Kings Bazaar
(Registration number: 05290843)
Abbreviated Balance Sheet at 31 October 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					1,291			2,164
Current assets
Debtors					29,382			32,562
Cash at bank and in hand					350			-
					29,732			32,562
Creditors: Amounts falling due within one year					(112,177)			(116,486)
Net current liabilities					(82,445)			(83,924)
Total assets less current liabilities					(81,154)			(81,760)
Creditors: Amounts falling due after more than one year					(6,999)			-
Net liabilities					(88,153)			(81,760)
Capital and reserves
Called up share capital		4			2			2
Profit and loss account					(88,155)			(81,762)
Shareholders' deficit					(88,153)			(81,760)

For the year ending 31 October 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 director acknowledges his 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 .

Approved by the director on 21 July 2017

Mr N Ahmed
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Sweetmay Ltd
trading as Kings Bazaar
Notes to the Abbreviated Accounts for the Year Ended 31 October 2016
......... continued

1	Accounting policies

Basis of preparation

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).

Going concern

The financial statements have been prepared on a going concern basis on the understanding that the company will continue to receive support from the director.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Leasehold property	20% straight line basis
Fixtures, fittings and equipment	20% reducing balance basis
Office equipment	33% straight line basis

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 2

Sweetmay Ltd
trading as Kings Bazaar
Notes to the Abbreviated Accounts for the Year Ended 31 October 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 November 2015		6,483			6,483
At 31 October 2016		6,483			6,483
Depreciation
At 1 November 2015		4,319			4,319
Charge for the year		873			873
At 31 October 2016		5,192			5,192
Net book value
At 31 October 2016		1,291			1,291
At 31 October 2015		2,164			2,164

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2016 £			2015 £
Amounts falling due within one year		8,274			13,997
Amounts falling due after more than one year		6,999			-
Total secured creditors		15,273			13,997

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary of £1 each		2			2			2			2

Page 3