Company Registration No. 07531040 (England and Wales)
S G Menswear Limited
Unaudited accounts
for the year ended 31 March 2017
S G Menswear Limited
Unaudited accounts
Contents
S G Menswear Limited
Company Information
for the year ended 31 March 2017
Company Number
07531040 (England and Wales)
Registered Office
122-124 BRADSHAWGATE
LEIGH
LANCASHIRE
WN7 4NP
Accountants
J F Balshaw & Co
20 Old Kiln Lane
Heaton
Bolton
Lancashire
BL1 5PD
S G Menswear Limited
Statement of financial position
as at 31 March 2017
Intangible assets
6,000
7,500
Tangible assets
59,920
53,503
Cash at bank and in hand
33,701
15,492
Creditors: amounts falling due within one year
(48,232)
(49,260)
Net current liabilities
(6,331)
(24,468)
Total assets less current liabilities
59,589
36,535
Provisions for liabilities
Deferred tax
(11,697)
(10,342)
Called up share capital
100
100
Profit and loss account
47,792
26,093
Shareholders' funds
47,892
26,193
For the year ending 31 March 2017 the company was entitled to exemption from audit 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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 21 July 2017.
Mr P J Ault
Director
Company Registration No. 07531040
S G Menswear Limited
Notes to the Accounts
for the year ended 31 March 2017
S G Menswear Limited is a private company, limited by shares, registered in England and Wales, registration number 07531040. The registered office and principal place of business is 122-124 BRADSHAWGATE, LEIGH, LANCASHIRE, WN7 4NP.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 31 March 2017 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 April 2015.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% on cost
Fixtures & fittings
20% reducing balance
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. Impairment of intangible fixed assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
S G Menswear Limited
Notes to the Accounts
for the year ended 31 March 2017
4
Intangible fixed assets
Goodwill
5
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 April 2016
103,112
2,121
105,233
At 31 March 2017
124,509
2,121
126,630
At 1 April 2016
50,510
1,220
51,730
Charge for the year
14,800
180
14,980
At 31 March 2017
65,310
1,400
66,710
At 31 March 2017
59,199
721
59,920
At 31 March 2016
52,602
901
53,503
Finished goods
8,200
9,300
7
Creditors: amounts falling due within one year
2017
2016
Trade creditors
1,193
1,894
Corporation tax
6,535
6,484
Other taxes and social security costs
4,985
3,454
Loans from directors
34,609
36,588
S G Menswear Limited
Notes to the Accounts
for the year ended 31 March 2017
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Loan owed to director
36,588
-
1,979
34,609
The loan owed by the company to Mr P J Ault is repayable on demand
10
Transactions with related parties
Loan owed to director £34,609 (£36,588)
11
Average number of employees
During the year the average number of employees was 4 (2016: 4).
