Company Registration No. SC415918 (Scotland)
Treehouse Childrenswear Ltd
Unaudited accounts
for the year ended 28 February 2017
Treehouse Childrenswear Ltd
Unaudited accounts
Contents
Treehouse Childrenswear Ltd
Company Information
for the year ended 28 February 2017
Directors
Kim Duncan
Sophie McAllister
Company Number
SC415918 (Scotland)
Registered Office
10-12 Hamilton Place
Edinburgh
EH3 5AU
Accountants
Allsquare (Edinburgh) Ltd
Federation House
222-224 Queensferry Street
Edinburgh
EH4 2BN
Treehouse Childrenswear Ltd
Statement of financial position
as at 28 February 2017
Tangible assets
2,677
8,461
Cash at bank and in hand
36,334
44,801
Creditors: amounts falling due within one year
(115,991)
(32,910)
Net current (liabilities)/assets
(8,255)
73,602
Total assets less current liabilities
(5,578)
82,063
Creditors: amounts falling due after more than one year
-
(94,000)
Provisions for liabilities
Net liabilities
(6,104)
(11,937)
Called up share capital
2
2
Profit and loss account
(6,106)
(11,939)
Shareholders' funds
(6,104)
(11,937)
For the year ending 28 February 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 directors acknowledge their 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 14 August 2017.
Kim Duncan
Director
Company Registration No. SC415918
Treehouse Childrenswear Ltd
Notes to the Accounts
for the year ended 28 February 2017
Treehouse Childrenswear Ltd is a private company, limited by shares, registered in Scotland, registration number SC415918. The registered office and principal place of business is 10-12 Hamilton Place, Edinburgh, EH3 5AU.
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 28 February 2017 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 March 2015
The accounts have been prepared under the historical cost convention.
As at 28 February 2017 the company's liabilities exceeded assets by £6,104 (2016 - £11,937). The company relies on the continued support of its bank and directors to finance its working capital requirements. The directors have indicated that this support will continue for the foreseeable future and consider it appropriate to prepare the financial statements on the going concern basis.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
20% Straight Line
Fixtures & fittings
20% Straight Line
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements.
Deferred tax is recognised on all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.
Treehouse Childrenswear Ltd
Notes to the Accounts
for the year ended 28 February 2017
4
Tangible fixed assets
Land & buildings
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 March 2016
16,758
15,102
31,860
At 28 February 2017
16,758
15,631
32,389
At 1 March 2016
12,564
10,835
23,399
Charge for the year
3,352
2,961
6,313
At 28 February 2017
15,916
13,796
29,712
At 28 February 2017
842
1,835
2,677
At 29 February 2016
4,194
4,267
8,461
Finished goods
69,466
56,589
Amounts due from group undertakings etc.
-
2
Deferred tax asset
-
3,356
Accrued income and prepayments
162
-
7
Creditors: amounts falling due within one year
2017
2016
Trade creditors
18,503
23,171
Amounts owed to group undertakings and other participating interests
-
5,744
Other taxes and social security costs
5,881
3,195
Loans from directors
90,429
-
8
Creditors: amounts falling due after more than one year
2017
2016
Treehouse Childrenswear Ltd
Notes to the Accounts
for the year ended 28 February 2017
9
Transactions with related parties
Included within 'Other creditors' is an amount of £90,429 (2016 - £94,000) due to the directors by the company. The loan is interest free and has no terms for repayment.
The company is under the control of the directors. No individual director has overall control.
11
Average number of employees
During the year the average number of employees was 12 (2016: 10).
