Factory Bargains Limited - Period Ending 2017-03-31

Registration number: 09892354

Factory Bargains Limited

Unaudited Abbreviated Accounts
 
for the period from 27 November 2015 to 31 March 2017

Four Fifty Partnership
Chartered Accountants
Bath Street
Cheddar
Somerset
BS27 3AA

Factory Bargains Limited

Contents

Accountants' Report	1
Abbreviated Balance Sheet	2
Notes to the Abbreviated Accounts	3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Factory Bargains Limited
for the Period Ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Factory Bargains Limited for the period ended 31 March 2017 set out on pages 2 to 4 from the company's accounting records and from information and explanations you have given us.

As a practising 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/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Factory Bargains Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Factory Bargains Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Factory Bargains Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Factory Bargains Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and results of Factory Bargains Limited. You consider that Factory Bargains Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Factory Bargains 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 accounts.

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

Four Fifty Partnership
Chartered Accountants
Bath Street
Cheddar
Somerset
BS27 3AA

Date:.............................

Page 1

Factory Bargains Limited

(Registration number: 09892354)
Abbreviated Balance Sheet as at 31 March 2017

	Note	31 March 2017  £
Shareholders' funds/(deficit)		-

For the period ending 31 March 2017 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 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 in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 28 July 2017 and signed on its behalf by:

.........................................
Mr Brown
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Factory Bargains Limited

Notes to the Abbreviated Accounts

1	Accounting policies

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the company will continue to trade in operational existence for the foreseeable future. At 31 March 2017, the company had net liabilities of £57,160.

The assumption the director has made in reaching this conclusion may be summarised as follows:

Current liabilities include a directors loan of £156,400. The director will not seek repayment of this loan until such times as the company has sufficient cash to repay this amount and:-

the directors are of the opinion that there is no reason to believe that the continued support of the company's bankers will not be forthcoming as the company has always operated within the agreed facilities.

The directors have considered the position of the company with respect to it's obligations to ensure the business can continue in operational existence for the foreseeable future and confirm their continued support and approval to adopt the going concern basis for preparing the accounts.

Hire purchase and leasing

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Page 3

Factory Bargains Limited

Notes to the Abbreviated Accounts

2	Share capital

Allotted, called up and fully paid shares

	31 March 2017
	No.	£
Ordinary of £1 each	100	100

3	Related party transactions

Transactions with directors

2017	At 27 November 2015 £	Advances to directors £	Repayments by director £	Other payments made to company by director £	At 31 March 2017 £
Mr Brown
Director's loan	-	-	156,400	-	156,400

Other transactions with directors The loan was not overdrawn at any point during the period, is interest free and repayable on demand.

4

Control

The directors are the controlling party by virtue of their controlling shareholding in the company.

Page 4