Advance Clothing Management Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 06826968 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2016

FOR

ADVANCE CLOTHING MANAGEMENT LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

S Member

SECRETARY:

Mrs N Member

REGISTERED OFFICE:

Pegasus House

5 Winckley Court

Mount Street

Preston

Lancashire

PR1 8BU

REGISTERED NUMBER:

06826968 (England and Wales)

FIXED ASSETS

Tangible assets

2

11,500

12,206

CURRENT ASSETS

Stocks

32,796

-

Debtors

-

93,833

Cash at bank

163,487

49,071

196,283

142,904

CREDITORS

Amounts falling due within one year

281,685

202,380

NET CURRENT LIABILITIES

(85,402

)

(59,476

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(73,902

)

(47,270

)

CAPITAL AND RESERVES

Called up share capital

3

100

Profit and loss account

(74,002

)

(47,370

)

SHAREHOLDERS' FUNDS

(73,902

)

(47,270

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 31 August 2017 and were signed by:

S Member - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2015

22,562

Additions

1,500

At 31 August 2016

24,062

DEPRECIATION

At 1 September 2015

10,356

Charge for year

2,206

At 31 August 2016

12,562

NET BOOK VALUE

At 31 August 2016

11,500

At 31 August 2015

12,206

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

100

Ordinary

1

100