UNIVERSAL GARMENTS INTERNATIONAL LIMITED - Filleted accounts

UNIVERSAL GARMENTS INTERNATIONAL LIMITED - Filleted accounts

UNIVERSAL GARMENTS INTERNATIONAL LIMITED - Company Information

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UNIVERSAL GARMENTS INTERNATIONAL LIMITED
Registered number: 04952662
Balance Sheet
as at 31 January 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 3 30,662 37,743
Current assets
Stocks 329,750 170,255
Debtors 4 311,084 265,003
Cash at bank and in hand 19,865 5,463
660,699 440,721
Creditors: amounts falling due within one year 5 (394,754) (322,227)
Net current assets 265,945 118,494
Total assets less current liabilities 296,607 156,237
Creditors: amounts falling due after more than one year 6 (135,000) -
Net assets 161,607 156,237
Capital and reserves
Called up share capital 100,000 100,000
Profit and loss account 61,607 56,237
Shareholders' funds 161,607 156,237
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Z Rahim
Director
Approved by the board on 17 October 2017
UNIVERSAL GARMENTS INTERNATIONAL LIMITED
Notes to the Accounts
for the year ended 31 January 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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 the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2016 25,000
At 31 January 2017 25,000
Amortisation
At 1 February 2016 25,000
At 31 January 2017 25,000
Net book value
At 31 January 2017 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 February 2016 55,620 33,141 39,328 128,089
Additions - 92 - 92
At 31 January 2017 55,620 33,233 39,328 128,181
Depreciation
At 1 February 2016 29,201 31,060 30,085 90,346
Charge for the year 2,781 1,603 2,789 7,173
At 31 January 2017 31,982 32,663 32,874 97,519
Net book value
At 31 January 2017 23,638 570 6,454 30,662
At 31 January 2016 26,419 2,081 9,243 37,743
4 Debtors 2017 2016
£ £
Trade debtors 311,084 259,572
Other debtors - 5,431
311,084 265,003
5 Creditors: amounts falling due within one year 2017 2016
£ £
Bank loans and overdrafts 112,265 154,770
Trade creditors 95,313 49,011
Directors loan account 60,443 136,181
Corporation tax 17,012 13,457
Other taxes and social security costs 36,545 31,303
Other creditors 73,176 (62,495)
394,754 322,227
6 Creditors: amounts falling due after one year 2017 2016
£ £
Directors loan account 135,000 -
7 Other information
UNIVERSAL GARMENTS INTERNATIONAL LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Ray Mill
Clarence Street
Stalybridge
Cheshire
SK15 1QF
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