Over The Top Textiles Limited - Accounts to registrar - small 17.1

REGISTERED NUMBER: 03370898 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

OVER THE TOP TEXTILES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mrs S A T Prince

REGISTERED OFFICE:

Unit 6

Sketchley Meadows

Hinckley

Leicestershire

LE10 3EN

REGISTERED NUMBER:

03370898 (England and Wales)

ACCOUNTANTS:

PWH Accountancy Ltd

The Counting House

High Street

Lutterworth

Leicestershire

LE17 4AY

FIXED ASSETS

Intangible assets

4

-

3,617

Tangible assets

5

148,472

82,852

148,472

86,469

CURRENT ASSETS

Stocks

58,644

37,894

Debtors

6

47,923

80,039

Cash at bank and in hand

264,529

156,270

371,096

274,203

CREDITORS

Amounts falling due within one year

7

198,855

184,659

NET CURRENT ASSETS

172,241

89,544

TOTAL ASSETS LESS CURRENT LIABILITIES

320,713

176,013

CREDITORS

Amounts falling due after more than one year

8

(72,430

)

(22,417

)

PROVISIONS FOR LIABILITIES

9

(16,129

)

(2,522

)

NET ASSETS

232,154

151,074

CAPITAL AND RESERVES

Called up share capital

10

5

5

Retained earnings

11

232,149

151,069

SHAREHOLDERS' FUNDS

232,154

151,074

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 28 November 2017 and were signed by:

Mrs S A T Prince - Director

1.	STATUTORY INFORMATION

Over The Top Textiles Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 1997, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

sheet date.

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 measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

72,800

AMORTISATION

At 1 April 2016

69,183

Amortisation for year

3,617

At 31 March 2017

72,800

NET BOOK VALUE

At 31 March 2017

-

At 31 March 2016

3,617

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 April 2016

111,405

37,621

79,690

228,716

Additions

61,534

13,152

41,723

116,409

Disposals

-

-

(33,905

)

(33,905

)

At 31 March 2017

172,939

50,773

87,508

311,220

DEPRECIATION

At 1 April 2016

80,488

15,580

49,796

145,864

Charge for year

19,138

3,019

14,328

36,485

Eliminated on disposal

-

-

(19,601

)

(19,601

)

At 31 March 2017

99,626

18,599

44,523

162,748

NET BOOK VALUE

At 31 March 2017

73,313

32,174

42,985

148,472

At 31 March 2016

30,917

22,041

29,894

82,852

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade debtors

44,043

72,705

Other debtors

3,880

2,125

Prepayments

-

5,209

47,923

80,039

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Hire purchase contracts

25,511

9,110

Trade creditors

104,048

102,618

Tax

4,874

19,131

Social security and other taxes

9,154

2,453

VAT

34,318

26,000

Other creditors

-

4,133

Accrued expenses

20,950

21,214

198,855

184,659

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.17

31.3.16

£

£

Hire purchase contracts

72,430

22,417

9.	PROVISIONS FOR LIABILITIES

31.3.17

31.3.16

£

£

Deferred tax

16,129

2,522

Deferred

tax

£

Balance at 1 April 2016

2,522

Provided during year

13,607

Balance at 31 March 2017

16,129

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.17

31.3.16

value:

£

£

5

Ordinary

£1

5

5

11.

RESERVES

Retained

earnings

£

At 1 April 2016

151,069

Profit for the year

110,417

Dividends

(29,337

)

At 31 March 2017

232,149

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mrs S A T Prince.