Knit-1 Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 03556174 (England and Wales)

Abbreviated Accounts for the Year Ended 30 April 2014

for

Knit-1 Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

R J Dykes

Ms S Enticknap

SECRETARY:

R J Dykes

REGISTERED OFFICE:

93 Islingword Road

Brighton

East Sussex

BN2 9SJ

REGISTERED NUMBER:

03556174 (England and Wales)

ACCOUNTANTS:

Bristow Still

Chartered Accountants

39 Sackville Road

Hove

East Sussex

BN3 3WD

FIXED ASSETS

Intangible assets

2

-

-

Tangible assets

3

4,585

4,526

4,585

4,526

CURRENT ASSETS

Stocks

2,415

1,730

Debtors

24,692

26,091

Cash at bank

44,989

36,344

72,096

64,165

CREDITORS

Amounts falling due within one year

36,688

42,593

NET CURRENT ASSETS

35,408

21,572

TOTAL ASSETS LESS CURRENT LIABILITIES

39,993

26,098

CAPITAL AND RESERVES

Called up share capital

4

100

100

Profit and loss account

39,893

25,998

SHAREHOLDERS' FUNDS

39,993

26,098

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2014 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors on 19 November 2014 and were signed on its behalf by:

R J Dykes - 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 April 2008).

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2000, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

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

Short leasehold

-

Straight line over term of lease

Plant and machinery

-

25% 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.

Deferred tax

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

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 May 2013

and 30 April 2014

13,600

AMORTISATION

At 1 May 2013

and 30 April 2014

13,600

NET BOOK VALUE

At 30 April 2014

-

At 30 April 2013

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 May 2013

89,084

Additions

1,359

At 30 April 2014

90,443

DEPRECIATION

At 1 May 2013

84,558

Charge for year

1,300

At 30 April 2014

85,858

NET BOOK VALUE

At 30 April 2014

4,585

At 30 April 2013

4,526

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.14

30.4.13

value:

£

£

100

Ordinary

£1

100

100