Stitch It Promotions Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 05070021 (England and Wales)

Financial Statements for the Year Ended 31st March 2017

for

Stitch It Promotions Ltd

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

D J Snelson

REGISTERED OFFICE:

26 Wagg Street

Congleton

Cheshire

CW12 4BA

REGISTERED NUMBER:

05070021 (England and Wales)

FIXED ASSETS

Tangible assets

4

20,272

22,754

CURRENT ASSETS

Stocks

2,800

2,100

Debtors

33,537

26,788

Cash at bank and in hand

30,866

43,818

67,203

72,706

CREDITORS

Amounts falling due within one year

17,757

30,175

NET CURRENT ASSETS

49,446

42,531

TOTAL ASSETS LESS CURRENT LIABILITIES

69,718

65,285

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

69,717

65,284

SHAREHOLDERS' FUNDS

69,718

65,285

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2017 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31st March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 3rd November 2017 and were signed by:

D J Snelson - Director

1.	STATUTORY INFORMATION

Stitch It Promotions Ltd 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.

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 etc

-

33% on reducing balance and 10% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Stocks

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

moving items.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors and director's loans.

Directors loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted

amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective

evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the

statement of income and Retained Earnings.

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 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1st April 2016

46,366

Additions

840

At 31st March 2017

47,206

DEPRECIATION

At 1st April 2016

23,612

Charge for year

3,322

At 31st March 2017

26,934

NET BOOK VALUE

At 31st March 2017

20,272

At 31st March 2016

22,754

5.	FIRST YEAR ADOPTION

The company has transitioned to FRS 102 from previously being prepared under the historical cost convention

and in accordance with Financial Reporting Standards Entities (effective April 2015) as at 1 April 2016.