Company Registration No. 04258067 (England and Wales)
Fleece Knit Ltd
Unaudited accounts
for the year ended 31 July 2017
Fleece Knit Ltd
Unaudited accounts
Contents
Fleece Knit Ltd
Company Information
for the year ended 31 July 2017
Director
Mr Ibrahim Mangia
Company Number
04258067 (England and Wales)
Registered Office
161 Leicester Street
Leicester
LE5 4FS
Accountants
Ghumra & Co Limited
45 Broadway Road
Leicester
LE5 5TB
Fleece Knit Ltd
Statement of financial position
as at 31 July 2017
Tangible assets
111,646
108,347
Cash at bank and in hand
27,555
73,859
Creditors: amounts falling due within one year
(76,448)
(92,224)
Net current assets
18,509
39,691
Total assets less current liabilities
130,155
148,038
Creditors: amounts falling due after more than one year
(10,011)
(29,303)
Provisions for liabilities
Deferred tax
(22,329)
(21,669)
Called up share capital
20
20
Profit and loss account
97,795
97,046
Shareholders' funds
97,815
97,066
For the year ending 31 July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 20 December 2017.
Mr Ibrahim Mangia
Director
Company Registration No. 04258067
Fleece Knit Ltd
Notes to the Accounts
for the year ended 31 July 2017
Fleece Knit Ltd is a private company, limited by shares, registered in England and Wales, registration number 04258067. The registered office is 161 Leicester Street, Leicester , LE5 4FS.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 31 July 2017 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 August 2015
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% straight line
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Fleece Knit Ltd
Notes to the Accounts
for the year ended 31 July 2017
4
Tangible fixed assets
Plant & machinery
Charge for the year
16,022
Trade debtors
64,977
56,195
6
Creditors: amounts falling due within one year
2017
2016
Bank loans and overdrafts
21,119
21,119
Trade creditors
11,052
24,829
Taxes and social security
40,511
42,768
Other creditors
3,766
3,424
7
Creditors: amounts falling due after more than one year
2017
2016
8
Deferred taxation
2017
2016
Accelerated capital allowances
22,329
21,669
Fleece Knit Ltd
Notes to the Accounts
for the year ended 31 July 2017
Provision at start of year
21,669
19,025
Charged to the profit and loss account
660
2,644
Provision at end of year
22,329
21,669
Allotted, called up and fully paid:
20 Ordinary shares of £1 each
20
20
10
Average number of employees
During the year the average number of employees was 9 (2016: 9).
