Childsplay Clothing Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 08078905 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2017

FOR

CHILDSPLAY CLOTHING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

N Singh

J Singh

SECRETARY:

N Singh

REGISTERED OFFICE:

114 - 116 Goodmayes Road

Ilford

Essex

IG3 9UZ

REGISTERED NUMBER:

08078905 (England and Wales)

ACCOUNTANTS:

Ashfords Partnership LLP

114 - 116 Goodmayes Road

Ilford

Essex

IG3 9UZ

FIXED ASSETS

Intangible assets

4

1,250,000

1,562,500

Tangible assets

5

324,790

161,470

Investments

6

56,158

56,158

1,630,948

1,780,128

CURRENT ASSETS

Stocks

1,752,744

1,941,093

Debtors

7

1,074,529

372,820

Cash at bank and in hand

67,395

85,053

2,894,668

2,398,966

CREDITORS

Amounts falling due within one year

8

1,993,155

2,027,687

NET CURRENT ASSETS

901,513

371,279

TOTAL ASSETS LESS CURRENT LIABILITIES

2,532,461

2,151,407

CREDITORS

Amounts falling due after more than one year

9

(871,049

)

(1,503,348

)

PROVISIONS FOR LIABILITIES

(50,731

)

-

NET ASSETS

1,610,681

648,059

CAPITAL AND RESERVES

Called up share capital

10

200

200

Retained earnings

11

1,610,481

647,859

SHAREHOLDERS' FUNDS

1,610,681

648,059

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2017 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 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 Board of Directors on 17 January 2018 and were signed on its behalf by:

N Singh - Director

1.	STATUTORY INFORMATION

Childsplay Clothing 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 2013, is being amortised evenly over its estimated useful life of eight 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.

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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 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.

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 41 (2016 - 32 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2016

and 31 May 2017

2,500,000

AMORTISATION

At 1 June 2016

937,500

Amortisation for year

312,500

At 31 May 2017

1,250,000

NET BOOK VALUE

At 31 May 2017

1,250,000

At 31 May 2016

1,562,500

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 June 2016

178,983

57,633

236,616

Additions

224,557

-

224,557

At 31 May 2017

403,540

57,633

461,173

DEPRECIATION

At 1 June 2016

50,836

24,310

75,146

Charge for year

52,906

8,331

61,237

At 31 May 2017

103,742

32,641

136,383

NET BOOK VALUE

At 31 May 2017

299,798

24,992

324,790

At 31 May 2016

128,147

33,323

161,470

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 June 2016

and 31 May 2017

56,158

NET BOOK VALUE

At 31 May 2017

56,158

At 31 May 2016

56,158

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

£

£

Trade debtors

1,001,153

287,213

Other debtors

73,376

85,607

1,074,529

372,820

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

£

£

Bank loans and overdrafts

80,888

334,375

Trade creditors

1,282,140

1,094,890

Taxation and social security

435,212

232,514

Other creditors

194,915

365,908

1,993,155

2,027,687

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.17

31.5.16

£

£

Other creditors

871,049

1,503,348

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.17

31.5.16

value:

£

£

100

Ordinary

£1

100

100

100

Ordinary A

£1

100

100

200

200

11.

RESERVES

Retained

earnings

£

At 1 June 2016

647,859

Profit for the year

995,622

Dividends

(33,000

)

At 31 May 2017

1,610,481

12.	RELATED PARTY DISCLOSURES

13.	ULTIMATE CONTROLLING PARTY