THE CLOTHING OUTLET LIMITED

THE CLOTHING OUTLET LIMITED

THE CLOTHING OUTLET LIMITED - Company Information

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THE CLOTHING OUTLET LIMITED

Company Registration Number:
06037106 (England and Wales)

Unaudited abridged accounts for the year ended 31 October 2017

Period of accounts

Start date: 01 November 2016

End date: 31 October 2017

THE CLOTHING OUTLET LIMITED

Contents of the Financial Statements

for the Period Ended 31 October 2017

Balance sheet
Notes

THE CLOTHING OUTLET LIMITED

Balance sheet

As at 31 October 2017


Notes
2017
2016


£
£
Fixed assets
Tangible assets: 2 18,662 23,328
Total fixed assets: 18,662 23,328
Current assets
Stocks: 291,150 369,669
Debtors: 3 146,585 103,807
Cash at bank and in hand: 466 1,078
Total current assets: 438,201 474,554
Creditors: amounts falling due within one year: 4 (411,098) (457,783)
Net current assets (liabilities): 27,103 16,771
Total assets less current liabilities: 45,765 40,099
Total net assets (liabilities): 45,765 40,099
Capital and reserves
Called up share capital: 1 1
Profit and loss account: 45,764 40,098
Shareholders funds: 45,765 40,099

The notes form part of these financial statements

THE CLOTHING OUTLET LIMITED

Balance sheet statements

For the year ending 31 October 2017 the company was entitled to exemption 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 01 June 2018
and signed on behalf of the board by:

Name: Christoppher Ferris
Status: Director

The notes form part of these financial statements

THE CLOTHING OUTLET LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2017

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover represents amounts receivable by the company in respect of goods supplied exclusive of Value Added Tax and trade discounts.

Tangible fixed assets and depreciation policy

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:Fixtures and Fittings 20% Reducing BalanceMotor Vehicles 20% Reducing Balance

Intangible fixed assets and amortisation policy

Intangible fixed assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight basis over their estimated useful economic lives, not to exceed twenty years. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.

Valuation and information policy

Stocks and work -in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Other accounting policies

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

THE CLOTHING OUTLET LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2017

2. Tangible Assets

Total
Cost £
At 01 November 2016 74,319
At 31 October 2017 74,319
Depreciation
At 01 November 2016 50,991
Charge for year 4,666
At 31 October 2017 55,657
Net book value
At 31 October 2017 18,662
At 31 October 2016 23,328

THE CLOTHING OUTLET LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2017

3. Debtors

2017 2016
££
Debtors due after more than one year: 0 0

THE CLOTHING OUTLET LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2017

4. Creditors: amounts falling due within one year note

Creditors due within one year £411,098 ( 2016 £457,783) include in creditors are secured creditor of £3,675 ( 2016 £12,646)