Choice Workwear Ltd 31/03/2018 iXBRL

Choice Workwear Ltd 31/03/2018 iXBRL

CHOICE WORKWEAR LTD - Company Information

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Company registration number: 10394618
Choice Workwear Ltd
Unaudited filleted financial statements
31 March 2018
Choice Workwear Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Choice Workwear Ltd
Directors and other information
Directors Mr J Wilson
Mr C Quayle
Mr N Cheetham
Mrs P Gillard (Resigned 18 December 2017)
Ms M Mort (Appointed 8 January 2018)
Company number 10394618
Registered office Vision House
Denbigh Road
Mold
CH7 1FT
Business address Vision House
Denbigh Road
Mold
Flintshire
CH7 1FT
Accountants Hargreaves & Woods
Cholmondeley House
Dee Hills Park
Chester
Cheshire
CH3 5AR
Bankers Lloyds
8 Foregate Street
Chester
Cheshire
CH1 1XP
Choice Workwear Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Choice Workwear Ltd
Year ended 31 March 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Choice Workwear Ltd for the year ended 31 March 2018 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
This report is made solely to the board of directors of Choice Workwear Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Choice Workwear Ltd and state those matters that we have agreed to state to the board of directors of Choice Workwear Ltd as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Choice Workwear Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Choice Workwear Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Choice Workwear Ltd. You consider that Choice Workwear Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Choice Workwear Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hargreaves & Woods
Chartered Accountants
Cholmondeley House
Dee Hills Park
Chester
Cheshire
CH3 5AR
Choice Workwear Ltd
Statement of financial position
31 March 2018
31/03/18 31/03/17
Note £ £ £ £
Current assets
Stocks 2,500 2,500
Debtors 5 17,163 40,439
Cash at bank and in hand 12,551 4,958
_______ _______
32,214 47,897
Creditors: amounts falling due
within one year 6 ( 63,509) ( 51,356)
_______ _______
Net current liabilities ( 31,295) ( 3,459)
_______ _______
Total assets less current liabilities ( 31,295) ( 3,459)
_______ _______
Net liabilities ( 31,295) ( 3,459)
_______ _______
Capital and reserves
Called up share capital 1,400 1,400
Profit and loss account ( 32,695) ( 4,859)
_______ _______
Shareholders deficit ( 31,295) ( 3,459)
_______ _______
For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 September 2018 , and are signed on behalf of the board by:
Mr J Wilson
Director
Company registration number: 10394618
Choice Workwear Ltd
Notes to the financial statements
Year ended 31 March 2018
1. General information
The company is a private company limited by shares, registered in UK. The address of the registered office is Vision House, Denbigh Road, Mold, CH7 1FT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2017: Nil).
5. Debtors
31/03/18 31/03/17
£ £
Trade debtors 15,763 23,544
Other debtors 1,400 16,895
_______ _______
17,163 40,439
_______ _______
6. Creditors: amounts falling due within one year
31/03/18 31/03/17
£ £
Trade creditors 8,021 10,277
Social security and other taxes 5,822 2,937
Other creditors 49,666 38,142
_______ _______
63,509 51,356
_______ _______
7. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Year ended 31/03/18
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mrs P Gillard 15,495 ( 15,495) -
_______ _______ _______
Period ended 31/03/17
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mrs P Gillard - 15,495 15,495
_______ _______ _______
The overdrawn balance will be cleared within 9 months of the year end.