BLACKMILL CLOTHING LIMITED - Abbreviated accounts

BLACKMILL CLOTHING LIMITED - Abbreviated accounts

BLACKMILL CLOTHING LIMITED - Company Information

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Registered number: 09376432
BLACKMILL CLOTHING LIMITED
REPORT AND ACCOUNTS
FOR THE YEAR ENDED
31 JANUARY 2018
BLACKMILL CLOTHING LIMITED
REGISTERED NUMBER: 09376432
BALANCE SHEET
as at 31 January 2018
Notes 2018 2017
£ £
FIXED ASSETS
Tangible assets 3 314 471
CURRENT ASSETS
Stocks 18,935 20,759
Debtors 4 10,548 1,253
Cash at bank and in hand 916 2,149
30,399 24,161
CREDITORS: amounts falling due within one year 5 (20,160) (21,800)
NET CURRENT ASSETS 10,239 2,361
NET ASSETS 10,553 2,832
CAPITAL AND RESERVES
Called up share capital 1 1
Profit and loss account 10,552 2,831
SHAREHOLDER'S FUNDS 10,553 2,832
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A P Oates
Director
Approved by the board on 31 October 2018
BLACKMILL CLOTHING LIMITED
NOTES TO THE ACCOUNTS
for the year ended 31 January 2018
1 ACCOUNTING POLICIES
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer equipment 33.3% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 EMPLOYEES 2018 2017
Number Number
Average number of persons employed by the company 1 1
3 TANGIBLE FIXED ASSETS
Computer equipment
£
Cost
At 1 February 2017 499
At 31 January 2018 499
Depreciation
At 1 February 2017 28
Charge for the year 157
At 31 January 2018 185
Net book value
At 31 January 2018 314
At 31 January 2017 471
4 DEBTORS 2018 2017
£ £
Trade debtors 10,548 1,253
5 CREDITORS: amounts falling due within one year 2018 2017
£ £
Bank loans and overdrafts 1,300 1,300
Trade creditors 6,137 8,489
Corporation tax 4,538 3,406
Other taxes and social security costs 880 50
Other creditors 7,305 8,555
20,160 21,800
6 RELATED PARTY TRANSACTIONS
At the balance sheet date £6,540 (2016: £8,957) was due from the company to Mrs M Oates, the director. The amount is unsecured, interest free and has no fixed repayment date.
7 CONTROLLING PARTY
The company was controlled by Mrs M Oates by virtue of her 100% shareholding.
8 OTHER INFORMATION
Blackmill Clothing Limited is a private company limited by shares and incorporated in England. Its registered office is:
7 Faraday Court
First Avenue
Burton on Trent
Staffordshire
DE14 2WX
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