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Abbreviated Accounts |
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for the Year Ended 30 September 2016 |
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for |
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Prestige Fibres Ltd |
REGISTERED NUMBER:
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Abbreviated Accounts |
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for the Year Ended 30 September 2016 |
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for |
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Prestige Fibres Ltd |
Prestige Fibres Ltd (Registered number: 02939828) |
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Contents of the Abbreviated Accounts |
for the Year Ended 30 September 2016 |
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Company Information | 1 |
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Abbreviated Balance Sheet | 2 |
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Notes to the Abbreviated Accounts | 3 |
Prestige Fibres Ltd |
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Company Information |
for the Year Ended 30 September 2016 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Prestige Fibres Ltd (Registered number: 02939828) |
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Abbreviated Balance Sheet |
30 September 2016 |
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30.9.16 | 30.9.15 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 2 |
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CURRENT ASSETS |
Stocks |
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Debtors |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 3 |
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Profit and loss account | ( |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his 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. |
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The financial statements were approved by the director on
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Prestige Fibres Ltd (Registered number: 02939828) |
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Notes to the Abbreviated Accounts |
for the Year Ended 30 September 2016 |
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1. | ACCOUNTING POLICIES |
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Accounting convention |
The financial statements have been prepared under the historical cost convention and in accordance with the |
Financial Reporting Standard for Smaller Entities (effective January 2015). |
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Turnover |
Turnover represents the value of goods and services sold during the year, net of VAT and trade discounts. |
Turnover is recognised when goods are physically delivered to the customer. |
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Tangible fixed assets |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and |
accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of |
operating as intended. |
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Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated |
residual value, of each asset on a systematic basis over its expected useful life as follows: |
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Fixtures & Fittings 20% Reducing balance |
Computer Equipment 33% Reducing balance |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
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Deferred tax |
Deferred tax represents the future tax consequences of transactions and events recognised in the financial |
statements of current and previous periods. It is recognised in respect of all timing differences, with certain |
exceptions. Timing differences are differences between taxable profits and total comprehensive income as |
stated in the financial statements that arise from the inclusion of income and expense in tax assessments in |
periods different from those in which they are recognised in the financial statements. 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. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the |
period of the lease. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling |
at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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2. | TANGIBLE FIXED ASSETS |
Total |
£ |
COST |
At 1 October 2015 |
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Additions |
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At 30 September 2016 |
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DEPRECIATION |
At 1 October 2015 |
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Charge for year |
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At 30 September 2016 |
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NET BOOK VALUE |
At 30 September 2016 |
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At 30 September 2015 |
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Prestige Fibres Ltd (Registered number: 02939828) |
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Notes to the Abbreviated Accounts - continued |
for the Year Ended 30 September 2016 |
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3. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.9.16 | 30.9.15 |
value: | £ | £ |
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Ordinary A Shares | £1 |
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Ordinary B Shares | £1 |
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90,000 | 90,000 |
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4. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 30 September 2016 and |
30 September 2015: |
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30.9.16 | 30.9.15 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Balance outstanding at end of year |
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5. | RELATED PARTY DISCLOSURES |
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At the time the dividend was paid the directors were not aware that there were insufficient profits available for |
distribution and the directors acknowledge that no further distribution can be made until there are sufficient |
profits available for that purpose. |
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Director and shareholder. |
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30.9.16 | 30.9.15 |
£ | £ |
Amount due from related party at the balance sheet date |
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