Registered Number 05993933
KNITWEAR SOLUTIONS LIMITED
Abbreviated Accounts
30 November 2014
Notes | 2014 | 2013 | |
---|---|---|---|
£ | £ | ||
Fixed assets | |||
Tangible assets | 2 |
|
|
|
|
||
Current assets | |||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: amounts falling due within one year |
( |
( |
|
Net current assets (liabilities) |
( |
( |
|
Total assets less current liabilities |
( |
( |
|
Provisions for liabilities |
|
( |
|
Total net assets (liabilities) |
( |
( |
|
Capital and reserves | |||
Called up share capital | 3 |
|
|
Profit and loss account |
( |
( |
|
Shareholders' funds |
( |
( |
Approved by the Board on
And signed on their behalf by:
1 Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
Tangible assets depreciation policy
Fixtures & Fittings 25% on cost
Computer equipnent 25% on cost
Other accounting policies
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws with the following exceptions:
Deferred tax assets are recognised only to the extent that the director considers that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Foreign currencies
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Deferred tax assets and liabilities are not discounted.
£ | |
---|---|
Cost | |
At 1 December 2013 |
|
Additions |
|
Disposals |
|
Revaluations |
|
Transfers |
|
At 30 November 2014 |
|
Depreciation | |
At 1 December 2013 |
|
Charge for the year |
|
On disposals |
|
At 30 November 2014 |
|
Net book values | |
At 30 November 2014 | 124 |
At 30 November 2013 | 241 |