Company Registration No. 6169892 (England and Wales)
FLYING COLOURS (TEXTILES) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
FLYING COLOURS (TEXTILES) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
FLYING COLOURS (TEXTILES) LIMITED
BALANCE SHEET
AS AT 31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
19,629
6,034
Current assets
Debtors
4
48,594
40,978
Cash at bank and in hand
73,384
80,585
121,978
121,563
Creditors: amounts falling due within one year
5
(30,731)
(38,763)
Net current assets
91,247
82,800
Total assets less current liabilities
110,876
88,834
Capital and reserves
Called up share capital
8
8
Profit and loss reserves
110,868
88,826
Total equity
110,876
88,834
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 5 September 2019 and are signed on its behalf by:
Mr. E Ibrahim
Director
Company Registration No. 6169892
FLYING COLOURS (TEXTILES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 2 -
1
Accounting policies
Company information
Flying Colours (Textiles) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Mill House, Boundary Road, Loudwater, High Wycombe, Bucks., United Kingdom, HP10 9QN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% on reducing balance
Computer equipment
33% on cost
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
FLYING COLOURS (TEXTILES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 3 -
1.6
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2018 - 3).
3
Tangible fixed assets
Plant and equipment
Computer equipment
Total
£
£
£
Cost
At 1 April 2018
24,963
27,564
52,527
Additions
20,231
943
21,174
At 31 March 2019
45,194
28,507
73,701
Depreciation and impairment
At 1 April 2018
22,819
23,675
46,494
Depreciation charged in the year
4,475
3,103
7,578
At 31 March 2019
27,294
26,778
54,072
Carrying amount
At 31 March 2019
17,900
1,729
19,629
At 31 March 2018
2,144
3,890
6,034
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
39,717
31,206
Other debtors
8,877
9,772
48,594
40,978
FLYING COLOURS (TEXTILES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 4 -
5
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
5,267
3,657
Taxation and social security
23,182
33,151
Other creditors
2,282
1,955
30,731
38,763
6
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2019
2018
£
£
10,400
16,343
7
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors loan
-
8,000
6,000
(8,000)
6,000
8,000
6,000
(8,000)
6,000