Company Registration No. 06517264 (England and Wales)
ILOVEGORGEOUS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
ILOVEGORGEOUS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
ILOVEGORGEOUS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
35,067
83,399
Current assets
Stocks
619,399
587,848
Debtors
292,679
309,455
Cash at bank and in hand
161,337
42,317
1,073,415
939,620
Creditors: amounts falling due within one year
3
(645,822)
(462,701)
Net current assets
427,593
476,919
Total assets less current liabilities
462,660
560,318
Creditors: amounts falling due after more than one year
4
(33,000)
(55,000)
Provisions for liabilities
-
(9,378)
429,660
495,940
Capital and reserves
Called up share capital
5
1,000
1,000
Share premium account
149,790
149,790
Profit and loss account
278,870
345,150
Shareholders' funds
429,660
495,940
ILOVEGORGEOUS LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2016
31 March 2016
- 2 -
For the financial year ended 31 March 2016 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 abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 17 November 2016
The Hon Mrs S M Worthington
Mrs L C Enfield
Director
Director
Company Registration No. 06517264
ILOVEGORGEOUS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Netsuite
3 years straight line
Website
2 years straight line
Computer equipment
3 years straight line
Fixtures, fittings & equipment
4 years straight line
1.4
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.5
Stock
Stock is valued at the lower of cost and net realisable value.
1.6
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
1.7
Factored debts
Where the company has transferred to the factor all significant benefits (ie the future cash flows from payment by the debtors) and all significant risks (ie slow payment risk and the risk of bad debts) relating to the debts, and has no obligation to repay the factor. The debts are therefore removed from the balance sheet and no liability is shown in respect of the proceeds received from the factor.
ILOVEGORGEOUS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 4 -
2
Fixed assets
Tangible assets
£
Cost
At 1 April 2015
262,047
Additions
2,748
At 31 March 2016
264,795
Depreciation
At 1 April 2015
178,650
Charge for the year
51,078
At 31 March 2016
229,728
Net book value
At 31 March 2016
35,067
At 31 March 2015
83,399
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £77,000 (2015 - £97,000).
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £33,000 (2015 - £55,000).
5
Share capital
2016
2015
£
£
Allotted, called up and fully paid
1,000 Ordinary of £1 each
1,000
1,000