Dharma Bums Activewear Ltd
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Registered number: |
09803433
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Balance sheet |
as at 30 June 2017
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Restated |
Notes |
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2017 |
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2016 |
£ |
£ |
Current assets |
Stocks |
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|
15,322 |
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|
- |
Debtors |
3 |
|
450 |
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|
117 |
Cash at bank and in hand |
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|
83,654 |
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|
3,950 |
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|
99,426 |
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|
4,067 |
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Creditors: amounts falling due within one year |
4 |
|
(183,488) |
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|
(4,917) |
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Net current liabilities |
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|
(84,062) |
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(850) |
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Net liabilities |
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(84,062) |
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(850) |
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Capital and reserves |
Called up share capital |
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|
1 |
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|
1 |
Profit and loss account |
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(84,063) |
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(851) |
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Shareholders' funds |
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(84,062) |
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(850) |
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These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and the option not to file the profit and loss account has been taken, under s444.
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The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
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The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of unaudited financial statements.
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……………………………… |
Mr M J B Guthrie |
Director |
Approved by the board on 31 March 2018
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Dharma Bums Activewear Ltd
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Notes to the unaudited financial statements |
for the year ended 30 June 2017
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1 |
General Information |
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Dharma Bums Activewear Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office is : Hikenield House, East Anton Court, Icknield Way, Andover, SP10 5RG. |
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2 |
Accounting policies |
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Basis of preparation |
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These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 102 Section 1A "Small Entities". "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
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First year adoption |
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These financial statements for the year ended 30 June 2017 are the first financial statements of the Company following the adoption of FRS 102. The date of transition to FRS 102 was 1 October 2015. The Company previously reported under old UK GAAP. The Company has made no measurement and recognition adjustments. |
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Going Concern |
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The directors believe the company to be a going concern and will continue to give their support to the company over the next 12 months. |
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Turnover |
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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.
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Debtors |
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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.
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Creditors |
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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.
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Restated |
3 |
Debtors |
2017 |
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2016 |
£ |
£ |
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Trade debtors |
450 |
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- |
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Other taxes and social security costs |
- |
|
117 |
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|
450 |
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117 |
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Restated |
4 |
Creditors: amounts falling due within one year |
2017 |
|
2016 |
£ |
£ |
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Trade creditors |
1,395 |
|
126 |
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Amounts owed to group undertakings |
|
167,346 |
|
644 |
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Other taxes and social security costs |
10,969 |
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- |
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Other creditors |
3,778 |
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4,147 |
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183,488 |
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4,917 |
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5 |
Prior Year adjustment |
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During the year, the directors have reviewed the tansactions for the prior year, it was found that transactions had been missed. These were felt to be material and a prior year adjustment has been made to recognise these transactions in the period that they relate to. |
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This prior year adjustment has increased the corporation tax losses available to be offset against future trading profit. |
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6 |
Related party transaction |
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Dharma Bums Pty Ltd |
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Parent company registered in Australia |
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Purchase and expenses made from the intercompany during the year. |
189,500 |
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- |
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Amount due to the related party at the end of the year. |
167,346 |
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644 |
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7 |
Ultimate controlling party |
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The company is ultimately controlled throughout the current period by its parent company Dharma Bums Pty Ltd, which holds 100% of the share capital of the company. |