Dharma Bums Activewear Ltd
|
Registered number: |
09803433
|
Balance sheet |
as at 30 June 2018
|
|
|
|
|
|
|
|
Restated |
Notes |
|
|
2018 |
|
|
2017 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
2,209 |
|
|
- |
|
Current assets |
Stocks |
|
|
19,063 |
|
|
15,322 |
Debtors |
4 |
|
1,061 |
|
|
990 |
Cash at bank and in hand |
|
|
76,805 |
|
|
83,654 |
|
|
|
96,929 |
|
|
99,966 |
|
Creditors: amounts falling due within one year |
5 |
|
(194,781) |
|
|
(182,507) |
|
Net current liabilities |
|
|
|
(97,852) |
|
|
(82,541) |
|
Net liabilities |
|
|
|
(95,643) |
|
|
(82,541) |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
1 |
|
|
1 |
Profit and loss account |
|
|
|
(95,644) |
|
|
(82,542) |
|
Shareholder's funds |
|
|
|
(95,643) |
|
|
(82,541) |
|
|
|
|
|
|
|
|
|
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.
|
|
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.
|
|
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
|
|
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.
|
|
|
|
……………………………… |
Ms D Lawson |
Director |
Approved by the board on 29 March 2019
|
|
Dharma Bums Activewear Ltd
|
Notes to the unaudited financial statements |
for the year ended 30 June 2018
|
|
|
1 |
General Information |
|
|
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, Hampshire, United Kingdom, SP10 5RG. |
|
2 |
Accounting policies |
|
|
Basis of preparation |
|
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.
|
|
|
Going Concern |
|
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. |
|
|
Turnover |
|
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.
|
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
|
|
|
Computer equipments |
25% straight line |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
|
|
|
Debtors |
|
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.
|
|
|
Creditors |
|
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.
|
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.
|
|
|
At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Computer equipments |
£ |
|
Cost |
|
Additions |
2,708 |
|
At 30 June 2018 |
2,708 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
Charge for the year |
499 |
|
At 30 June 2018 |
499 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 June 2018 |
2,209 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restated |
4 |
Debtors |
2018 |
|
2017 |
£ |
£ |
|
|
Trade debtors |
- |
|
450 |
|
Other debtors |
1,061 |
|
540 |
|
|
|
|
|
|
1,061 |
|
990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restated |
5 |
Creditors: amounts falling due within one year |
2018 |
|
2017 |
£ |
£ |
|
|
Trade creditors |
3,934 |
|
2,490 |
|
Amounts owed to group undertakings |
|
161,116 |
|
171,319 |
|
Other taxes and social security costs |
29,364 |
|
8,187 |
|
Other creditors |
367 |
|
511 |
|
|
|
|
|
|
194,781 |
|
182,507 |
|
|
|
|
|
|
|
|
|
|
6 |
Prior Year adjustment |
|
|
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. |
|
|
|
|
This correction has effected the corporation tax losses available to be offset against future trading income and decreased by £1,520 and the available tax losses brought forward are £82,543. |
|
|
|
7 |
Related party transactions |
|
|
Dharma Bums Pty Ltd |
|
|
Parent company registered in Australia |
|
|
Purchase and expenses made from the intercompany during the year. |
|
154,592 |
|
189,500 |
|
|
|
|
|
|
|
|
|
|
Amount due to the related party at the end of the year. |
161,116 |
|
171,319 |
|
|
|
|
|
|
|
|
|
|
8 |
Ultimate controlling party |
|
|
The company is ultimately controlled throughout the current year by its parent company Dharma Bums Pty Ltd, which holds 100% of the share capital of the company. |