WHOLESALE SPORTSWEAR LIMITED
ABBREVIATED ACCOUNTS
FOR THE PERIOD ENDED 30 NOVEMBER 2016
Company Registration No. 09894417 (England and Wales)
WHOLESALE SPORTSWEAR LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
WHOLESALE SPORTSWEAR LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 NOVEMBER 2016
30 November 2016
- 1 -
2016
Notes
£
£
Fixed assets
Tangible assets
2
821
Current assets
Stocks
532,168
Debtors
375,528
Cash at bank and in hand
76,972
984,668
Creditors: amounts falling due within one year
(985,315)
Net current liabilities
(647)
Total assets less current liabilities
174
174
Capital and reserves
Called up share capital
3
1
Profit and loss account
173
Shareholder's funds
174
For the financial period ended 30 November 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
-
The director acknowledges his 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 and authorised for issue on 12 October 2017
Mr T Eidsforth
Director
Company Registration No. 09894417
WHOLESALE SPORTSWEAR LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE PERIOD ENDED 30 NOVEMBER 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets 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:
Fixtures, fittings & equipment
33% straight line
1.5
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Stock
Stock is valued at the lower of cost and net realisable value.
1.7
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.8
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.
WHOLESALE SPORTSWEAR LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2016
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 30 November 2015
-
Additions
1,061
At 30 November 2016
1,061
Depreciation
At 30 November 2015
-
Charge for the period
240
At 30 November 2016
240
Net book value
At 30 November 2016
821
3
Share capital
2016
£
Allotted, called up and fully paid
1 Ordinary share of £1 each
1