Socks World International Limited - Accounts to registrar (filleted) - small 18.2

Socks World International Limited - Accounts to registrar (filleted) - small 18.2


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REGISTERED NUMBER: 03422649(England and Wales)















Financial Statements for the Year Ended 31 July 2018

for

Socks World International Limited

Socks World International Limited (Registered number: 03422649)






Contents of the Financial Statements
for the Year Ended 31 July 2018




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Socks World International Limited

Company Information
for the Year Ended 31 July 2018







DIRECTOR: A Erdal





REGISTERED OFFICE: Unit 10, io Centre
Hatfield Business Park
Hearle Way
AL10 9EW





REGISTERED NUMBER: 03422649(England and Wales)





ACCOUNTANTS: Musalar & Co Accountants
International Accountant &Tax Consultant
FAIA, FFA, FCPA, FFTA
536 Lordship Lane
London
N22 5BY

Socks World International Limited (Registered number: 03422649)

Balance Sheet
31 July 2018

31.7.18 31.7.17
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 16,823 16,716
Tangible assets 5 25,153 8,707
41,976 25,423

CURRENT ASSETS
Stocks 6 2,008,360 1,671,428
Debtors 7 1,244,547 1,390,488
Cash at bank and in hand 1,205,083 1,043,851
4,457,990 4,105,767
CREDITORS
Amounts falling due within one year 8 1,639,093 1,791,194
NET CURRENT ASSETS 2,818,897 2,314,573
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,860,873

2,339,996

PROVISIONS FOR LIABILITIES 9 2,409 1,713
NET ASSETS 2,858,464 2,338,283

CAPITAL AND RESERVES
Called up share capital 10 80,000 80,000
Retained earnings 11 2,778,464 2,258,283
SHAREHOLDERS' FUNDS 2,858,464 2,338,283

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as
at the end of each financial year and of its profit or loss for each financial year in accordance with the
requirements of Sections 394 and 395 and which otherwise comply with the requirements of the
Companies Act 2006 relating to financial statements, so far as applicable to the company.

Socks World International Limited (Registered number: 03422649)

Balance Sheet - continued
31 July 2018


The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 25 March 2019and were signed by:





A Erdal- Director


Socks World International Limited (Registered number: 03422649)

Notes to the Financial Statements
for the Year Ended 31 July 2018

1. STATUTORY INFORMATION

Socks World International Limited is a private company, limited by shares, registered in England and
Wales. The company's registered number and registered office address can be found on the Company
Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding
discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are
measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for
obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,
except to the extent that it relates to items recognised in other comprehensive income or directly in
equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been
enacted or substantively enacted by the balance sheet date.


Socks World International Limited (Registered number: 03422649)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2018

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at
the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods
different from those in which they are recognised in financial statements. Deferred tax is measured
using tax rates and laws that have been enacted or substantively enacted by the year end and that are
expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable
that they will be recovered against the reversal of deferred tax liabilities or other future taxable
profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period
of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the
company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16(2017 - 15) .

4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 August 2017 28,302
Additions 3,263
At 31 July 2018 31,565
AMORTISATION
At 1 August 2017 11,586
Amortisation for year 3,156
At 31 July 2018 14,742
NET BOOK VALUE
At 31 July 2018 16,823
At 31 July 2017 16,716

Socks World International Limited (Registered number: 03422649)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2018

5. TANGIBLE FIXED ASSETS
Short Plant and
leasehold machinery Totals
£    £    £   
COST
At 1 August 2017 20,593 203,147 223,740
Additions - 20,557 20,557
At 31 July 2018 20,593 223,704 244,297
DEPRECIATION
At 1 August 2017 20,593 194,440 215,033
Charge for year - 4,111 4,111
At 31 July 2018 20,593 198,551 219,144
NET BOOK VALUE
At 31 July 2018 - 25,153 25,153
At 31 July 2017 - 8,707 8,707

6. STOCKS
31.7.18 31.7.17
£    £   
Stocks 2,008,360 1,671,428

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.18 31.7.17
£    £   
Trade debtors 1,244,547 1,390,488

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.18 31.7.17
£    £   
Trade creditors 1,495,512 1,625,907
PAYE 10,476 12,912
Tax 118,919 121,083
VAT 14,186 31,292
1,639,093 1,791,194

9. PROVISIONS FOR LIABILITIES
31.7.18 31.7.17
£    £   
Deferred tax
Accelerated capital allowances 2,409 1,713

Socks World International Limited (Registered number: 03422649)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2018

9. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 August 2017 1,713
Provided during year 696
Balance at 31 July 2018 2,409

10. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 31.7.18 31.7.17
value: £    £   
80,000 Ordinary shares class A 1.00 80,000 80,000

11. RESERVES
Retained
earnings
£   

At 1 August 2017 2,258,283
Profit for the year 520,181
At 31 July 2018 2,778,464