Apparel Brands Limited - Accounts to registrar (filleted) - small 18.2

Apparel Brands Limited - Accounts to registrar (filleted) - small 18.2

APPAREL BRANDS LIMITED - Company Information

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REGISTERED NUMBER: 09774109 (England and Wales)















APPAREL BRANDS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2018





DTE Business Advisers Limited
Chartered Accountants
The Exchange
5 Bank Street
Bury
BL9 0DN








APPAREL BRANDS LIMITED (REGISTERED NUMBER: 09774109)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


APPAREL BRANDS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2018







DIRECTORS: A Singh
W Wood





REGISTERED OFFICE: The Exchange
5 Bank Street
Bury
Lancashire
BL9 0DN





REGISTERED NUMBER: 09774109 (England and Wales)





ACCOUNTANTS: DTE Business Advisers Limited
Chartered Accountants
The Exchange
5 Bank Street
Bury
BL9 0DN
1
APPAREL BRANDS LIMITED (REGISTERED NUMBER: 09774109)

STATEMENT OF FINANCIAL POSITION
31 JULY 2018

2018 2017
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 1,156 -

CURRENT ASSETS
Inventories 1,828,025 -
Debtors 5 1,215,061 229,712
Cash at bank 43,977 6,932
3,087,063 236,644
CREDITORS
Amounts falling due within one year 6 (2,704,799 ) (200,877 )
NET CURRENT ASSETS 382,264 35,767
TOTAL ASSETS LESS CURRENT
LIABILITIES
383,420
35,767

PROVISIONS FOR LIABILITIES (220 ) -
NET ASSETS 383,200 35,767

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 383,100 35,667
SHAREHOLDERS' FUNDS 383,200 35,767

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 directors acknowledge their 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.

The notes form part of these financial statements

2 continued...
APPAREL BRANDS LIMITED (REGISTERED NUMBER: 09774109)

STATEMENT OF FINANCIAL POSITION - 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 Board of Directors on 25 April 2019 and were signed on its behalf by:





A Singh - Director


The notes form part of these financial statements

3
APPAREL BRANDS LIMITED (REGISTERED NUMBER: 09774109)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018


1. STATUTORY INFORMATION

Apparel Brands Limited is a private company, limited by shares, registered in England and Wales. The
company's registered number is 09774109 and registered office address is The Exchange, 5 Bank Street, Bury,
Lancashire, BL9 0DN.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors report that after making enquiries, they have a reasonable expectation that the company has
adequate resources to continue in operational existence for the foreseeable future. In making this assessment the
directors have taken into account available bank and other facilities and financial projections. For this reason
they continue to adopt the going concern basis in preparing the financial statements.

Revenue
The revenue shown in the income statement represents the value of all goods sold during the period, less returns
received, at selling price exclusive of Value Added Tax. Revenue is recognised at the point at which the
company has fulfilled its contractual obligations and the risks and rewards attached to the product, such as
obsolescence, have been transferred to the customer.

Property, plant and equipment
Depreciation is provided at the following annual rate in order to write off each asset over its estimated useful life
or, if held under a finance lease, over the lease term, whichever is shorter

Fixtures & Fittings - 20% on reducing balance

The residual values, estimated useful lives and depreciation method of property, plant and equipment are
reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision
are recognised in the income statement when the change arises.

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and
slow moving items. Cost is calculated as the costs incurred in bringing the inventory to its present location and
condition.

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 statement of financial position date.


4 continued...
APPAREL BRANDS LIMITED (REGISTERED NUMBER: 09774109)

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
statement of financial position 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.

Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at
the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate
of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the
operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme, Contribution payable to the company's pension
scheme are charges to income statement in the period to which they relate.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial
assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third
parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for
objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised
in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost,
being the transaction price less any amounts settled.

Critical accounting estimates and judgements
In the application of the company's accounting policies, the directors are required to make estimates and
judgement. The estimates are based on historical experience and other relevant factors. Actual results may differ
from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which
the estimate is revised.

The estimates and assumptions which have a significant risk of causing material adjustment to the carrying
amount of assets and liabilities are outlined below.

The directors use judgement, using external evidence when available, in order to determine the length of life of
the trademarks and the level of provision for impairment that is required when applicable.

Making judgement based on historical experience on the level of provision required for impairment of stock.
Further information received after the statement of financial position date may impact on the level of provision
required.

The directors use judgement to provide against bad debts using knowledge of customers and experience.

The provisions are revisited after the statement of financial position date to ensure appropriate.

5 continued...
APPAREL BRANDS LIMITED (REGISTERED NUMBER: 09774109)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2018


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2017 - 3 ).

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
Additions 1,196
At 31 July 2018 1,196
DEPRECIATION
Charge for year 40
At 31 July 2018 40
NET BOOK VALUE
At 31 July 2018 1,156

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
£    £   
Trade debtors 1,137,608 221,125
Other debtors 77,453 8,587
1,215,061 229,712

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
£    £   
Trade creditors 2,099,006 171,117
Taxation and social security 161,002 16,244
Other creditors 444,791 13,516
2,704,799 200,877

6