SOCKS WORLD INTERNATIONAL LIMITED - Abbreviated accounts

SOCKS WORLD INTERNATIONAL LIMITED - Abbreviated accounts


Registered number
03422649
SOCKS WORLD INTERNATIONAL LIMITED
Abbreviated Accounts
31 July 2014
SOCKS WORLD INTERNATIONAL LIMITED
Registered number: 03422649
Abbreviated Balance Sheet
as at 31 July 2014
Notes 2014 2013
£ £
Fixed assets
Intangible assets 2 12,177 9,378
Tangible assets 3 24,256 26,455
36,433 35,833
Current assets
Stocks 1,593,922 1,807,131
Debtors 638,296 574,856
Cash at bank and in hand 903,714 492,300
3,135,932 2,874,287
Creditors: amounts falling due within one year (1,719,119) (1,639,283)
Net current assets 1,416,813 1,235,004
Total assets less current liabilities 1,453,246 1,270,837
Provisions for liabilities (9,229) (5,931)
Net assets 1,444,017 1,264,906
Capital and reserves
Called up share capital 4 80,000 80,000
Profit and loss account 1,364,017 1,184,906
Shareholders' funds 1,444,017 1,264,906
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 members have 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 accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
Ali Erdal
Director
Approved by the board on 4 April 2015
SOCKS WORLD INTERNATIONAL LIMITED
Notes to the Abbreviated Accounts
for the year ended 31 July 2014
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Plant and machinery 20% straight line
Motor vehicles 25% straight line
Stocks
Stock is valued at the lower of cost and net realisable value.
Deferred taxation
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.
Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.
2 Intangible fixed assets £
Cost
At 1 August 2013 11,652
Additions 4,404
At 31 July 2014 16,056
Amortisation
At 1 August 2013 2,274
Provided during the year 1,605
At 31 July 2014 3,879
Net book value
At 31 July 2014 12,177
At 31 July 2013 9,378
3 Tangible fixed assets £
Cost
At 1 August 2013 178,660
Additions 9,505
At 31 July 2014 188,165
Depreciation
At 1 August 2013 152,205
Charge for the year 11,704
At 31 July 2014 163,909
Net book value
At 31 July 2014 24,256
At 31 July 2013 26,455
4 Share capital Nominal 2014 2014 2013
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 80,000 80,000 80,000
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