W S A Clothing Ltd - Limited company - abbreviated - 11.6

REGISTERED NUMBER: SC271559 (Scotland)

Abbreviated Unaudited Accounts

for the Year Ended 30 November 2014

for

W S A Clothing Ltd

Page

Company Information

1

Abbreviated Balance Sheet

2

to

3

Notes to the Abbreviated Accounts

4

to

6

Chartered Accountants' Report

7

DIRECTORS:

W Smillie

Mrs S A M Smillie

SECRETARY:

Mrs S A M Smillie

REGISTERED OFFICE:

Unit 1

Duns Road Industrial Estate

Greenlaw

Borders

TD10 6XJ

REGISTERED NUMBER:

SC271559 (Scotland)

ACCOUNTANTS:

Stark Main & Co Ltd

Chartered Tax Advisers & Accountants

Old Tweed Mill

Dunsdale Road

Selkirk

Borders

TD7 5DZ

FIXED ASSETS

Intangible assets

2

-

-

Tangible assets

3

24,420

34,955

24,420

34,955

CURRENT ASSETS

Stocks

517,348

481,229

Debtors

55,062

60,289

Cash at bank and in hand

1,922

462,095

574,332

1,003,613

CREDITORS

Amounts falling due within one year

104,730

38,628

NET CURRENT ASSETS

469,602

964,985

TOTAL ASSETS LESS CURRENT LIABILITIES

494,022

999,940

CREDITORS

Amounts falling due after more than one year

(341,549

)

(901,397

)

PROVISIONS FOR LIABILITIES

(3,800

)

(5,669

)

NET ASSETS

148,673

92,874

CAPITAL AND RESERVES

Called up share capital

4

100

100

Profit and loss account

148,573

92,774

SHAREHOLDERS' FUNDS

148,673

92,874

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 3 July 2015 and were signed on its behalf by:

W Smillie - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with applicable accounting standards.

The financial statements contain information about WSA Clothing Limited as an individual company. The

financial statements of the company and its parent, Border Embroideries Limited, have not been consolidated.

The group is exempt under Section 248 of the Companies Act 1985, as it is a small group.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, has been fully

amortised in the year of purchase.

Tangible fixed assets

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

Improvements to property

-

10% on cost

Office equipment

-

25% on cost

Stocks

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

moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 December 2013

and 30 November 2014

38,000

AMORTISATION

At 1 December 2013

and 30 November 2014

38,000

NET BOOK VALUE

At 30 November 2014

-

At 30 November 2013

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 December 2013

and 30 November 2014

116,834

DEPRECIATION

At 1 December 2013

81,879

Charge for year

10,535

At 30 November 2014

92,414

NET BOOK VALUE

At 30 November 2014

24,420

At 30 November 2013

34,955

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.11.14

30.11.13

value:

£

£

100

Ordinary

£1

100

100

All ordinary shares carry equal voting rights and rank equally in the event of a wind up.

5.	RELATED PARTY DISCLOSURES

The company is a wholly owned subsidiary of Border Embroideries Limited. The Directors are the sole

shareholders of the parent company, and as such are the ultimate controlling party.

During the year the company sold goods and services to Border Embroideries Ltd totalling £21,156 (2013 -

£27,263) and purchased goods and services totalling £384,682 (2013 - £312,880).

The balance outstanding at the year end was £341,549 (2013 £901,396).

This loan remains outstanding at the balance sheet date, and is non interest bearing with no fixed terms of

repayment.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to six) have

been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of W S A Clothing Ltd for the year ended 30 November 2014 which comprise the Profit and Loss

Account, the Balance Sheet, and the related notes from the company's accounting records and from information and

explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.org.uk/accountspreparationguidance.

This report is made solely to the Board of Directors of W S A Clothing Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of W S A Clothing Ltd and state those matters that we have agreed to state to the Board of Directors of W S A Clothing Ltd, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.org.uk/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that W S A Clothing Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of W S A Clothing Ltd. You consider that W S A Clothing Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of W S A Clothing Ltd. For this

reason, we have not verified the accuracy or completeness of the accounting records or information and explanations

you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Stark Main & Co Ltd

Chartered Tax Advisers & Accountants

Old Tweed Mill

Dunsdale Road

Selkirk

Borders

TD7 5DZ

3 July 2015