Sox-U-Wear Limited - Abbreviated accounts

SOX-U-WEAR LIMITED - Company Information

Registered number

03852828

Sox-U-Wear Limited

Abbreviated Accounts

For the year ended

31 December 2014

Sox-U-Wear Limited
Registered number:		03852828
Abbreviated Balance Sheet
as at 31 December 2014

Notes			2014		2013
			£		£
Fixed assets
Tangible assets	2		84,577		99,502

Current assets
Stocks		601,621		474,923
Debtors		2,436		-
Cash at bank and in hand		41		170,410
		604,098		645,333

Creditors: amounts falling due within one year		(478,253)		(459,948)

Net current assets			125,845		185,385

Total assets less current liabilities			210,422		284,887


Provisions for liabilities			(16,728)		(19,965)


Net assets			193,694		264,922

Capital and reserves
Called up share capital	3		100		100
Profit and loss account			193,594		264,822

Shareholders' funds			193,694		264,922

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 ensuring that the company keeps accounting records which comply with section 386 of the Companies Act 2006, and that the accounts give a true and fair view of the state of affairs of the company as at 31 December 2014 and of its profit or loss for the year then ended in accordance with section 396, and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, as far as applicable to the company.
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.



B Foggon
Director
Approved by the board on 4 September 2015

Sox-U-Wear Limited
Notes to the Abbreviated Accounts
for the year ended 31 December 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 April 2008).

	Turnover
	Turnover is the amount derived from provision of goods and services falling within the company's ordinary activities after deduction of trade discounts and value added tax.

	Depreciation
	Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

	Fixtures, fittings and equipment		15% reducing balance
	Motor vehicles		15% reducing balance

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

	Deferred taxation
	The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred taxation is measured on a non-discounted basis at the average tax rates that would apply when the timing differences are expected to reverse, based on tax rates and laws that have been enacted by the balance sheet date.

	Leasing and hire purchase commitments
	Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.


2	Tangible fixed assets			£

	Cost
	At 1 January 2014			137,176
	At 31 December 2014			137,176

	Depreciation
	At 1 January 2014			37,674
	Charge for the year			14,925
	At 31 December 2014			52,599

	Net book value
	At 31 December 2014			84,577
	At 31 December 2013			99,502


3	Share capital	Nominal	2014	2014	2013
		value	Number	£	£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each	100	100	100