Abbreviated Company Accounts - PLANET CLOTHING 93 LTD

Abbreviated Company Accounts - PLANET CLOTHING 93 LTD

PLANET CLOTHING 93 LTD - Company Information

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Registered Number 05030101

PLANET CLOTHING 93 LTD

Abbreviated Accounts

31 January 2016

PLANET CLOTHING 93 LTD Registered Number 05030101

Abbreviated Balance Sheet as at 31 January 2016

Notes 2016 2015
£ £
Fixed assets
Tangible assets 2 4,187 4,930
4,187 4,930
Current assets
Stocks 176,324 147,853
Debtors 2,980 14,067
Cash at bank and in hand 4,749 5,417
184,053 167,337
Creditors: amounts falling due within one year (186,973) (172,504)
Net current assets (liabilities) (2,920) (5,167)
Total assets less current liabilities 1,267 (237)
Creditors: amounts falling due after more than one year - (6,916)
Provisions for liabilities (837) (986)
Total net assets (liabilities) 430 (8,139)
Capital and reserves
Called up share capital 59 59
Profit and loss account 371 (8,198)
Shareholders' funds 430 (8,139)
  • For the year ending 31 January 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
  • The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 27 October 2016

And signed on their behalf by:
Mr R. Gaglio, Director

PLANET CLOTHING 93 LTD Registered Number 05030101

Notes to the Abbreviated Accounts for the period ended 31 January 2016

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover policy
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion

Tangible assets depreciation policy
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Plant & Machinery - 25% Reducing Balance Basis
Fixtures & Fittings - 25% Reducing Balance
Equipment - 25% Reducing Balance

2Tangible fixed assets
£
Cost
At 1 February 2015 14,123
Additions 2,108
Disposals -
Revaluations -
Transfers -
At 31 January 2016 16,231
Depreciation
At 1 February 2015 9,193
Charge for the year 2,851
On disposals -
At 31 January 2016 12,044
Net book values
At 31 January 2016 4,187
At 31 January 2015 4,930