W S A Clothing Ltd - Abbreviated accounts 16.3

REGISTERED NUMBER: SC271559 (Scotland)

Abbreviated Unaudited Accounts

for the Year Ended 30 November 2016

for

W S A Clothing Ltd

Page

Company Information

1

Abbreviated Balance Sheet

2

to

3

Notes to the Abbreviated Accounts

4

to

6

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 Dental Accountants Ltd

Specialist Dental Accountants & Advisors

Chlodan House

Priory Park

Selkirk

Selkirkshire

TD7 5EH

FIXED ASSETS

Intangible assets

2

123,000

67,500

Tangible assets

3

17,755

24,952

140,755

92,452

CURRENT ASSETS

Stocks

771,477

711,601

Debtors

36,881

72,681

Cash at bank and in hand

641,808

492,792

1,450,166

1,277,074

CREDITORS

Amounts falling due within one year

135,157

197,551

NET CURRENT ASSETS

1,315,009

1,079,523

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,455,764

1,171,975

CREDITORS

Amounts falling due after more than one
year

(1,138,169

)

(989,287

)

PROVISIONS FOR LIABILITIES

(2,822

)

(4,101

)

NET ASSETS

314,773

178,587

CAPITAL AND RESERVES

Called up share capital

4

100

Profit and loss account

314,673

178,487

SHAREHOLDERS' FUNDS

314,773

178,587

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2016 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 7 August 2017 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 January 2015).

Turnover

Turnover represents the value, net of value added tax and discounts, of goods provided to customers.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to the profit and loss account in the period to which they relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 December 2015

113,000

Additions

70,000

At 30 November 2016

183,000

AMORTISATION

At 1 December 2015

45,500

Amortisation for year

14,500

At 30 November 2016

60,000

NET BOOK VALUE

At 30 November 2016

123,000

At 30 November 2015

67,500

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 December 2015

and 30 November 2016

125,179

DEPRECIATION

At 1 December 2015

100,227

Charge for year

7,197

At 30 November 2016

107,424

NET BOOK VALUE

At 30 November 2016

17,755

At 30 November 2015

24,952

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.11.16

30.11.15

value:

£

100

Ordinary

£1

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 £72,079 (2015 -

£26,581) and purchased goods and services totalling £704,205 (2015 - £586,009).

The balance outstanding at the year end was £1,138,168 (2015 - £989,469).

The company also has an outstanding loan balance due to the directors W Smillie and Mrs S A M Smillie of

£16,246 (2015 - £16,246).

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

repayment.