Socks World International Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 03422649 (England and Wales)

Financial Statements for the Year Ended 31 July 2017

for

Socks World International Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

A Erdal

SECRETARY:

Mrs C Nyhan-Erdal

REGISTERED OFFICE:

Unit 10, io Centre

Hatfield Business Park

Hearle Way

AL10 9EW

REGISTERED NUMBER:

03422649 (England and Wales)

ACCOUNTANTS:

Musalar & Co Accountants

International Accountant &Tax Comsultant

FAIA, FFA, FCPA, FFTA

536 Lordship Lane

London

N22 5BY

FIXED ASSETS

Intangible assets

4

16,716

19,031

Tangible assets

5

8,707

1

25,423

19,032

CURRENT ASSETS

Stocks

6

1,671,428

1,415,872

Debtors

7

1,390,488

1,536,710

Cash at bank

1,043,851

300,232

4,105,767

3,252,814

CREDITORS

Amounts falling due within one year

8

1,791,194

1,431,090

NET CURRENT ASSETS

2,314,573

1,821,724

TOTAL ASSETS LESS CURRENT LIABILITIES

2,339,996

1,840,756

PROVISIONS FOR LIABILITIES

1,713

922

NET ASSETS

2,338,283

1,839,834

CAPITAL AND RESERVES

Called up share capital

9

80,000

80,000

Retained earnings

10

2,258,283

1,759,834

SHAREHOLDERS' FUNDS

2,338,283

1,839,834

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 8 April 2018 and were signed by:

A Erdal - Director

1.	STATUTORY INFORMATION

Socks World International Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

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

Stocks

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

obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

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

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable

profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss 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 profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 .

4.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 August 2016

27,802

Additions

500

At 31 July 2017

28,302

AMORTISATION

At 1 August 2016

8,771

Amortisation for year

2,815

At 31 July 2017

11,586

NET BOOK VALUE

At 31 July 2017

16,716

At 31 July 2016

19,031

5.	TANGIBLE FIXED ASSETS

Short

Plant and

leasehold

machinery

Totals

£

£

£

COST

At 1 August 2016

20,593

193,220

213,813

Additions

-

9,927

9,927

At 31 July 2017

20,593

203,147

223,740

DEPRECIATION

At 1 August 2016

20,593

193,219

213,812

Charge for year

-

1,221

1,221

At 31 July 2017

20,593

194,440

215,033

NET BOOK VALUE

At 31 July 2017

-

8,707

8,707

At 31 July 2016

-

1

1

6.

STOCKS

31.7.17

31.7.16

£

£

Stocks

1,671,428

1,415,872

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.17

31.7.16

£

£

Trade debtors

1,390,488

1,524,579

Other debtors

-

12,131

1,390,488

1,536,710

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.17

31.7.16

£

£

Trade creditors

1,625,907

1,347,063

PAYE

12,912

12,300

Tax

121,083

51,680

VAT

31,292

20,047

1,791,194

1,431,090

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.17

31.7.16

value:

£

£

80,000

Ordinary Share

1.00

80,000

80,000

10.

RESERVES

Retained

earnings

£

At 1 August 2016

1,759,834

Profit for the year

498,449

At 31 July 2017

2,258,283