Ringspun Apparel Limited Company Accounts

RINGSPUN APPAREL LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09431500

Ringspun Apparel Limited

Filleted Unaudited Financial Statements

31 July 2017

Ringspun Apparel Limited

Financial Statements

Period from 1st March 2016 to 31st July 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Ringspun Apparel Limited

Statement of Financial Position

31 July 2017

	31 Jul 17		29 Feb 16
Note	£	£	£	£

Fixed assets

Tangible assets	5		2,108		2,941

Current assets

Stocks		240,304	385,724
Debtors	6	121,664	944,144
Cash at bank and in hand		7,547	43,373
		---------	------------
		369,515	1,373,241

Creditors: amounts falling due within one year	7	431,743		1,415,866
		---------		------------
Net current liabilities			62,228		42,625
			--------		--------
Total assets less current liabilities			( 60,120)		( 39,684)
			--------		--------
Net liabilities			( 60,120)		( 39,684)
			--------		--------

Capital and reserves

Called up share capital	2	2
Profit and loss account	( 60,122)	( 39,686)
	--------	--------
Shareholders deficit	( 60,120)	( 39,684)
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the period ending 31st July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Ringspun Apparel Limited

Statement of Financial Position (continued)

31 July 2017

These financial statements were approved by the board of directors and authorised for issue on 30 April 2018 , and are signed on behalf of the board by:

Mr A Singh Grewal

Director

Company registration number: 09431500

Ringspun Apparel Limited

Notes to the Financial Statements

Period from 1st March 2016 to 31st July 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Alex House, 260/8 Chapel Street, Salford, Manchester, M3 5JZ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1st March 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures and fittings	-	20% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

4. Employee numbers

The average number of persons employed by the company during the period amounted to 2 (2016: 2 ).

5. Tangible assets

	Fixtures and fittings	Total
	£	£
Cost
At 1st March 2016 and 31st July 2017	3,040	3,040
	-------	-------
Depreciation
At 1st March 2016	99	99
Charge for the period	833	833
	-------	-------
At 31st July 2017	932	932
	-------	-------
Carrying amount
At 31st July 2017	2,108	2,108
	-------	-------
At 29th February 2016	2,941	2,941
	-------	-------

6. Debtors

	31 Jul 17	29 Feb 16
	£	£
Trade debtors	119,322	918,653
Other debtors	2,342	25,491
	---------	---------
	121,664	944,144
	---------	---------

7. Creditors: amounts falling due within one year

	31 Jul 17	29 Feb 16
	£	£
Trade creditors	426,271	1,336,862
Social security and other taxes	2,472	58,292
Other creditors	3,000	20,712
	---------	------------
	431,743	1,415,866
	---------	------------

8. Related party transactions

The company was under the joint control of Mr. A. Singh Grewal and Mr. D. Mallon throughout the current period. There is no majority shareholder.

9. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1st March 2015.

No transitional adjustments were required in equity or profit or loss for the period.