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Registration number: 6498362

T N S Knitwear Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

Riaz Ahmad & Co Limited
Chartered Certified Accountants
Lord House
51 Lord Street
Manchester
M3 1HE

 

T N S Knitwear Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

T N S Knitwear Limited

Company Information

Director

Mr Mohammad Khizar Zahid Sarwar

Registered office

58-60 Higher Ardwick
Manchester
M12 6DA

Bankers

BARCLAYS BANK PLC
ROCHDALE
537 Stockport Road
Manchester
M12 4HJ

Accountants

Riaz Ahmad & Co Limited
Chartered Certified Accountants
Lord House
51 Lord Street
Manchester
M3 1HE

 

T N S Knitwear Limited

(Registration number: 6498362)
Balance Sheet as at 31 March 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

682,914

403,833

Current assets

 

Stocks

5

83,825

120,875

Debtors

6

1,051,652

1,600,084

Cash at bank and in hand

 

196,215

71,605

 

1,331,692

1,792,564

Creditors: Amounts falling due within one year

7

(812,521)

(1,297,902)

Net current assets

 

519,171

494,662

Total assets less current liabilities

 

1,202,085

898,495

Creditors: Amounts falling due after more than one year

7

(257,873)

-

Net assets

 

944,212

898,495

Capital and reserves

 

Called up share capital

8

1,000

1,000

Profit and loss account

943,212

897,495

Total equity

 

944,212

898,495

For the financial year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

T N S Knitwear Limited

(Registration number: 6498362)
Balance Sheet as at 31 March 2018

Approved and authorised by the director on 10 October 2018
 

.........................................

Mr Mohammad Khizar Zahid Sarwar
Director

 

T N S Knitwear Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
58-60 Higher Ardwick
Manchester
M12 6DA

These financial statements were authorised for issue by the director on 10 October 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

T N S Knitwear Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

T N S Knitwear Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

 

T N S Knitwear Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2017

202,713

819,413

1,022,126

Additions

26,442

397,217

423,659

At 31 March 2018

229,155

1,216,630

1,445,785

Depreciation

At 1 April 2017

74,689

543,604

618,293

Charge for the year

22,915

121,663

144,578

At 31 March 2018

97,604

665,267

762,871

Carrying amount

At 31 March 2018

131,551

551,363

682,914

At 31 March 2017

128,024

275,809

403,833

5

Stocks

2018
£

2017
£

Other inventories

83,825

120,875

6

Debtors

2018
£

2017
£

Trade debtors

150,842

642,465

Other debtors

900,810

957,619

1,051,652

1,600,084

7

Creditors

Creditors: amounts falling due within one year

 

T N S Knitwear Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Note

2018
£

2017
£

Due within one year

 

Bank loans and overdrafts

9

587

1,612

Trade creditors

 

561,432

940,032

Taxation and social security

 

160,184

188,081

Other creditors

 

90,318

168,177

 

812,521

1,297,902

Creditors: amounts falling due after more than one year

Note

2018
£

2017
£

Due after one year

 

Loans and borrowings

9

257,873

-

8

Share capital

Allotted, called up and fully paid shares

 

2018

2017

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

         

9

Loans and borrowings

2018
£

2017
£

Non-current loans and borrowings

Bank borrowings

257,873

-

 

T N S Knitwear Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

2018
£

2017
£

Current loans and borrowings

Bank overdrafts

587

1,612

10

Dividends

   

2018

 

2017

   

£

 

£

11

Related party transactions

Directors' remuneration

The director's remuneration for the year was as follows:

2018
£

2017
£

Remuneration

27,205

22,360

12

Transition to FRS 102

Balance Sheet at 1 April 2016
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Capital and reserves

Total equity

-

-

-

-

 

T N S Knitwear Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Balance Sheet at 31 March 2017
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Capital and reserves

Total equity

-

-

-

-