Registered number
03458552
Apparel Systems Limited
Previously known as Rock & Roost Limited
Filleted Accounts
28 February 2018
Apparel Systems Limited
Registered number: 03458552
Balance Sheet
as at 28 February 2018
Notes 2018 2017
£ £
Fixed assets
Intangible assets 2 395,563 393,758
Current assets
Debtors 3 228,135 224,712
Cash at bank and in hand 26 7,160
228,161 231,872
Creditors: amounts falling due within one year 4 (47,658) (52,090)
Net current assets 180,503 179,782
Total assets less current liabilities 576,066 573,540
Creditors: amounts falling due after more than one year 5 (41,979) (85,915)
Net assets 534,087 487,625
Capital and reserves
Called up share capital 2 2
Profit and loss account 534,085 487,623
Shareholders' funds 534,087 487,625
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
0
Director
Approved by the board on 9 November 2018
Apparel Systems Limited
Notes to the Accounts
for the year ended 28 February 2018
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2017 537,539
Additions 42,401
At 28 February 2018 579,940
Amortisation
At 1 March 2017 143,781
Provided during the year 40,596
At 28 February 2018 184,377
Net book value
At 28 February 2018 395,563
At 28 February 2017 393,758
Sofware Development is being written off in equal annual instalments over its estimated economic life of 10 years.
3 Debtors 2018 2017
£ £
Trade debtors 87,740 29,069
Other debtors 140,395 195,643
228,135 224,712
4 Creditors: amounts falling due within one year 2018 2017
£ £
Bank loans and overdrafts 34,927 34,824
Trade creditors 2,600 3,260
Taxation and social security costs 8,804 14,006
Other creditors 1,327 -
47,658 52,090
5 Creditors: amounts falling due after one year 2018 2017
£ £
Bank loans 16,667 30,515
Trade creditors 25,312 55,400
41,979 85,915
6 Other information
Apparel Systems Limited is a private company limited by shares and incorporated in England. Its registered office is:20-22 Wenlock Road, London N1 7GU.
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