Registered number
05914926
Funkin USA Limited
Abbreviated Accounts
31 January 2015
Funkin USA Limited
Registered number: 05914926
Abbreviated Balance Sheet
as at 31 January 2015
Notes 2015 2013
£ £
Fixed assets
Tangible assets 2 - 24,200
Current assets
Stocks 251,271 233,837
Debtors 51,188 118,896
Cash at bank and in hand 96,707 95,944
399,166 448,677
Creditors: amounts falling due within one year (386,145) (920,465)
Net current assets/(liabilities) 13,021 (471,788)
Net assets/(liabilities) 13,021 (447,588)
Capital and reserves
Called up share capital 3 100 100
Revaluation reserve 5,296 (42,252)
Profit and loss account 7,625 (405,436)
Shareholders' funds 13,021 (447,588)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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 in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
Mr. A.S. King
Director
Approved by the board on 29 July 2015
Funkin USA Limited
Notes to the Abbreviated Accounts
for the period ended 31 January 2015
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Turnover
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Plant and machinery 20% straight line
Motor vehicles 25% straight line
Stocks
Stock is valued at the lower of cost and net realisable value.
Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.
2 Tangible fixed assets £
Cost
At 1 January 2014 31,034
Disposals (29,984)
At 31 January 2015 1,050
Depreciation
At 1 January 2014 6,834
Charge for the period 17,702
On disposals (23,486)
At 31 January 2015 1,050
Net book value
At 31 January 2015 -
At 31 December 2013 24,200
3 Share capital Nominal 2015 2015 2013
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 100 100 100
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