A_&_D_HOPE_LIMITED

A & D HOPE LIMITED

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF A & D HOPE LIMITED FOR THE YEAR ENDED 31 AUGUST 2014

- 1 -

The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 5 have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of A & D Hope Limited for the year ended 31 August 2014 set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of A & D Hope Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of A & D Hope Limited and state those matters that we have agreed to state to the Board of Directors of A & D Hope Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than A & D Hope Limited and it's Board of Directors as a body, for our work or for this report.

It is your duty to ensure that A & D Hope Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of A & D Hope Limited. You consider that A & D Hope Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of A & D Hope Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Gerald Edelman

12 March 2015

Accountants

73 Cornhill

London

EC3V 3QQ

A & D HOPE LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 AUGUST 2014

- 2 -

2014

2013

Notes

Fixed assets

Intangible assets

4,000

6,000

Tangible assets

21,250

25,250

6,000

Current assets

Stocks

1,091,285

790,569

Debtors

1,087,709

1,223,753

Cash at bank and in hand

18,322

46,860

2,197,316

2,061,182

Creditors: amounts falling due within one year

(1,559,808)

(1,412,180)

Net current assets

637,508

649,002

Total assets less current liabilities

662,758

655,002

Creditors: amounts falling due after more than one year

(517,784)

(541,433)

144,974

113,569

Capital and reserves

Called up share capital

Profit and loss account

144,973

113,568

Shareholders' funds

144,974

113,569

A & D HOPE LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 AUGUST 2014

- 3 -

For the financial year ended 31 August 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

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

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 12 March 2015

J A Hope

Director

Company Registration No. 07322450

A & D HOPE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2014

- 4 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable from the sale of men's garments. Revenue is recognised on despatch of goods to customers and invoiced at this point, net of VAT and trade discounts.

1.4

Goodwill

Acquired goodwill is written off in equal annual instalments over 5 years. This is the director's estimate of its useful economic life.

1.5

Patents

Licences are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost over 5 years. This is the director's estimate of its useful economic life.

1.6

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Motor vehicles

15% Straight line basis

1.7

Stock

Stock is valued at the lower of cost and net realisable value. Stock represents wholesale men's garments and raw material for their manufacture.

1.8

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

1.9

Financial Instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

A & D HOPE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2014

- 5 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 September 2013

10,000

4,400

14,400

Additions

24,250

At 31 August 2014

10,000

28,650

38,650

Depreciation

At 1 September 2013

4,000

4,400

8,400

Charge for the year

2,000

3,000

5,000

At 31 August 2014

6,000

7,400

13,400

Net book value

At 31 August 2014

4,000

21,250

25,250

At 31 August 2013

6,000

Creditors: amounts falling due within one year

Creditors include £630,261 (2013 - £655,529) relating to invoice finance arrangements which are the subject of a fixed and floating charge over the present and future assets of the company.