Transparent Film Limited 31/10/2018 iXBRL

TRANSPARENT FILM LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: NI648573

TRANSPARENT FILM LIMITED

UNAUDITED FILLETED FINANCIAL STATEMENTS

31 October 2018

Transparent Film Limited

Contents

Directors and other information

Accountants report

Statement of financial position

Statement of changes in equity

Notes to the financial statements

Transparent Film Limited

Directors and other information


	Director	Karen Jordan


	Company number	NI648573


	Registered office	Unit 1 6b Balloo Drive
		Bangor
		Co Down
		BT19 7QY


	Business address	Unit 1 6b Balloo Drive
		Bangor
		Co Down
		BT19 7QY


	Accountants	PFS & Partners
		16 Main Street
		Limavady
		Co L'Derry
		BT49 0EU




	Bankers	Santander
		64 Main Street
		Bangor
		Co Down
		BT20 5AQ

Transparent Film Limited

Report to the director on the preparation of the

unaudited statutory financial statements of Transparent Film Limited

Period ended 31 October 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Transparent Film Limited for the period ended 31 October 2018 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.

This report is made solely to the director of Transparent Film 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 Transparent Film Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163. pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Transparent Film Limited and its director as a body for our work or for this report.

It is your duty to ensure that Transparent Film 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 Transparent Film Limited. You consider that Transparent Film Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Transparent Film 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.

PFS & Partners

Chartered Certified Accountants

16 Main Street

Limavady

Co L'Derry

BT49 0EU

20 March 2019

Transparent Film Limited

Statement of financial position

31 October 2018

		31/10/18
	Note	£	£

Fixed assets
Intangible assets	5	3,731
Tangible assets	6	15,078
		_______
			18,809

Current assets
Stocks		18,730
Debtors	7	42,594
Cash at bank and in hand		3,317
		_______
		64,641
Creditors: amounts falling due
within one year	8	( 72,455)
		_______
Net current liabilities			( 7,814)
			_______
Total assets less current liabilities			10,995

			_______
Net assets			10,995
			_______

Capital and reserves
Called up share capital			100
Profit and loss account			10,895
			_______
Shareholders funds			10,995
			_______

For the period ending 31 October 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 financial statements for the period in question in accordance with section 476;

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

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.

These financial statements were approved by the board of directors and authorised for issue on 20 March 2019 , and are signed on behalf of the board by:

Karen Jordan

Director

Company registration number: NI648573

Transparent Film Limited

Statement of changes in equity

Period ended 31 October 2018

	Called up share capital	Profit and loss account	Total
	£	£	£


At 10 October 2017	-	-	-

Profit for the period		15,895	15,895
	_______	_______	_______
Total comprehensive income for the period	-	15,895	15,895

Issue of shares	100		100
Dividends paid and payable		( 5,000)	( 5,000)
	_______	_______	_______
Total investments by and distributions to owners	100	( 5,000)	( 4,900)

	_______	_______	_______
At 31 October 2018	100	10,895	10,995
	_______	_______	_______

Transparent Film Limited

Notes to the financial statements

Period ended 31 October 2018

1. General information

The company is a private company limited by shares, registered in N. Ireland. The address of the registered office is Unit 1 6b Balloo Drive, Bangor, Co Down, BT19 7QY.

2. Statement of compliance

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

Turnover

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.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:


Goodwill	-	20 %	straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:


Plant and machinery	-	20 %	reducing balance
Fittings fixtures and equipment	-	20 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

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. 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 are largely independent of the cash inflows from other assets or groups of assets. 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 are 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 stocks to their present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Staff costs

The average number of persons employed by the company during the period amounted to 4

The aggregate payroll costs incurred during the period were:

			Period
			ended
			31/10/18
			£
	Wages and salaries		49,748
			_______

5. Intangible assets

	Goodwill	Total
	£	£
Cost
At 10 October 2017	-	-
Additions	4,664	4,664
	_______	_______
At 31 October 2018	4,664	4,664
	_______	_______
Amortisation
At 10 October 2017	-	-
Charge for the period	933	933
	_______	_______
At 31 October 2018	933	933
	_______	_______
Carrying amount
At 31 October 2018	3,731	3,731
	_______	_______

6. Tangible assets

	Plant and machinery	Fixtures, fittings and equipment	Total
	£	£	£
Cost
At 10 October 2017	-	-	-
Additions	16,300	2,383	18,683
	_______	_______	_______
At 31 October 2018	16,300	2,383	18,683
	_______	_______	_______
Depreciation
At 10 October 2017	-	-	-
Charge for the year	3,260	345	3,605
	_______	_______	_______
At 31 October 2018	3,260	345	3,605
	_______	_______	_______
Carrying amount
At 31 October 2018	13,040	2,038	15,078
	_______	_______	_______

7. Debtors

			31/10/18
			£
	Trade debtors		42,594
			_______

8. Creditors: amounts falling due within one year

			31/10/18
			£
	Trade creditors		63,835
	Corporation tax		410
	Social security and other taxes		3,252
	Other creditors		4,958
			_______
			72,455
			_______

9. Directors advances, credits and guarantees

	During the period the director entered into the following advances and credits with the company:

Period ended 31/10/18
		Balance brought forward	Advances /(credits) to the director	Amounts repaid	Balance o/standing
		£	£	£	£
	Karen Jordan	-	( 7,954)	4,996	( 2,958)
		_______	_______	_______	_______