ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

TURNER TOOLING LIMITED - Company Information

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Registered number: 06616587












TURNER TOOLS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
 31 DECEMBER 2014














MAGEE GAMMON
Chartered Accountants
Henwood House
Henwood
Ashford
Kent
TN24 8DH


 
TURNER TOOLS LIMITED
 

COMPANY INFORMATION


Directors
M J Hodgson 
J M Pither 




Registered number
06616587



Registered office
Unit 3, The Glenmore Centre
Castle Road

Eurolink

Sittingbourne

Kent

ME10 3GL




Accountants
Magee Gammon
Chartered Accountants

Henwood House

Henwood

Ashford

Kent

TN24 8DH




 
TURNER TOOLS LIMITED
 

CONTENTS


Page

 
 
Directors' report
 
 
Profit and loss account
 
 
2
Balance sheet
 
 
3
Notes to the financial statements
 
 
4 - 8
 
TURNER TOOLS LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2014

 
The directors present their report and the audited financial statements for the year ended 31 December 2014.
 
 
Directors
 
 
The directors who served during the year were:
 
 
M J Hodgson 
J M Pither 
 
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
 
 
This report was approved by the board on 1 June 2015 and signed on its behalf.
 
 



M J Hodgson
Director
Page 1
 
TURNER TOOLS LIMITED
 

PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2014

        2014
        2013
Note


        

 
TURNOVER
1
2,748,127
2,340,250
 
Cost of sales

(2,086,855)
(1,761,107)

 
GROSS PROFIT
661,272
579,143
 
Administrative expenses

(490,566)
(525,207)

 
OPERATING PROFIT
2
170,706
53,936
 
Interest payable and similar charges
-
(15,411)

 
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION

170,706
38,525
 
Tax on profit on ordinary activities
4
(33,101)
(7,876)

 
PROFIT FOR THE FINANCIAL YEAR
 
10
 
£137,605
£30,649




The notes on pages 4 to 8 form part of these financial statements.

Page 2
 
TURNER TOOLS LIMITED
REGISTERED NUMBER: 06616587

BALANCE SHEET
AS AT 31 DECEMBER 2014

2014
2013
Note
 
FIXED ASSETS





 
Intangible assets
 
5
147,819

158,913
 
Tangible assets
 
6
46,919
13,599







194,738

172,512
 
CURRENT ASSETS





 
Stocks
239,077
236,903

 
Debtors
7
571,368
522,114







 
810,445
759,017
 
CREDITORS: amounts falling due within one year
8
(953,231)
(897,208)
 
NET CURRENT LIABILITIES


(142,786)

(138,191)
 
TOTAL ASSETS LESS CURRENT LIABILITIES
£51,952

£34,321
  
CAPITAL AND RESERVES

 
Called up share capital
9
126
100
 
Profit and loss account
10
51,826
34,221
 
SHAREHOLDERS' FUNDS
 

£51,952

£34,321


The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question 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 for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 December 2014 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the provisions applicable to small companies within Part 15 of the Companies Act 2006 and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 June 2015.




M J Hodgson
J M Pither
Director
Director

The notes on pages 4 to 8 form part of these financial statements.

Page 3
 
TURNER TOOLS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2014

1.Accounting policies

1.1
Basis of preparation of financial statements

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

1.2
Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

1.3
Intangible fixed assets and amortisation

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the Profit and loss account over its estimated economic life.

1.4
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 of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold improvements
-
20% Straight line
Plant and machinery
-
25% Straight line
Computer equipment
-
25% Straight line

1.5
Operating leases

Rentals under operating leases are charged to the Profit and loss account on a straight line basis over the lease term.

1.6
Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

1.7
Pensions

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.


2.Operating profit

The operating profit is stated after charging:

        2014
        2013


Amortisation - intangible fixed assets
11,094
11,094
Depreciation of tangible fixed assets:
- owned by the company
18,412
9,040
Pension costs
2,300
2,300

Page 4
 
TURNER TOOLS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2014

3.Directors' remuneration

        2014
        2013


Aggregate remuneration

£12,000
£35,343

  
 

4.Taxation

        2014
        2013


Analysis of tax charge in the year

UK corporation tax charge on profit for the year
33,101
5,876
Adjustments in respect of prior periods
-
2,000




Tax on profit on ordinary activities

£33,101
£7,876


5.Intangible fixed assets


Goodwill

Cost



At 1 January 2014 and 31 December 2014

221,883

Amortisation


At 1 January 2014
62,970

Charge for the year
11,094


At 31 December 2014

74,064




Net book value


At 31 December 2014
£147,819


At 31 December 2013

£158,913

Page 5
 
TURNER TOOLS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2014

6.Tangible fixed assets


Leasehold improvements
Plant and machinery
Computer equipment
Total

Cost 


At 1 January 2014
-
40,677
36,228
76,905

Additions
29,199
22,533
-
51,732


At 31 December 2014

29,199

63,210

36,228

128,637



Depreciation


At 1 January 2014
-
39,250
24,056
63,306

Charge for the year
5,840
6,778
5,794
18,412


At 31 December 2014

5,840

46,028

29,850

81,718







Net book value


At 31 December 2014
£23,359
£17,182
£6,378
£46,919


At 31 December 2013

£-

£1,427

£12,172

£13,599

 
7.Debtors
 
        2014
        2013



Trade debtors
491,752
492,255
Other debtors
79,616
29,859



£571,368
£522,114
 

8.Creditors:
Amounts falling due within one year

        2014
        2013


Bank loans and overdrafts
454,064
420,138
Net obligations under finance leases and hire purchase contracts
-
(1,643)
Trade creditors
418,271
427,772
Corporation tax
38,977
11,550
Other taxation and social security
41,919
28,630
Other creditors
-
10,661
Share capital treated as debt (Note 9)
-
100


£953,231
£897,208

Disclosure of the terms and conditions attached to the non-equity shares are made in note 9.

 
Page 6
 
TURNER TOOLS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2014

9.Share capital
        2014
        2013

        

Shares classified as capital
 
Allotted, called up and fully paid



50 (2013 - 100) A Ordinary shares of £1 each
50
100
13 B Ordinary shares of £1 each
13
-
13 C Ordinary shares of £1 each
13
-
50 D Ordinary shares of £1 each
50
-

£126

£100

Shares classified as debt
 
Allotted, called up and fully paid



100 Ordinary Preference shares of £1 each
£-
£100

During the year, along with the redesignation of 50 A Ordinary shares into D Ordinary shares, 13 B Ordinary and 13 C Ordinary shares were issued for cash at par value.


10.Reserves

Profit and loss account


At 1 January 2014
34,221
Profit for the financial year
137,605
Dividends: Equity capital
(120,000)


At 31 December 2014

£51,826




11.Dividends

        2014
        2013
        


Dividends paid on equity capital
£120,000
£-
 
Page 7
 
TURNER TOOLS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2014

12.Operating lease commitments

At 31 December 2014 the company had annual commitments under non-cancellable operating leases as follows:

2014
2013



Expiry date:

Within 1 year
-
2,083
 

13.Related party transactions


Dividends were paid to the directors as follows:

MJ Hodgson £60,000 (2013 - £Nil)
JM Pither £60,000 (2013 - £Nil)


Page 8
 
TURNER TOOLS LIMITED
 

TRADING AND PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2014

2014
 
2013
 
TURNOVER

Sales
2,748,127
2,340,250

COST OF SALES

Purchases
2,260,986
1,933,727
Subcontract labour
19,881
19,260
Consumables
469
561
Miscellaneous purchases
16,694
20,277
Carriage
27,902
24,185
Closing stock
(239,077)
(236,903)
 
GROSS PROFIT

(2,086,855)

24.1%  661,272
 
(1,761,107)

24.7%  579,143
 
OVERHEADS

Directors salaries
12,000
35,343
Directors national insurance
9
3,450
Staff salaries
205,811
237,303
Staff pension costs
2,300
2,300
Staff welfare and canteen
5,673
4,582
Advertising and promotion
9,756
13,924
Entertainment
1,194
763
Rent & rates
28,594
27,761
Light and heat
2,745
3,008
Repairs and maintenance
3,253
4,377
Motor and travel costs
64,353
52,382
Printing, stationery and postage
5,938
6,467
Telephone and fax
10,572
9,708
Computer costs
14,113
15,245
Insurances
18,566
17,383
General office expenses
287
3,238
Trade subscriptions
6,083
4,062
Legal and professional
31,348
40,362
Accountancy fees
7,907
2,481
Bank charges
2,277
3,272
Bad debts
-
(2,526)
Depreciation
18,412
9,039
Amortisation
11,094
11,094
(Profit) / loss on sale of assets
-
(5,715)
Hire purchase interest payable
-
722
 
Carried forward

(462,285)

198,987
 
(500,025)

79,118
 
Page 9
 
TURNER TOOLS LIMITED
 

TRADING AND PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2014

2014
 
2013
 
Finance Charges

Debt factoring charges
28,281
25,903
Bank and other loan interest
-
14,690
(28,281)
(40,593)
PROFIT FOR THE FINANCIAL YEAR

£170,706

£38,525







Page 10