Company Registration No. 01178550 (England and Wales)
TUGWELL HEATING CO. LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 2016
TUGWELL HEATING CO. LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
TUGWELL HEATING CO. LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 APRIL 2016
30 April 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
66,685
24,159
Current assets
Stocks
3,000
3,000
Debtors
193,374
149,563
Cash at bank and in hand
266,618
141,724
462,992
294,287
Creditors: amounts falling due within one year
(222,973)
(100,256)
Net current assets
240,019
194,031
Total assets less current liabilities
306,704
218,190
Creditors: amounts falling due after more than one year
(54,000)
(78,000)
Provisions for liabilities
(11,004)
(1,874)
241,700
138,316
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
241,600
138,216
Shareholders' funds
241,700
138,316
For the financial year ended 30 April 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their 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 3 August 2016
T J Phillips
R N Browning
Director
Director
Company Registration No. 01178550
TUGWELL HEATING CO. LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 2016
- 2 -
1
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 January 2015).
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
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:
Computer equipment
25% reducing balance
Plant and machinery
10% reducing balance
Fixtures, fittings and equipment
10% reducing balance
Motor vehicles
25% reducing balance
1.4
Stock
Stock is valued at the lower of cost and net realisable value. In general, cost is determined on a first in first out basis. Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for the costs of realisation and, where appropriate, the cost of conversion from their existing state to a finished condition. Provision is made where necessary for obsolescent, slow moving and damaged stock.
1.5
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.6
Deferred taxation
Provision is made in full for all taxation deferred in respect of timing differences that have originated but not reversed by the balance sheet date, except for timing differences arising on revaluations of fixed assets which are not intended to be sold, gains on disposals of fixed assets which will be rolled over into replacement assets and earnings of overseas subsidiaries that are not intended to be remitted to the UK. No provision is made for taxation on permanent differences. Deferred tax assets are recognised to the extent that it is more likely than not that they will be recovered.
1.7
Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
TUGWELL HEATING CO. LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2016
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 May 2015
90,392
Additions
65,796
Disposals
(10,822)
At 30 April 2016
145,366
Depreciation
At 1 May 2015
66,233
On disposals
(9,535)
Charge for the year
21,983
At 30 April 2016
78,681
Net book value
At 30 April 2016
66,685
At 30 April 2015
24,159
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100
Redeemable Preference shares shown as financial liabilities >1 year are nil coupon shares with no voting rights but normal preferential rights to dividends and capital distributions whether on a winding up or otherwise. The shares are redeemable at the option of the company or the shareholder and have no fixed redemption date.
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