Thetorchsite Ltd - Period Ending 2016-03-31

Registration number: 08270745

 

Thetorchsite Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016
 

Thetorchsite Ltd
Contents

Page

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 4

Thetorchsite Ltd
balance sheet as at 31 March 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets					3,167			5,167
Tangible fixed assets					1,413			2,463
					4,580			7,630
Current assets
Stocks					19,497			21,592
Cash at bank and in hand					24,537			68,868
					44,034			90,460
Creditors: Amounts falling due within one year					(44,024)			(77,526)
Net current assets					10			12,934
Total assets less current liabilities					4,590			20,564
Provisions for liabilities					(283)			(493)
Total net assets					4,307			20,071
Capital and reserves
Called up share capital		3			1			1
Profit and loss account					4,306			20,070
Shareholders' funds					4,307			20,071

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 1

Thetorchsite Ltd
balance sheet as at 31 March 2016
......... continued

For the year ending 31 March 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 25 October 2016

.........................................
Mr A E Jones
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Thetorchsite Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Goodwill is being written off evenly over its estimated useful life of five years.

Depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Asset class	Depreciation method and rate
Plant and machinery	25% on cost
Motor vehicles	20% on cost

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Page 3

Thetorchsite Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2015		10,000			5,000			15,000
At 31 March 2016		10,000			5,000			15,000
Depreciation
At 1 April 2015		4,833			2,537			7,370
Charge for the year		2,000			1,050			3,050
At 31 March 2016		6,833			3,587			10,420
Net book value
At 31 March 2016		3,167			1,413			4,580
At 31 March 2015		5,167			2,463			7,630

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		1			1			1			1

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