Transmission Units & Co.(S&S) Limited - Accounts to registrar - small 16.3d

REGISTERED NUMBER: 01955350 (England and Wales)

TRANSMISSION UNITS AND CO

(SALES AND SERVICE) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2016

Page

Company Information

1

Chartered Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTORS:

Mr P.C. Rhead

Miss P.M. Bobrowski

SECRETARY:

Mr P.C. Rhead

REGISTERED OFFICE:

James House

Newport Road

Albrighton

Wolverhampton

WV7 3FA

REGISTERED NUMBER:

01955350 (England and Wales)

ACCOUNTANTS:

Folkes Worton LLP

15-17 Church Street

Stourbridge

West Midlands

DY8 1LU

BANKERS:

Barclays Bank Plc

Queens Square

Wolverhampton

West Midlands

WV1 1DS

The following reproduces the text of the report prepared for the directors and members in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to

file a Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income and

certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of

Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial

statements of Transmission Units And Co (Sales And Service) Limited for the year ended 31 March 2016 which comprise

the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and the related

notes 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Transmission Units And Co (Sales And Service) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Transmission Units And Co (Sales And Service) Limited and state those matters that we have agreed to state to the Board of Directors of Transmission Units And Co (Sales And Service) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Transmission Units And Co (Sales And Service) Limited Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Transmission Units And Co (Sales And Service) 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 loss of Transmission Units And Co (Sales And Service) Limited. You consider that Transmission Units And Co (Sales And Service) 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 Transmission Units And Co (Sales And Service) 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.

Folkes Worton LLP

15-17 Church Street

Stourbridge

West Midlands

DY8 1LU

15 December 2016

FIXED ASSETS

Tangible assets

2

36,760

51,625

CURRENT ASSETS

Stocks

55,601

54,979

Debtors

3

967,587

945,914

Cash at bank and in hand

487

3,540

1,023,675

1,004,433

CREDITORS

Amounts falling due within one year

4

911,781

850,876

NET CURRENT ASSETS

111,894

153,557

TOTAL ASSETS LESS CURRENT LIABILITIES

148,654

205,182

CREDITORS

Amounts falling due after more than one year

5

(11,388

)

(23,308

)

PROVISIONS FOR LIABILITIES

8

-

(6,931

)

NET ASSETS

137,266

174,943

CAPITAL AND RESERVES

Called up share capital

9

40,000

40,000

Retained earnings

10

97,266

134,943

SHAREHOLDERS' FUNDS

137,266

174,943

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 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 and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 15 December 2016 and were signed on its behalf by:

Mr P.C. Rhead - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial reporting standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as

permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Turnover

Turnover represents net sales of goods/services, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement

of financial position date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are

depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of

the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

2.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 April 2015

114,961

92,135

49,531

256,627

Additions

-

3,185

-

3,185

Disposals

(89,527

)

(17,882

)

(3,700

)

(111,109

)

At 31 March 2016

25,434

77,438

45,831

148,703

DEPRECIATION

At 1 April 2015

109,742

80,779

14,481

205,002

Charge for year

550

1,840

8,242

10,632

Eliminated on disposal

(86,493

)

(15,579

)

(1,619

)

(103,691

)

At 31 March 2016

23,799

67,040

21,104

111,943

NET BOOK VALUE

At 31 March 2016

1,635

10,398

24,727

36,760

At 31 March 2015

5,219

11,356

35,050

51,625

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2015

and 31 March 2016

43,926

DEPRECIATION

At 1 April 2015

10,982

Charge for year

8,236

At 31 March 2016

19,218

NET BOOK VALUE

At 31 March 2016

24,708

At 31 March 2015

32,944

3.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

81,890

87,482

Amounts owed by group undertakings

497,885

487,931

Other debtors

387,812

370,501

967,587

945,914

Deferred tax asset

2016

£

Accelerated capital allowances

(5,997

)

Other timing differences

6,476

479

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Bank loans and overdrafts (see note 6)

93,473

-

Hire purchase contracts (see note 7)

11,920

11,920

Trade creditors

167,332

224,232

Amounts owed to group undertakings

228,878

226,179

Taxation and social security

102,297

54,145

Other creditors

307,881

334,400

911,781

850,876

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Hire purchase contracts (see note 7)

11,388

23,308

6.

LOANS

An analysis of the maturity of loans is given below:

2016

2015

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

93,473

-

7.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2016

2015

£

£

Gross obligations repayable:

Within one year

14,302

14,302

Between one and five years

13,412

27,714

27,714

42,016

Finance charges repayable:

Within one year

2,382

2,382

Between one and five years

2,024

4,406

4,406

6,788

Net obligations repayable:

Within one year

11,920

11,920

Between one and five years

11,388

23,308

23,308

35,228

8.	PROVISIONS FOR LIABILITIES

2015

£

Deferred tax

Accelerated capital allowances

6,931

Deferred

tax

£

Balance at 1 April 2015

6,931

Credit to Statement of Comprehensive Income during year

(7,410

)

Balance at 31 March 2016

(479

)

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

40,000

Ordinary

£1

40,000

40,000

10.

RESERVES

Retained

earnings

£

At 1 April 2015

134,943

Deficit for the year

(37,677

)

At 31 March 2016

97,266

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2016 and

31 March 2015:

2016

2015

£

£

Mr P.C. Rhead

Balance outstanding at start of year

340,948

323,430

Amounts advanced

37,436

29,558

Amounts repaid

(18,655

)

(12,040

)

Balance outstanding at end of year

359,729

340,948

12.	RELATED PARTY DISCLOSURES

During the year the company undertook various transactions with companies under the control of Mr. P. C. Rhead.

These transactions were as follows:

Sales

Purchases

Management Charges Paid

Management Charges Received

£

£

£

£

Nationwide Transmission Services Limited

130,782

167,498

-

-

New Dawn Financial Services Limited -

-

11,000

-

Commercial Parts Supplies Limited

108,375

22,000

-

95,000

Exchange Transmissions Limited

189,020

226,365

-

104,500

In addition, the balances owing from or to these related companies were as follows:

Owing to Transmission Units & Co. (Sales & Service) Limited

£

New Dawn Financial Services Limited

341,449

Commercial Parts Supplies Limited

19,287

Pennygate Holdings Plc

34,901

Kingsmead Furniture Limited

68,912

Euroshine Limited

950

Silvertown Marketing Limited

32,386

Owing by Transmission Units & Co. (Sales & Service) Limited

£

E.B. Engineering Limited

26,365

Nationwide Transmission Services Limited

53,986

Exchange Transmissions Limited

148,527

13.

CONTROL

Control of the company is exercised by Mr. P.C. Rhead, by virtue of his shareholdings.

14.	STATUTORY INFORMATION

Transmission Units and Co. (Sales and Service) Limited is a private company, limited by shares, registered in

England and Wales. The company's registered number and registered office address can be found on the Company

Information page.

15.	FIRST YEAR ADOPTION

No adjustments to the values included in the financial statements were required on transition to Financial Reporting

Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".