TM Electronics (UK) Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 02275821 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

TM ELECTRONICS (UK) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

T J Sensier

D L Sensier

SECRETARY:

D L Sensier

REGISTERED OFFICE:

Pavilion View

19 New Road

Brighton

East Sussex

BN1 1EY

BUSINESS ADDRESS:

Mulberry House

Mulberry Lane

Goring

West Sussex

BN12 4RD

REGISTERED NUMBER:

02275821 (England and Wales)

ACCOUNTANTS:

Hartley Fowler LLP

Chartered Accountants

Pavilion View

19 New Road

Brighton

East Sussex

BN1 1EY

FIXED ASSETS

Tangible assets

4

42,171

66,714

CURRENT ASSETS

Stocks

126,585

118,001

Debtors

5

249,127

215,453

Cash at bank and in hand

323,426

380,138

699,138

713,592

CREDITORS

Amounts falling due within one year

6

206,731

273,245

NET CURRENT ASSETS

492,407

440,347

TOTAL ASSETS LESS CURRENT LIABILITIES

534,578

507,061

PROVISIONS FOR LIABILITIES

8

7,432

12,131

NET ASSETS

527,146

494,930

CAPITAL AND RESERVES

Called up share capital

9

25,000

25,000

Capital redemption reserve

15,000

15,000

Retained earnings

487,146

454,930

SHAREHOLDERS' FUNDS

527,146

494,930

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 19 October 2017 and were signed on its behalf by:

T J Sensier - Director

1.	STATUTORY INFORMATION

TM Electronics (UK) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of 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.

Turnover

Revenue is measured at fair value of the consideration received or receivable. Revenue is reduced for estimated

customer returns and other similar allowances.

Goods

Revenue from the sale of goods is recognised when the goods are delivered and legal title has passed.

Repairs and calibration

Revenue from repairs carried out is recognised when the goods are returned to the customer.

Tangible fixed assets

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

Plant and machinery

-

33% on reducing balance and 25% on reducing balance

Fixtures and fittings

-

33% on cost

Motor vehicles

-

25% on reducing balance

Stocks

Stock is valued at the lower of cost and net realisable value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of

the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Research expenditure is written off to the profit and loss account in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling

at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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

lease.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and

depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are

included in creditors net of the finance charge allocated to future periods. The finance element of the rental

payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net

obligation outstanding in each period.

Lease payments under operating leases, where substantially all the risks and benefits remain with the lessor, are

charged as expenses in the period in which they are incurred.

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.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivables or payables within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance

sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is

estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an

impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the

impairment loss is a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2016 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 April 2016

32,499

262,895

18,978

1,958

316,330

Additions

-

-

7,374

-

7,374

At 31 March 2017

32,499

262,895

26,352

1,958

323,704

DEPRECIATION

At 1 April 2016

19,501

213,667

14,695

1,753

249,616

Charge for year

6,500

20,988

4,312

117

31,917

At 31 March 2017

26,001

234,655

19,007

1,870

281,533

NET BOOK VALUE

At 31 March 2017

6,498

28,240

7,345

88

42,171

At 31 March 2016

12,998

49,228

4,283

205

66,714

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

148,832

189,646

Other debtors

100,295

25,807

249,127

215,453

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

142

47

Trade creditors

95,541

91,855

Taxation and social security

25,848

36,012

Other creditors

85,200

145,331

206,731

273,245

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2017

2016

£

£

Within one year

30,000

30,000

Between one and five years

120,000

120,000

In more than five years

26,795

56,795

176,795

206,795

8.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

7,432

12,131

Deferred

tax

£

Balance at 1 April 2016

12,131

Credit to Income Statement during year

(4,699

)

Balance at 31 March 2017

7,432

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

15,000

Ordinary

£1

15,000

15,000

10,000

"A" Ordinary

£1

10,000

10,000

25,000

25,000

The "A" ordinary shares have the following rights:

(a) Dividends

(1) The right to a cumulative preferential net cash participating dividend of 7% of the net profit before tax

adjusted to exclude any amortisation of goodwill and extraordinary items.

(2) The right to a cumulative preferential net cash additional dividend per share equal to:

-the amount per share by which any dividend paid on the ordinary shares exceeds the participating dividend per

"A" ordinary share.

(b) Capital

Priority upon liquidation or capital reduction up to £1 per share plus any arrears or accruals of dividends.

(c) Conversion

Conversion into ordinary shares at any time upon written notice by the holders of 75% of the "A" ordinary shares.

(d) Class protection

The special rights attached to any class of shares may only be varied with the written consent of the holders of

75% of the "A" ordinary shares. Special rights are deemed to include substantive changes to the company.

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is T J Sensier.

11.	FIRST YEAR ADOPTION

The company's date of transition to FRS 102 was 1 April 2015.

No transitional adjustments have been made to the comparative figures and the company's financial position and

performance have not been affected by the transition to FRS 102. There have been no significant changes to the

accounting policies as a result of the new financial reporting framework.