T.B.M. Developers Limited Filleted accounts for Companies House (small and micro)

T.B.M. Developers Limited Filleted accounts for Companies House (small and micro)


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COMPANY REGISTRATION NUMBER: 06430037
T.B.M. Developers Limited
Filleted Unaudited Financial Statements
31 March 2018
T.B.M. Developers Limited
Balance Sheet
31 March 2018
2018
2017
Note
£
£
£
Fixed assets
Tangible assets
5
173,463
176,450
Current assets
Debtors
6
191,805
184,731
Cash at bank and in hand
114,554
103,351
---------
---------
306,359
288,082
Creditors: amounts falling due within one year
7
309,480
297,479
---------
---------
Net current liabilities
3,121
9,397
---------
---------
Total assets less current liabilities
170,342
167,053
---------
---------
Net assets
170,342
167,053
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
169,342
166,053
---------
---------
Shareholders funds
170,342
167,053
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2018 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 financial statements were approved by the board of directors and authorised for issue on 8 October 2018 , and are signed on behalf of the board by:
Mr D J Morrell
Director
Company registration number: 06430037
T.B.M. Developers Limited
Notes to the Financial Statements
Year ended 31 March 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 22-26 King Street, King's Lynn, Norfolk, PE30 1HJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is the total amount receivable by the company for goods supplied and services rendered, excluding VAT.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% reducing balance
Motor Vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2017: 3 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2017 and 31 March 2018
162,500
15,650
6,995
185,145
---------
--------
-------
---------
Depreciation
At 1 April 2017
5,634
3,061
8,695
Charge for the year
2,003
984
2,987
---------
--------
-------
---------
At 31 March 2018
7,637
4,045
11,682
---------
--------
-------
---------
Carrying amount
At 31 March 2018
162,500
8,013
2,950
173,463
---------
--------
-------
---------
At 31 March 2017
162,500
10,016
3,934
176,450
---------
--------
-------
---------
6. Debtors
2018
2017
£
£
Trade debtors
180,012
180,012
Other debtors
11,793
4,719
---------
---------
191,805
184,731
---------
---------
7. Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
15,756
2,742
Corporation tax
4,991
37,590
Social security and other taxes
807
595
Net wages control account
2,223
Other creditors
287,926
254,329
---------
---------
309,480
297,479
---------
---------
8. Related party transactions
The company was under the control of Mr & Mrs Morrell throughout the current year.