TALON NDT LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
TALON NDT LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 APRIL 2016
30 April 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
46,020
95,983
Current assets
Debtors
189,211
381,382
Cash at bank and in hand
13,962
15,284
203,173
396,666
Creditors: amounts falling due within one year
(390,914)
(436,466)
Net current liabilities
(187,741)
(39,800)
Total assets less current liabilities
(141,721)
56,183
Creditors: amounts falling due after more than one year
(23,909)
(10,416)
Provisions for liabilities
(8,098)
-
(173,728)
45,767
Capital and reserves
Called up share capital
3
1
1
Profit and loss account
(173,729)
45,766
Shareholders' funds
(173,728)
45,767
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.
Director's 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 director acknowledges his 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 31 January 2017
I R Judge
Director
Company Registration No. SC174563
TALON NDT 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).
As at 30 April 2016, the company had liabilities exceeding assets of £173,728.
The shareholders have confirmed that they will continue to provide further financial support, including the provision of additional funds if required, to ensure the company continues to trade for at least the next 12 months.
Since the year end, the company has seen increases in turnover and coupled with further financial support, the director considers it appropriate to prepare the financial statements on a going concern basis.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts , except in respect of service contracts where turnover is recognised when the company obtains the right to consideration., except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land 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:
Caravans
2% on cost
Tenant's improvements
over the period of the lease
Plant and machinery
25% on cost
Fixtures, fittings & equipment
25% on cost
Motor vehicles
25% on cost
1.5
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
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.
1.7
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.8
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
1.9
The company have a debt factoring agreement in place with the bank. Due to the nature of the agreement, the risks and rewards are still retained with the company and therefore, under FRS 5, separate presentation is appropriate.
TALON NDT 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
413,903
Additions
16,059
Disposals
(18,000)
At 30 April 2016
411,962
Depreciation
At 1 May 2015
317,920
On disposals
(180)
Charge for the year
48,202
At 30 April 2016
365,942
Net book value
At 30 April 2016
46,020
At 30 April 2015
95,983
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
1 ordinary of £1 each
1
1
4
Related party relationships and transactions
Transactions in relation to loans with directors during the year are outlined in the table below:
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
Loan
-
13,441
5,544
-
104,744
(85,759)
13,441
5,544
-
104,744
(85,759)
The loan from the director at the year end is interest free with no set repayment terms.
During the year the company made sales of £14,017 (2015 - £109,535) to Talon NDT Blackpool Limited, a company in which I R Judge is also a director and shareholder. At the year end Talon NDT Blackpool Limited owed the company £16,397 following provision for bad and doubtful debts of £94,585.