Company Registration No. 00430867 (England and Wales)
TELFORD PLACE LIMITED
(FORMERLY VANPOULLES LIMITED)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018
PAGES FOR FILING WITH REGISTRAR
TELFORD PLACE LIMITED
(FORMERLY VANPOULLES LIMITED)
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
TELFORD PLACE LIMITED
(FORMERLY VANPOULLES LIMITED)
BALANCE SHEET
AS AT
31 JULY 2018
31 July 2018
Richard Place Dobson page 1
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
827,878
840,154
Current assets
Stocks
246,922
270,047
Debtors
4
51,032
70,444
Cash at bank and in hand
1,379
233
299,333
340,724
Creditors: amounts falling due within one year
5
(375,950)
(346,177)
Net current liabilities
(76,617)
(5,453)
Total assets less current liabilities
751,261
834,701
Creditors: amounts falling due after more than one year
6
(195,322)
(208,365)
Net assets
555,939
626,336
Capital and reserves
Called up share capital
8
23,050
23,050
Share premium account
4,500
4,500
Capital redemption reserve
14,839
14,839
Other reserves
7,925
7,925
Profit and loss reserves
505,625
576,022
Total equity
555,939
626,336
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 July 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
TELFORD PLACE LIMITED
(FORMERLY VANPOULLES LIMITED)
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2018
31 July 2018
Richard Place Dobson page 2
The financial statements were approved by the board of directors and authorised for issue on 30 November 2018 and are signed on its behalf by:
A M Appleton
Director
Company Registration No. 00430867
TELFORD PLACE LIMITED
(FORMERLY VANPOULLES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018
Richard Place Dobson page 3
1
Accounting policies
Company information
Telford Place Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Telford Place, Crawley, West Sussex, RH10 1SZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
2% straight line
Fixtures, fittings & equipment
25% straight line
Computer equipment
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
TELFORD PLACE LIMITED
(FORMERLY VANPOULLES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2018
1
Accounting policies
(Continued)
Richard Place Dobson page 4
1.6
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
TELFORD PLACE LIMITED
(FORMERLY VANPOULLES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2018
1
Accounting policies
(Continued)
Richard Place Dobson page 5
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 9 (2017 - 9).
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 August 2017 and 31 July 2018
1,048,918
155,450
1,204,368
Depreciation and impairment
At 1 August 2017
208,764
155,450
364,214
Depreciation charged in the year
12,276
-
12,276
At 31 July 2018
221,040
155,450
376,490
Carrying amount
At 31 July 2018
827,878
-
827,878
At 31 July 2017
840,154
-
840,154
TELFORD PLACE LIMITED
(FORMERLY VANPOULLES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2018
Richard Place Dobson page 6
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
44,019
51,959
Other debtors
7,013
18,485
51,032
70,444
5
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
183,782
168,655
Trade creditors
60,473
54,651
Taxation and social security
37,870
42,670
Other creditors
93,825
80,201
375,950
346,177
6
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
195,322
208,365
Amounts included above which fall due after five years are as follows:
Payable by instalments
131,353
148,502
7
Loans and overdrafts
2018
2017
£
£
Bank loans
208,391
221,459
Bank overdrafts
170,713
155,561
379,104
377,020
Payable within one year
183,782
168,655
Payable after one year
195,322
208,365
All bank lending as disclosed above is secured by way of fixed and floating charges over the assets of the company.
TELFORD PLACE LIMITED
(FORMERLY VANPOULLES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2018
Richard Place Dobson page 7
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
23,050 Ordinary shares of £1 each
23,050
23,050
23,050
23,050
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2018
2017
£
£
-
5,861