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THOMAS FORD (SMITHFIELD) LIMITED |
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Financial Statements |
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for the Year Ended 31 March 2017 |
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THOMAS FORD (SMITHFIELD) LIMITED |
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Financial Statements |
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for the Year Ended 31 March 2017 |
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THOMAS FORD (SMITHFIELD) LIMITED (REGISTERED NUMBER: 00512971) |
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Contents of the Financial Statements |
for the year ended 31 March 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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THOMAS FORD (SMITHFIELD) LIMITED |
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Company Information |
for the year ended 31 March 2017 |
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Directors: |
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Secretaries: |
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Registered office: |
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Registered number: |
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Accountants: |
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New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
THOMAS FORD (SMITHFIELD) LIMITED (REGISTERED NUMBER: 00512971) |
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Balance Sheet |
31 March 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 4 |
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Tangible assets | 5 |
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Current assets |
Stocks | 6 |
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Debtors | 7 |
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Cash at bank |
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Creditors |
Amounts falling due within one year | 8 |
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Net current liabilities | ( |
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Total assets less current liabilities |
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Creditors |
Amounts falling due after more than one
year |
9 |
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Net assets |
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Capital and reserves |
Called up share capital | 10 |
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Other reserves | 11 |
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Retained earnings | 11 |
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Shareholders' funds |
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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. |
THOMAS FORD (SMITHFIELD) LIMITED (REGISTERED NUMBER: 00512971) |
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Balance Sheet - continued |
31 March 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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THOMAS FORD (SMITHFIELD) LIMITED (REGISTERED NUMBER: 00512971) |
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Notes to the Financial Statements |
for the year ended 31 March 2017 |
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1. | Statutory information |
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Thomas Ford (Smithfield) Limited is a
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The company's registered number and registered office address can be found on the Company Information |
page. |
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2. | Accounting policies |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents net invoiced sales of goods, excluding value added tax. |
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Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 1999, is being amortised |
evenly over its estimated useful life of twenty years. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving stocks. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Financial instruments policy |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a |
party to the contractual provisions of the instrument. |
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Trade and other debtors and creditors are classified as basic financial instruments and measured at initial |
recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the |
effective interest rate method. A provision is established when there is objective evidence that the company will |
not be able to collect all amounts due. |
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Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank |
and bank overdrafts which are an integral part of the company's cash management. |
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Financial liabilities and equity instruments issued by the company are classified in accordance with the |
substance of the contractual arrangements entered into and the definitions of a financial liability and an equity |
instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company |
after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds |
received, net of direct issue costs. |
THOMAS FORD (SMITHFIELD) LIMITED (REGISTERED NUMBER: 00512971) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2017 |
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2. | Accounting policies - continued |
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Key sources of estimation, uncertainty and judgements |
Preparation of the financial statements requires management to make significant judgements and estimates in |
determining the carrying amounts of certain assets and liabilities. Management makes assumptions of the |
effects of uncertain future events on those assets and liabilities at the balance sheet date. The management's |
estimates and assumptions are based on historical experience and expectation of future events and are |
reviewed periodically. This disclosure excludes uncertainty over future events and judgement in respect of |
measuring financial instruments. |
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There is estimation uncertainty in calculating bad debt provisions. A review of trade debtors is carried out by the |
directors regularly. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as |
possible, there remains a risk that the provision do not match the level of debts which ultimately prove to be |
uncollectable. |
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There is also estimation uncertainty in calculating stock provisions. Slow moving and obsolete stocks are |
monitored during the year. Whilst every attempt is made to ensure that the stock provisions are accurate as |
possible, there remains a risk that the provisions do not match the ultimate unrealised value of stock held. |
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3. | Employees and directors |
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The average number of employees during the year was
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4. | Intangible fixed assets |
Goodwill |
£ |
Cost |
At 1 April 2016 |
and 31 March 2017 |
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Amortisation |
At 1 April 2016 |
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Amortisation for year |
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At 31 March 2017 |
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Net book value |
At 31 March 2017 |
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At 31 March 2016 |
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THOMAS FORD (SMITHFIELD) LIMITED (REGISTERED NUMBER: 00512971) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2017 |
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5. | Tangible fixed assets |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 April 2016 |
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Additions |
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At 31 March 2017 |
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Depreciation |
At 1 April 2016 |
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Charge for year |
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At 31 March 2017 |
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Net book value |
At 31 March 2017 |
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At 31 March 2016 |
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6. | Stocks |
2017 | 2016 |
£ | £ |
Stocks |
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7. | Debtors: amounts falling due within one year |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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8. | Creditors: amounts falling due within one year |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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9. | Creditors: amounts falling due after more than one year |
2017 | 2016 |
£ | £ |
Bank loans |
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Other creditors |
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THOMAS FORD (SMITHFIELD) LIMITED (REGISTERED NUMBER: 00512971) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2017 |
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10. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary | 1 | 170,249 | 170,249 |
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11. | Reserves |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
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At 1 April 2016 |
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348,877 |
Profit for the year |
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At 31 March 2017 |
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492,321 |
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12. | Related party disclosures |
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Included in other creditors is £413,226 (2016: £439,226) owed to the directors. |
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13. | Ultimate controlling party |
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The company is under the control of S R Ford by virtue of his shareholding in the company. |
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14. | First year adoption |
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The company has adopted FRS 102 Section 1A for the period ended 31 March 2017, with the date of transition |
therefore being 1 April 2015. |
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On transition the directors have considered the effect of any changes in accounting treatment from UK GAAP to |
FRS 102.The directors do not consider there to be any material changes that would warrant restatement of the |
comparative figures. |