Company Registration No. 02827783 (England and Wales)
TERRA NOVA EQUIPMENT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2017
PAGES FOR FILING WITH REGISTRAR
TERRA NOVA EQUIPMENT LTD
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
TERRA NOVA EQUIPMENT LTD
BALANCE SHEET
AS AT
28 FEBRUARY 2017
28 February 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Intangible assets
402
-
Tangible assets
4
57,349
28,811
Current assets
Stocks
758,789
770,835
Debtors
5
532,532
846,318
Cash at bank and in hand
635,647
503,866
1,926,968
2,121,019
Creditors: amounts falling due within one year
6
(1,014,307)
(1,176,042)
Net current assets
912,661
944,977
Total assets less current liabilities
970,412
973,788
Provisions for liabilities
(9,578)
(6,069)
Net assets
960,834
967,719
Capital and reserves
Called up share capital
7
133,897
133,897
Profit and loss reserves
826,937
833,822
Total equity
960,834
967,719
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 28 February 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act 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.
TERRA NOVA EQUIPMENT LTD
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2017
28 February 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 November 2017 and are signed on its behalf by:
Mr Andrew Utting
Director
Company Registration No. 02827783
TERRA NOVA EQUIPMENT LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2017
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 March 2015
133,897
802,098
935,995
Year ended 28 February 2016:
Profit and total comprehensive income for the year
-
131,724
131,724
Dividends
-
(100,000)
(100,000)
Balance at 28 February 2016
133,897
833,822
967,719
Year ended 28 February 2017:
Profit and total comprehensive income for the year
-
33,115
33,115
Dividends
-
(40,000)
(40,000)
Balance at 28 February 2017
133,897
826,937
960,834
TERRA NOVA EQUIPMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2017
- 4 -
1
Accounting policies
Company information
Terra Nova Equipment Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Summit House, Salcombe Court, Salcombe Road, ALFRETON, DE55 7EG.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 28 February 2017
are the
first
financial statements of Terra Nova Equipment Ltd prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 March 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
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
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date if the fair value can be measured reliably.
Amortisation 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:
Intellectual Property
5 years
1.5
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.
TERRA NOVA EQUIPMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2017
1
Accounting policies
(Continued)
- 5 -
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:
Plant and machinery
15% on reducing balance
Fixtures, fittings & equipment
25% on reducing balance
Computer equipment
25% on cost
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
.
1.6
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.
1.7
Cash at bank and in hand
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.
1.8
Financial instruments
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term creditors are measured at the transaction price.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Employee benefits
TERRA NOVA EQUIPMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2017
- 6 -
3
Intangible fixed assets
Goodwill
Intellectual Property
Total
£
£
£
Cost
At 29 February 2016
-
-
-
Additions
1
501
502
At 28 February 2017
1
501
502
Amortisation and impairment
At 29 February 2016
-
-
-
Amortisation charged for the year
-
100
100
At 28 February 2017
-
100
100
Carrying amount
At 28 February 2017
1
401
402
At 28 February 2016
-
-
-
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 29 February 2016
108,391
193,374
102,275
404,040
Additions
38,075
500
3,434
42,009
At 28 February 2017
146,466
193,874
105,709
446,049
Depreciation and impairment
At 29 February 2016
94,151
180,134
100,945
375,230
Depreciation charged in the year
7,847
3,435
2,188
13,470
At 28 February 2017
101,998
183,569
103,133
388,700
Carrying amount
At 28 February 2017
44,468
10,305
2,576
57,349
At 28 February 2016
14,240
13,240
1,331
28,811
TERRA NOVA EQUIPMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2017
- 7 -
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
377,603
542,382
Amounts owed by group undertakings
65,183
246,986
Other debtors
89,746
56,950
532,532
846,318
6
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
706,435
863,645
Amounts due to group undertakings
298,290
270,838
Corporation tax
4,919
37,559
Other creditors
4,663
4,000
1,014,307
1,176,042
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
133,897 of £1 each
133,897
133,897
133,897
133,897
8
Parent company
The company is controlled by Hubaco Limited. In the opinion of the directors, this is the company's ultimate parent undertaking, Hubaco Limited is ultimately under the joint control of A S Utting and C J Budding.