REGISTERED NUMBER:
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ABBREVIATED UNAUDITED ACCOUNTS |
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FOR THE YEAR ENDED 28 FEBRUARY 2015 |
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FOR |
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TERRA NOVA EQUIPMENT LTD |
REGISTERED NUMBER:
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ABBREVIATED UNAUDITED ACCOUNTS |
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FOR THE YEAR ENDED 28 FEBRUARY 2015 |
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FOR |
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TERRA NOVA EQUIPMENT LTD |
TERRA NOVA EQUIPMENT LTD (REGISTERED NUMBER: 02827783) |
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CONTENTS OF THE ABBREVIATED ACCOUNTS |
FOR THE YEAR ENDED 28 FEBRUARY 2015 |
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Page |
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Company Information | 1 |
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Abbreviated Balance Sheet | 2 | to | 3 |
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Notes to the Abbreviated Accounts | 4 | to | 5 |
TERRA NOVA EQUIPMENT LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 28 FEBRUARY 2015 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
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BANKERS: |
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TERRA NOVA EQUIPMENT LTD (REGISTERED NUMBER: 02827783) |
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ABBREVIATED BALANCE SHEET |
28 FEBRUARY 2015 |
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2015 | 2014 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 2 |
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CURRENT ASSETS |
Stocks |
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Debtors |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 3 |
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Profit and loss account |
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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. |
TERRA NOVA EQUIPMENT LTD (REGISTERED NUMBER: 02827783) |
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ABBREVIATED BALANCE SHEET - continued |
28 FEBRUARY 2015 |
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The financial statements were approved by the Board of Directors on
its behalf by: |
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TERRA NOVA EQUIPMENT LTD (REGISTERED NUMBER: 02827783) |
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NOTES TO THE ABBREVIATED ACCOUNTS |
FOR THE YEAR ENDED 28 FEBRUARY 2015 |
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1. | ACCOUNTING POLICIES |
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Accounting convention |
The financial statements have been prepared under the historical cost convention and in accordance |
with the Financial Reporting Standard for Smaller Entities (effective April 2008). |
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Turnover |
Turnover represents net invoiced sales of goods, excluding value added tax. |
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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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Computer equipment | - |
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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 items. |
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The values are defined as follows: |
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Raw materials - purchase cost on a first-in, first-out basis. |
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Work-in-progress and finished goods - cost of direct materials and labour based on normal levels of |
activity. |
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Net realisable value is based on estimated selling price less costs expected to be incurred to |
completion and disposal. |
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Deferred tax |
Full provision is made for deferred tax assets and liabilities arising from all timing differences between |
the recognition of gains and losses in the financial statements and recognition in the tax computation. |
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A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will |
be suitable taxable profits from which the future reversal of the underlying timing differences can be |
deducted. |
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Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time |
the timing differences are expected to reverse. |
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Deferred tax assets and liabilities are not discounted. |
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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at |
the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of |
exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at |
the operating result. |
TERRA NOVA EQUIPMENT LTD (REGISTERED NUMBER: 02827783) |
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NOTES TO THE ABBREVIATED ACCOUNTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2015 |
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2. | TANGIBLE FIXED ASSETS |
Total |
£ |
COST |
At 1 March 2014 |
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Additions |
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At 28 February 2015 |
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DEPRECIATION |
At 1 March 2014 |
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Charge for year |
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At 28 February 2015 |
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NET BOOK VALUE |
At 28 February 2015 |
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At 28 February 2014 |
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3. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2015 | 2014 |
value: | £ | £ |
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Ordinary | £1 |
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4. | ULTIMATE PARENT COMPANY |
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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. |
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5. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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Included in other creditors is a joint loan due to A S Utting and C J Budding, both directors of the |
company, amounting to £182,000 (2014 - £182,000). Interest has been paid on this loan during the |
year and amounted to £22,259 (2014 - £21,587). |
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