Company Registration No. 02949745 (England and Wales)
TARGET FINDERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2018
PAGES FOR FILING WITH REGISTRAR
TARGET FINDERS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
TARGET FINDERS LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2018
31 August 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,484
1,804
Investments
5
77
78
2,561
1,882
Current assets
Stocks
255,000
101,600
Debtors
6
134,334
138,534
Cash at bank and in hand
903,067
860,207
1,292,401
1,100,341
Creditors: amounts falling due within one year
7
(53,726)
(59,144)
Net current assets
1,238,675
1,041,197
Total assets less current liabilities
1,241,236
1,043,079
Provisions for liabilities
(472)
(164)
Net assets
1,240,764
1,042,915
Capital and reserves
Called up share capital
8
1,100
1,100
Capital redemption reserve
1,100
1,100
Profit and loss reserves
1,238,564
1,040,715
Total equity
1,240,764
1,042,915
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 August 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.
TARGET FINDERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2018
31 August 2018
- 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:
Mr Jack W Ryan
Director
Company Registration No. 02949745
TARGET FINDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2018
- 3 -
1
Accounting policies
Company information
Target Finders Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
40-42 High Street, Newington, Sittingbourne, Kent, England, ME9 7JL.
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 unless otherwise stated for any revaluation. 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
Intangible fixed assets - goodwill
Goodwill is carried at cost less accumulated amortisation and accumulated impairment losses. These costs are amortised to profit or loss using the straight-line method over its estimated useful life.
1.4
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:
Fixtures, fittings & equipment
25% on cost
Computer equipment
20% 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
.
1.5
Fixed asset investments
Interests in subsidiaries
are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
TARGET FINDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2018
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks and work in progress
Stocks
and work in progress
are stated at the lower of cost and estimated selling price less costs to complete and sell.
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
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and director's loans.
Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.
Director's loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.
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
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
TARGET FINDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2018
1
Accounting policies
(Continued)
- 5 -
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 6 (2017 - 10
).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2017 and 31 August 2018
700,000
Amortisation and impairment
At 1 September 2017 and 31 August 2018
700,000
Carrying amount
At 31 August 2018
-
At 31 August 2017
-
The goodwill was acquired several years ago for specific software and in the opinion of the Directors, it has been fully amortised.
TARGET FINDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2018
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2017
27,861
Additions
4,029
Disposals
(25,480)
At 31 August 2018
6,410
Depreciation and impairment
At 1 September 2017
26,057
Depreciation charged in the year
1,285
Eliminated in respect of disposals
(23,416)
At 31 August 2018
3,926
Carrying amount
At 31 August 2018
2,484
At 31 August 2017
1,804
5
Fixed asset investments
2018
2017
£
£
Investments
77
78
The Directors have adopted the cost model as no reliable market value of the Investment can be obtained. The investment is for the share capital of $100 U.S, in its 100% United States subsidiary Target Finders Inc.
TARGET FINDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2018
5
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 September 2017
78
Exchange differences
(1)
At 31 August 2018
77
Carrying amount
At 31 August 2018
77
At 31 August 2017
78
6
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
85,000
95,000
Other debtors
49,334
43,534
134,334
138,534
7
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
3,016
434
Corporation tax
22,125
24,391
Other taxation and social security
6,914
9,733
Other creditors
21,671
24,586
53,726
59,144
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary of £1 each
1,000
1,000
100 Deferred of £1 each
100
100
1,100
1,100
TARGET FINDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2018
- 8 -
9
Directors' transactions
Dividends totalling £920 (2017 - £48,113
) were paid in the year in respect of shares held by the company's directors.