Company Registration No. 03213816 (England and Wales)
TECHNICAL SIMULATION CONSULTANTS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
TECHNICAL SIMULATION CONSULTANTS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 5
TECHNICAL SIMULATION CONSULTANTS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 JUNE 2016
30 June 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
436,254
1,915
Tangible assets
2
11,144
14,837
447,398
16,752
Current assets
Stocks
490,959
813,738
Debtors
241,892
215,340
Cash at bank and in hand
19,001
14,657
751,852
1,043,735
Creditors: amounts falling due within one year
3
(393,089)
(440,897)
Net current assets
358,763
602,838
Total assets less current liabilities
806,161
619,590
Creditors: amounts falling due after more than one year
(319,586)
(247,057)
Provisions for liabilities
(388)
(928)
486,187
371,605
Capital and reserves
Called up share capital
4
114,075
114,075
Other reserves
19,025
19,025
Profit and loss account
353,087
238,505
Shareholders' funds
486,187
371,605
TECHNICAL SIMULATION CONSULTANTS LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2016
30 June 2016
- 2 -
For the financial year ended 30 June 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 23 March 2017
C M Bolton
Director
Company Registration No. 03213816
TECHNICAL SIMULATION CONSULTANTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
1.5
Patents
Patents are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful lives.
1.6
Research and development
Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.
1.7
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
25% per annum straight line
Fixtures and fittings
10 % per annum straight line
1.8
Pensions
The
company
operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the
year
they are payable.
1.9
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
TECHNICAL SIMULATION CONSULTANTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2016
1
Accounting policies
(Continued)
- 4 -
1.10
Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred. No grants have been received in relation to projects on which Research and Development claims have been made.
1.11
Stock
Stocks are valued at the lower of cost and net realisable value. The cost of finished goods and work in progress includes directly attributable costs. Turnover and related costs on each long term contract are recorded in the profit and loss account as contract activity progresses. Turnover is calculated on the basis of the value of work done and when a profitable outcome to the contract can be assessed with reasonable certainty.
Attributable profit is calculated on a prudent basis for each contract by reference to the contract's cumulative turnover, total value and total profit estimated for the completed contract. Full provisions are made for losses on contracts as soon as they can be foreseen.
Work in progress is stated, at direct cost, applicable overhead plus a relevant proportion of profits. Provision is made for any foreseeable losses on each contract and the net figure is reflected in other debtors.
1.12
Deferred taxation
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
TECHNICAL SIMULATION CONSULTANTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2016
- 5 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 July 2015
21,393
131,434
152,827
Additions
434,697
2,069
436,766
At 30 June 2016
456,090
133,503
589,593
Depreciation
At 1 July 2015
19,478
116,597
136,075
Charge for the year
358
5,762
6,120
At 30 June 2016
19,836
122,359
142,195
Net book value
At 30 June 2016
436,254
11,144
447,398
At 30 June 2015
1,915
14,837
16,752
3
Creditors: amounts falling due within one year
Bank overdrafts and loans are secured by way of a fixed and floating charge over the assets of the company. The other loans are secured by a personal guarantee by directors C.M. Bolton and A.P. Bolton.
4
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100
113,975 Cumulative redeemable preference shares of £1 each
113,975
113,975
114,075
114,075
The cumulative redeemable preference shares carry a fixed coupon of 6% per annum and have the right to be converted into ordinary shares.
In the opinion of the directors, the cumulative redeemable preference shares are correctly stated as equity shares.
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