Company Registration No. 03503887 (England and Wales)
1ST SURFACE LIMITED
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
28 FEBRUARY 2017
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
1ST SURFACE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
1ST SURFACE LIMITED
Company Registration No. 03503887
BALANCE SHEET
AS AT
28 FEBRUARY 2017
28 February 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
24,801
25,482
Current assets
Debtors
4
90,439
83,097
Cash at bank and in hand
86,056
57,035
176,495
140,132
Creditors: amounts falling due within one year
5
(160,107)
(126,491)
Net current assets
16,388
13,641
Total assets less current liabilities
41,189
39,123
Capital and reserves
Called up share capital
6
1,000
1,000
Profit and loss reserves
40,189
38,123
Total equity
41,189
39,123
The director 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 director acknowledges his 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.
The financial statements were approved and signed by the director and authorised for issue on 30 November 2017
T L Clarke
Director
1ST SURFACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2017
- 2 -
1
Accounting policies
Company information
1st Surface Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
2 Dashwood Close, West Byfleet, Surrey, KT14 6QH.
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 1st Surface Limited 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 comprises revenue recognised by the company in respect of tennis court construction and maintenance services supplied during the year, exclusive of Value Added Tax and trade discounts.
The proportion of invoiced services that relate to later periods are carried forward as deferred income within creditors
.
1.3
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:
Plant and machinery
25% Straight line
Fixtures, fittings & equipment
25% Straight line
Motor vehicles
25% Straight line
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
.
1.4
Cash and cash equivalents
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.
1ST SURFACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2017
1
Accounting policies
(Continued)
- 3 -
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
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.
1.7
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.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 5 (2016 - 5
).
1ST SURFACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2017
- 4 -
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2016
75,963
5,275
11,249
92,487
Additions
1,299
69
11,499
12,867
At 28 February 2017
77,262
5,344
22,748
105,354
Depreciation and impairment
At 1 March 2016
56,740
4,642
5,625
67,007
Depreciation charged in the year
7,572
287
5,687
13,546
At 28 February 2017
64,312
4,929
11,312
80,553
Carrying amount
At 28 February 2017
12,950
415
11,436
24,801
At 29 February 2016
19,224
633
5,625
25,482
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
61,182
71,637
Other debtors
29,257
11,460
90,439
83,097
5
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
111,469
63,087
Other taxation and social security
31,329
35,429
Other creditors
17,309
27,975
160,107
126,491
1ST SURFACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2017
- 5 -
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary of £1 each
1,000
1,000
1,000
1,000
7
Directors' benefits: advances, credits and guarantees
At the beginning of the year the company owed the director £350. During the year advances were made to the director totalling £135,580. There were two transactions in excess of £10,000 and totalled £30,000. Repayments during the year totalled £114,432 with two transactions in excess of £10,000 which totalled £110,627. At the balance sheet date the total balance due from the director was £21,003
which included interest charged at 3% and totalling £205. This balance has been cleared within 9 months of the year end date.