Company Registration No. 04534966 (England and Wales)
TRANSWORLD LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 28 FEBRUARY 2016
TRANSWORLD LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
TRANSWORLD LIMITED
ABBREVIATED BALANCE SHEET
AS AT
28 FEBRUARY 2016
28 February 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
107,922
108,337
Current assets
Debtors
-
676
Cash at bank and in hand
4,133
402
4,133
1,078
Creditors: amounts falling due within one year
(35,461)
(15,161)
Net current liabilities
(31,328)
(14,083)
Total assets less current liabilities
76,594
94,254
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
76,494
94,154
Shareholders' funds
76,594
94,254
For the financial year ended 28 February 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his 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 20 May 2016
Mr P Lam
Director
Company Registration No. 04534966
TRANSWORLD LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 28 FEBRUARY 2016
- 2 -
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
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land 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:
Freehold property
No depreciation
Plant and machinery
15% per annum on net book value
Computer equipment
33% per annum on cost
The director considers that freehold properties are maintained in such a state of repair that their residual value is at least equal to their net book value. As a result, the corresponding depreciation would not be material and therefore is not charged in the profit and loss account.
The director performs annual impairment reviews in accordance with the requirements of FRS 15 and FRS 11 to ensure that the recoverable amount is not lower than the carrying value.
1.4
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.
2
Fixed assets
Tangible assets
£
Cost
At 1 March 2015 and at 28 February 2016
113,033
Depreciation
At 1 March 2015
4,696
Charge for the year
415
At 28 February 2016
5,111
Net book value
At 28 February 2016
107,922
At 28 February 2015
108,337
TRANSWORLD LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2016
- 3 -
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary Shares of £1 each
100
100