Company Registration No. 04742286 (England and Wales)
TUSCAN FOUNDRY PRODUCTS LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
TUSCAN FOUNDRY PRODUCTS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
TUSCAN FOUNDRY PRODUCTS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
16,421
25,288
Current assets
Stocks
9,465
32,477
Debtors
50,887
86,670
Cash at bank and in hand
34,896
21,634
95,248
140,781
Creditors: amounts falling due within one year
3
(47,164)
(89,286)
Net current assets
48,084
51,495
Total assets less current liabilities
64,505
76,783
Provisions for liabilities
(499)
(2,958)
64,006
73,825
Capital and reserves
Called up share capital
4
200
200
Profit and loss account
63,806
73,625
Shareholders' funds
64,006
73,825
For the financial year ended 31 March 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 22 December 2016
Mr P D Stenning
Mrs K M Stenning
Mr P R Trace
Director
Director
Director
Company Registration No. 04742286
TUSCAN FOUNDRY PRODUCTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 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
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 5 years.
1.4
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:
Land and buildings Leasehold
over the term of the lease
Plant and furniture
25% per annum reducing balance
Computer equipment
50% per annum reducing balance
Motor vehicles
25% per annum reducing balance
1.5
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
1.6
Stock
Stock is valued at the lower of cost and net realisable value.
1.7
Pensions
The company operates a defined contribution scheme for the benefit of
some of
its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.8
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.
TUSCAN FOUNDRY PRODUCTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 April 2015
36,600
306,390
342,990
Disposals
-
(2,601)
(2,601)
At 31 March 2016
36,600
303,789
340,389
Depreciation
At 1 April 2015
36,600
281,102
317,702
On disposals
-
(1,970)
(1,970)
Charge for the year
-
8,236
8,236
At 31 March 2016
36,600
287,368
323,968
Net book value
At 31 March 2016
-
16,421
16,421
At 31 March 2015
-
25,288
25,288
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £0 (2015 - £2,222).
4
Share capital
2016
2015
£
£
Allotted, called up and fully paid
200 Ordinary shares of £1 each
200
200