Company Registration No. 04742286 (England and Wales)
TUSCAN FOUNDRY PRODUCTS LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2015
TUSCAN FOUNDRY PRODUCTS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 4
TUSCAN FOUNDRY PRODUCTS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2015
31 March 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
25,288
36,445
Current assets
Stocks
32,477
97,736
Debtors
86,670
44,067
Cash at bank and in hand
21,634
28,540
140,781
170,343
Creditors: amounts falling due within one year
3
(89,286)
(115,194)
Net current assets
51,495
55,149
Total assets less current liabilities
76,783
91,594
Creditors: amounts falling due after more than one year
4
-
(2,221)
Provisions for liabilities
(2,958)
(4,127)
73,825
85,246
Capital and reserves
Called up share capital
5
200
200
Profit and loss account
73,625
85,046
Shareholders' funds
73,825
85,246
For the financial year ended 31 March 2015 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 16 December 2015
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 2015
- 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 April 2008).
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.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
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 2015
- 3 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 April 2014
36,600
328,414
365,014
Additions
-
1,291
1,291
Disposals
-
(23,315)
(23,315)
At 31 March 2015
36,600
306,390
342,990
Depreciation
At 1 April 2014
36,600
291,969
328,569
On disposals
-
(22,151)
(22,151)
Charge for the year
-
11,284
11,284
At 31 March 2015
36,600
281,102
317,702
Net book value
At 31 March 2015
-
25,288
25,288
At 31 March 2014
-
36,445
36,445
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £2,222 (2014 - £8,646).
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £0 (2014 - £2,221).
Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.
5
Share capital
2015
2014
£
£
Allotted, called up and fully paid
200 Ordinary shares of £1 each
200
200
TUSCAN FOUNDRY PRODUCTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 4 -
6
Related party relationships and transactions
Other transactions
During the year the company undertook the following transactions with related parties:
Lumen Rooflight
Limited
- a company under common control
:
- Sales of £63,397 (2014 - £11,250)
- Asset sales of £2,500 (2014 - £-)
- Overhead
recharge
s of
£
38,503
(2014 - £
3,620
)
The outstanding balances at the year end were:
- Due
to
the company
£
50,892
(2014 - £
4,120
)
Dunsdon Farm
- a partnership in which Mr P D Stenning and Mrs K M Stenning are equal partners:
- Asset sales of £- (2014 - £2,175)
- Purchases of £1,860 (2014 - £-)
- Rent charges of £17,340 (2014 - £31,760)
The outstanding balances at the year end were:
- Due by the company for purchases £564 (2014 - £-)
- Due by the company for rent £1,571 (2014 - £1,571)