STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS
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All of the members of Tom Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 30 September 2017 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
05400561
FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS
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ABRIDGED FINANCIAL STATEMENTS
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YEAR ENDED 30 SEPTEMBER 2017
Officers and professional advisers
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1
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Abridged statement of financial position
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2
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Notes to the abridged financial statements
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3 to 4
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ABRIDGED STATEMENT OF FINANCIAL POSITION
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30 September 2017
CURRENT ASSETS
Debtors
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23,021
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14,250
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Cash at bank and in hand
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999
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94,733
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---------
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24,020
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108,983
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CREDITORS: amounts falling due within one year
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2,849
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25,992
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NET CURRENT ASSETS
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21,171
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82,991
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TOTAL ASSETS LESS CURRENT LIABILITIES
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21,171
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82,991
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NET ASSETS
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21,171
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82,991
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CAPITAL AND RESERVES
Called up share capital
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2
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2
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Profit and loss account
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21,169
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82,989
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SHAREHOLDERS FUNDS
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21,171
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82,991
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These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
For the year ending 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
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These abridged financial statements were approved by the
board of directors
and authorised for issue on
29 June 2018
, and are signed on behalf of the board by:
Mr J C Broadbent
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Director
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Company registration number:
05400561
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
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YEAR ENDED 30 SEPTEMBER 2017
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Block B Gatehead Business Park, Delph New Road, Delph, Oldham, Lancs, OL3 5DE.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared under the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. If the company was unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet values to their recoverable amount and to provide for future liabilities that may arise and to reclassify fixed assets as current assets. The directors believe that it is appropriate for the financial statements to be prepared on a going concern basis.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 October 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 6.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts invoiced during the year.
Income tax
The taxation expense represents the aggregate amount of current taxrecognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4.
Directors' advances, credits and guarantees
At 30 September 2017 the company owed £1,649 (2016: £7,649) to the directors. No interest has been charged to the company in respect of this loan, which is repayable on demand and has been classified in creditors due within one year.
5.
Controlling party
The company was under the joint control of the directors,
Mr J C Broadbent
and Ms A L Smith
, throughout the current year.
6.
Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 October 2015.
No transitional adjustments were required in equity or profit or loss for the year.