Year Ended
Registration number:
Tim Vaines Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Tim Vaines Ltd
Company Information
Directors |
Mr T D I Vaines Mrs G H Vaines |
Company secretary |
Mr T D I Vaines |
Registered office |
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Accountants |
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Page 1 |
Tim Vaines Ltd
Balance Sheet
31 March 2018
Note |
2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Investments |
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Current assets |
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Debtors |
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Other financial assets |
99 |
99 |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Page 2 |
Tim Vaines Ltd
Balance Sheet
31 March 2018
For the financial year ending 31 March 2018 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 07482486
Page 3 |
Tim Vaines Ltd
Notes to the Financial Statements
Year Ended 31 March 2018
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office and principal place of business is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006. There are no material departures from FRS102.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of services to customers.
Income from sale of services to customers delivered under contract is recognised in the period which the service is delivered.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Page 4 |
Tim Vaines Ltd
Notes to the Financial Statements
Year Ended 31 March 2018
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
25% reducing balance |
Motor vehicles |
20% reducing balance |
Plant and machinery |
25% reducing balance |
Investment property
Intangible assets
Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measure reliably are measured at cost less impairment.
Dividends on equity securities are recognised in income when receivable.
Defined contribution pension obligation
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
Page 5 |
Tim Vaines Ltd
Notes to the Financial Statements
Year Ended 31 March 2018
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Intellectual property |
Total |
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Cost or valuation |
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Additions acquired separately |
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Disposals |
( |
( |
At 31 March 2018 |
- |
- |
Amortisation |
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Carrying amount |
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At 31 March 2018 |
- |
- |
Page 6 |
Tim Vaines Ltd
Notes to the Financial Statements
Year Ended 31 March 2018
Tangible assets |
Office equipment |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 April 2017 |
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Additions |
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- |
- |
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At 31 March 2018 |
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Depreciation |
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At 1 April 2017 |
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Charge for the year |
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At 31 March 2018 |
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Carrying amount |
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At 31 March 2018 |
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At 31 March 2017 |
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Investment properties |
2018 |
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At 1 April |
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Additions |
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At 31 March |
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There has been no valuation of investment property by an independent valuer. The current value equates with original cost.
Page 7 |
Tim Vaines Ltd
Notes to the Financial Statements
Year Ended 31 March 2018
Investments |
Associates |
£ |
Cost |
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At 1 April 2017 |
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Additions |
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At 31 March 2018 |
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Carrying amount |
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At 31 March 2018 |
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At 31 March 2017 |
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Other financial assets (current and non-current) |
Other investments |
Total |
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Current financial assets |
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Cost or valuation |
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At 1 April 2017 |
99 |
99 |
At 31 March 2018 |
99 |
99 |
Carrying amount |
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At 31 March 2018 |
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99 |
Debtors |
2018 |
2017 |
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Trade debtors |
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Other debtors |
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- |
Prepayments |
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Page 8 |
Tim Vaines Ltd
Notes to the Financial Statements
Year Ended 31 March 2018
Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
2017 |
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Due within one year |
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Loans and borrowings |
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- |
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Trade creditors |
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Amounts due to group undertakings |
- |
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Corporation tax |
28,500 |
17,500 |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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Creditors: amounts falling due after more than one year
Note |
2018 |
2017 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2018 |
2017 |
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Current loans and borrowings |
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Bank borrowings |
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- |
2018 |
2017 |
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Loans and borrowings due after one year |
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Bank borrowings |
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Bank borrowings
Including in the total bank borrowings at the year end is £
Unit 1E Whitney Office Village |
Page 9 |
Tim Vaines Ltd
Notes to the Financial Statements
Year Ended 31 March 2018
Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Related party transactions |
Summary of transactions with other related parties
During the year a loan existed between Tim Vaines Limited and Payrun.IO Limited. Tim Vaines Limited owns 40% of the £1 ordinary shares of Payrun i.o Limited. The amount repayable by Payrun.IO Limited as at 31 March 2018 is £261,485. This is repayable upon demand and interest free.
Page 10 |