REGISTERED NUMBER:
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TANNER ELECTRICS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE PERIOD 31 MARCH 2020 TO 29 MARCH 2021 |
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REGISTERED NUMBER:
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TANNER ELECTRICS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE PERIOD 31 MARCH 2020 TO 29 MARCH 2021 |
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TANNER ELECTRICS LIMITED (REGISTERED NUMBER: 07583100) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 31 MARCH 2020 TO 29 MARCH 2021 |
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Company Information | 1 |
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Balance Sheet | 2 | to | 3 |
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Notes to the Financial Statements | 4 | to | 8 |
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TANNER ELECTRICS LIMITED |
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COMPANY INFORMATION |
FOR THE PERIOD 31 MARCH 2020 TO 29 MARCH 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
3 New Mill Court |
Swansea Enterprise Park |
Swansea |
SA7 9FG |
TANNER ELECTRICS LIMITED (REGISTERED NUMBER: 07583100) |
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BALANCE SHEET |
29 MARCH 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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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 |
8 |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
TANNER ELECTRICS LIMITED (REGISTERED NUMBER: 07583100) |
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BALANCE SHEET - continued |
29 MARCH 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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TANNER ELECTRICS LIMITED (REGISTERED NUMBER: 07583100) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 31 MARCH 2020 TO 29 MARCH 2021 |
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1. | STATUTORY INFORMATION |
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Tanner Electrics Limited is a
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The presentation currency of the financial statements is the pound sterling (£) and monetary amounts have been rounded to the nearest pound. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
The directors have assessed the balance sheet and likely future cash flows of the company at the date of approving the financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. |
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In considering the Coronavirus disease 2019 (COVID-19), the directors understand the situation is still evolving and the full impact on the business is unclear. The directors have taken steps to mitigate the risk to the business and although there is uncertainty, the directors are confident that all reasonable measures which can be taken, have been, to safeguard the business. |
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Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors which are considered to be relevant. Actual results may differ from these estimates. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only affects that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
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The following are the critical judgements that the directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. |
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Impairment of assets |
Assets are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the income statement. |
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Provisions and contingencies |
Provisions are recognised when the company has a present obligation as a result of a past event and a reliable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities are disclosed unless a transfer of economic benefits is considered remote. Contingent assets are only disclosed if an inflow of economic benefits is probable. |
TANNER ELECTRICS LIMITED (REGISTERED NUMBER: 07583100) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 MARCH 2020 TO 29 MARCH 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Turnover and revenue recognition |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Revenue is recognised at the point of provision of goods and services to customers. |
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Goodwill |
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Tangible fixed assets |
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Improvements to property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Tangible fixed assets are measured at cost less depreciation. |
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Stocks |
Stocks are valued at the lower of cost and estimated selling price, after making due allowance for obsolete and slow moving stock. |
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At each balance sheet date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs. to complete and sell is recognised as an impairment loss in profit and loss. Reversals of impairment losses are also recognised in profit and loss. |
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Financial instruments |
Basic financial assets which include trade and other debtors and cash and bank balances, are initially measured at transaction price unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
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Basic financial liabilities, including trade, other creditors and loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
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Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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TANNER ELECTRICS LIMITED (REGISTERED NUMBER: 07583100) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 MARCH 2020 TO 29 MARCH 2021 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
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COST |
At 31 March 2020 |
and 29 March 2021 |
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AMORTISATION |
At 31 March 2020 |
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Charge for period |
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At 29 March 2021 |
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NET BOOK VALUE |
At 29 March 2021 |
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At 30 March 2020 |
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TANNER ELECTRICS LIMITED (REGISTERED NUMBER: 07583100) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 MARCH 2020 TO 29 MARCH 2021 |
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5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 31 March 2020 |
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Additions |
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Disposals |
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At 29 March 2021 |
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DEPRECIATION |
At 31 March 2020 |
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Charge for period |
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Eliminated on disposal |
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At 29 March 2021 |
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NET BOOK VALUE |
At 29 March 2021 |
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At 30 March 2020 |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 31 March 2020 |
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Additions |
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Disposals | ( |
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At 29 March 2021 |
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DEPRECIATION |
At 31 March 2020 |
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Charge for period |
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Eliminated on disposal | ( |
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At 29 March 2021 |
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NET BOOK VALUE |
At 29 March 2021 |
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At 30 March 2020 |
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TANNER ELECTRICS LIMITED (REGISTERED NUMBER: 07583100) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 MARCH 2020 TO 29 MARCH 2021 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans |
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Other creditors |
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9. | RELATED PARTY DISCLOSURES |
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Included in other debtors is an amount of £92,612 (2020:- £30,768) due from the directors. The movement in the account relates to an amount of £61,844 advanced to one of the directors during the year. The loan is interest free and was fully repaid subsequent to the balance sheet date. |
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The company during the year paid rent of £20,625 (2020:- £20,625) to one of the directors of the company and £22,500 (2020:- £22,500) to one of his close family members. |
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At the balance sheet date the company owed £58,300 (2020:- £73,700) to the wife of the one of the directors. This loan is interest free and is being repaid in monthly instalments. |