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No description of principal activity
2018-04-01
Sage Accounts Production Advanced 2018 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
03870349
2018-04-01
2019-03-31
03870349
2019-03-31
03870349
2018-03-31
03870349
2017-04-01
2018-03-31
03870349
2018-03-31
03870349
core:FurnitureFittings
2018-04-01
2019-03-31
03870349
bus:Director2
2018-04-01
2019-03-31
03870349
core:FurnitureFittings
2018-03-31
03870349
core:FurnitureFittings
2019-03-31
03870349
core:WithinOneYear
2019-03-31
03870349
core:WithinOneYear
2018-03-31
03870349
core:ShareCapital
2019-03-31
03870349
core:ShareCapital
2018-03-31
03870349
core:RetainedEarningsAccumulatedLosses
2019-03-31
03870349
core:RetainedEarningsAccumulatedLosses
2018-03-31
03870349
core:AcceleratedTaxDepreciationDeferredTax
2019-03-31
03870349
core:AcceleratedTaxDepreciationDeferredTax
2018-03-31
03870349
core:FurnitureFittings
2018-03-31
03870349
bus:SmallEntities
2018-04-01
2019-03-31
03870349
bus:AuditExemptWithAccountantsReport
2018-04-01
2019-03-31
03870349
bus:FullAccounts
2018-04-01
2019-03-31
03870349
bus:SmallCompaniesRegimeForAccounts
2018-04-01
2019-03-31
03870349
bus:PrivateLimitedCompanyLtd
2018-04-01
2019-03-31
03870349
core:OfficeEquipment
2018-04-01
2019-03-31
03870349
core:OfficeEquipment
2019-03-31
03870349
core:OfficeEquipment
2018-03-31
03870349
core:KeyManagementIndividualGroup1
2018-04-01
2019-03-31
COMPANY REGISTRATION NUMBER:
03870349
Thorncliffe Communications Limited
|
|
Filleted Unaudited Financial Statements
|
|
Thorncliffe Communications Limited
|
|
Statement of Financial Position
|
|
31 March 2019
Fixed assets
Tangible assets
|
5
|
|
18,736
|
22,286
|
|
|
|
|
|
Current assets
Debtors
|
6
|
630,844
|
|
572,989
|
Cash at bank and in hand
|
468,272
|
|
538,064
|
|
------------
|
|
------------
|
|
1,099,116
|
|
1,111,053
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
7
|
185,737
|
|
296,030
|
|
------------
|
|
------------
|
Net current assets
|
|
913,379
|
815,023
|
|
|
---------
|
---------
|
Total assets less current liabilities
|
|
932,115
|
837,309
|
|
|
|
|
|
Provisions
Taxation including deferred tax
|
3,185
|
|
3,789
|
Other provisions
|
258,957
|
|
220,243
|
|
---------
|
|
---------
|
|
|
262,142
|
224,032
|
|
|
---------
|
---------
|
Net assets
|
|
669,973
|
613,277
|
|
|
---------
|
---------
|
|
|
|
|
Thorncliffe Communications Limited
|
|
Statement of Financial Position (continued)
|
|
31 March 2019
Capital and reserves
Called up share capital
|
|
5,000
|
5,000
|
Profit and loss account
|
|
664,973
|
608,277
|
|
|
---------
|
---------
|
Shareholders funds
|
|
669,973
|
613,277
|
|
|
---------
|
---------
|
|
|
|
|
These 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 statement of comprehensive income has not been delivered.
For the year ending 31 March 2019 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 financial statements were approved by the
board of directors
and authorised for issue on
9 November 2019
, and are signed on behalf of the board by:
Company registration number:
03870349
Thorncliffe Communications Limited
|
|
Notes to the Financial Statements
|
|
Year ended 31 March 2019
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Royal Doulton Factory, 312 China Works, Black Prince Road, London, SE1 7SJ, England.
2.
Statement of compliance
These 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 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures and Fittings
|
-
|
10% straight line
|
|
Office Equipment
|
-
|
25% straight line
|
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
The Pension costs charged in the financial statements represent the contribution payable by the company during the year. The regular cost of providing retirement pensions and related benefits is charged to the profit and loss account over the employees' service lives on the basis of a constant percentage of earnings. Employee Benefit Trusts (EBTs) The company has purchased a trust for the benefit of employees and certain of their dependants. Monies held in this trust are held by independent trustees and managed at their discretion. Where the company retains future economic benefit from, and has de facto control of the assets and liabilities of the trust, they are accounted for as assets and liabilities of the company until the earlier of the date that an allocation of trust funds to employees in respect of past services is declared and the date that assets of the trust vest in identified individuals. Where monies held in a trust are determined by the company on the basis of employees' past services to the business and the company can obtain no future economic benefit from those monies, such monies, whether in the trust or accrued for by the company are charged to the profit and loss account in the period to which they relate. Employer Financed Retirement Benefit Scheme (EFRBS) The company has established trusts for the benefit of employees and persons connected with them. Monies held in these trusts are held by independent trustees and managed at their discretion. The trustees are empowered to provide both retirement and other employee benefits. Where the company retains future economic benefit from, and has de facto control of the assets and liabilities of the trust, they are accounted for as assets and liabilities of the company until the earlier of the date that an allocation of trust funds to employees in respect of past services is declared and the date that assets of the trust vest in identified individuals. Where monies held in trust are determined by the company on the basis of employees' past services to the business and the company can obtain no future economic benefit from those monies, such monies, whether in the trust or accrued for by the company are charged to the profit and loss account in the period to which they relate. Where monies held in a trust are determined by the company on the basis of employees' past services to the business and are payable after completion of the employment, such monies are charged to the profit and loss account in the period during which services are rendered by employees.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
18
(2018:
28
).
5.
Tangible assets
|
Fixtures and fittings
|
Equipment
|
Total
|
|
£
|
£
|
£
|
Cost
|
|
|
|
At 1 April 2018 and 31 March 2019
|
33,032
|
71,071
|
104,103
|
|
--------
|
--------
|
---------
|
Depreciation
|
|
|
|
At 1 April 2018
|
11,041
|
70,776
|
81,817
|
Charge for the year
|
3,255
|
295
|
3,550
|
|
--------
|
--------
|
---------
|
At 31 March 2019
|
14,296
|
71,071
|
85,367
|
|
--------
|
--------
|
---------
|
Carrying amount
|
|
|
|
At 31 March 2019
|
18,736
|
–
|
18,736
|
|
--------
|
--------
|
---------
|
At 31 March 2018
|
21,991
|
295
|
22,286
|
|
--------
|
--------
|
---------
|
|
|
|
|
6.
Debtors
|
2019
|
2018
|
|
£
|
£
|
Trade debtors
|
339,088
|
317,314
|
Other debtors
|
291,756
|
255,675
|
|
---------
|
---------
|
|
630,844
|
572,989
|
|
---------
|
---------
|
|
|
|
Included within sundry debtors is £262,863 (2018 - £220,244) paid to HMRC in respect of Advance Payment Notices issued for Regulation 80 Income Tax and NI assessments disputed by the company.
7.
Creditors:
amounts falling due within one year
|
2019
|
2018
|
|
£
|
£
|
Bank loans and overdrafts
|
4,776
|
–
|
Trade creditors
|
20,305
|
85,337
|
Corporation tax
|
60,257
|
66,443
|
Social security and other taxes
|
76,232
|
69,076
|
Other creditors
|
24,167
|
75,174
|
|
---------
|
---------
|
|
185,737
|
296,030
|
|
---------
|
---------
|
|
|
|
8.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
2019
|
2018
|
|
£
|
£
|
Included in provisions
|
3,185
|
3,789
|
|
-------
|
-------
|
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
2019
|
2018
|
|
£
|
£
|
Accelerated capital allowances
|
3,185
|
3,789
|
|
-------
|
-------
|
|
|
|
9.
Directors' advances, credits and guarantees
During the year, the directors received dividends totalling £165,000 (2018 - £159,375) and no advances were made to the company (2018 - nil)
10.
Related party transactions
The company was under the control of Mr
Richard Patient
, the managing director throughout the current and previous year. No transactions with related parties were undertaken such as required to be disclosed under FRS 102.