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COMPANY REGISTRATION NUMBER: 07155097
Terrett & Co Ltd
Filleted Unaudited Financial Statements
31 March 2018
Terrett & Co Ltd
Statement of Financial Position
31 March 2018
2018
2017
Note
£
£
£
Fixed assets
Intangible assets
5
6,500
7,000
Tangible assets
6
3,168
2,660
-------
-------
9,668
9,660
Current assets
Stocks
50
50
Debtors
7
11,289
18,159
Cash at bank and in hand
2,554
8,807
--------
--------
13,893
27,016
Creditors: amounts falling due within one year
8
19,774
30,985
--------
--------
Net current liabilities
5,881
3,969
-------
-------
Total assets less current liabilities
3,787
5,691
Creditors: amounts falling due after more than one year
9
2,433
Provisions
Taxation including deferred tax
1,837
1,932
-------
-------
Net assets
1,950
1,326
-------
-------
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,850
1,226
-------
-------
Shareholders funds
1,950
1,326
-------
-------
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.
Terrett & Co Ltd
Statement of Financial Position (continued)
31 March 2018
For the 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:
- 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 12 November 2018 , and are signed on behalf of the board by:
Mr M Terrett
Mrs T Terrett
Director
Director
Company registration number: 07155097
Terrett & Co Ltd
Notes to the Financial Statements
Year ended 31 March 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Oakley House, Tetbury Road, Cirencester, Gloucestershire, GL7 1US.
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
The turnover shown in the profit and loss account represents amounts invoiced during the year inclusive of Value Added Tax. This is as a result of the client being registered for VAT under the Flat Rate Scheme.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Motor vehicles
-
15% straight line
Equipment
-
15% reducing balance
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2017: 5 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2017 and 31 March 2018
10,000
--------
Amortisation
At 1 April 2017
3,000
Charge for the year
500
--------
At 31 March 2018
3,500
--------
Carrying amount
At 31 March 2018
6,500
--------
At 31 March 2017
7,000
--------
6. Tangible assets
Equipment
Total
£
£
Cost
At 1 April 2017
4,057
4,057
Additions
1,067
1,067
-------
-------
At 31 March 2018
5,124
5,124
-------
-------
Depreciation
At 1 April 2017
1,397
1,397
Charge for the year
559
559
-------
-------
At 31 March 2018
1,956
1,956
-------
-------
Carrying amount
At 31 March 2018
3,168
3,168
-------
-------
At 31 March 2017
2,660
2,660
-------
-------
7. Debtors
2018
2017
£
£
Trade debtors
8,809
16,073
Other debtors
2,480
2,086
--------
--------
11,289
18,159
--------
--------
8. Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
2,320
3,300
Trade creditors
302
2,299
Corporation tax
6,144
7,597
Social security and other taxes
4,075
9,475
Other creditors
6,933
8,314
--------
--------
19,774
30,985
--------
--------
9. Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
566
Other creditors
1,867
----
-------
2,433
----
-------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2018
2017
£
£
Later than 1 year and not later than 5 years
1,867
----
-------
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2018
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr M Terrett
( 2,626)
310
( 2,316)
Mrs T Terrett
( 2,627)
310
( 2,317)
-------
----
-------
( 5,253)
620
( 4,633)
-------
----
-------
2017
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr M Terrett
( 5,871)
3,245
( 2,626)
Mrs T Terrett
( 5,872)
3,245
( 2,627)
--------
-------
-------
( 11,743)
6,490
( 5,253)
--------
-------
-------