Registered number
00782511
TRIMFAST LIMITED
Filleted Accounts
31 March 2017
TRIMFAST LIMITED
Registered number: 00782511
Balance Sheet
as at 31 March 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 3 13,588 11,894
Current assets
Stocks 151,416 159,056
Debtors 4 130,163 141,849
Investments held as current assets 5 219 219
281,798 301,124
Creditors: amounts falling due within one year 6 (186,322) (204,149)
Net current assets 95,476 96,975
Total assets less current liabilities 109,064 108,869
Provisions for liabilities (27,597) (27,597)
Net assets 81,467 81,272
Capital and reserves
Called up share capital 100 100
Share premium 200 200
Profit and loss account 81,167 80,972
Shareholders' funds 81,467 81,272
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
G SMITH
Director
Approved by the board on 8 June 2017
TRIMFAST LIMITED
Notes to the Accounts
for the year ended 31 March 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office equipment 20% on reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2016 10,000
At 31 March 2017 10,000
Amortisation
At 1 April 2016 10,000
At 31 March 2017 10,000
Net book value
At 31 March 2017 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
3 Tangible fixed assets
Office Equipment
£
Cost
At 1 April 2016 44,334
Additions 5,090
At 31 March 2017 49,424
Depreciation
At 1 April 2016 32,440
Charge for the year 3,396
At 31 March 2017 35,836
Net book value
At 31 March 2017 13,588
At 31 March 2016 11,894
4 Debtors 2017 2016
£ £
Trade debtors 130,163 141,849
5 Investments held as current assets 2017 2016
£ £
Fair value
Listed investments 219 219
6 Creditors: amounts falling due within one year 2017 2016
£ £
Bank loans and overdrafts 40,230 56,964
Trade creditors 125,351 132,007
Taxation and social security costs 9,084 11,145
Other creditors 11,657 4,033
186,322 204,149
4 Other information
TRRIMFAST LIMITED is a private company limited by shares and incorporated in England. Its registered office is:24 Broad Street, Salford M6 5BY.
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