Typefavour Trading Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02846574 (England and Wales)

Typefavour Trading Limited

Abridged Financial Statements

for the Year Ended 31 March 2019

Page

Company Information

1

Chartered Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTOR:

Mr E M Fahri

SECRETARY:

Mrs U Fahri

REGISTERED OFFICE:

11-12 Belmont Parade

Green Lane

Chislehurst

Kent

BR7 6AN

REGISTERED NUMBER:

02846574 (England and Wales)

ACCOUNTANTS:

Alton & Co

Chartered Accountants

239-241 Kennington Lane

London

SE11 5QU

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Statement of Financial Position. Readers are cautioned that the Abridged Income Statement and certain other

primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Typefavour Trading Limited for the year ended 31 March 2019 which comprise the Abridged

Statement of Income and Retained Earnings, Statement of Financial Position and the related notes from the company's

accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Typefavour Trading Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Typefavour Trading Limited and state those matters that we have agreed to state to the director of Typefavour Trading Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Typefavour Trading Limited and its director for our work or for this report.

It is your duty to ensure that Typefavour Trading Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Typefavour Trading Limited. You consider that Typefavour Trading Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Typefavour Trading Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Alton & Co

Chartered Accountants

239-241 Kennington Lane

London

SE11 5QU

29 July 2019

FIXED ASSETS

Intangible assets

4

-

29,600

Property, plant and equipment

5

187,951

246,877

187,951

276,477

CURRENT ASSETS

Inventories

6

41,203

39,817

Debtors

7

11,861

15,277

Cash at bank and in hand

3,853

10,684

56,917

65,778

CREDITORS

Amounts falling due within one year

8

186,354

152,853

NET CURRENT LIABILITIES

(129,437

)

(87,075

)

TOTAL ASSETS LESS CURRENT LIABILITIES

58,514

189,402

CREDITORS

Amounts falling due after more than one year

9

-

(116,405

)

PROVISIONS FOR LIABILITIES

10

(18,306

)

(24,752

)

NET ASSETS

40,208

48,245

CAPITAL AND RESERVES

Called up share capital

11

1,000

1,000

Retained earnings

12

39,208

47,245

SHAREHOLDERS' FUNDS

40,208

48,245

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Statement of Income and Retained Earnings for the year ended 31 March 2019 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director on 22 July 2019 and were signed by:

Mr E M Fahri - Director

1.	STATUTORY INFORMATION

Typefavour Trading Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Turnover is derived from the ordinary trading activities of the business and is recognised when the service is

completed and the company obtains the right to consideration.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

straight line over the life of the lease

Improvements to property

-

15% on reducing balance

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Cost is based on a first in first out method of stock valuation. Net realisable value is based on the sales value of

the stock less any cost to sell.

Taxation

Taxation for the year 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.

Current or deferred taxation assets and liabilities are not discounted.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

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 year end and that are expected to apply to the reversal of the

timing difference.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2018 - 21 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2018

and 31 March 2019

148,000

AMORTISATION

At 1 April 2018

118,400

Charge for year

29,600

At 31 March 2019

148,000

NET BOOK VALUE

At 31 March 2019

-

At 31 March 2018

29,600

5.	PROPERTY, PLANT AND EQUIPMENT

Improvements

Short

to

Plant and

leasehold

property

machinery

£

£

£

COST

At 1 April 2018

138,746

81,588

302,935

Additions

-

-

1,170

At 31 March 2019

138,746

81,588

304,105

DEPRECIATION

At 1 April 2018

90,318

21,494

225,669

Charge for year

9,250

9,014

19,609

Eliminated on disposal

-

-

-

At 31 March 2019

99,568

30,508

245,278

NET BOOK VALUE

At 31 March 2019

39,178

51,080

58,827

At 31 March 2018

48,428

60,094

77,266

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2018

202,071

33,510

2,572

761,422

Additions

-

-

-

1,170

Disposals

-

(33,510

)

-

(33,510

)

At 31 March 2019

202,071

-

2,572

729,082

DEPRECIATION

At 1 April 2018

150,531

24,278

2,255

514,545

Charge for year

12,885

-

106

50,864

Eliminated on disposal

-

(24,278

)

-

(24,278

)

At 31 March 2019

163,416

-

2,361

541,131

NET BOOK VALUE

At 31 March 2019

38,655

-

211

187,951

At 31 March 2018

51,540

9,232

317

246,877

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2018

33,510

Disposals

(16,755

)

Transfer to ownership

(16,755

)

At 31 March 2019

-

DEPRECIATION

At 1 April 2018

24,278

Eliminated on disposal

(12,139

)

Transfer to ownership

(12,139

)

At 31 March 2019

-

NET BOOK VALUE

At 31 March 2019

-

At 31 March 2018

9,232

6.	INVENTORIES

2019

2018

£

£

Stock and work-in-progress

41,203

39,817

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

3,511

8,092

Other debtors

8,350

7,185

11,861

15,277

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

18,227

84,208

Hire purchase contracts

-

6,126

Trade creditors

25,264

26,981

Taxation and social security

42,627

29,379

Other creditors

100,236

6,159

186,354

152,853

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

-

116,405

10.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

18,306

24,752

Deferred

tax

£

Balance at 1 April 2018

24,752

Credit to Abridged Income Statement during year

(6,446

)

Timing difference

Balance at 31 March 2019

18,306

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

1,000

Ordinary

1

1,000

1,000

12.

RESERVES

Retained

earnings

£

At 1 April 2018

47,245

Profit for the year

11,963

Dividends

(20,000

)

At 31 March 2019

39,208

13.	RELATED PARTY DISCLOSURES

During the year, the company paid rent of £21,250 to director.

Company owe £92,289 to director at balance sheet date (Note-11- Other creditors). This is an interest free loan

to company.