TFC Dalston Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03735888 (England and Wales)

TFC Dalston Limited

Abridged Audited Financial Statements

for the Year Ended 31 March 2019

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Mr H Ucur

Mr E Ucur

SECRETARY:

Mr E Ucur

REGISTERED OFFICE:

Unit 1-8

Centenary Industrial Estate

Jeffreys Road

Enfield

Middlesex

EN3 7UF

REGISTERED NUMBER:

03735888 (England and Wales)

AUDITORS:

Alton & Co

Chartered Accountants

& Statutory Auditors

239-241 Kennington Lane

London

SE11 5QU

FIXED ASSETS

Property, plant and equipment

4

88,309

109,506

CURRENT ASSETS

Inventories

208,860

209,264

Debtors

913,666

772,475

Cash at bank and in hand

57,612

65,994

1,180,138

1,047,733

CREDITORS

Amounts falling due within one year

345,099

239,231

NET CURRENT ASSETS

835,039

808,502

TOTAL ASSETS LESS CURRENT LIABILITIES

923,348

918,008

PROVISIONS FOR LIABILITIES

5

9,532

12,135

NET ASSETS

913,816

905,873

CAPITAL AND RESERVES

Called up share capital

6

4

4

Retained earnings

7

913,812

905,869

SHAREHOLDERS' FUNDS

913,816

905,873

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Statement of Financial Position 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 30 December 2019 and were signed on its behalf by:

Mr E Ucur - Director

1.	STATUTORY INFORMATION

TFC Dalston 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 recognised when the customer takes delivery of the goods and it is derived from the ordinary

activities of the business.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

20% 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 of stocks is valued using the first in first out stock valuation method. Net realisable value is the estimated

selling price less 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 the profit and loss account over the relevant period. The

capital element of the future payment is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account 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 28 (2018 - 30 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Totals

£

COST

At 1 April 2018

617,435

Additions

880

At 31 March 2019

618,315

DEPRECIATION

At 1 April 2018

507,929

Charge for year

22,077

At 31 March 2019

530,006

NET BOOK VALUE

At 31 March 2019

88,309

At 31 March 2018

109,506

5.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

9,532

12,135

Deferred

tax

£

Balance at 1 April 2018

12,135

Credit to Abridged Income Statement during year

(2,603

)

Balance at 31 March 2019

9,532

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

4

Ordinary

£1

4

4

7.

RESERVES

Retained

earnings

£

At 1 April 2018

905,869

Profit for the year

214,943

Dividends

(207,000

)

At 31 March 2019

913,812

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Altan Kemal FCA FCCA (Senior Statutory Auditor)

for and on behalf of Alton & Co

9.	CONTINGENT LIABILITIES

A group finance arrangement with the HSBC bank, is secured by way of a fixed and floating charge over all the

assets of the company. The balance outstanding at 31 March 2019 is £13,471,230 (2018 - £11,898,254).

10.	RELATED PARTY DISCLOSURES

Ultimate parent company

TFC Holdings London Ltd is regarded by the director as being the company's ultimate parent company.

TFC Holdings London Ltd has 100% interest in the issued share capital of the company.

The audit fees have been charged and disclosed in the accounts of TFC Holdings London Ltd, the parent

company of the group.

Copies of the consolidated financial statements of TFC Holdings London Ltd are available from Companies

House and the company's registered office.

Directors

Amount due to directors at the balance sheet date was £1,000 (2018 - £1,000).

TFC Camberwell Ltd.

Subsidiaries in the same group.

There was no inter company transaction during the year. At the balance sheet date, there was an amount of

£5,400 (2018 - £5,400) due from the related party.

TFC Burnt Oak Ltd

Subsidiaries in the same group.

There was no inter company transactions during the year. At the balance sheet date, there was an amount of

£4,490 (2018 - £4,490) due to the related party.

EDA Quality Foods Ltd

Subsidiaries in the same group.

There were various inter company transactions during the year. At the balance sheet date, there was an amount of

£116,392 (2018 - £50,392) due from the related party.

TFC Leytonstone Ltd

Subsidiaries in the same group.

There was no inter company transactions during the year. At the balance sheet date, there was an amount of

£106,302 (2018 - £106,302) due from the related party.

TFC Waltham Cross Ltd

Subsidiaries in the same group.

There was no inter company transactions during the year. At the balance sheet date, there was an amount of

£432,050 (2018 - £432,050) due from the related party.

TFC Croydon Ltd

Subsidiaries in the same group.

There were various inter company transactions during the year. At the balance sheet date, there was an amount of

£49,832 (2018 - £44,632) due from the related party.

TFC Welling Ltd

Subsidiaries in the same group.

There were various inter company transactions during the year. At the balance sheet date, the balance was nil.

Esin Cash & Carry Ltd

Subsidiaries in the same group.

There was no inter company transaction during the year. At the balance sheet date, there was an amount of

£52,000 (2018 - £52,000) due from the related party.

TFC Lewisham Ltd

Subsidiaries in the same group.

There was no inter company transactions during the year. At the balance sheet date, there was an amount of

£1,084 (2018 - £1,084) due to the related party.

Ucar Properties Ltd

Subsidiaries in the same group.

There was no inter company transactions during the year. At the balance sheet date, there was an amount of

£33,375 (2018 - £33,375) due from the related party.

TFC Holdings London Ltd

Parent company.

There were various inter company transactions during the year. At the balance sheet date, there was an amount of

£5,684 (2018 - £39,594) due from the related party.

Tees Ltd

Subsidiaries in the same group.

There were various inter company transactions during the year. At the balance sheet date, there was an amount of

£40,000 (2018 - nil) due from the related party.