Thorne International Boiler Services Ltd - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 01129729 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31ST JULY 2014

FOR

THORNE INTERNATIONAL BOILER SERVICES

LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

Mrs M G Jeavons

N C Jeavons

J M Ruddy

SECRETARY:

Mrs M G Jeavons

REGISTERED OFFICE:

Broad Lanes

Bilston

Wolverhampton

West Midlands

WV14 0RQ

REGISTERED NUMBER:

01129729 (England and Wales)

ACCOUNTANTS:

Howards Limited

Chartered Certified Accountants

Newport House

Newport Road

Stafford

Staffordshire

ST16 1DA

FIXED ASSETS

Tangible assets

2

56,396

41,138

CURRENT ASSETS

Stocks

2,483

38,197

Debtors

1,569,323

1,452,823

Cash at bank and in hand

766,772

1,382,437

2,338,578

2,873,457

CREDITORS

Amounts falling due within one year

1,337,086

1,884,576

NET CURRENT ASSETS

1,001,492

988,881

TOTAL ASSETS LESS CURRENT LIABILITIES

1,057,888

1,030,019

PROVISIONS FOR LIABILITIES

5,941

4,649

NET ASSETS

1,051,947

1,025,370

CAPITAL AND RESERVES

Called up share capital

3

2,500

2,500

Profit and loss account

1,049,447

1,022,870

SHAREHOLDERS' FUNDS

1,051,947

1,025,370

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st July 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st July 2014 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 16th April 2015 and were signed on its behalf by:

N C Jeavons - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with the special provisions of part 15 of the

Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities

(Effective April 2008).

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

The objective of Financial Reporting Standard 18 is to ensure that accounting policies and estimation techniques

adopted are the most appropriate for the purpose of giving a true and fair view; and that those policies are

reviewed regularly by the Board of Directors. The director's have reviewed the accounting policies adopted by

the company and consider these are the most appropriate policies and are adequately disclosed.

Turnover

Turnover represents the value of services provided under contracts to the extent that there is a right to

consideration and is recorded at the value of the consideration due.

Where a contract has only been partly completed at the balance sheet date turnover represents the value of

services provided to date based on a proportion of the total expected consideration at completion. Where

payments are received in advance of services provided, the amounts are recorded as deferred income and

included as part of creditors due within one year.

Tangible fixed assets

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

Fixtures, fittings and equipment

-

15% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33.33% on cost

Stocks

Stock is valued at lower of cost or the net realisable value.

Work in progress is accounted for under the "stage of completion method" as defined in UITF 40 as issued by

the ASB. It is the company policy to recognise revenue over the time of a contract as it progresses with

reference to the value of the work performed and with regard to contractual obligations.

Deferred tax

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

balance sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling

at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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 the profit and loss account in the period to which they relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1st August 2013

243,830

Additions

42,699

Disposals

(24,715

)

At 31st July 2014

261,814

DEPRECIATION

At 1st August 2013

202,692

Charge for year

27,441

Eliminated on disposal

(24,715

)

At 31st July 2014

205,418

NET BOOK VALUE

At 31st July 2014

56,396

At 31st July 2013

41,138

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

2,500

Ordinary

£1

2,500

2,500

4.	RELATED PARTY DISCLOSURES

During the year the company paid for services amounting to £121,667 and paid rents amounting to £30,000 to

Jevlock Engineering Limited, a related company. All transactions are on normal commercial terms basis.

Included in creditors at the balance sheet date is £261,053 (2013 - £235,309) in respect of the above named

company.

During the year the company charged a management charge amounting to £120,000 and charged labour costs

amounting to £267,331 to TIBS Energy Limited, a related company. All transactions are on normal commercial

terms basis.

Included in debtors at the balance sheet date is £40,302 (2013 - £27,403 creditors) in respect of the above

named company.

5.	ULTIMATE CONTROLLING PARTY

There is no controlling party.