T.E.K Seating Limited - Accounts to registrar (filleted) - small 18.2
T.E.K Seating Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 |
| FOR |
| T.E.K SEATING LIMITED |
| T.E.K SEATING LIMITED (REGISTERED NUMBER: 01014225) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 |
| T.E.K SEATING LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 10 Lonsdale Gardens |
| Tunbridge Wells |
| Kent |
| TN1 1NU |
| T.E.K SEATING LIMITED (REGISTERED NUMBER: 01014225) |
| STATEMENT OF FINANCIAL POSITION |
| 31 DECEMBER 2019 |
| 2019 | 2018 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Property, plant and equipment | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Inventories |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director on |
| T.E.K SEATING LIMITED (REGISTERED NUMBER: 01014225) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 1. | STATUTORY INFORMATION |
| T.E.K Seating Limited is a |
| registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Revenue |
| Revenue represents net invoiced sales of goods, excluding value added tax. Revenue is reduced for estimated |
| customer returns, rebates and other similar allowances. |
| Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods |
| have transferred to the buyer. This is usually at the point that the customer has received the goods and the legal |
| title has passed. |
| Property, plant and equipment |
| Property, plant and equipment are measured at cost less accumulated depreciation and any accumulated |
| impairment losses. |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
| life: |
| Long leasehold - Straight line over 10 years |
| Plant and machinery - 25% on cost |
| Motor vehicles - 25% on reducing balance |
| Computer equipment - 33.33% on cost |
| Assets held under hire purchase contracts and finance leases are depreciated in the same way as owned |
| assets. |
| At each statement of financial position date, the company reviews the carrying amount of its property, plant and |
| equipment to determine whether there is any indication that any items have suffered an impairment loss. If any |
| such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the |
| impairment loss, if any. |
| Inventories |
| Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
| slow moving items. |
| 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. |
| T.E.K SEATING LIMITED (REGISTERED NUMBER: 01014225) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| Foreign currencies |
| The financial statements of the company are presented in the currency of the primary economic environment in |
| which it operates (its functional currency). For the purpose of the financial statements, the results and financial |
| position are presented in sterling. |
| Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of |
| transaction. Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of |
| exchange ruling at the statement of financial position date. Non-monetary assets and liabilities in foreign |
| currencies that are measured at historic cost are not retranslated. Exchange differences are taken into account |
| in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised as property, plant and |
| equipment or motor vehicles. Those held under hire purchase contracts are depreciated over their estimated |
| useful lives. Those held under finance leases are depreciated over their estimate useful lives or the lease term, |
| whichever is the shorter. |
| The interest element of these obligations is charged to the statement of profit or loss and other comprehensive |
| income over the relevant period. The capital element of the future payments is treated as a liability. |
| 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 |
| 4. | PROPERTY, PLANT AND EQUIPMENT |
| Long | Plant and | Motor | Computer |
| leasehold | machinery | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 January 2019 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 December 2019 |
| DEPRECIATION |
| At 1 January 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 December 2019 |
| NET BOOK VALUE |
| At 31 December 2019 |
| At 31 December 2018 |
| T.E.K SEATING LIMITED (REGISTERED NUMBER: 01014225) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 4. | PROPERTY, PLANT AND EQUIPMENT - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and | Motor |
| machinery | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2019 |
| Additions |
| At 31 December 2019 |
| DEPRECIATION |
| At 1 January 2019 |
| Charge for year |
| At 31 December 2019 |
| NET BOOK VALUE |
| At 31 December 2019 |
| At 31 December 2018 |
| 5. | FIXED ASSET INVESTMENTS |
| Other |
| investments |
| £ |
| COST |
| At 1 January 2019 |
| Additions | ( |
) |
| At 31 December 2019 |
| NET BOOK VALUE |
| At 31 December 2019 |
| At 31 December 2018 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 9) |
| Trade creditors |
| Amounts advanced under an |
| invoice finance agreement | 222,815 | 224,161 |
| Tax |
| Social security and other taxes |
| Directors' current accounts | 17 | 18 |
| Accruals and deferred income |
| Accrued expenses |
| T.E.K SEATING LIMITED (REGISTERED NUMBER: 01014225) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Bank loans - 1-2 years |
| Bank loans - 2-5 years |
| Hire purchase contracts (see note 9) |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2019 | 2018 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable operating |
| leases |
| 2019 | 2018 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2019 | 2018 |
| £ | £ |
| Hire purchase contracts | 44,278 | 30,820 |
| 11. | RELATED PARTY DISCLOSURES |
| During the year, total dividends of £30,000 (2018 - £70,000) were paid to the director . |