Company Registration No. 01679362 (England and Wales)
T.C. Threads Limited
Unaudited accounts
for the year ended 30 September 2019
T.C. Threads Limited
Unaudited accounts
Contents
T.C. Threads Limited
Statement of financial position
as at 30 September 2019
Tangible assets
25,816
38,154
Cash at bank and in hand
881
881
Creditors: amounts falling due within one year
(199,466)
(159,478)
Net current assets
33,901
69,910
Total assets less current liabilities
59,717
108,064
Creditors: amounts falling due after more than one year
(8,475)
(18,645)
Provisions for liabilities
Deferred tax
(4,303)
(5,342)
Called up share capital
100
100
Profit and loss account
46,839
83,977
Shareholders' funds
46,939
84,077
For the year ending 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 26 June 2020 and were signed on its behalf by
S.T. West
Director
Company Registration No. 01679362
T.C. Threads Limited
Notes to the Accounts
for the year ended 30 September 2019
T.C. Threads Limited is a private company, limited by shares, registered in England and Wales, registration number 01679362. The registered office is Edward House, King Edward Street, Hucknall, Nottinghamshire, NG15 7JR.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% straight line on cost
Motor vehicles
20% straight line on cost
Computer equipment
33% straight line on cost
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
T.C. Threads Limited
Notes to the Accounts
for the year ended 30 September 2019
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 October 2018
102,083
37,294
30,066
169,443
Disposals
-
(20,794)
-
(20,794)
At 30 September 2019
102,083
16,500
30,066
148,649
At 1 October 2018
67,229
33,994
30,066
131,289
Charge for the year
9,038
3,300
-
12,338
On disposals
-
(20,794)
-
(20,794)
At 30 September 2019
76,267
16,500
30,066
122,833
At 30 September 2019
25,816
-
-
25,816
At 30 September 2018
34,854
3,300
-
38,154
Finished goods
71,510
48,188
Trade debtors
132,837
154,296
Accrued income and prepayments
16,600
12,033
Other debtors
11,539
13,990
T.C. Threads Limited
Notes to the Accounts
for the year ended 30 September 2019
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Creditors: amounts falling due within one year
2019
2018
Bank loans and overdrafts
17,512
13,773
Trade creditors
103,287
90,155
Taxes and social security
15,935
15,684
Loans from directors
36,626
10,084
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Creditors: amounts falling due after more than one year
2019
2018
The Bank loan and overdraft are secured by a fixed and floating charge over the company assets.
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
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Average number of employees
During the year the average number of employees was 6 (2018: 5).
