Company Registration No. 04388853 (England and Wales)
The Tube & Bracket Company Limited
Unaudited accounts
for the year ended 31 March 2020
The Tube & Bracket Company Limited
Unaudited accounts
Contents
The Tube & Bracket Company Limited
Company Information
for the year ended 31 March 2020
Directors
E J P Courtin
O Langrand
Trilogiq S.A.
Company Number
04388853 (England and Wales)
Registered Office
The Tube and Bracket Company Limited
Main Road, Middleton Cheney
Banbury
Oxfordshire
OX17 2PW
England
Accountants
Nick Radcliffe ACMA
West View
Brownshill
Stroud
Gloucestershire
GL6 8AQ
Chartered Management Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of
The Tube & Bracket Company Limited
for the year ended 31 March 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Tube & Bracket Company Limited for the year ended 31 March 2020 which comprise of the Profit and Loss Account, the Balance Sheet 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 Chartered Institute of Management Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.cimaglobal.com.
This report is made solely to the Board of Directors of The Tube & Bracket Company Limited, as a body, in accordance with the terms of our engagement letter dated 5 December 2019. Our work has been undertaken solely to prepare for your approval the accounts of The Tube & Bracket Company Limited and state those matters that we have agreed to state to the Board of Directors of The Tube & Bracket Company Limited, as a body, in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Tube & Bracket Company Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that The Tube & Bracket Company Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of The Tube & Bracket Company Limited. You consider that The Tube & Bracket Company 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 accounts of The Tube & Bracket Company 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 accounts.
Nick Radcliffe ACMA
Chartered Management Accountants
West View
Brownshill
Stroud
Gloucestershire
GL6 8AQ
25 March 2021
The Tube & Bracket Company Limited
Statement of financial position
as at 31 March 2020
Tangible assets
80,086
127,870
Inventories
178,888
180,612
Cash at bank and in hand
136,418
175,743
Creditors: amounts falling due within one year
(251,519)
(218,625)
Net current assets
284,947
463,026
Total assets less current liabilities
365,033
590,896
Creditors: amounts falling due after more than one year
(6,387)
(20,054)
Net assets
358,646
570,842
Called up share capital
111
111
Share premium
153,207
153,207
Capital redemption reserve
90,384
90,384
Profit and loss account
114,944
327,140
Shareholders' funds
358,646
570,842
For the year ending 31 March 2020 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 March 2021 and were signed on its behalf by
E J P Courtin
Director
Company Registration No. 04388853
The Tube & Bracket Company Limited
Notes to the Accounts
for the year ended 31 March 2020
The Tube & Bracket Company Limited is a private company, limited by shares, registered in England and Wales, registration number 04388853. The registered office is The Tube and Bracket Company Limited, Main Road, Middleton Cheney, Banbury, Oxfordshire, OX17 2PW, England.
2
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.
The Company has had a further loss-making year, though the Balance Sheet remains positive. Although no external funding has been necessary, the Parent Company Trilogiq S.A. will continue to support and fund the working capital for 12 months from the date of signing the financial statements. Based on the reduced levels of staffing, lower overhead costs and the availability of ongoing liquidity provided by group entities, the Directors have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Therefore the Directors consider the preparation of the financial statements on the going concern basis to be appropriate.
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% reducing balance
Motor vehicles
25% straight line
Fixtures & fittings
25% reducing balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
The Tube & Bracket Company Limited
Notes to the Accounts
for the year ended 31 March 2020
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.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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. The assets of the Scheme are held separately from the Company in independently administered funds.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties.
There are no derivative financial instruments in use by the Company.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 April 2019
62,413
118,078
166,198
132,610
479,299
Additions
-
-
-
1,090
1,090
Revaluations
-
-
(13,667)
-
(13,667)
Disposals
-
-
(114,342)
-
(114,342)
At 31 March 2020
62,413
118,078
38,189
133,700
352,380
At 1 April 2019
50,233
85,235
111,375
104,586
351,429
Charge for the year
-
5,404
5,471
9,887
20,762
On disposals
-
-
(99,897)
-
(99,897)
At 31 March 2020
50,233
90,639
16,949
114,473
272,294
At 31 March 2020
12,180
27,439
21,240
19,227
80,086
At 31 March 2019
12,180
32,843
54,823
28,024
127,870
The Tube & Bracket Company Limited
Notes to the Accounts
for the year ended 31 March 2020
Trade debtors
216,977
305,072
Amounts due from group undertakings etc.
402
8,898
Accrued income and prepayments
3,781
11,326
Total debtors less than one year
221,160
325,296
Total debtors
221,160
325,296
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Creditors: amounts falling due within one year
2020
2019
Obligations under finance leases and hire purchase contracts
8,430
8,430
Trade creditors
53,052
101,304
Amounts owed to group undertakings and other participating interests
140,216
29,971
Taxes and social security
11,699
11,391
Other creditors
2,356
1,283
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Creditors: amounts falling due after more than one year
2020
2019
Obligations under finance leases and hire purchase contracts
6,387
20,054
Allotted, called up and fully paid:
91 Ordinary shares of £1 each
91
91
20 Ordinary Shares held in Treasury of £1 each
20
20
9
Operating lease commitments
2020
2019
At 31 March 2020 the company has total minimum future payment commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within one year
8,430
8,430
Within two to five years
14,817
28,484
The Tube & Bracket Company Limited
Notes to the Accounts
for the year ended 31 March 2020
10
Transactions with related parties
Sales to connected entities £16,057 (2019: £51,273)
Purchases from connected entities £371,785 (2019: £500,057)
Amounts due from connected entities £402 (2019: £8,898)
Amounts owed to connected entities £140,216 (2019: £190,193)
The ultimate parent company is Trilogiq S.A., a company listed on the French stock exchange (Euronext Growth Paris).
12
Post balance sheet events
In order to further reduce costs, the decision was taken to cease assembly operations in UK and to operate the UK branch as a sales office with materials supplied directly from the Parent Company.
13
Average number of employees
During the year the average number of employees was 14 (2019: 17).
