Triumph Needle Co Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01349975 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

TRIUMPH NEEDLE CO LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A J May

J E Neale

J M Neale

REGISTERED OFFICE:

Unit 23 Craftsman'S Way

The Warren East Goscote

Leicester

Leicestershire

LE7 3SL

REGISTERED NUMBER:

01349975 (England and Wales)

ACCOUNTANTS:

Fortus Midlands Limited

31 High View Close

Hamilton Office Park

Leicester

Leicestershire

LE4 9LJ

FIXED ASSETS

Tangible assets

4

41,857

37,336

CURRENT ASSETS

Stocks

272,519

213,714

Debtors

5

100,943

172,449

Cash at bank and in hand

222,893

244,828

596,355

630,991

CREDITORS

Amounts falling due within one year

6

239,399

285,350

NET CURRENT ASSETS

356,956

345,641

TOTAL ASSETS LESS CURRENT LIABILITIES

398,813

382,977

CREDITORS

Amounts falling due after more than one year

7

(10,852

)

(8,189

)

PROVISIONS FOR LIABILITIES

(7,953

)

(4,898

)

NET ASSETS

380,008

369,890

CAPITAL AND RESERVES

Called up share capital

25,000

50,000

Capital redemption reserve

9

46,742

21,742

Retained earnings

9

308,266

298,148

SHAREHOLDERS' FUNDS

380,008

369,890

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 7 July 2022 and were signed on its behalf by:

J M Neale - Director

A J May - Director

J E Neale - Director

1.	STATUTORY INFORMATION

Triumph Needle Co 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.

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

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Improvements to property

-

Straight line over 6 years

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

33% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks 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 balance sheet date.

Deferred tax

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

Rentals paid under operating leases are charged to profit or loss 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 9 (2021 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 April 2021

2,335

2,468

28,242

Additions

-

-

7,455

Disposals

-

-

-

At 31 March 2022

2,335

2,468

35,697

DEPRECIATION

At 1 April 2021

2,335

1,374

13,219

Charge for year

-

211

4,917

Eliminated on disposal

-

-

-

At 31 March 2022

2,335

1,585

18,136

NET BOOK VALUE

At 31 March 2022

-

883

17,561

At 31 March 2021

-

1,094

15,023

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2021

23,194

12,890

69,129

Additions

16,290

999

24,744

Disposals

(5,249

)

-

(5,249

)

At 31 March 2022

34,235

13,889

88,624

DEPRECIATION

At 1 April 2021

7,592

7,273

31,793

Charge for year

9,298

3,654

18,080

Eliminated on disposal

(3,106

)

-

(3,106

)

At 31 March 2022

13,784

10,927

46,767

NET BOOK VALUE

At 31 March 2022

20,451

2,962

41,857

At 31 March 2021

15,602

5,617

37,336

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

91,679

160,023

Other debtors

9,264

12,426

100,943

172,449

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

393

-

Hire purchase contracts

8,189

3,389

Trade creditors

121,650

157,465

Taxation and social security

41,250

50,605

Other creditors

67,917

73,891

239,399

285,350

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Hire purchase contracts

10,852

8,189

8.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Hire purchase contracts

19,041

11,578

Hire purchase is secured against the asset which they relate

9.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 April 2021

298,148

21,742

319,890

Profit for the year

54,118

54,118

Dividends

(4,000

)

(4,000

)

Purchase of own shares

(40,000

)

25,000

(15,000

)

At 31 March 2022

308,266

46,742

355,008

10.	RELATED PARTY DISCLOSURES

Included in other creditors is a loan from the directors of £28,906 (2021 : £9,906). The loan is interest free and is repayable on demand. Also included in other creditors is a loan from a director for £10,000 this loan attracts interest at 3.5% and is repayable on demand.