True 2 Form Products & Components Ltd - Period Ending 2015-03-31

Registration number: 03749690

True 2 Form Products & Components Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2015
 

Cannon and Co
Chartered Certified Accountants
Unit F, Kingsmead
Folkestone
Kent
CT19 5EU

True 2 Form Products & Components Ltd
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

True 2 Form Products & Components Ltd
(Registration number: 03749690)
Abbreviated Balance Sheet at 31 March 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					5,823			814
Current assets
Stocks					4,475			5,010
Debtors					7,269			4,112
Cash at bank and in hand					5			5
					11,749			9,127
Creditors: Amounts falling due within one year					(20,144)			(11,052)
Net current liabilities					(8,395)			(1,925)
Net liabilities					(2,572)			(1,111)
Capital and reserves
Called up share capital		3			90			90
Profit and loss account					(2,662)			(1,201)
Shareholders' deficit					(2,572)			(1,111)

For the year ending 31 March 2015 the company was entitled to exemption 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 in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 4 December 2015 and signed on its behalf by:

.........................................
Mr D J Potter
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

True 2 Form Products & Components Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% reducing balance
Fixtures and fittings	25% reducing balance

Stock and work in progress

Stock and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 2

True 2 Form Products & Components Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2014		14,576			14,576
Additions		7,950			7,950
Disposals		(1,000)			(1,000)
At 31 March 2015		21,526			21,526
Depreciation
At 1 April 2014		13,762			13,762
Charge for the year		1,941			1,941
At 31 March 2015		15,703			15,703
Net book value
At 31 March 2015		5,823			5,823
At 31 March 2014		814			814

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary of £1 each		90			90			90			90

Page 3