Triumph Needle Company Limited - Abbreviated accounts 16.1
Triumph Needle Company Limited - Abbreviated accounts 16.1
| REGISTERED NUMBER: |
| Abbreviated Unaudited Accounts |
| for the Year Ended |
| 31 March 2016 |
| for |
| Triumph Needle Company Limited |
| Triumph Needle Company Limited (Registered number: 01349975) |
| Contents of the Abbreviated Accounts |
| for the Year Ended 31 March 2016 |
| Page |
| Company Information | 1 |
| Chartered Accountants' Report | 2 |
| Abbreviated Balance Sheet | 3 |
| Notes to the Abbreviated Accounts | 5 |
| Triumph Needle Company Limited |
| Company Information |
| for the Year Ended 31 March 2016 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Chartered Accountants' Report to the Board of Directors |
| on the Unaudited Financial Statements of |
| Triumph Needle Company Limited |
| The following reproduces the text of the report prepared for the directors in respect of the company's |
| annual unaudited financial statements, from which the unaudited abbreviated accounts (set out on |
| pages three to six) have been prepared. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your |
| approval the financial statements of Triumph Needle Company Limited for the year ended 31 March 2016 |
| which comprise 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook. |
| This report is made solely to the Board of Directors of Triumph Needle Company Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Triumph Needle Company Limited and state those matters that we have agreed to state to the Board of Directors of Triumph Needle Company Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that Triumph Needle Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Triumph Needle Company Limited. You consider that Triumph Needle 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 financial statements of Triumph Needle 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 financial statements. |
| Chartered Accountants |
| 30 June 2016 |
| Triumph Needle Company Limited (Registered number: 01349975) |
| Abbreviated Balance Sheet |
| 31 March 2016 |
| 31.3.16 | 31.3.15 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 2 |
| CURRENT ASSETS |
| Stocks |
| Debtors |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 3 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
3 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 4 |
| Capital redemption reserve |
| Profit and loss account |
| SHAREHOLDERS' FUNDS |
| 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. |
| Triumph Needle Company Limited (Registered number: 01349975) |
| Abbreviated Balance Sheet - continued |
| 31 March 2016 |
| The financial statements were approved by the Board of Directors on behalf by: |
| Triumph Needle Company Limited (Registered number: 01349975) |
| Notes to the Abbreviated Accounts |
| for the Year Ended 31 March 2016 |
| 1. | ACCOUNTING POLICIES |
| Accounting convention |
| The financial statements have been prepared under the historical cost convention and in accordance |
| with the Financial Reporting Standard for Smaller Entities (effective January 2015). |
| Turnover |
| Turnover is recognised when the goods are physically delivered to the customer. |
| Tangible fixed assets |
| Improvements to property | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
| obsolete and slow moving items. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed |
| at the balance sheet date where transactions or events have occurred at that date that will result in |
| an obligation to pay more, or a right to pay less or to receive more tax with the following |
| exceptions: |
| Deferred tax assets are recognised only to the extent that the directors consider that it is more |
| likely than not that there will be suitable taxable profits from which the future reversal of the |
| underlying timing differences can be deducted. |
| Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in |
| the periods in which timing differences reverse, based on tax rates and laws enacted or |
| substantively enacted at the balance sheet date. |
| Foreign currencies |
| 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 rate |
| of exchange ruling at the date of transaction. Exchange differences are taken into account in |
| arriving at the operating result. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets |
| and depreciated over the shorter of the lease term and their useful lives. Obligations under such |
| agreements are included in creditors net of the finance charge allocated to future periods. The |
| finance element of the rental payment is charged to the profit and loss account so as to produce |
| constant periodic rates of charge on the net obligations outstanding in each period. |
| Triumph Needle Company Limited (Registered number: 01349975) |
| Notes to the Abbreviated Accounts - continued |
| for the Year Ended 31 March 2016 |
| 2. | TANGIBLE FIXED ASSETS |
| Total |
| £ |
| COST |
| At 1 April 2015 |
| Additions |
| At 31 March 2016 |
| DEPRECIATION |
| At 1 April 2015 |
| Charge for year |
| At 31 March 2016 |
| NET BOOK VALUE |
| At 31 March 2016 |
| At 31 March 2015 |
| Included above are assets held under finance leases or hire purchase contracts as follows: |
| 2016 | 2015 |
Asset description |
Net book Value |
Depreciation charge |
Net book Value |
Depreciation charge |
| £ | £ | £ | £ |
| Motor Vehicles | 14,415 | 7,203 | 21,618 | 8,248 |
| 3. | CREDITORS |
| Creditors include an amount of £ |
| 4. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.3.16 | 31.3.15 |
| value: | £ | £ |
| Ordinary | £1 |
| the year. |
| During the year there was a purchase of own shares of 21,742 shares with a par value of £21,742 for |
| a consideration of £35,222. |