TFC International Limited Small abbreviated accounts

TFC INTERNATIONAL LIMITED - Company Information

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Company Registration Number 06977856

TFC International Limited

Unaudited Abbreviated Accounts

31 March 2015

TFC International Limited

Abbreviated Balance Sheet

31 March 2015

	2015	2014
Note	£	£	£

Fixed Assets	2
Intangible assets		96,635	81,580
Tangible assets		1,597	1,903
		--------	--------
		98,232	83,483
		--------	--------

Current Assets

Debtors	111,295		89,109
Cash at bank and in hand	32,618		4,283
	---------		--------
	143,913		93,392
Creditors: Amounts Falling due Within One Year	( 365,156)		( 278,465)
	---------		---------
Net Current Liabilities		( 221,243)	( 185,073)

	---------	---------
Total Assets Less Current Liabilities	( 123,011)	( 101,590)
	---------	---------

Capital and Reserves

Called up equity share capital	4		162	162
Share premium account		298,557	298,557
Profit and loss account		( 421,730)	( 400,309)
		---------	---------
Deficit		( 123,011)	( 101,590)
		---------	---------

For the year ended 31st March 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These abbreviated accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.

These abbreviated accounts were approved by the directors and authorised for issue on 24 June 2016 , and are signed on their behalf by:

D E B Huré Director

Company Registration Number: 06977856

TFC International Limited

Notes to the Abbreviated Accounts

Year Ended 31st March 2015

1. Accounting Policies

Basis of Accounting

The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

Development Expenditure

Development expenditure incurred on clearly defined projects whose outcome can be assessed with reasonable certainty is recorded at cost and carried forward.

Development expenditure is amortised in the periods when the benefits of the expenditure are derived.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Development expenditure - over 5 years straight line

Fixed Assets

All fixed assets are initially recorded at cost.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Office equipment - 33.3% straight line per annum

Deferred Taxation

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.

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 the transaction. Exchange differences are taken into account in arriving at the operating profit.

Going Concern

The company is dependent on the continued support of a minority shareholder, in its ability to continue as a going concern. The shareholder has provided the company with a loan to help support the company's working capital requirements. The directors are of the opinion that this support will continue to be offered for the foreseeable future, on this basis the directors consider that it is appropriate for the financial statements to be prepared on a going concern basis.

2. Fixed Assets

Intangible Assets	Tangible Assets	Total
£	£	£

Cost

At 1st April 2014	140,624	10,216	150,840
Additions	53,974	782	54,756
	---------	--------	---------
At 31st March 2015	194,598	10,998	205,596
	---------	--------	---------

Depreciation

At 1st April 2014	59,044	8,313	67,357
Charge for year	38,919	1,088	40,007
	--------	-------	---------
At 31st March 2015	97,963	9,401	107,364
	--------	-------	---------

Net Book Value

At 31st March 2015	96,635	1,597	98,232
	--------	-------	--------

At 31st March 2014	81,580	1,903	83,483
	--------	-------	--------

3. Related Party Transactions

The company was under the control of its directors throughout the current and previous year. During the year the company was provided with goods and services totalling £6,012 (2014 - £3,349) by The Licensing Agency France, a company in which D E B Huré is also a shareholder. At the balance sheet date the company owed The Licensing Agency France £17,467 (2014 - £19,970) in the ordinary course of trade. During the year the company provided services totalling £nil (2014 - £nil) to TL Agency Limited, a company in which D Huré is also a shareholder. At the balance sheet date TL Agency Limited owed the company £11,000 (2014 - £12,000) in respect of these sales. These transactions were on an arm's length basis. During the year D E B Huré , a director, provided the company with a loan, the balance outstanding at the end of the year was £4,771 (2014 - £3,412). This loan has been provided interest free and has no formal repayment terms.

4. Share Capital

Allotted, called up and fully paid:

2015	2014
No.	£	No.	£

Ordinary shares of £ 0.01 each	16,177	162	16,177	162
	--------	----	--------	----