Terra Nova Equipment Ltd - Limited company - abbreviated - 11.0.0

REGISTERED NUMBER: 02827783

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 28 FEBRUARY 2014

FOR

TERRA NOVA EQUIPMENT LTD

Page

Company Information

1

Abbreviated Balance Sheet

2

to

3

Notes to the Abbreviated Accounts

4

to

5

DIRECTORS:

A S Utting

C J Budding

M Vallance

SECRETARY:

C J Budding

REGISTERED OFFICE:

Summit House

Salcombe Court

Salcombe Road

ALFRETON

Derbyshire

DE55 7EG

REGISTERED NUMBER:

02827783

ACCOUNTANTS:

Smith Cooper Limited

Chartered Accountants

St.Helens House

King Street

Derby

DE1 3EE

BANKERS:

Bank of Scotland

116 Wellington Street

Leeds

LS1 4LT

FIXED ASSETS

Tangible assets

2

42,973

38,474

CURRENT ASSETS

Stocks

611,544

715,857

Debtors

398,316

231,997

Cash at bank and in hand

749,652

429,773

1,759,512

1,377,627

CREDITORS

Amounts falling due within one year

819,938

511,495

NET CURRENT ASSETS

939,574

866,132

TOTAL ASSETS LESS CURRENT LIABILITIES

982,547

904,606

PROVISIONS FOR LIABILITIES

5,162

3,530

NET ASSETS

977,385

901,076

CAPITAL AND RESERVES

Called up share capital

3

133,897

133,897

Profit and loss account

843,488

767,179

SHAREHOLDERS' FUNDS

977,385

901,076

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 1 October 2014 and were signed on its behalf by:

A S Utting - Director

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 April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

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

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

The values are defined as follows:

Raw materials - purchase cost on a first-in, first-out basis.

Work-in-progress and finished goods - cost of direct materials and labour based on normal levels of

activity.

Net realisable value is based on estimated selling price less costs expected to be incurred to

completion and disposal.

Deferred tax

Full provision is made for deferred tax assets and liabilities arising from all timing differences between

the recognition of gains and losses in the financial statements and recognition in the tax computation.

A net deferred tax asset is recognised only if it can be regarded as 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 assets and liabilities are calculated at the tax rates expected to be effective at the time

the timing differences are expected to reverse.

Deferred tax assets and liabilities are not discounted.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 March 2013

363,142

Additions

15,121

Disposals

(2,781

)

At 28 February 2014

375,482

DEPRECIATION

At 1 March 2013

324,668

Charge for year

10,549

Eliminated on disposal

(2,708

)

At 28 February 2014

332,509

NET BOOK VALUE

At 28 February 2014

42,973

At 28 February 2013

38,474

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

133,897

Ordinary

£1

133,897

133,897

4.	ULTIMATE PARENT COMPANY

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES