T.J. Williams Limited Small abbreviated accounts

T.J. Williams Limited Small abbreviated accounts

T.J. WILLIAMS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER 03611520
T.J. WILLIAMS LIMITED
UNAUDITED ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED
30 November 2016
CARSTON
Chartered Accountants
1st Floor, Tudor House
16 Cathedral Road
Cardiff
CF11 9LJ
T.J. WILLIAMS LIMITED
ABBREVIATED BALANCE SHEET
30 November 2016
2016
2015
Note
£
£
£
£
FIXED ASSETS
2
Tangible assets
204,004
210,963
CURRENT ASSETS
Stocks
172,336
174,788
Debtors
175,631
185,858
Cash at bank and in hand
139
5,747
----------
----------
348,106
366,393
CREDITORS: Amounts falling due within one year
3
157,048
154,177
----------
----------
NET CURRENT ASSETS
191,058
212,216
----------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
395,062
423,179
CREDITORS: Amounts falling due after more than one year
4
93,951
118,504
GOVERNMENT GRANTS
5
19,000
19,500
----------
----------
282,111
285,175
----------
----------
CAPITAL AND RESERVES
Called up equity share capital
7
100
100
Profit and loss account
282,011
285,075
----------
----------
SHAREHOLDERS' FUNDS
282,111
285,175
----------
----------
For the year ended 30 November 2016 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 21 February 2017 , and are signed on their behalf by:
M S Sullivan
Company Registration Number: 03611520
T.J. WILLIAMS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
YEAR ENDED 30 NOVEMBER 2016
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 January 2015).
Turnover
The turnover shown in the profit and loss account represents the value of goods and services provided to customers, exclusive of value added tax.
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:
Freehold Property-50 years straight line
Plant & Machinery-20% reducing balance
Fixtures & Fittings-20% reducing balance
Motor Vehicles-25% reducing balance
Equipment-3 years straight line
Depreciation of freehold property is provided on the building only. The land element is excluded.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Hire purchase agreements
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.
Pension costs
The company does not operate a pension scheme for its employees. However, employees have arranged their own private schemes, which the company makes contributions to.
Deferred grants
Deferred grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss account over the estimated useful life of the assets to which they relate.
2. FIXED ASSETS
Tangible Assets
£
COST
At 1 December 2015 and 30 November 2016
369,081
----------
DEPRECIATION
At 1 December 2015
158,118
Charge for year
6,959
----------
At 30 November 2016
165,077
----------
NET BOOK VALUE
At 30 November 2016
204,004
----------
At 30 November 2015
210,963
----------
Included within the net book value of tangible fixed assets is freehold property amounting to £199,535 (2014 - £203,528).
3. CREDITORS: Amounts falling due within one year
The following liabilities disclosed under creditors falling due within one year are secured by the company:
2016
2015
£
£
Bank loans and overdrafts
18,569
11,752
Hire purchase liabilities
-
3,667
---------
---------
18,569
15,419
---------
---------
4. CREDITORS: Amounts falling due after more than one year
The following liabilities disclosed under creditors falling due after more than one year are secured by the company:
2016
2015
£
£
Bank loans and overdrafts
43,951
56,504
---------
---------
5. GOVERNMENT GRANTS
2016
2015
£
£
Received and receivable
33,118
33,118
Amortisation
(14,118)
(13,618)
---------
---------
19,000
19,500
---------
---------
6. TRANSACTIONS WITH THE DIRECTORS
The company was under the control of the directors throughout the current and previous period. Of the total of £62,000 due to the director, Mrs G E Curtis, £12,000 is due within one year and £50,000 is due after more than one year, although there are no fixed terms of repayment. Interest is charged on the loan at the official HMRC rate ruling. During the year, interest of £1,945 was paid to Mrs Curtis in respect of this loan. Within other creditors due within one year is £10,723 (2015 - £4,118) due to the directors.
7. SHARE CAPITAL
Allotted, called up and fully paid:
2016
2015
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
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