| Tarco International Limited |
| Registered number: |
07407496 |
| Abbreviated Balance Sheet |
| as at 31 October 2016 |
|
| Notes |
|
|
2016 |
|
|
2015 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
2 |
|
|
2,244 |
|
|
1,471 |
|
| Current assets |
| Stocks |
|
|
97,612 |
|
|
98,650 |
| Debtors |
|
|
264,519 |
|
|
80,965 |
| Cash at bank and in hand |
|
|
22,666 |
|
|
220 |
|
|
|
384,797 |
|
|
179,835 |
|
| Creditors: amounts falling due within one year |
|
|
(424,369) |
|
|
(136,388) |
|
| Net current (liabilities)/assets |
|
|
|
(39,572) |
|
|
43,447 |
|
| Total assets less current liabilities |
|
|
|
(37,328) |
|
|
44,918 |
|
| Creditors: amounts falling due after more than one year |
|
|
|
(10,500) |
|
|
(36,092) |
|
|
|
| Net (liabilities)/assets |
|
|
|
(47,828) |
|
|
8,826 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
4 |
|
|
10,000 |
|
|
10,000 |
| Profit and loss account |
|
|
|
(57,828) |
|
|
(1,174) |
|
| Shareholders' funds |
|
|
|
(47,828) |
|
|
8,826 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| Members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
|
|
|
| Mr R P C Holland |
| Director |
| Approved by the board on 10 April 2017 |
|
| Tarco International Limited |
| Notes to the Abbreviated Accounts |
| for the year ended 31 October 2016 |
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015). |
|
|
Turnover |
|
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. |
|
|
Depreciation |
|
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
|
|
Office equipment |
25% reducing balance |
|
|
Stocks |
|
Stock is valued at the lower of cost and net realisable value. |
|
|
Deferred taxation |
|
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse. |
|
|
Foreign currencies |
|
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account. |
|
|
Going concern |
|
The accounts have been prepared on a going concern basis, the appropriateness of which depends on the ongoing provision of overdraft facilities by the company's bankers, and the continued financial suport of the company's directors. Since the end of the period under review, the company's bankers have agreed to continue to make such facilities available, subject to certain limits and conditions. Consequently, since the company is expected to be able to continue trading within its current overdraft facilities during the forthcoming year, the directors consider that it is appropriate to adopt the going concern basis in the preparation of the accounts. |
|
|
| 2 |
Tangible fixed assets |
£ |
|
|
Cost |
|
At 1 November 2015 |
3,207 |
|
Additions |
1,165 |
|
At 31 October 2016 |
4,372 |
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 November 2015 |
1,736 |
|
Charge for the year |
392 |
|
At 31 October 2016 |
2,128 |
|
|
|
|
|
|
|
|
Net book value |
|
At 31 October 2016 |
2,244 |
|
At 31 October 2015 |
1,471 |
|
|
|
|
|
|
|
|
| 3 |
Loans |
2016 |
|
2015 |
| £ |
£ |
|
Creditors include: |
|
Secured bank loans and overdrafts |
41,802 |
|
95,673 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Share capital |
Nominal |
|
2016 |
|
2016 |
|
2015 |
| value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
10,000 |
|
10,000 |
|
10,000 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Transactions with directors |
|
|
The bank overdraft is secured by way of both fixed and floating charges over the company's assets. Furthermore, the directors of the company have provided additional security, amounting to £20,000 each, by way of fixed charges over certain personally owned assets.
Included in current liabilities is an amount of £28,754 (2015: £20,583) due to Mr T J Goldsworthy and Mr R P C Holland, which represents remaining loans made to the company to provide initial working capital. No interest has been charged on the outstanding loans. |
|
|
| 6 |
Ultimate controlling party |
|
|
The company is controlled by its directors. No single individual can be regarded as the ultimate controlling party of the company. |
