TAD Electronics Ltd
TAD Electronics Ltd
Registered number: 08004111
Financial Statements
For The Year Ended 31 March 2017
Account4 Ltd
TAD Electronics Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2017
Unaudited Financial Statements
| Contents | |
| Page | |
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| Statement of Financial Position | 1—2 |
| Statement of Changes in Equity | 3 |
| Notes to the Financial Statements | 4—8 |
TAD Electronics Ltd
Statement of Financial Position
For The Year Ended 31 March 2017
Statement of Financial Position
Registered number:
08004111
For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2017 | 2016 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 7 |
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| Tangible Assets | 8 |
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| CURRENT ASSETS | |||||
| Stocks | 9 |
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| Debtors | 10 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 11 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 12 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation | 13 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 14 |
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| Profit and loss account |
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| SHAREHOLDERS' FUNDS | 208,835 | 128,711 | |||
Page 1
TAD Electronics Ltd
Statement of Financial Position (continued)
For The Year Ended 31 March 2017
Director's responsibilities
-
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
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The notes on pages 4 to 8 form part of these financial statements.
Page 2
TAD Electronics Ltd
Statement of Changes in Equity
For The Year Ended 31 March 2017
Statement of Changes in Equity
| Share Capital | Profit & Loss Account | Total | |
|---|---|---|---|
| £ | £ | £ | |
| As at 1 April 2015 |
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87,801 |
| Profit for the year and total comprehensive income | - |
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50,910 |
| Dividends paid | - | (10,000) | (10,000) |
| As at 31 March 2016 and 1 April 2016 |
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128,711 |
| Profit for the year and total comprehensive income | - |
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105,124 |
| Dividends paid | - | (25,000) | (25,000) |
| As at |
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208,835 |
Page 3
TAD Electronics Ltd
Notes to the Unaudited Accounts
For The Year Ended 31 March 2017
Notes to the Unaudited Accounts
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.3.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to income statement over its estimated economic life of 10 years.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
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| Motor Vehicles |
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| Fixtures & Fittings |
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1.5.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
1.6.
Deferred Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the statement of financial position date. However, 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 taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the statement of financial position date.
1.7.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the income statement, directors report, and notes to the financial statements relating to the income statement. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
3.
Staff Costs
Staff costs, including directors' remuneration, were as follows:
| 2017 | 2016 | ||
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| £ | £ | ||
| Wages and salaries |
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| Social security costs |
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Page 4
TAD Electronics Ltd
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 March 2017
4.
Average number of employees
Average number of employees, including directors, during the year was as follows:
| 2017 | 2016 | ||
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| Office and administration |
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| Sales, marketing and distribution |
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| Manufacturing |
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5.
Interest Payable
| 2017 | 2016 | ||
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| Other finance charges |
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7.
Intangible Assets
| Goodwill | Development Costs | Total | |
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| £ | £ | £ | |
| Cost | |||
| As at |
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| Amortisation | |||
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| Provided during the period |
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| As at |
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| Net Book Value | |||
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Page 5
TAD Electronics Ltd
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 March 2017
8.
Tangible Assets
| Plant & Machinery | Motor Vehicles | Fixtures & Fittings | Total | |
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| £ | £ | £ | £ | |
| Cost | ||||
| As at |
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| Additions |
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| Disposals |
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| Depreciation | ||||
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| Provided during the period |
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| Disposals |
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| Net Book Value | ||||
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10.
Debtors
| 2017 | 2016 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| Net wages | 112 | - | |
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Page 6
TAD Electronics Ltd
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 March 2017
11.
Creditors: Amounts Falling Due Within One Year
| 2017 | 2016 | ||
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| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts | - |
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| Corporation tax |
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| PAYE |
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| VAT |
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| CT61 Tax |
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| Barclaycard |
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| Loan |
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| Accruals and deferred income |
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| Director's loan account |
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12.
Creditors: Amounts Falling Due After More Than One Year
| 2017 | 2016 | ||
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| £ | £ | ||
| Loan (Long Term) |
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13.
Deferred Taxation
| 2017 | 2016 | ||
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| £ | £ | ||
| As at |
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| Deferred taxation |
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| Deferred tax |
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The provision for deferred taxation is made up of accelerated capital allowances
15.
Transactions With and Loans to Directors
Dividends paid to directors
| 2017 | 2016 | |
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| £ | £ | |
| Mr Tristan Dargay | 25,000 | 10,000 |
Page 7
TAD Electronics Ltd
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 March 2017
16.
Dividends
| 2017 | 2016 | ||
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| £ | £ | ||
| On equity shares: | |||
| Interim dividend paid |
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| Final dividend paid |
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| 25,000 | 10,000 | ||
17.
Ultimate Controlling Party
The company's ultimate controlling party is Tristan Dargay by virtue of his ownership of 100% of the issued share capital in the company.
18.
Transition to FRS 102
Reconciliation of Equity
01/04/2015
95841 Profit and loss account reserves under previous UK GAAP
(5741) Deferred tax
(2300) Short Term compensated absences
87800 Profit and Loss Reserves Under FRS 102
31/03/2016
141161 Profit and loss account reserves under previous UK GAAP
(9586) Deferred tax
(2865) Short Term compensated absences
128710 Profit and Loss Reserves Under FRS 102
Reconciliation of Profit or Loss for the year
55320 Profit Reported under previous UK GAAP
-3845 Deferred Tax increase
-565 Short-term compensated absences
50910 Profit reported under FRS 102
Notes to the reconciliations
1. Short-term compensated absences
Prior to applying FRS 102, TAD Electronics Ltd did not make provision for holiday pay (ie holiday earned but not taken prior to the year end). FRS 102 requires the cost of short-term compensated absences to be recognised when employees render the service that increases their entitlement. Consequently, an additional accrual of £2,300 at 1st April 2015 has been made to reflect this. The additional provision at 31 March 2016 is £2,865 and the effect on profit for the year ended 30 April 2015 is an additional expense of £565.
2. Deferred Tax
Prior to applying FRS 102, TAD Electronics Ltd did not make provision for deferred taxation.FRS 102 Requires recognition of this, therefore an additional accrual of £5741 at 1st April 2015 has been made to reflect this. The additional provision at 31 March 2016 is £9,586 and the effect on profit for the year ended 30 April 2015 is an additional expense of £3,845.
19.
General Information
TAD Electronics Ltd Registered number 08004111 is a limited by shares company incorporated in England & Wales. The Registered Office is Room F1/2/3, County House, St Marys Street, Worcester, WR1 1HB.
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