Telsons Builders Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 04548338 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

TELSONS BUILDERS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

T P Hewitt

L P Hewitt

W A Hewitt

REGISTERED OFFICE:

89 King Street

Maidstone

Kent

ME141BG

BUSINESS ADDRESS:

41 Lombardy Drive

MAIDSTONE

Kent

ME14 5TB

REGISTERED NUMBER:

04548338 (England and Wales)

ACCOUNTANTS:

McCabe Ford Williams

Chartered Accountants

89 King Street

Maidstone

Kent

ME14 1BG

FIXED ASSETS

Intangible assets

5

-

-

Tangible assets

6

27,802

24,731

27,802

24,731

CURRENT ASSETS

Stocks and work in progress

3,333

5,000

Debtors

7

2,348

28,820

Cash at bank

32,955

4,698

38,636

38,518

CREDITORS

Amounts falling due within one year

8

37,110

24,710

NET CURRENT ASSETS

1,526

13,808

TOTAL ASSETS LESS CURRENT LIABILITIES

29,328

38,539

CREDITORS

Amounts falling due after more than one year

9

(7,078

)

(11,548

)

PROVISIONS FOR LIABILITIES

(5,560

)

(4,315

)

NET ASSETS

16,690

22,676

CAPITAL AND RESERVES

Called up share capital

80

80

Retained earnings

16,610

22,596

SHAREHOLDERS' FUNDS

16,690

22,676

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 17 July 2017 and were signed on its behalf by:

T P Hewitt - Director

1.	STATUTORY INFORMATION

Telsons Builders Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The transition to FRS102 took place on 01/04/2016.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less

any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Tools

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

Work in progress

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks and work in progress to their present location and condition.

Financial instruments

The company enters into basic financial instruments that result in the recognition of financial assets and liabilities

like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related

parties.

a) Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the

effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting

would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful

debts.

b) Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand.

c) Impairment of financial assets

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for

objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in

profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an

asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective

interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is

the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between

an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would

receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the

future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are

payable or receivable within one year, typically trade payables or receivables, are measured, initially and

subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a

trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in

case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and

subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt

instrument.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when

there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to

realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the

extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will

be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of

the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to

determine whether there is an indication that an asset may be impaired. If there is an indication of possible

impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and

the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is

lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised

immediately in profit and loss.

Inventories are also assessed for impairment at each reporting date. Each item of inventory is compared to the last

sold date and an impairment loss recognised on a percentage basis in profit and loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is

increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been

determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A

reversal of an impairment loss is recognised immediately in profit and loss.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

30,000

AMORTISATION

At 1 April 2016

and 31 March 2017

30,000

NET BOOK VALUE

At 31 March 2017

-

At 31 March 2016

-

6.	TANGIBLE FIXED ASSETS

Motor

Computer

Tools

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2016

347

50,265

267

50,879

Additions

-

13,450

-

13,450

Disposals

-

(14,309

)

-

(14,309

)

At 31 March 2017

347

49,406

267

50,020

DEPRECIATION

At 1 April 2016

310

25,571

267

26,148

Charge for year

37

9,268

-

9,305

Eliminated on disposal

-

(13,235

)

-

(13,235

)

At 31 March 2017

347

21,604

267

22,218

NET BOOK VALUE

At 31 March 2017

-

27,802

-

27,802

At 31 March 2016

37

24,694

-

24,731

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2016

and 31 March 2017

18,100

DEPRECIATION

At 1 April 2016

4,525

Charge for year

3,394

At 31 March 2017

7,919

NET BOOK VALUE

At 31 March 2017

10,181

At 31 March 2016

13,575

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade debtors

-

25,666

Corporation tax

212

212

Directors' current accounts

1,762

2,683

Prepayments

374

259

2,348

28,820

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Hire purchase contracts

4,470

4,470

Trade creditors

6,321

3,100

Taxation

5,934

-

Other taxes and PAYE taxes

1,891

1,435

Pension creditors

168

26

VAT

16,826

13,133

Creditors and accruals

1,500

1,300

Wages control account

-

1,246

37,110

24,710

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.17

31.3.16

£

£

Hire purchase contracts

7,078

11,548

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2017 and

31 March 2016:

31.3.17

31.3.16

£

£

T P Hewitt

Balance outstanding at start of year

2,682

(3,726

)

Amounts advanced

9,076

35,954

Amounts repaid

(9,997

)

(29,546

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

1,761

2,682

11.	FIRST YEAR ADOPTION

The transition to FRS102 1A took place on 1 April 2016. There were no adjustments made to the comparative

figures as a result of the change to FRS102 1A.