Technic Concrete Floors Limited Small abridged accounts

TECHNIC CONCRETE FLOORS LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Technic Concrete Floors Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 04717737

Technic Concrete Floors Limited

Unaudited Abridged Financial Statements

31 March 2017

Technic Concrete Floors Limited

Abridged Financial Statements

Year ended 31 March 2017

Contents	Page

Officers and professional advisers	1

Director's report	2

Abridged statement of income and retained earnings	3

Abridged statement of financial position	4

Notes to the abridged financial statements	6

The following pages do not form part of the abridged financial statements

Chartered accountant's report to the director on the preparation of the unaudited statutory abridged financial statements	12

Detailed abridged income statement	13

Notes to the detailed abridged income statement	14

Technic Concrete Floors Limited

Officers and Professional Advisers

Director	P W Kinehan

Company secretary	D R Murgatroyd

Registered office	Royal Bank of Scotland Chambers
	Market Street
	LEIGH
	Lancashire
	WN7 1ED

Accountants	Shaddick Smith LLP
	Chartered accountant
	Royal Bank of Scotland Chambers
	Market Street
	LEIGH
	Lancashire
	WN7 1ED

Bankers	HSBC
	Church Lane
	Pudsey
	West Yorkshire
	LS28 7DN

Technic Concrete Floors Limited

Director's Report

Year ended 31 March 2017

The director presents his report and the unaudited abridged financial statements of the company for the year ended 31 March 2017 .

Director

The director who served the company during the year was as follows:

P W Kinehan

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 19 September 2017 and signed on behalf of the board by:

P W Kinehan	D R Murgatroyd
Director	Company Secretary

Technic Concrete Floors Limited

Abridged Statement of Income and Retained Earnings

Year ended 31 March 2017

	2017	2016
Note	£	£
Gross profit	2,366,140	2,141,575

Administrative expenses	1,505,684	1,483,490
	------------	------------
Operating profit	860,456	658,085

Other interest receivable and similar income		1,159	3,729
Interest payable and similar expenses		884	183
		------------	------------
Profit before taxation	5	860,731	661,631

Tax on profit	178,093	137,370
	---------	---------
Profit for the financial year and total comprehensive income	682,638	524,261
	---------	---------

Dividends paid and payable	( 335,000)	( 496,000)

Retained earnings at the start of the year	654,001	625,740
	------------	---------
Retained earnings at the end of the year	1,001,639	654,001
	------------	---------

All the activities of the company are from continuing operations.

Technic Concrete Floors Limited

Abridged Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	6		269,587	250,627

Current assets

Stocks	891,819	894,899
Debtors	414,698	249,848
Cash at bank and in hand	539,880	323,500
	------------	------------
	1,846,397	1,468,247

Creditors: amounts falling due within one year	981,665		932,999
	------------		------------
Net current assets		864,732	535,248
		------------	---------
Total assets less current liabilities		1,134,319	785,875

Creditors: amounts falling due after more than one year		–	6,773

Provisions

Taxation including deferred tax	38,986	31,407
	------------	---------
Net assets	1,095,333	747,695
	------------	---------

Capital and reserves

Called up share capital	100	100
Revaluation reserve	93,594	93,594
Profit and loss account	1,001,639	654,001
	------------	---------
Members funds	1,095,333	747,695
	------------	---------

These abridged financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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.

Director's responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

Technic Concrete Floors Limited

Abridged Statement of Financial Position (continued)

31 March 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 19 September 2017 , and are signed on behalf of the board by:

P W Kinehan
Director

Company registration number: 04717737

Technic Concrete Floors Limited

Notes to the Abridged Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Royal Bank of Scotland Chambers, Market Street, LEIGH, Lancashire, WN7 1ED.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Machinery	-	20% straight line
Fixtures & Fittings	-	20% straight line
Motor Vehicles	-	20% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 10 (2016: 10 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2017	2016
	£	£
Depreciation of tangible assets	89,080	44,144
	--------	--------

6. Tangible assets

	£
Cost
At 1 April 2016	348,621
Additions	108,040
	---------
At 31 March 2017	456,661
	---------
Depreciation
At 1 April 2016	97,994
Charge for the year	89,080
	---------
At 31 March 2017	187,074
	---------
Carrying amount
At 31 March 2017	269,587
	---------
At 31 March 2016	250,627
	---------

7. Investments

	£
Cost
At 1 April 2016 and 31 March 2017	14,000
	--------
Impairment
At 1 April 2016 and 31 March 2017	14,000
	--------
Carrying amount

8. Director's advances, credits and guarantees

At the year end a balance of £4,266 (2016: £3,954) was owed to the director.

9. Related party transactions

The company was under the control of Mr P Kinehan and Mr D Murgatroyd throughout the current year. Mr P Kinehan is the sole director and equal shareholder. During the year the company made purchases amounting to £597,300(2016: £599,800)from P & D Developments Limited, a business in which P W Kinehan is a director and shareholder. At the year end there are trade debtors and trade creditors outstanding respectively of £Nil (2016: £539) and £8,400 (2016: £12,960) due from P&D Developments Limited to Technic Concrete Floors Limited .

10. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the period.

Technic Concrete Floors Limited

Management Information

Year ended 31 March 2017

The following pages do not form part of the abridged financial statements.

Technic Concrete Floors Limited

Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of Technic Concrete Floors Limited

Year ended 31 March 2017

As described on the abridged statement of financial position, the director of the company is responsible for the preparation of the abridged financial statements for the year ended 31 March 2017, which comprise the abridged statement of income and retained earnings, abridged statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

Shaddick Smith LLP Chartered accountant

Royal Bank of Scotland Chambers Market Street LEIGH Lancashire WN7 1ED

19 September 2017

Technic Concrete Floors Limited

Detailed Abridged Income Statement

Year ended 31 March 2017

	2017	2016
	£	£
Turnover	9,046,469	9,702,298

Cost of sales

Opening stock - raw materials	894,899	746,209
Purchases	4,450,116	5,560,596
Wages and salaries	148,107	99,187
Social security costs	8,721	8,181
Subcontractor costs	2,074,812	2,047,460
	------------	------------
	7,576,655	8,461,633

Closing stock - resale	891,819	894,899
	------------	------------
	6,684,836	7,566,734
	------------	------------

Other operating income	4,507	6,011

	------------	------------
Gross profit	2,366,140	2,141,575

Overheads

Administrative expenses	1,505,684	1,483,490

	------------	------------
Operating profit	860,456	658,085

Other interest receivable and similar income	1,159	3,729
Interest payable and similar expenses	(884)	(183)

	---------	---------
Profit before taxation	860,731	661,631
	---------	---------

Technic Concrete Floors Limited

Notes to the Detailed Abridged Income Statement

Year ended 31 March 2017

	2017	2016
	£	£

Other operating income

Grants receivable	4,507	6,011
	-------	-------

Administrative expenses

Directors pension contributions	10,000	50,000
Wages and salaries	71,202	60,862
Staff national insurance contributions	8,619	7,582
Staff pension contributions	13,999	52,400
Rent	18,267	18,888
Rates and water	9,797	8,354
Light and heat	2,769	840
Insurance	71,101	81,056
Repairs and maintenance	52,536	41,630
Use of home as office	624	624
Motor expenses	295,492	264,354
Travel, subsistence and accommodation	124,593	116,615
Vehicle and plant hire charges	512,464	514,932
Telephone	13,305	11,024
Printing postage and stationery	4,459	4,385
Staff training	16,050	5,159
Miscellaneous expenses	4,045	1,377
Laundry and cleaning	1,759	1,629
Subscriptions	5,096	4,872
Advertising	6,656	5,199
Entertaining	3,020	5,246
Management charges payable	144,000	144,000
Legal and professional fees (allowable)	17,399	19,809
Accountancy fees	5,025	12,813
Depreciation of tangible assets	89,080	44,144
(Gain)/loss on disposal of tangible assets	–	2,924
Bad debts written off	1,880	–
Bank charges	2,447	2,772
	------------	------------
	1,505,684	1,483,490
	------------	------------

Other interest receivable and similar income

Interest on cash and cash equivalents	1,159	3,729
	-------	-------

Interest payable and similar expenses

Interest on hire purchase and finance lease contracts	817	137
Corporation tax interest	67	46
	----	----
	884	183
	----	----