R.g. Foster Textile Machinery Limited - Accounts to registrar (filleted) - small 17.3
R.g. Foster Textile Machinery Limited - Accounts to registrar (filleted) - small 17.3
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 |
| FOR |
| R.G. FOSTER TEXTILE MACHINERY LIMITED |
| R.G. FOSTER TEXTILE MACHINERY LIMITED (REGISTERED NUMBER: 01292470) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| R.G. FOSTER TEXTILE MACHINERY LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 10 Stadium Business Court |
| Millennium Way |
| Pride Park |
| Derby |
| DE24 8HP |
| R.G. FOSTER TEXTILE MACHINERY LIMITED (REGISTERED NUMBER: 01292470) |
| BALANCE SHEET |
| 31 DECEMBER 2016 |
| 2016 | 2015 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Retained earnings | 10 |
| SHAREHOLDERS' FUNDS |
| 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. |
| 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 by: |
| R.G. FOSTER TEXTILE MACHINERY LIMITED (REGISTERED NUMBER: 01292470) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| 1. | STATUTORY INFORMATION |
| R.g. Foster Textile Machinery Limited is a |
| The company's registered number and registered office address can be found on the Company Information |
| page. |
| 2. | ACCOUNTING POLICIES |
| BASIS OF PREPARING THE FINANCIAL STATEMENTS |
| TURNOVER |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
| value added tax and other sales taxes. |
| INVESTMENT PROPERTY |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in |
| fair value is recognised in profit or loss. |
| The directors have considered the fair value of freehold property at the reporting date to be £1,504,493. This fair |
| value has been calculated based historic purchase price and review of trends in the property market. No |
| professional valuation has been obtained, the methods and significant assumptions applied in determining the |
| fair value of the freehold property include consideration into; property market trends local to the property, |
| freehold recent property sales local to the freehold property, rental yield of the property and the condition of the |
| property. |
| STOCKS |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
| slow moving items. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| R.G. FOSTER TEXTILE MACHINERY LIMITED (REGISTERED NUMBER: 01292470) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| 4. | TANGIBLE FIXED ASSETS |
| Land and |
| buildings |
| £ |
| COST |
| At 1 January 2016 |
| and 31 December 2016 |
| NET BOOK VALUE |
| At 31 December 2016 |
| At 31 December 2015 |
| The directors consider a realistic value of the freehold property to be £1,504,493 |
| Historical cost as at 31 December 2016 was £2,005,210. |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 January 2016 |
| Disposals | ( |
) |
| At 31 December 2016 |
| NET BOOK VALUE |
| At 31 December 2016 |
| At 31 December 2015 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2016 | 2015 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Directors' loan accounts | 50,532 | 37,931 |
| VAT |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2016 | 2015 |
| £ | £ |
| Bank loans | 563,402 | - |
| Trade creditors |
| Tax |
| Social security and other taxes |
| Other creditors |
| Accruals and deferred income | 19,067 | 102,550 |
| R.G. FOSTER TEXTILE MACHINERY LIMITED (REGISTERED NUMBER: 01292470) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2016 | 2015 |
| £ | £ |
| Within one year |
| Between one and five years |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2016 | 2015 |
| value: | £ | £ |
| Ordinary | 10p | 250,004 | 250,004 |
| 10. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 January 2016 |
| Profit for the year |
| Dividends | ( |
) |
| At 31 December 2016 |
| 11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 December 2016 and |
| 31 December 2015: |
| 2016 | 2015 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Balance outstanding at start of year | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| 12. | RELATED PARTY DISCLOSURES |
| During the year, the company had transactions with the FTM pension fund for which the directors are |
| beneficiaries.The amount outstanding at the year end was £33,612 (2015: £23,057). |
| 13. | FIRST YEAR ADOPTION |
| These are the first financial statements that comply with FRS 102 1A. The company transitioned to FRS 102 1A |
| on 1 January 2014. |
| R.G. FOSTER TEXTILE MACHINERY LIMITED (REGISTERED NUMBER: 01292470) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| 13. | FIRST YEAR ADOPTION - continued |