Tomo Parts Limited - Accounts

Tomo Parts Limited - Accounts

TOMO PARTS LIMITED - Company Information

Print Friendly Version

2016-04-01 2017-03-31 false No description of principal activity Capium Accounts Production 1.1 03862297 bus:FullAccounts 2016-04-01 2017-03-31 03862297 bus:FRS102 2016-04-01 2017-03-31 03862297 bus:AuditExemptWithAccountantsReport 2016-04-01 2017-03-31 03862297 bus:SmallCompaniesRegimeForAccounts 2016-04-01 2017-03-31 03862297 bus:PrivateLimitedCompanyLtd 2016-04-01 2017-03-31 03862297 2016-04-01 2017-03-31 03862297 2017-03-31 03862297 bus:RegisteredOffice 2016-04-01 2017-03-31 03862297 core:WithinOneYear 2017-03-31 03862297 core:AfterOneYear 2017-03-31 03862297 bus:Director1 2016-04-01 2017-03-31 03862297 bus:Director1 2017-03-31 03862297 bus:Director1 2015-04-01 2016-03-31 03862297 bus:Director2 2016-04-01 2017-03-31 03862297 bus:Director2 2017-03-31 03862297 bus:Director2 2015-04-01 2016-03-31 03862297 2015-04-01 03862297 bus:CompanySecretary1 2016-04-01 2017-03-31 03862297 bus:LeadAgentIfApplicable 2016-04-01 2017-03-31 03862297 2015-04-01 2016-03-31 03862297 2016-03-31 03862297 core:WithinOneYear 2016-03-31 03862297 core:AfterOneYear 2016-03-31 03862297 bus:EntityAccountantsOrAuditors 2015-04-01 2016-03-31 03862297 bus:OrdinaryShareClass1 2016-04-01 2017-03-31 03862297 bus:OrdinaryShareClass1 2017-03-31 03862297 bus:OrdinaryShareClass1 2015-04-01 2016-03-31 03862297 bus:OrdinaryShareClass1 2016-03-31 03862297 core:PlantMachinery 2016-04-01 2017-03-31 03862297 core:PlantMachinery 2017-03-31 03862297 core:PlantMachinery 2016-03-31 03862297 core:MotorCars 2016-04-01 2017-03-31 03862297 core:MotorCars 2017-03-31 03862297 core:MotorCars 2016-03-31 03862297 core:FurnitureFittings 2016-04-01 2017-03-31 03862297 core:FurnitureFittings 2017-03-31 03862297 core:FurnitureFittings 2016-03-31 03862297 core:LeasedAssetsHeldAsLessee core:PlantMachinery 2017-03-31 03862297 core:LeasedAssetsHeldAsLessee core:PlantMachinery 2016-03-31 03862297 core:OtherResidualIntangibleAssets 2016-04-01 2017-03-31 03862297 core:OtherResidualIntangibleAssets 2017-03-31 03862297 core:OtherResidualIntangibleAssets 2016-03-31 03862297 core:CostValuation core:Non-currentFinancialInstruments 2017-03-31 03862297 core:CostValuation core:Non-currentFinancialInstruments 2016-03-31 03862297 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2017-03-31 03862297 core:DisposalsDecreaseInInvestments core:Non-currentFinancialInstruments 2017-03-31 03862297 core:RevaluationsIncreaseDecreaseInInvestments core:Non-currentFinancialInstruments 2017-03-31 03862297 core:Non-currentFinancialInstruments 2017-03-31 03862297 core:Non-currentFinancialInstruments 2016-03-31 03862297 core:ShareCapital 2017-03-31 03862297 core:ShareCapital 2016-03-31 03862297 core:RetainedEarningsAccumulatedLosses 2017-03-31 03862297 core:RetainedEarningsAccumulatedLosses 2016-03-31 03862297 dpl:Item1 2016-04-01 03862297 dpl:Item1 2017-03-31 03862297 dpl:Item1 2015-04-01 03862297 dpl:Item1 2016-03-31 iso4217:GBP xbrli:shares xbrli:pure
Registered Number : 03862297
England and Wales

 

 

 

TOMO PARTS LIMITED


Financial Statements
 


Period of accounts

Start date: 01 April 2016

End date: 31 March 2017

Tomo Parts Limited
Contents Page
For the year ended 31 March 2017
Directors Darren Perkins
Dean Perkins
Registered Number 03862297
Registered Office Unit 1, Tomo Industrial Estate
Packet Boat Lane
Uxbridge
UB8 2JP
Accountants Allazo Ltd
2 Claridge Court
Lower Kings Road
Berkhamsted
Hertfordshire
HP4 2AF
Secretary Dean Perkins
1
In order to assist you to fulfil your duties under Companies Act 2006, we have prepared for your approval the accounts of Tomo Parts Limited for the year ended 31 March 2017 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com.

This report is made solely to the member of Tomo Parts Limited, as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of Tomo Parts Limited and state those matters that we have agreed to state to the Board ofs of Tomo Parts Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants and as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tomo Parts Limited and its members as a body for our work or for this report.

It is your duty to ensure that Tomo Parts Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and Profit of Tomo Parts Limited. You consider that Tomo Parts Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Tomo Parts Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



....................................................
Allazo Ltd
2 Claridge Court
Lower Kings Road
Berkhamsted
Hertfordshire
HP4 2AF
14 December 2017
2
 
 		 Notes
 		 2017
£		   2016
£
Fixed assets      
Intangible fixed assets 2 33,211    23,284 
Tangible fixed assets 3 119,538    52,228 
152,749    75,512 
Current assets      
Stocks 4 208,888    232,696 
Debtors 5 822,778    731,565 
Cash at bank and in hand 1,401    8,045 
1,033,067    972,306 
Creditors: amount falling due within one year 6 (1,045,197)   (916,473)
Net current assets (12,130)   55,833 
 
Total assets less current liabilities 140,619    131,345 
Creditors: amount falling due after more than one year 7 (36,744)   - 
Provisions for liabilities 8 (1,774)   (8,566)
Net assets 102,101    122,779 
 

Capital and reserves 		     
Called up share capital 9 1,000    1,000 
Profit and loss account 101,101    121,779 
Shareholders funds 102,101    122,779 
 


For the year ended 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:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476
  2. 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
These accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The directors have elected not to include the profit and loss account within the financial statements.
Signed on behalf of the board of directors


--------------------------------
Darren Perkins
Director

Date approved by the board: 14 December 2017
3
Statutory Information
Tomo Parts Limited is a private limited company, limited by shares, domiciled in England and Wales, registration number 03862297.

The presentation currency is £ sterling.
1.

Accounting Policies

Basis of accounting
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 financial statements have been prepared on the historical cost basis except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies below. 
This is the first year in which the financial statements have been prepared under FRS 102. As
per note 15 there have not been any material changes in accounting policy or estimation techniques. 
The company has taken advantage of the following disclosure exemptions with FRS 102
Section 1A: 
  • The requirement to present a statement of cash flows and related notes
  • Financial instrument disclosures, including; categories of financial instruments, Items of income, expenses, gains or losses relating to financial instruments, and exposure to and management of financial risks
Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting
Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. Turnover includes revenue earned from the sale of goods only. 
  • Sale of goods

Sale of goods revenue is recognised at the point of sale, which is usually where the customer has taken delivery of the goods, the risks and rewards are transferred to the customer and there is a valid sales contract. Amounts disclosed as revenue are net of sales returns and trade discounts. 
Supplier rebates
Supplier rebates are offset against the appropriate purchase cost recognised at the point of purchase.  Where there are timing differences the financial benefit is accrued.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the profit and loss account on a straight line basis.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the profit and loss account.
Deferred taxation
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Computer software development costs
Development costs of computer software are capitalised once a detailed program design has been established and are amortised on a straight line basis over 4 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Motor Vehicles 33% Reducing Balance
Fixtures and Fittings 25% Reducing Balance
Plant and Machinery 33% Reducing Balance
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Provisions are measured using the best estimate of amounts required to settle the obligation
at the end of the reporting period.
  • Provisions - credit notes
The provision for credit notes is in respect of potential credits granted to customers for
previous period sales. This is estimated based on historical credit notes issued. 
  • Provisions - annual leave
The company recognises a provision for annual leave accrued by employees as a result of
services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence.
2.

Intangible fixed assets

Cost or Valuation Other   Total
  £   £
At 01 April 2016 31,045    31,045 
Additions 23,585    23,585 
Disposals -    - 
At 31 March 2017 54,630    54,630 
Amortisation
At 01 April 2016 7,761    7,761 
Charge for year 13,658    13,658 
On disposals -    - 
At 31 March 2017 21,419    21,419 
Net book values
At 31 March 2017 33,211    33,211 
At 31 March 2016 23,284    23,284 


3.

Tangible fixed assets

Cost or Valuation Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Total
  £   £   £   £
At 01 April 2016 3,000    79,061    117,131    199,192 
Additions -    83,460    33,216    116,676 
Disposals -    (9,026)   -    (9,026)
At 31 March 2017 3,000    153,495    150,347    306,842 
Depreciation
At 01 April 2016 2,470    65,288    79,206    146,964 
Charge for year 175    32,424    17,785    50,384 
On disposals -    (10,044)   -    (10,044)
At 31 March 2017 2,645    87,668    96,991    187,304 
Net book values
Closing balance as at 31 March 2017 355    65,827    53,356    119,538 
Opening balance as at 01 April 2016 530    13,773    37,925    52,228 

The net book value of Motor Vehicles includes £47,201 in respect of assets leased under finance leases or hire purchase contracts.

4.

Stocks

2017
£		   2016
£
Finished Goods 208,888    232,696 
208,888    232,696 

5.

Debtors: amounts falling due within one year

2017
£		   2016
£
Trade Debtors 475,784    571,309 
Amount Owed by Group Undertakings 137,723    87,707 
Prepayments & Accrued Income 195,369    70,601 
Other Debtors 750    - 
Paypoint Control Account 13,152    1,948 
822,778    731,565 

6.

Creditors: amount falling due within one year

2017
£		   2016
£
Trade Creditors 411,620    329,943 
Bank Loans & Overdrafts (Secured) 41,631    85,478 
Amounts Owed to Group Undertakings 363,592    406,746 
Corporation Tax 12,309    5,151 
PAYE & Social Security 10,015    4,923 
Accrued Expenses 9,943    3,000 
Other Creditors 100,858    858 
Obligations under HP/Financial Leases 29,837    - 
Payments Received on Account 19,136    5,346 
Wages & Salaries Control Account 2,854    - 
VAT 43,402    75,028 
1,045,197    916,473 

7.

Creditors: amount falling due after more than one year

2017
£		   2016
£
Obligations Under HP/Financial Leases 36,744    - 
36,744    - 

8.

Provisions for liabilities

2017
£		   2016
£
Deferred Tax 1,774    8,566 
1,774    8,566 
The provision for deferred tax relates to accelerated capital allowances. 

9.

Share Capital

Allotted
2017
£		   2016
£
1,000 Ordinary shares of £1.00 each 1,000    1,000 
1,000    1,000 

10.

Staff Costs

     
The average number of employees during the year was 17 (2016; 15).

11.

Transition to FRS 102

The policies applied under the entities previous accounting framework are not materially different to FRS102 and have not impacted on equity or profit and loss.

12.

Secured Debts

The bank overdraft included within creditors totalling £41,631 (2016; £85,478) is secured by way of personal guarantee by the company's directors, Darren Perkins and Dean Perkins.
13.

Ultimate Controlling Party

The company's ultimate parent undertaking is Tomo Motor Group Ltd, a company registered in England.  Tomo Motor Group Ltd has qualified for exemption from preparing consolidated accounts under small group relief.
4