Tomo Prestige Limited - Accounts

Tomo Prestige Limited - Accounts

TOMO PRESTIGE LIMITED - Company Information

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Registered Number : 07519653
England and Wales

 

 

 

TOMO PRESTIGE LIMITED


Financial Statements
 


Period of accounts

Start date: 01 April 2016

End date: 31 March 2017

Tomo Prestige Limited
Contents Page
For the year ended 31 March 2017
Directors Darren Perkins
Dean David Perkins
Registered Number 07519653
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
1
In order to assist you to fulfil your duties under Companies Act 2006, we have prepared for your approval the accounts of Tomo Prestige 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 Prestige 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 Prestige Limited and state those matters that we have agreed to state to the Board ofs of Tomo Prestige 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 Prestige Limited and its members as a body for our work or for this report.

It is your duty to ensure that Tomo Prestige 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 Loss of Tomo Prestige Limited. You consider that Tomo Prestige 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 Prestige 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      
Tangible fixed assets 2 20,414    28,252 
20,414    28,252 
Current assets      
Stocks 3 74,983    98,364 
Debtors 4 322,764    292,695 
Cash at bank and in hand 1,593    16,292 
399,340    407,351 
Creditors: amount falling due within one year 5 (237,851)   (192,094)
Net current assets 161,489    215,257 
 
Total assets less current liabilities 181,903    243,509 
Provisions for liabilities 6 (4,083)   (5,457)
Net assets 177,820    238,052 
 

Capital and reserves 		     
Called up share capital 7 75,000    75,000 
Profit and loss account 102,820    163,052 
Shareholders funds 177,820    238,052 
 


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 Prestige Limited is a private limited company, limited by shares, domiciled in England and Wales, registration number 07519653.

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 13 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.
Change in accounting policy
The company has adopted FRS102 for the first time, 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.  The date of transition is 1st April 2015. 
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.
  • 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 netted off against purchase costs as they are accrued. 
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.
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:
Fixtures and Fittings 25% Reducing Balance
Motor Vehicles 33% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.
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 - 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.

Tangible fixed assets

Cost or Valuation Motor Vehicles   Fixtures and Fittings   Total
  £   £   £
At 01 April 2016 14,470    35,125    49,595 
Additions -    -    - 
Disposals -    -    - 
At 31 March 2017 14,470    35,125    49,595 
Depreciation
At 01 April 2016 4,775    16,568    21,343 
Charge for year 3,199    4,639    7,838 
On disposals -    -    - 
At 31 March 2017 7,974    21,207    29,181 
Net book values
Closing balance as at 31 March 2017 6,496    13,918    20,414 
Opening balance as at 01 April 2016 9,695    18,557    28,252 


3.

Stocks

2017
£		   2016
£
Finished Goods 74,983    98,364 
74,983    98,364 

4.

Debtors: amounts falling due within one year

2017
£		   2016
£
Trade Debtors 172,268    199,046 
Amount Owed by Group Undertakings 94,038    91,264 
Other Debtors 56,458    2,350 
Paypoint Control Account -    35 
322,764    292,695 

5.

Creditors: amount falling due within one year

2017
£		   2016
£
Trade Creditors 173,343    135,020 
Bank Loans & Overdrafts (Secured) 21,173    - 
Amounts Owed to Group Undertakings -    4,987 
Corporation Tax -    18,840 
PAYE & Social Security 6,811    571 
Accrued Expenses 30,113    28,562 
Other Creditors -    68 
Payments Received on Account 1,240    565 
Wages & Salaries Control Account (100)   - 
VAT 5,271    3,481 
237,851    192,094 
Secured Debts
The company overdaft facility of £50,000 is secured by personal guarantee provided by members of the ultimate controlling party, Mr Darren Perkins and Mr Dean David Perkins). 

6.

Provisions for liabilities

2017
£		   2016
£
Deferred Tax 4,083    5,457 
4,083    5,457 
The provision for deferred tax relates to accelerated capital allowances. 

7.

Share Capital

Allotted
2017
£		   2016
£
75,000 Ordinary shares of £1.00 each 75,000    75,000 
75,000    75,000 

8.

Staff Costs

     
The average number of employees during the year was 12 (2016; 5).

9.

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.

10.

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 and utilised exemption from preparing consolidated accounts under small group relief. 
4