T G Construction Limited - Period Ending 2017-03-31

Registration number: 05062763

T G Construction Limited

Unaudited Financial Statements

for the Year Ended 31 March 2017

T G Construction Limited

Contents

Statement of financial position	1
Notes to the Financial Statements	2 to 6

T G Construction Limited

(Registration number: 05062763)
Statement of financial position as at 31 March 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	45,872	50,004
Current assets
Stocks	5	40,000	30,000
Debtors	6	45,000	40,000
		85,000	70,000
Creditors: Amounts falling due within one year	7	(129,188)	(66,709)
Net current (liabilities)/assets		(44,188)	3,291
Total assets less current liabilities		1,684	53,295
Creditors: Amounts falling due after more than one year	7	(376,159)	(422,195)
Net liabilities		(374,475)	(368,900)
Capital and reserves
Called up share capital		2	2
Profit and loss account		(374,477)	(368,902)
Shareholders funds		(374,475)	(368,900)

For the financial 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 accounts for the year in question in accordance with section 476; and
•	The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income statement has been taken.

Approved and authorised by the director on 22 December 2017
 

.........................................

A Gane

Director

The notes on pages 2 to 6 form an integral part of these financial statements.

Page 1

T G Construction Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

1	General information

The company is a private company limited by share capital incorporated in England & Wales.

The address of its registered office is:
2 Catherine Road
Romiley
Stockport
Cheshire
SK6 3DH

These financial statements were authorised for issue by the director on 22 December 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements for the year ended 31 March 2017 are the first financial statements that comply with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The date of transition is 1 April 2015, The transition to FRS 102 Section 1A for small entities has resulted in no changes in accounting policies to those previously used.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurances from the directors that they will continue to give financial support to the company for the foreseeable future and for a period not less than 12 months from the date of signing these financial statements.

On this basis, the directors consider it appropriate to prepare the accounts on the going concern basis. However, should the financial support mentioned above not be forthcoming the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be be necessary should this basis not continue to be appropriate.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties over their estimated useful lives, as follows:

Page 2

T G Construction Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Asset class	Depreciation method and rate
Office and workshop	10% straight line
Plant and equipment	10% reducing balance
Motor vehicles	10% reducing balance
Office equipment	25% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the income statement.
 
 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2016 - 2).

Page 3

T G Construction Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Other property, plant and equipment  £
Cost or valuation
At 1 April 2016	28,661	13,308	43,861	20,398
Additions	-	2,103	-	4,000
At 31 March 2017	28,661	15,411	43,861	24,398
Depreciation
At 1 April 2016	16,132	7,078	25,386	7,628
Charge for the year	2,866	3,845	1,847	1,677
At 31 March 2017	18,998	10,923	27,233	9,305
Carrying amount
At 31 March 2017	9,663	4,488	16,628	15,093
At 31 March 2016	12,529	6,230	18,475	12,770

	Total £
Cost or valuation
At 1 April 2016	106,228
Additions	6,103
At 31 March 2017	112,331
Depreciation
At 1 April 2016	56,224
Charge for the year	10,235
At 31 March 2017	66,459
Carrying amount
At 31 March 2017	45,872
At 31 March 2016	50,004

Included within the net book value of land and buildings above is £Nil (2016 - £Nil) in respect of freehold land and buildings and £9,663 (2016 - £12,529) in respect of short leasehold land and buildings.
 

Page 4

T G Construction Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

5

Stocks

	2017 £	2016 £
Other inventories	40,000	30,000

6

Debtors

	2017 £	2016 £
Trade debtors	3,000	-
Other debtors	42,000	40,000
Total current trade and other debtors	45,000	40,000

7

Creditors

	Note	2017 £	2016 £
Due within one year
Bank loans and overdrafts	8	9,249	9,693
Trade creditors		99,167	43,488
Taxation and social security		17,577	10,333
Other creditors		3,195	3,195
		129,188	66,709
Due after one year
Loans and borrowings	8	376,159	422,195

8	Loans and borrowings

	2017 £	2016 £
Non-current loans and borrowings
Other borrowings	376,159	422,195

	2017 £	2016 £
Current loans and borrowings
Bank overdrafts	9,249	9,693

The bank loans and overdrafts are secured on the assets of the company.

Page 5

T G Construction Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

9	Transition to FRS 102

These financial statements for the year ended 31 March 2017 are the first financial statements that comply with FRS 102 Section 1A for small entities. The transition to FRS 102 Section 1A for small entities has resulted in no changes in accounting policies to those previously used.

Page 6