Toplink Envelopes Ltd - Filleted accounts

Toplink Envelopes Ltd - Filleted accounts

TOPLINK ENVELOPES LIMITED - Company Information

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Registered number
02957044
Toplink Envelopes Ltd
Unaudited Filleted Accounts
30 September 2017
Toplink Envelopes Ltd
Registered number: 02957044
Balance Sheet
as at 30 September 2017
Notes 2017 2016
£ £
Fixed assets
Intangible assets 2 12,725 14,975
Tangible assets 3 55,447 57,921
68,172 72,896
Current assets
Stocks 26,663 30,404
Debtors 4 77,098 80,001
Cash at bank and in hand 27,616 30,764
131,377 141,169
Creditors: amounts falling due within one year 5 (135,068) (158,116)
Net current liabilities (3,691) (16,947)
Net assets 64,481 55,949
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 63,481 54,949
Shareholders' funds 64,481 55,949
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr JM Kettel
Director
Approved by the board on 28 February 2018
Toplink Envelopes Ltd
Notes to the Accounts
for the year ended 30 September 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Intangible fixed assets £
Goodwill:
Cost
At 1 October 2016 45,000
At 30 September 2017 45,000
Amortisation
At 1 October 2016 30,025
Provided during the year 2,250
At 30 September 2017 32,275
Net book value
At 30 September 2017 12,725
At 30 September 2016 14,975
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 October 2016 7,016 365,667 8,595 381,278
Additions - 14,046 1,495 15,541
At 30 September 2017 7,016 379,713 10,090 396,819
Depreciation
At 1 October 2016 5,798 310,797 6,762 323,357
Charge for the year - 17,183 832 18,015
At 30 September 2017 5,798 327,980 7,594 341,372
Net book value
At 30 September 2017 1,218 51,733 2,496 55,447
At 30 September 2016 1,218 54,870 1,833 57,921
4 Debtors 2017 2016
£ £
Trade debtors 76,047 78,902
Other debtors 1,051 1,099
77,098 80,001
5 Creditors: amounts falling due within one year 2017 2016
£ £
Trade creditors 57,015 74,524
Corporation tax 626 -
Other taxes and social security costs 9,760 5,302
VAT 4,261 11,336
Directors loan account 55,187 55,595
Other creditors 8,219 11,359
135,068 158,116
6 Other information
Toplink Envelopes Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Trident Works
Marsh Lane
Temple Cloud
Bristol
BS39 5AZ
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