C W Tomkins Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 06340001 (England and Wales)

C W TOMKINS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2017

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

9

DIRECTOR:

C W Tomkins

SECRETARY:

Mrs D Todorovic

REGISTERED OFFICE:

3 Castlegate

Grantham

Lincolnshire

NG31 6SF

BUSINESS ADDRESS:

2 Quarry Cottage

Apethorpe

Peterborough

PE8 5DA

REGISTERED NUMBER:

06340001 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

14 All Saints Street

Stamford

Lincolnshire

PE9 2PA

BANKERS:

TSB

30-31 Long Causeway

Peterborough

Cambridgeshire

PE1 1XP

FIXED ASSETS

Tangible assets

4

65,314

59,064

Investments

5

533,730

533,730

Investment property

6

525,000

525,000

1,124,044

1,117,794

CURRENT ASSETS

Stocks

601,702

570,509

Debtors

7

279,944

286,661

Cash at bank

-

7,219

881,646

864,389

CREDITORS

Amounts falling due within one year

8

(1,176,726

)

(1,084,060

)

NET CURRENT LIABILITIES

(295,080

)

(219,671

)

TOTAL ASSETS LESS CURRENT LIABILITIES

828,964

898,123

CREDITORS

Amounts falling due after more than one year

9

(81,211

)

(89,649

)

PROVISIONS FOR LIABILITIES

(55,000

)

(60,000

)

NET ASSETS

692,753

748,474

CAPITAL AND RESERVES

Called up share capital

11

1

1

Share premium

1,321,517

1,321,517

Profit and loss reserve - non distributable

312,432

307,432

Retained earnings

(941,197

)

(880,476

)

SHAREHOLDERS' FUNDS

692,753

748,474

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director on 16 April 2018 and were signed by:

C W Tomkins - Director

1.	STATUTORY INFORMATION

C W Tomkins Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 under the historical cost convention as modified by the revaluation of certain assets.

At the balance sheet date the company had net current liabilities of £295,080 (2016: £219,671). Net current

liabilities include £564,766 (2016: £570,379) owing to C W Tomkins and £551,400 (2016: £477,500) owing to

Stall-Mech Engineering Services Limited.

Stall-Mech Engineering Services Limited is a subsidiary of C W Tomkins Limited who own 100% of the issued

share capital.C W Tomkins, the director of Stall-Mech Engineering Services Limited, owns 100% of the issued

share capital of C W Tomkins Limited.

The director of C W Tomkins Limited considers the financial statements should be prepared on a going concern

basis because;

- the director of Stall-Mech Engineering Services Limited has given an undertaking not to withdraw monies

owed by C W Tomkins Limited to Stall-Mech Engineering Services Limited if it would prejudice the ability of C

W Tomkins Limited to continue as a going concern.

- C W Tomkins has given an undertaking not to withdraw monies lent to the company if it would prejudice the

company to continue as a going concern.

- in his opinion the company will achieve profitability in future periods.

The financial statements for the year ended 30 June 2017 are the first financial statements of C W Tomkins

Limited prepared in accordance with FRS 102.

Preparation of consolidated financial statements

The financial statements contain information about C W Tomkins Limited as an individual company and do not

contain consolidated financial information as the parent of a group. The company has taken the option under

Section 398 of the Companies Act 2006 not to prepare consolidated 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost and not provided

Shipping containers

-

20% on reducing balance

Plant and machinery

-

20% on reducing balance

Office equipment

-

33% on cost and 20% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less impairment.

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.

Stocks

Stocks are stated at the lower of cost and fair value less costs to complete and sell after making due allowance

for slow moving and obsolete items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

Fixed asset investments

Fixed asset investments represent long term investments and are stated at cost less impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2016 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Shipping

Plant and

Office

property

containers

machinery

equipment

Totals

£

£

£

£

£

COST

At 1 July 2016

56,320

6,300

7,448

6,129

76,197

Additions

-

1,250

9,473

392

11,115

At 30 June 2017

56,320

7,550

16,921

6,521

87,312

DEPRECIATION

At 1 July 2016

7,098

1,352

4,929

3,754

17,133

Charge for year

1,126

1,211

1,616

912

4,865

At 30 June 2017

8,224

2,563

6,545

4,666

21,998

NET BOOK VALUE

At 30 June 2017

48,096

4,987

10,376

1,855

65,314

At 30 June 2016

49,222

4,948

2,519

2,375

59,064

5.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

£

£

COST

At 1 July 2016

and 30 June 2017

533,722

8

533,730

NET BOOK VALUE

At 30 June 2017

533,722

8

533,730

At 30 June 2016

533,722

8

533,730

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2016

and 30 June 2017

525,000

NET BOOK VALUE

At 30 June 2017

525,000

At 30 June 2016

525,000

Fair value at 30 June 2017 is represented by:

£

Valuation in 2016

367,432

Cost

157,568

525,000

If investment property had not been revalued it would have been included at the following historical cost:

2017

2016

£

£

Cost

157,568

157,568

Investment property was valued on an open market basis on 30 June 2017 by the director .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

9,750

2,658

Amounts owed by group undertakings

256,134

264,025

Other debtors

4,089

1,926

Prepayments and accrued income

9,971

18,052

279,944

286,661

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

12,846

8,471

Trade creditors

41,592

22,134

Amounts owed to group undertakings

551,400

477,500

Other taxes and social security

806

801

Other creditors

91

93

Director's current account

564,766

570,379

Accruals and deferred income

5,225

4,682

1,176,726

1,084,060

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans - 2-5 years

37,846

33,883

Bank loans - more than 5 years

43,365

55,766

81,211

89,649

2017

2016

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans - more than 5 years

43,365

55,766

10.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

90,673

98,120

The bank loan is secured on the company's investment properties and tangible fixed assets.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

1

Ordinary

£1

1

1

12.	RELATED PARTY DISCLOSURES

At the balance sheet date the company owed the director £564,766 (2016: £570,379).

13.	FIRST YEAR ADOPTION

This is the first year that the company has presented its results under FRS 102 Section 1A. The last financial

statements under the UK GAAP were for the year ended 30 June 2016. The date of transition to FRS 102

Section 1A was 1 July 2015. Set out below are the changes in accounting policies which reconcile profit for the

financial year ended 30 June 2016 and the total equity as at 1 July 2015 and 30 June 2016 between UK GAAP as

previously reported and FRS 102 Section 1A.

Reconciliation of equity

2016

2015

Note

£

£

Capital and reserves (as previously stated)

420,406

460,670

Deferred tax provided on investment property

(i)

(60,000

)

(60,000

Reclassification of properties

(ii)

388,068

385,674

Capital and reserves (as restated)

748,474

786,344

Reconciliation of loss for the year

2016

Note

£

Loss for the year (as previously stated)

(40,264

)

Depreciation reversed following reclassification

(ii)

2,394

Loss for the year (as restated)

(37,870

)

(i) Deferred taxation

Revaluation of property

Under previous UK GAAP the company was not required to provide for taxation on revaluations, unless the

company had entered into a binding sale agreement and recognised the gain or loss expected to arise. Under

FRS 102 Section 1A deferred taxation is provided on the temporary difference arising from the revaluation. A

deferred tax provision of £60,000 arose on transition to FRS 102 Section 1A.

(ii) Reclassification of properties

Under FRS 102 Section 1A certain freehold property held by the company is now accounted for as investment

property from the date of transition. Accumulated depreciation of £18,242 was added back to reserves at the

date of transition and a further reversal of depreciation of £2,395 was made for the charge for the year to 30

June 2016. The properties were revalued upwards of £367,431 to fair value resulting in a total increase in

reserves of £388,068.