Tone Control Limited Small abridged accounts

Tone Control Limited Small abridged accounts

TONE CONTROL LIMITED - Company Information

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STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS
All of the members of Tone Control Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30th September 2017 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 02108371
TONE CONTROL LIMITED
UNAUDITED ABRIDGED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 September 2017
TONE CONTROL LIMITED
ABRIDGED FINANCIAL STATEMENTS
YEAR ENDED 30th SEPTEMBER 2017
Contents
Page
Officers and professional advisers
1
Directors' report
2
Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory abridged financial statements
3
Abridged statement of income and retained earnings
4
Abridged statement of financial position
5
Notes to the abridged financial statements
7
The following pages do not form part of the abridged financial statements
Detailed abridged income statement
11
TONE CONTROL LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
J A Ferne
A J Ferne
Company secretary
J A Ferne
Registered office
24 Queens Place
Shoreham-by-Sea
West Sussex
BN43 5AA
Accountants
Cloke & Co
Chartered Certified Accountants
475 Salisbury House
London Wall
London
EC2M 5QQ
TONE CONTROL LIMITED
DIRECTORS' REPORT
YEAR ENDED 30th SEPTEMBER 2017
The directors present their report and the unaudited abridged financial statements of the company for the year ended 30 September 2017 .
Directors
The directors who served the company during the year were as follows:
J A Ferne
A J Ferne
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 1 May 2018 and signed on behalf of the board by:
A J Ferne
Director
Registered office:
24 Queens Place
Shoreham-by-Sea
West Sussex
BN43 5AA
TONE CONTROL LIMITED
CHARTERED CERTIFIED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF TONE CONTROL LIMITED
YEAR ENDED 30th SEPTEMBER 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Tone Control Limited for the year ended 30th September 2017, which comprise the abridged statement of income and retained earnings, abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the Board of Directors of Tone Control Limited, as a body, in accordance with the terms of our engagement letter dated 24th August 2017. Our work has been undertaken solely to prepare for your approval the abridged financial statements of Tone Control Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tone Control Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Tone Control Limited has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Tone Control Limited. You consider that Tone Control 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 abridged financial statements of Tone Control 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 abridged financial statements.
Cloke & Co Chartered Certified Accountants
475 Salisbury House London Wall London EC2M 5QQ
3 May 2018
TONE CONTROL LIMITED
ABRIDGED STATEMENT OF INCOME AND RETAINED EARNINGS
YEAR ENDED 30th SEPTEMBER 2017
2017
2016
Note
£
£
GROSS PROFIT
6,261
5,083
Administrative expenses
( 4,933)
( 6,053)
-------
-------
OPERATING PROFIT/(LOSS)
1,328
( 970)
-------
-------
PROFIT/(LOSS) BEFORE TAXATION
4
1,328
( 970)
Tax on profit/(loss)
–
–
-------
----
PROFIT/(LOSS) FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME
1,328
( 970)
-------
----
RETAINED LOSSES AT THE START OF THE YEAR
( 5,490)
( 4,520)
-------
-------
RETAINED LOSSES AT THE END OF THE YEAR
( 4,162)
( 5,490)
-------
-------
All the activities of the company are from continuing operations.
TONE CONTROL LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION
30 September 2017
2017
2016
Note
£
£
£
FIXED ASSETS
Tangible assets
5
3,939
762
CURRENT ASSETS
Debtors
1,519
902
Cash at bank and in hand
322
629
-------
-------
1,841
1,531
CREDITORS: amounts falling due within one year
9,842
7,683
-------
-------
NET CURRENT LIABILITIES
8,001
6,152
-------
-------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 4,062)
( 5,390)
-------
-------
NET LIABILITIES
( 4,062)
( 5,390)
-------
-------
TONE CONTROL LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)
30 September 2017
2017
2016
Note
£
£
£
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
( 4,162)
( 5,490)
-------
-------
SHAREHOLDERS DEFICIT
( 4,062)
( 5,390)
-------
-------
These abridged financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 30th September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
These abridged financial statements were approved by the board of directors and authorised for issue on 1 May 2018 , and are signed on behalf of the board by:
A J Ferne
Director
Company registration number: 02108371
TONE CONTROL LIMITED
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
YEAR ENDED 30th SEPTEMBER 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 24 Queens Place, Shoreham-by-Sea, West Sussex, BN43 5AA.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1st October 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
Revenue recognition
The turnover shown in the profit and loss account represents the value of sales, exclusive of Value Added Tax.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.
4. Profit before taxation
Profit/(loss) before taxation is stated after charging:
2017
2016
£
£
Depreciation of tangible assets
985
191
----
----
5. Tangible assets
£
Cost
At 1st October 2016
5,716
Additions
4,162
-------
At 30th September 2017
9,878
-------
Depreciation
At 1st October 2016
4,954
Charge for the year
985
-------
At 30th September 2017
5,939
-------
Carrying amount
At 30th September 2017
3,939
-------
At 30th September 2016
762
-------
6. Going concern
The financial statements have been prepared on the going concern basis, based on the continued support of the Directors.
7. Directors' advances, credits and guarantees
Included within other creditors is £8,900 (2016 - £6,921) due to the Directors .
8. Related party transactions
The company was under the control of Mr A J Ferne throughout the current period. Mr Ferne is the managing director and majority shareholder.
9. Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1st October 2015.
No transitional adjustments were required in equity or profit or loss for the year.
TONE CONTROL LIMITED
MANAGEMENT INFORMATION
YEAR ENDED 30th SEPTEMBER 2017
The following pages do not form part of the abridged financial statements.
TONE CONTROL LIMITED
DETAILED ABRIDGED INCOME STATEMENT
YEAR ENDED 30th SEPTEMBER 2017
2017
2016
£
£
TURNOVER
6,261
5,083
-------
-------
GROSS PROFIT
6,261
5,083
OVERHEADS
ADMINISTRATIVE EXPENSES
Use of office at home
728
728
Insurance
31
1,500
Cleaning costs
50
158
Motor expenses
421
217
Travel and subsistence
288
642
Telephone
749
422
Computer expenses
481
903
Printing postage and stationery
154
123
Sundry expenses
18
13
Subscriptions
168
205
Bank charges
80
88
Accountancy fees
780
863
Depreciation of tangible assets
985
191
-------
-------
4,933
6,053
-------
----
OPERATING PROFIT/(LOSS)
1,328
( 970)
-------
----
PROFIT/(LOSS) BEFORE TAXATION
1,328
(970)
-------
----