T J Skips Ltd - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 09732426 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2017

FOR

T J SKIPS LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

T J Strevens

J E B Strevens

SECRETARY:

Mrs J A Strevens

REGISTERED OFFICE:

Unit Q Newington Industrial Estate

London Road

Newington

SITTINGBOURNE

Kent

ME9 7NU

REGISTERED NUMBER:

09732426 (England and Wales)

ACCOUNTANTS:

McCabe Ford Williams

Chartered Accountants

Bank Chambers

1 Central Avenue

Sittingbourne

Kent

ME10 4AE

FIXED ASSETS

Tangible assets

5

14,855

9,521

CURRENT ASSETS

Debtors

6

31,752

30,632

Cash at bank and in hand

35,859

37,990

67,611

68,622

CREDITORS

Amounts falling due within one year

7

51,871

60,267

NET CURRENT ASSETS

15,740

8,355

TOTAL ASSETS LESS CURRENT LIABILITIES

30,595

17,876

PROVISIONS FOR LIABILITIES

2,363

1,904

NET ASSETS

28,232

15,972

CAPITAL AND RESERVES

Called up share capital

8

1

1

Retained earnings

28,231

15,971

SHAREHOLDERS' FUNDS

28,232

15,972

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 2 May 2018 and were signed on its behalf by:

T J Strevens - Director

1.	STATUTORY INFORMATION

T J Skips Ltd 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.	STATEMENT OF COMPLIANCE

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 transition to FRS102 took place on 13 August 2015. The date of transition to FRS 102 is the date of incorporation of the company and accordingly there are no transition adjustments to report.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Tangible fixed assets

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

Plant and machinery

-

straight line over 10 years

Motor vehicles

-

20% on reducing balance

Computer equipment

-

straight line over 3 years

Financial instruments

The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade

and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

a) Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective

interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be

immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

b) Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

c) Impairment of financial assets

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for

objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or

loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's

carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a

financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective

interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an

asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive

for the asset if it were to be sold at the reporting date.

d) Trade and other creditors

Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and

subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year,

typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other

consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing

transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is

not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and

subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt

instrument.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an

enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset

and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of

financial position 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed, to determine

whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the

recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost

to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the

asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Inventories are also assessed for impairment at each reporting date. Each item of inventory is compared to the last sold

date and an impairment loss recognised on a percentage basis in profit and loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to

the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no

impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss

is recognised immediately in profit and loss.

Significant Judgements and Estimates

In the application of the company's accounting policies, management is required to make judgements, estimates and

assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The

estimates and underlying assumptions are based on historical experience and other factors that are considered relevant.

Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing

basis. Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision

affects only that period or in the period of the revision and future periods if the revision affects both current and future

periods. There are no key sources of estimation uncertainty that have a significant effect on the amounts recognised in the

financial statements.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 .

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 September 2016

8,357

2,500

-

10,857

Additions

6,260

-

739

6,999

At 31 August 2017

14,617

2,500

739

17,856

DEPRECIATION

At 1 September 2016

836

500

-

1,336

Charge for year

1,039

400

226

1,665

At 31 August 2017

1,875

900

226

3,001

NET BOOK VALUE

At 31 August 2017

12,742

1,600

513

14,855

At 31 August 2016

7,521

2,000

-

9,521

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.17

31.8.16

£

£

Trade debtors

22,272

21,831

Other debtors

1,140

2,746

Accruals

2,030

-

Prepayments

6,310

6,055

31,752

30,632

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.17

31.8.16

£

£

Trade creditors

4,538

5,495

Other taxes and PAYE taxes

5,154

5,439

VAT

5,092

5,427

Other creditors

8,750

6,463

Directors' Current Accounts

22,849

34,100

Deferred income

4,738

2,405

Accrued expenses

750

938

51,871

60,267

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.17

31.8.16

value:

£

£

100

Ordinary

£0.01

1

1

9.	ULTIMATE CONTROLLING PARTY

The controlling party is T J Strevens.