Toolcraft (Chester) Limited 30/11/2017 iXBRL
Toolcraft (Chester) Limited 30/11/2017 iXBRL
Company registration number:
04591468
Unaudited filleted financial statements
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Directors and other information
Director |
|
|
Company number |
|
|
Registered office |
|
|
|
||
|
||
|
||
Accountants |
|
|
Cholmondeley House | ||
Dee Hills Park | ||
Chester | ||
CH3 5AR | ||
Bankers |
|
|
33 Eastgate Street | ||
Chester | ||
CH1 1LG | ||
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of Toolcraft (Chester) Limited
Year ended 30 November 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Toolcraft (Chester) Limited for the year ended 30 November 2017 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
This report is made solely to the director of Toolcraft (Chester) Limited, as a body, in accordance with the terms of our engagement letter dated 2 June 2005. Our work has been undertaken solely to prepare for your approval the financial statements of Toolcraft (Chester) Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Toolcraft (Chester) Limited and its director as a body for our work or for this report.
It is your duty to ensure that Toolcraft (Chester) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Toolcraft (Chester) Limited. You consider that Toolcraft (Chester) 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 financial statements of Toolcraft (Chester) 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 financial statements.
Chartered Accountants
Cholmondeley House
Dee Hills Park
Chester
CH3 5AR
4 April 2018
Statement of financial position
30 November 2017
2017 | 2016 | ||||||||
Note | £ | £ | £ | £ | |||||
Fixed assets | |||||||||
Intangible assets | 5 | - |
|
||||||
Tangible assets | 6 | - |
|
||||||
_______ | _______ | ||||||||
- |
|
||||||||
Current assets | |||||||||
Stocks | - |
|
|||||||
Cash at bank and in hand |
|
|
|||||||
_______ | _______ | ||||||||
|
|
||||||||
Creditors: amounts falling due | |||||||||
within one year | 7 |
(
|
(
|
||||||
_______ | _______ | ||||||||
Net current assets |
|
|
|||||||
_______ | _______ | ||||||||
Total assets less current liabilities |
|
|
|||||||
Provisions for liabilities | - |
(
|
|||||||
_______ | _______ | ||||||||
Net assets |
|
|
|||||||
_______ | _______ | ||||||||
Capital and reserves | |||||||||
Called up share capital |
|
|
|||||||
Profit and loss account |
|
|
|||||||
_______ | _______ | ||||||||
Shareholder funds |
|
|
|||||||
_______ | _______ | ||||||||
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
04 April 2018
, and are signed on behalf of the board by:
Director
Company registration number:
04591468
Notes to the financial statements
Year ended 30 November 2017
1.
General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Hargreaves & Woods, Cholmondeley House, Dee Hills Park, Chester, CH3 5AR.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 December 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
Goodwill
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill | - |
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
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:
Plant and machinery | - |
|
|
|
Fittings fixtures and equipment | - |
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets. 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 are 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.
Stocks
Provisions
Financial instruments
4.
Staff costs
The average number of persons employed by the company during the year amounted to
1
(2016:
1
).
5.
Intangible assets
Goodwill | Total | ||
£ | £ | ||
Cost | |||
At 1 December 2016 |
|
|
|
Disposals | (11,491) | (11,491) | |
_______ | _______ | ||
At 30 November 2017 | - | - | |
_______ | _______ | ||
Amortisation | |||
At 1 December 2016 |
|
|
|
Disposals |
(
|
(
|
|
_______ | _______ | ||
At 30 November 2017 | - | - | |
_______ | _______ | ||
Carrying amount | |||
At 30 November 2017 | - | - | |
_______ | _______ | ||
At 30 November 2016 |
|
|
|
_______ | _______ | ||
6.
Tangible assets
Plant and machinery | Fixtures, fittings and equipment | Total | ||
£ | £ | £ | ||
Cost | ||||
At 1 December 2016 |
|
|
|
|
Disposals |
(
|
(
|
(
|
|
_______ | _______ | _______ | ||
At 30 November 2017 | - | - | - | |
_______ | _______ | _______ | ||
Depreciation | ||||
At 1 December 2016 |
|
|
|
|
Disposals |
(
|
(
|
(
|
|
_______ | _______ | _______ | ||
At 30 November 2017 | - | - | - | |
_______ | _______ | _______ | ||
Carrying amount | ||||
At 30 November 2017 | - | - | - | |
_______ | _______ | _______ | ||
At 30 November 2016 |
|
|
|
|
_______ | _______ | _______ | ||
7.
Creditors: amounts falling due within one year
2017 | 2016 | |||
£ | £ | |||
Trade creditors | - |
|
||
Other creditors |
|
|
||
_______ | _______ | |||
|
|
|||
_______ | _______ | |||
8.
Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company: | ||||
2017 | ||||
Balance brought forward | Advances /(credits) to the director | Balance o/standing | ||
£ | £ | £ | ||
|
(
|
(
|
(
|
|
_______ | _______ | _______ | ||
2016 | ||||
Balance brought forward | Advances /(credits) to the director | Balance o/standing | ||
£ | £ | £ | ||
|
(
|
|
(
|
|
_______ | _______ | _______ | ||
9.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 December 2015.
Reconciliation of equity
No transitional adjustments were required.
Reconciliation of profit or loss for the year
No transitional adjustments were required.