Toby Engineering Ltd 30/09/2017 iXBRL

Toby Engineering Ltd 30/09/2017 iXBRL

TOBY ENGINEERING LTD - Company Information

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30/09/2017 2017-09-30 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2016-09-12 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 10371471 2016-09-12 2017-09-30 10371471 2017-09-30 10371471 bus:Director1 2016-09-12 2017-09-30 10371471 bus:Director2 2016-09-12 2017-09-30 10371471 core:FurnitureFittingsToolsEquipment 2017-09-30 10371471 core:ShareCapital 2016-09-12 2017-09-30 10371471 core:RetainedEarningsAccumulatedLosses 2016-09-12 2017-09-30 10371471 core:WithinOneYear 2017-09-30 10371471 core:ShareCapital 2017-09-30 10371471 core:RetainedEarningsAccumulatedLosses 2017-09-30 10371471 core:FurnitureFittingsToolsEquipment 2016-09-12 2017-09-30 10371471 bus:Director1 2017-09-30 10371471 bus:Director2 2017-09-30 10371471 bus:SmallEntities 2016-09-12 2017-09-30 10371471 bus:AuditExempt-NoAccountantsReport 2016-09-12 2017-09-30 10371471 bus:FullAccounts 2016-09-12 2017-09-30 10371471 bus:SmallCompaniesRegimeForAccounts 2016-09-12 2017-09-30 10371471 bus:PrivateLimitedCompanyLtd 2016-09-12 2017-09-30
Company registration number: 10371471
Toby Engineering Ltd
Unaudited filleted financial statements
30 September 2017
Toby Engineering Ltd
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Toby Engineering Ltd
Statement of financial position
30 September 2017
30/09/17
Note £ £
Fixed assets
Tangible assets 4 762
_______
762
Current assets
Debtors 5 11,781
Cash at bank and in hand 406
_______
12,187
Creditors: amounts falling due
within one year 6 ( 3,726)
_______
Net current assets 8,461
_______
Total assets less current liabilities 9,223
Provisions for liabilities ( 57)
_______
Net assets 9,166
_______
Capital and reserves
Called up share capital 2
Profit and loss account 9,164
_______
Shareholders funds 9,166
_______
For the period ending 30 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 financial statements for the period 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 financial statements.
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 04 June 2018 , and are signed on behalf of the board by:
Mr T Lodge
Director
Company registration number: 10371471
Toby Engineering Ltd
Statement of changes in equity
Period 12 September 2016 to 30 September 2017
Called up share capital Profit and loss account Total
£ £ £
At 12 September 2016 - - -
Profit for the period 9,164 9,164
_______ _______ _______
Total comprehensive income for the period - 9,164 9,164
Issue of shares 2 2
_______ _______ _______
Total investments by and distributions to owners 2 - 2
_______ _______ _______
At 30 September 2017 2 9,164 9,166
_______ _______ _______
Toby Engineering Ltd
Notes to the financial statements
Period 12 September 2016 to 30 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 11 Oakford, Kingsteignton, Newton Abbot, Devon, TQ12 3EQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
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 and the provision of services is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods or the provision of the services, 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
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Plant and equipment - 25% reducing balance
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
4. Tangible assets
Plant and equipment Total
£ £
Cost
At 12 September 2016 - -
Additions 1,016 1,016
_______ _______
At 30 September 2017 1,016 1,016
_______ _______
Depreciation
At 12 September 2016 - -
Charge for the year 254 254
_______ _______
At 30 September 2017 254 254
_______ _______
Carrying amount
At 30 September 2017 762 762
_______ _______
5. Debtors
30/09/17
£
Trade debtors 1,015
Other debtors 10,766
_______
11,781
_______
6. Creditors: amounts falling due within one year
30/09/17
£
Corporation tax 2,166
Other creditors 1,560
_______
3,726
_______
7. Directors' advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
Period ended 30/09/17
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr T Lodge - 11,278 ( 6,468) 4,810
Mrs A A Lodge - 5,270 - 5,270
_______ _______ _______ _______
- 16,548 ( 6,468) 10,080
_______ _______ _______ _______