TANT_LABORATORIES_LIMITED - Accounts
TANT_LABORATORIES_LIMITED - Accounts
The directors present their annual report and financial statements for the year ended 31 December 2017.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
Tant Laboratories Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 8, Bedwas Business Centre, Bedwas, CAERPHILLY, Mid Glamorgan, UK, CF83 8DU.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.
The company has not traded during the year or the preceding financial period. During this time the company received no income and incurred no expenditure and therefore no Profit and loss account is presented in these financial statements.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Included in trade debtors is a balance of £3,045,140 (2016: £3,045,140) due from Lenstec Optical Group Limited, the ultimate parent company.
The ultimate parent company is Lenstec Optical Group Limited, a company registered in England & Wales.
The ultimate controlling party is considered to be Mr N Castle due to his shareholding in Lenstec Optical Group Limited.
The consolidated accounts of Lenstec Optical Group Limited are publicly available and can be obtained from Companies House, Crown Way Maindy, Cardiff.