Triumph Needle Company Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 01349975 (England and Wales)

Unaudited Financial Statements

for the Year Ended

31 March 2018

for

Triumph Needle Company Limited

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

J E Neale

J M Neale

A J May

SECRETARY:

J M Neale

REGISTERED OFFICE:

Unit 23 Craftsman's Way

The Warren

East Goscote

Leicester

Leicestershire

LE7 3SL

REGISTERED NUMBER:

01349975 (England and Wales)

ACCOUNTANTS:

The Rowleys Partnership Ltd

Chartered Accountants

Charnwood House

Harcourt Way

Meridian Business Park

Leicester

Leicestershire

LE19 1WP

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain

other primary statements and the Report of the Directors are not required to be filed with the

Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your

approval the financial statements of Triumph Needle Company Limited for the year ended 31 March 2018

which comprise the Income Statement, Balance Sheet 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Triumph Needle Company Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Triumph Needle Company Limited and state those matters that we have agreed to state to the Board of Directors of Triumph Needle Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Triumph Needle Company Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Triumph Needle Company 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 profit of Triumph Needle Company Limited. You consider that Triumph Needle Company 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 Triumph Needle Company 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.

The Rowleys Partnership Ltd

Chartered Accountants

Charnwood House

Harcourt Way

Meridian Business Park

Leicester

Leicestershire

LE19 1WP

22 June 2018

FIXED ASSETS

Tangible assets

4

41,292

21,619

CURRENT ASSETS

Stocks

205,681

217,963

Debtors

5

207,717

123,518

Cash at bank and in hand

222,907

140,299

636,305

481,780

CREDITORS

Amounts falling due within one year

6

382,546

251,469

NET CURRENT ASSETS

253,759

230,311

TOTAL ASSETS LESS CURRENT LIABILITIES

295,051

251,930

CREDITORS

Amounts falling due after more than one year

7

(5,345

)

(7,250

)

PROVISIONS FOR LIABILITIES

(3,557

)

(4,158

)

NET ASSETS

286,149

240,522

CAPITAL AND RESERVES

Called up share capital

9

50,000

50,000

Capital redemption reserve

21,742

21,742

Retained earnings

214,407

168,780

SHAREHOLDERS' FUNDS

286,149

240,522

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 22 June 2018 and were signed on its behalf by:

J E Neale - Director

1.	STATUTORY INFORMATION

Triumph Needle Company Limited 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 financial statements have been prepared under the historical cost convention.

Turnover

Turnover net of value added tax is recognised when the goods are physically delivered to the

customer.

Tangible fixed assets

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

Improvements to property

-

over the term of the lease

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

33% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

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 balance sheet date.

Deferred tax

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

at the balance sheet 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling

at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate

of exchange ruling at the date of transaction. Exchange differences are taken into account in

arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets

and depreciated over the shorter of the lease term and their useful lives. Obligations under such

agreements are included in creditors net of the finance charge allocated to future periods. The

finance element of the rental payment is charged to the profit and loss account so as to produce

constant periodic rates of charge on the net obligations outstanding in each period.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2017 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 April 2017

2,335

2,158

38,707

Additions

-

-

22,570

At 31 March 2018

2,335

2,158

61,277

DEPRECIATION

At 1 April 2017

2,335

36

34,298

Charge for year

-

424

880

At 31 March 2018

2,335

460

35,178

NET BOOK VALUE

At 31 March 2018

-

1,698

26,099

At 31 March 2017

-

2,122

4,409

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2017

13,002

18,655

74,857

Additions

-

3,872

26,442

At 31 March 2018

13,002

22,527

101,299

DEPRECIATION

At 1 April 2017

4,334

12,235

53,238

Charge for year

2,889

2,576

6,769

At 31 March 2018

7,223

14,811

60,007

NET BOOK VALUE

At 31 March 2018

5,779

7,716

41,292

At 31 March 2017

8,668

6,420

21,619

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade debtors

188,731

110,540

Other debtors

5,294

1,665

Prepayments and accrued income

13,692

11,313

207,717

123,518

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Hire purchase contracts

2,445

2,481

Trade creditors

193,392

118,954

Corporation tax

15,766

4,638

Social security and other taxes

6,586

6,300

VAT

85,040

58,412

Other creditors

15,995

14,681

Directors' current accounts

43,892

37,703

Accruals and deferred income

19,430

8,300

382,546

251,469

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.18

31.3.17

£

£

Hire purchase contracts

5,345

7,250

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.18

31.3.17

£

£

Hire purchase contracts

7,790

9,731

Amounts owed under hire purchase are secured on the assets to which they relate.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.18

31.3.17

value:

£

£

50,000

Ordinary

£1

50,000

50,000

10.	OTHER FINANCIAL COMMITMENTS

The company had total guarantees and commitments at the balance sheet date of £63,571 (2017 -

£54,968).