R.G. FOSTER TEXTILE MACHINERY LIMITED

R.G. FOSTER TEXTILE MACHINERY LIMITED

R.G. FOSTER TEXTILE MACHINERY LIMITED - Company Information

Print Friendly Version

R.G. FOSTER TEXTILE MACHINERY LIMITED

Company Registration Number:
01292470 (England and Wales)

Unaudited abridged accounts for the year ended 31 December 2017

Period of accounts

Start date: 01 January 2017

End date: 31 December 2017

R.G. FOSTER TEXTILE MACHINERY LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2017

Balance sheet
Notes

R.G. FOSTER TEXTILE MACHINERY LIMITED

Balance sheet

As at 31 December 2017


Notes
2017
2016


£
£
Fixed assets
Tangible assets: 3 1,507,982 1,504,493
Total fixed assets: 1,507,982 1,504,493
Current assets
Stocks: 144,070 437,886
Debtors:   107,796 475,581
Cash at bank and in hand: 184,436 46,522
Total current assets: 436,302 959,989
Creditors: amounts falling due within one year:   (104,052) (645,595)
Net current assets (liabilities): 332,250 314,394
Total assets less current liabilities: 1,840,232 1,818,887
Provision for liabilities: (135,348) (141,301)
Total net assets (liabilities): 1,704,884 1,677,586
Capital and reserves
Called up share capital: 250,004 250,004
Profit and loss account: 1,454,880 1,427,582
Shareholders funds: 1,704,884 1,677,586

The notes form part of these financial statements

R.G. FOSTER TEXTILE MACHINERY LIMITED

Balance sheet statements

For the year ending 31 December 2017 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 21 September 2018
and signed on behalf of the board by:

Name: Mr R G Foster
Status: Director

The notes form part of these financial statements

R.G. FOSTER TEXTILE MACHINERY LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2017

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets and depreciation policy

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Equipment - 25% on costTangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Valuation and information policy

Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit or loss.The directors have considered the fair value of freehold property at the reporting date to be £1,504,493. This fair value has been calculated based upon historic purchase price and review of trends in the property market. No professional valuation has been obtained, the methods and significant assumptions applied in determining the fair value of the freehold property include consideration into; property market trends local to the property, freehold recent property sales local to the freehold property, rental yield of the property and the condition of the property.

Other accounting policies

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

R.G. FOSTER TEXTILE MACHINERY LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2017

2. Employees

2017 2016
Average number of employees during the period 3 4

R.G. FOSTER TEXTILE MACHINERY LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2017

3. Tangible Assets

Total
Cost £
At 01 January 2017 1,504,493
Additions 4,652
At 31 December 2017 1,509,145
Depreciation
At 01 January 2017 0
Charge for year 1,163
At 31 December 2017 1,163
Net book value
At 31 December 2017 1,507,982
At 31 December 2016 1,504,493

The directors consider a realistic value of the freehold property to be £1,504,493.Historical cost as at 31 December 2017 was £2,005,210.

R.G. FOSTER TEXTILE MACHINERY LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2017

4. Loans to directors

Name of director receiving advance or credit: Mr R Gregory & Mr R G Foster
Description of the loan: The following advances and credits to directors subsisted during the years ended 31 December 2017:
£
Balance at 01 January 2017 50,531
Advances or credits made: 32,412
Advances or credits repaid: 17,331
Balance at 31 December 2017 65,612

R.G. FOSTER TEXTILE MACHINERY LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2017

5. Related party transactions

During the year, the company had transactions with the FTM pension fund for which the directors are beneficiaries. The amount outstanding at the year end was -£12,005 (2016: £33,612).