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REGISTERED NUMBER:
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TYPHOON LIMITED |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017 |
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REGISTERED NUMBER:
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TYPHOON LIMITED |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017 |
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TYPHOON LIMITED (REGISTERED NUMBER: 01013702) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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TYPHOON LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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TYPHOON LIMITED (REGISTERED NUMBER: 01013702) |
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BALANCE SHEET |
30 JUNE 2017 |
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2017 | 2016 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
TYPHOON LIMITED (REGISTERED NUMBER: 01013702) |
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BALANCE SHEET - continued |
30 JUNE 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
behalf by: |
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TYPHOON LIMITED (REGISTERED NUMBER: 01013702) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2017 |
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1. | STATUTORY INFORMATION |
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Typhoon Limited is a
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company's registered number and registered office address can be found on the Company Information |
page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
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Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of |
the goods has transferred to the buyer. This is usually at the point that the customer has signed for the |
delivery of the goods. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
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Taxation |
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the |
current or past reporting periods using tax rates that have been enacted or substantively enacted by |
the reporting date. |
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Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax |
losses and other deferred tax assets are recognised only to the extent that it is probable that they will |
be recovered against future taxable profits or against the reversal of deferred tax liabilities. |
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Deferred tax relating to a non-depreciable asset that is measured using the revaluation model, or to |
investment properties measured at fair value, is measured using the tax rates and allowances that |
apply to the sale of the asset. |
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In a business combination, a deferred tax liability or asset is recognised for the additional tax that will |
be paid or avoided in respect of that difference. The amount that is attributable to goodwill is adjusted |
by the amount of the deferred tax recognised. |
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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. |
TYPHOON LIMITED (REGISTERED NUMBER: 01013702) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Trade and other receivables |
Trade and other receivables are measured at transaction price less any impairment unless the |
arrangement constitutes a financing transaction in which case the transaction is measured at the |
present value of the future receipts discounted at the prevailing market rate of interest . Loans are |
initially measured at fair value and are subsequently measured at amortised cost using the effective |
interest method less any impairment. |
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Trade and other payables |
Trade and other payables are measured at their transaction price unless the arrangement constitutes a |
financing transaction in which case the transaction is measured at present value of future payments |
discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair |
value net of their transaction costs. They are subsequently measured at amortised cost using the |
effective interest method. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 July 2016 |
and 30 June 2017 |
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DEPRECIATION |
At 1 July 2016 |
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Charge for year |
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At 30 June 2017 |
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NET BOOK VALUE |
At 30 June 2017 |
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At 30 June 2016 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Prepayments |
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TYPHOON LIMITED (REGISTERED NUMBER: 01013702) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2017 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
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Corporation tax |
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Other taxes and social |
security |
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Other creditors |
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Directors' current accounts | 750 | - |
Accruals and deferred income |
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7. | RELATED PARTY DISCLOSURES |
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At the year end £941,556 (2016 - £757,556) was owed by New Typhoon Limited to Typhoon Limited. |
New Typhoon Limited is the immediate parent company of Typhoon Limited. |
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During the year Typhoon Limited paid dividends of £56,000 (2016 - £528,000) to New Typhoon |
Limited. |
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8. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is New Typhoon Limited, the immediate parent company of Typhoon |
Limited. |
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9. | FIRST YEAR ADOPTION |
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The company adopted FRS 102 for the year ended 30 June 2017. No financial measurement |
changes have taken place as a result of the transition and accordingly there are no differences in the |
equity position of the company as at 1 July 2015 or 30 June 2016 and no changes to the profit |
and loss determined under the previous GAAP. |