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Registration number: NI651021

Talis Construction Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2022

 

Talis Construction Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Talis Construction Ltd

(Registration number: NI651021)
Balance Sheet as at 28 February 2022

Note

2022
£

2021
£

Current assets

 

Stocks

4

388,915

275,000

Debtors

5

18,918

2,036

Cash at bank and in hand

 

56,189

245,951

 

464,022

522,987

Creditors: Amounts falling due within one year

6

(408,406)

(507,992)

Net assets

 

55,616

14,995

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

55,614

14,993

Shareholders' funds

 

55,616

14,995

For the financial year ending 28 February 2022 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 accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 1 September 2022 and signed on its behalf by:
 

.........................................
Mr Paul Simpson
Director

.........................................
Mr Samuel Moore
Director

 

Talis Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
51-53 Thomas Street
Ballymena
Co Antrim
BT43 6AZ
Northern Ireland

The principal place of business is:
74 Raceview Road
Broughshane
Ballymena
Co Antrim
BT42 4HY

These financial statements were authorised for issue by the Board on 1 September 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency of these financial statements is sterling and amounts have been rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis. The directors have assessed a period of 12 months from the date of approving the financial statements with regard to the appropriateness of the going concern assumption in preparing the financial statements and specifically in light of the Covid-19 pandemic. The directors believe that the company will continue as a going concern and be able to realise its assets and discharge its liabilties in the normal course of business.

 

Talis Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price.

 

Talis Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2021 - 0).

4

Stocks

2022
£

2021
£

Work in progress

388,915

275,000

5

Debtors

Current

2022
£

2021
£

Other debtors

18,918

2,036

6

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Trade creditors

18,782

10,150

Taxation and social security

3,586

-

Accruals and deferred income

2,255

1,993

Other creditors

383,783

495,849

408,406

507,992

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         
 

Talis Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

8

Related party transactions

Key management personnel

The company's key management personnel are deemed to be the directors. Directors received no remuneration during the current or prior year.

Summary of transactions with key management

During the prior years, the directors funded the purchase of property, goods and services which remain owing to the directors at the year end.
 

Summary of transactions with entities with joint control or significant interest

During the current year, a company under common control funded the purchase of property, goods and services which remain outstanding at the year end.
 

Expenditure with and payables to related parties

2021

Key management
£

Rendering of services

200

Amounts payable to related party

129

Loans to related parties

2022

Entities with joint control or significant influence
£

Total
£

Advanced

130,000

130,000

At end of period

130,000

130,000

Loans from related parties

2022

Key management
£

Total
£

At start of period

494,124

494,124

Repaid

(250,000)

(250,000)

At end of period

244,124

244,124

2021

Key management
£

Total
£

At start of period

462,028

462,028

Advanced

32,096

32,096

At end of period

494,124

494,124

 

Talis Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

Terms of loans from related parties

Loans from directors are denominated in sterling, interest free and repayble on demand.
 

9

Parent and ultimate parent undertaking

The ultimate controlling party is Samuel Moore and Paul Simpson.