T-Ips Washrooms Limited 08867062 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is the installation of washrooms and panel systems to commercial customers Digita Accounts Production Advanced 6.30.9574.0 true 08867062 2022-04-01 2023-03-31 08867062 2023-03-31 08867062 core:RetainedEarningsAccumulatedLosses 2023-03-31 08867062 core:ShareCapital 2023-03-31 08867062 core:CurrentFinancialInstruments 2023-03-31 08867062 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 08867062 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 08867062 core:OtherResidualIntangibleAssets 2023-03-31 08867062 core:FurnitureFittingsToolsEquipment 2023-03-31 08867062 core:OtherPropertyPlantEquipment 2023-03-31 08867062 bus:SmallEntities 2022-04-01 2023-03-31 08867062 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 08867062 bus:FullAccounts 2022-04-01 2023-03-31 08867062 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 08867062 bus:RegisteredOffice 2022-04-01 2023-03-31 08867062 bus:Director1 2022-04-01 2023-03-31 08867062 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 08867062 core:IntangibleAssetsOtherThanGoodwill 2022-04-01 2023-03-31 08867062 core:OtherResidualIntangibleAssets 2022-04-01 2023-03-31 08867062 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 08867062 core:OfficeEquipment 2022-04-01 2023-03-31 08867062 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 08867062 countries:EnglandWales 2022-04-01 2023-03-31 08867062 2022-03-31 08867062 core:FurnitureFittingsToolsEquipment 2022-03-31 08867062 core:OtherPropertyPlantEquipment 2022-03-31 08867062 2021-04-01 2022-03-31 08867062 2022-03-31 08867062 core:RetainedEarningsAccumulatedLosses 2022-03-31 08867062 core:ShareCapital 2022-03-31 08867062 core:CurrentFinancialInstruments 2022-03-31 08867062 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 08867062 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 08867062 core:FurnitureFittingsToolsEquipment 2022-03-31 08867062 core:OtherPropertyPlantEquipment 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 08867062

T-Ips Washrooms Limited

Unaudited Financial Statements

for the Year Ended 31 March 2023

 

T-Ips Washrooms Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

T-Ips Washrooms Limited

(Registration number: 08867062)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

26,194

-

Tangible assets

5

6,169

7,198

 

32,363

7,198

Current assets

 

Stocks

6

550,000

124,200

Debtors

7

1,748,178

1,508,369

Cash at bank and in hand

 

178,613

284,854

 

2,476,791

1,917,423

Creditors: Amounts falling due within one year

8

(1,406,848)

(1,117,867)

Net current assets

 

1,069,943

799,556

Total assets less current liabilities

 

1,102,306

806,754

Creditors: Amounts falling due after more than one year

8

(112,500)

(179,167)

Provisions for liabilities

(1,172)

(1,368)

Net assets

 

988,634

626,219

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

988,534

626,119

Shareholders' funds

 

988,634

626,219

 

T-Ips Washrooms Limited

(Registration number: 08867062)
Balance Sheet as at 31 March 2023

For the financial year ending 31 March 2023 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 and Directors' Report has been taken.

Approved and authorised by the Board on 29 September 2023 and signed on its behalf by:
 

.........................................
Mr J Beaumont
Director

 

T-Ips Washrooms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite 3 Silk Mill House
21 Marsh Parade
Newcastle-Under-Lyme
Staffordshire
ST5 1BT
UK

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the installation of washrooms and other related work in the ordinary course of the company's activities. Turnover is shown net of 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.

 

T-Ips Washrooms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Contract revenue recognition

Where the outcome of a contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations to contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that the total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a contract cannot be estimated reliably, contract costs are recognised as expenses in the period in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable.

The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

Tax

The tax expense for the period comprises current and deferred 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 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

T-Ips Washrooms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fittings tools and equipment

25% straight line

Office equipment

25% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Other intangible assets

not amortised

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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2022 - 11).

 

T-Ips Washrooms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

Additions acquired separately

26,194

26,194

At 31 March 2023

26,194

26,194

Amortisation

Carrying amount

At 31 March 2023

26,194

26,194

5

Tangible assets

Fittings, tools and equipment
 £

Office equipment
£

Total
£

Cost or valuation

At 1 April 2022

9,679

17,576

27,255

Additions

863

2,256

3,119

At 31 March 2023

10,542

19,832

30,374

Depreciation

At 1 April 2022

7,241

12,816

20,057

Charge for the year

1,523

2,625

4,148

At 31 March 2023

8,764

15,441

24,205

Carrying amount

At 31 March 2023

1,778

4,391

6,169

At 31 March 2022

2,438

4,760

7,198

6

Stocks

2023
£

2022
£

Work in progress

550,000

124,200

 

T-Ips Washrooms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Debtors

2023
£

2022
£

Trade debtors

1,117,939

834,411

Other debtors

630,239

673,958

1,748,178

1,508,369

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

50,000

33,333

Trade creditors

 

637,928

620,719

Other creditors

 

718,920

463,815

 

1,406,848

1,117,867

2023
£

2022
£

Current loans and borrowings

Bank borrowings

50,000

33,333

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

112,500

179,167

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of operating leases not included in the balance sheet is £68,845 (2022 - £74,433).