Registered number
05639668
TIM GROOM ARCHITECTS LTD
Report and Accounts
31 January 2023
TIM GROOM ARCHITECTS LTD
Registered number: 05639668
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 157,792 130,101
Current assets
Debtors 4 602,136 753,146
Cash at bank and in hand 246,454 137,442
848,590 890,588
Creditors: amounts falling due within one year 5 (501,208) (426,469)
Net current assets 347,382 464,119
Total assets less current liabilities 505,174 594,220
Creditors: amounts falling due after more than one year 6 (32,253) (42,901)
Net assets 472,921 551,319
Capital and reserves
Called up share capital 4 4
Profit and loss account 472,917 551,315
Shareholders' funds 472,921 551,319
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
T M Groom
Director
Approved by the board on 3 March 2023
TIM GROOM ARCHITECTS LTD
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment over 5 years
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions are recognised when the Company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation taking into account the risks and uncertainties surrounding the obligation.
Pensions
For a defined benefit scheme, the liability recorded in the balance sheet is the present value of the defined obligation at that date. The defined benefit obligation is calculated on an annual basis by independent actuaries.
Actuarial gains and losses are recognised in full in the period in which they occur and are shown in Other Comprehensive Income. Current and past service costs, along with settlements or curtailments, are charged to the Income Statement. Interest on pension plan liabilities are recognised within finance expense.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 20 17
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2022 239,480
Additions 67,139
At 31 January 2023 306,619
Depreciation
At 1 February 2022 109,379
Charge for the year 39,448
At 31 January 2023 148,827
Net book value
At 31 January 2023 157,792
At 31 January 2022 130,101
4 Debtors 2023 2022
£ £
Trade debtors 421,129 526,056
Other debtors 181,007 227,090
602,136 753,146
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 195,944 253,772
Corporation tax 223,728 106,998
Other taxes and social security costs 55,458 29,414
Other creditors 7,078 5,285
Pension scheme 19,000 31,000
501,208 426,469
Employer pension obligation
The Company has agreed to fund a defined benefit pension scheme in respect of key employees. The most recent actuarial valuation of the obligation of £16,000 (2022 - £31,000) was on 31 January 2023. During the year the expense incurred was £1,000 (2022 £0).
The principal assumptions used are:
i. Discount rate – 4.3%%
ii. Inflation RPI – 3.2%
iii. Inflation CPI – 2.6%
iv. Pre and Post Retirement mortality – S3PMA tables with improvements in the CMI 2020 model and a long term rate of improvement of 1%.
2023 2022
£ £
Present value of defined benefit obligations 16,000 31,000
Fair value of scheme assets - -
Liability recognised in the balance sheet 16,000 31,000
Movements in the present value of the defined benefit obligations were as follows;
2023
£
At the beginning of the year 31,000
Current service cost -
Interest cost 1,000
Acturial (gain)/loss (16,000)
Settlement
At the end of the year 16,000
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 32,253 42,901
7 Controlling party
The company is controlled by Mr Timothy Mark Groom and Mrs Victoria Louise Groom by virtue of directorship and 50% share holding each respectively.
8 Other information
TIM GROOM ARCHITECTS LTD is a private company limited by shares and incorporated in England. Its registered office is:
Eastgate
2 Castle Street
Manchester
M3 4LZ
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