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Company Registration No. 03930909 (England and Wales)
T & J Cole Limited Unaudited accounts for the year ended 31 March 2023
T & J Cole Limited Unaudited accounts Contents
Page
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T & J Cole Limited Company Information for the year ended 31 March 2023
Directors
Mr Timothy Cole Mr James Cole
Company Number
03930909 (England and Wales)
Registered Office
Cole House Lower Quay Road Fareham Hampshire PO16 0RG
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T & J Cole Limited Statement of financial position as at 31 March 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Intangible assets
1,342 
2,042 
Tangible assets
424,095 
424,816 
Investment property
690,000 
650,000 
1,115,437 
1,076,858 
Current assets
Inventories
9,450 
8,775 
Debtors
117,920 
93,252 
Cash at bank and in hand
197,470 
477,004 
324,840 
579,031 
Creditors: amounts falling due within one year
(286,998)
(262,783)
Net current assets
37,842 
316,248 
Total assets less current liabilities
1,153,279 
1,393,106 
Creditors: amounts falling due after more than one year
- 
(379,455)
Provisions for liabilities
Deferred tax
(91,074)
(79,117)
Net assets
1,062,205 
934,534 
Capital and reserves
Called up share capital
1,100 
1,100 
Profit and loss account
1,061,105 
933,434 
Shareholders' funds
1,062,205 
934,534 
For the 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. 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.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 9 October 2023 and were signed on its behalf by
Mr James Cole Director Company Registration No. 03930909
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T & J Cole Limited Notes to the Accounts for the year ended 31 March 2023
1
Statutory information
T & J Cole Limited is a private company, limited by shares, registered in England and Wales, registration number 03930909. The registered office is Cole House, Lower Quay Road, Fareham, Hampshire, PO16 0RG.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Intangible fixed assets
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of twenty years.
Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the income statement.
Land & buildings
2% Straight line
Plant & machinery
20% Reducing balance
Motor vehicles
25% Reducing balance
Fixtures & fittings
20% Reducing balance
Government grants
The following government grants have been received during the previous year: Coronavirus Job Retention Scheme: the accrual model has been used to recognise the grant on a systematic basis over the periods in which the related staff costs are incurred. Business Support Grant Funds: the accrual model has been used to recognise the grant when it is received or becomes receivable, as there are no future related costs or performance conditions.
Investment property
Investment property is shown at most recent valuation which is carried out by the directors at the year end. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
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T & J Cole Limited Notes to the Accounts for the year ended 31 March 2023
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. 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.
Leased assets
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Financial assets
The Company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial liabilities
Basic financial liabilities which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Equity instruments
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividend's payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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T & J Cole Limited Notes to the Accounts for the year ended 31 March 2023
Reserves
Reserves include non-distributable amounts relating to the uplift in valuation of investment properties, net of deferred tax. Non-distributable reserves as at the balance sheet date totaled £316,490
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 April 2022
14,000 
At 31 March 2023
14,000 
Amortisation
At 1 April 2022
11,958 
Charge for the year
700 
At 31 March 2023
12,658 
Net book value
At 31 March 2023
1,342 
At 31 March 2022
2,042 
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T & J Cole Limited Notes to the Accounts for the year ended 31 March 2023
5
Tangible fixed assets
Land & buildings 
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 April 2022
427,450 
1,381 
79,911 
117,156 
625,898 
Additions
- 
- 
25,438 
- 
25,438 
Disposals
- 
- 
(17,921)
- 
(17,921)
At 31 March 2023
427,450 
1,381 
87,428 
117,156 
633,415 
Depreciation
At 1 April 2022
60,555 
1,331 
37,710 
101,486 
201,082 
Charge for the year
8,549 
10 
12,140 
3,134 
23,833 
On disposals
- 
- 
(15,595)
- 
(15,595)
At 31 March 2023
69,104 
1,341 
34,255 
104,620 
209,320 
Net book value
At 31 March 2023
358,346 
40 
53,173 
12,536 
424,095 
At 31 March 2022
366,895 
50 
42,201 
15,670 
424,816 
6
Investment property
2023 
£ 
Fair value at 1 April 2022
650,000 
Net gain from fair value adjustments
40,000 
At 31 March 2023
690,000 
Investment property was purchased in 2016 at a cost of £365,647. The directors valued the property at 31 March 2022 at £650,000 and at 31 March 2023 at £690,000. Investment property is valued by the Directors on an open market basis at the balance sheet date.
7
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
115,490 
90,439 
Other debtors
2,430 
2,813 
117,920 
93,252 
8
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
- 
21,031 
Trade creditors
85,074 
53,380 
Taxes and social security
73,539 
84,006 
Other creditors
128,385 
104,366 
286,998 
262,783 
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T & J Cole Limited Notes to the Accounts for the year ended 31 March 2023
9
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
- 
379,455 
Aggregate of amounts that fall due for payment after five years
- 
288,142 
10
Average number of employees
During the year the average number of employees was 11 (2022: 10).
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