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Registration number: 09337102

TG Domestic Projects Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

TG Domestic Projects Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

TG Domestic Projects Ltd

Company Information

Director

T G Greatorex

Company secretary

T G Greatorex

Registered office

Beech House
Lower Morton
Bristol
BS35 1LE

Accountants

Burton Sweet Limited
Chartered Accountants & Business Advisers
Spencer House
Morston Court
Aisecome Way
Weston-super-Mare
North Somerset
BS22 8NG

 

TG Domestic Projects Ltd

(Registration number: 09337102)
Balance Sheet
31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

10,451

8,797

Current assets

 

Stocks

5

450

8,833

Debtors

6

80,859

67,691

Cash at bank and in hand

 

2,518

4,890

 

83,827

81,414

Creditors: Amounts falling due within one year

7

(50,878)

(45,465)

Net current assets

 

32,949

35,949

Total assets less current liabilities

 

43,400

44,746

Creditors: Amounts falling due after more than one year

7

(32,057)

(36,804)

Net assets

 

11,343

7,942

Capital and reserves

 

Called up share capital

1

1

Retained earnings

11,342

7,941

Shareholders' funds

 

11,343

7,942

 

TG Domestic Projects Ltd

(Registration number: 09337102)
Balance Sheet
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.

Director's 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 director acknowledges his 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 director on 7 November 2023
 

.........................................
T G Greatorex
Company secretary and director

 

TG Domestic Projects Ltd

Notes to the Unaudited Financial Statements
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:
Beech House
Lower Morton
Bristol
BS35 1LE
England

These financial statements were authorised for issue by the director on 7 November 2023.

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.

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.

 

TG Domestic Projects Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 March 2023

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 corporation 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.

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.

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

Fixtures and fittings

15% Reducing balance

Motor vehicles

25% Reducing balance

Office equipment

15% Reducing balance

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

 

TG Domestic Projects Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 March 2023

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 and subsequently measured at amortised cost using the effective interest method.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

 

TG Domestic Projects Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 March 2023

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

7,547

2,708

2,064

13,337

25,656

Additions

3,316

752

-

-

4,068

At 31 March 2023

10,863

3,460

2,064

13,337

29,724

Depreciation

At 1 April 2022

3,615

677

1,279

11,288

16,859

Charge for the year

1,087

696

119

512

2,414

At 31 March 2023

4,702

1,373

1,398

11,800

19,273

Carrying amount

At 31 March 2023

6,161

2,087

666

1,537

10,451

At 31 March 2022

3,932

2,031

785

2,049

8,797

 

TG Domestic Projects Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 March 2023

5

Stocks

2023
£

2022
£

Work in progress

-

8,333

Other inventories

450

500

450

8,833

6

Debtors

2023
£

2022
£

Trade debtors

44,070

25,000

Other debtors

36,477

41,853

Prepayments

312

838

80,859

67,691

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

4,580

4,580

Trade creditors

 

-

2,060

Taxation and social security

 

201

4,368

Other creditors

 

46,097

34,457

 

50,878

45,465

Due after one year

 

Loans and borrowings

32,057

36,804