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Registered Number: 02799751
England and Wales

 

 

 


Abridged Accounts

for the year ended 31 March 2023

for

TEW BROTHERS LIMITED

Accountant’s report
You consider that the company is exempt from an audit for the year ended 31 March 2023 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
Brumijan Ltd t/a all about accounting
31 March 2023



....................................................
Brumijan Ltd t/a all about accounting
West Gate Lodge
Cams Hall Estate
Fareham
PO16 8UP
01 September 2023
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 768,015    756,259 
768,015    756,259 
Current assets      
Stocks 344,323    450,837 
Debtors 211,591    172,081 
Cash at bank and in hand 1,269,838    701,870 
1,825,752    1,324,788 
Creditors: amount falling due within one year (1,181,093)   (922,885)
Net current assets 644,659    401,903 
 
Total assets less current liabilities 1,412,674    1,158,162 
Creditors: amount falling due after more than one year (364,255)   (441,610)
Provisions for liabilities (63,273)   (61,039)
Net assets 985,146    655,513 
 

Capital and reserves
     
Called up share capital 4 10,000    10,000 
Profit and loss account 975,146    645,513 
Shareholder's funds 985,146    655,513 
 


For the year ended 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:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These financial statements 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 Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 01 September 2023 and were signed on its behalf by:


-------------------------------
Shaun Tew
Director
2
General Information
Tew Brothers Limited is a private company, limited by shares, registered in England and Wales, registration number 02799751, registration address Unit 5 RJ Mitchell Centre, Spitfire Quay, Hazel Road, Southampton, SO19 7GB.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Motor Vehicles 20% Reducing Balance
Land and Buildings 25% Reducing Balance
Plant and Machinery 20% Straight Line
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 46 (2022 : 43).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Motor Vehicles   Total
  £   £   £   £
At 01 April 2022 534,223    67,532    651,431    1,253,186 
Additions     89,140    89,140 
Disposals     (13,500)   (13,500)
At 31 March 2023 534,223    67,532    727,071    1,328,826 
Depreciation
At 01 April 2022 83,522    63,002    350,403    496,927 
Charge for year 3,924    912    70,877    75,713 
On disposals     (11,829)   (11,829)
At 31 March 2023 87,446    63,914    409,451    560,811 
Net book values
Closing balance as at 31 March 2023 446,777    3,618    317,620    768,015 
Opening balance as at 01 April 2022 450,701    4,530    301,028    756,259 

The net book value of Motor Vehicles includes £ 80,836 (2022 £110,536) in respect of assets leased under finance leases or hire purchase contracts.

4.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
10,000 Class A shares of £1.00 each 10,000    10,000 
10,000    10,000 

3