Registered number
07072719
TT (Midlands) Limited
Filleted Accounts
29 November 2022
TT (Midlands) Limited
Registered number: 07072719
Balance Sheet
as at 29 November 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 327,696 319,384
Current assets
Cash at bank and in hand 4,296 6,022
Creditors: amounts falling due within one year 4 (41,808) (55,081)
Net current liabilities (37,512) (49,059)
Total assets less current liabilities 290,184 270,325
Creditors: amounts falling due after more than one year 5 (158,821) (148,981)
Net assets 131,363 121,344
Capital and reserves
Called up share capital 2 2
Profit and loss account 131,361 121,342
Shareholder's funds 131,363 121,344
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her 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.
Ye Zhuang
Director
Approved by the board on 23 November 2023
TT (Midlands) Limited
Notes to the Accounts
for the year ended 29 November 2022
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 (as applied to small entities by section 1A of the standard).
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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 (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 30 November 2021 248,797 123,586 372,383
Additions - 41,142 41,142
At 29 November 2022 248,797 164,728 413,525
Depreciation
At 30 November 2021 6,043 46,956 52,999
Charge for the year 4,976 27,854 32,830
At 29 November 2022 11,019 74,810 85,829
Net book value
At 29 November 2022 237,778 89,918 327,696
At 29 November 2021 242,754 76,630 319,384
4 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts - 11,651
Taxation and social security costs 4,644 8,273
Other creditors 37,164 35,157
41,808 55,081
5 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 79,223 84,346
Other creditors 79,598 64,635
158,821 148,981
6 Loans 2022 2021
£ £
Creditors include:
Secured bank loans 55,952 65,804
Security for the bank loan from HSBC is provided by a fixed and floating charge over all assets.
7 Other information
TT (Midlands) Limited is a private company limited by shares and incorporated in England. Its registered office is:
First Floor
2 Hampton Court Road
Birmingham
B17 9AE
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