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REGISTERED NUMBER: 13173324 (England and Wales)















Unaudited Financial Statements for the Year Ended 28 February 2023

for

TMG Electrics Ltd

TMG Electrics Ltd (Registered number: 13173324)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Report of the Accountants 8

TMG Electrics Ltd

Company Information
for the Year Ended 28 February 2023







DIRECTORS: T Grimes
N Grimes





REGISTERED OFFICE: 353 Norton Way South
Letchworth Garden City
Hertfordshire
SG6 1SZ





REGISTERED NUMBER: 13173324 (England and Wales)





ACCOUNTANTS: Evolve Accounting and Tax Solutions Limited
2nd Floor Congress House
14 Lyon Road
Harrow
Middlesex
HA1 2EN

TMG Electrics Ltd (Registered number: 13173324)

Balance Sheet
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 11,292 15,056

CURRENT ASSETS
Debtors 5 7,603 11,470
Cash at bank 15,362 8,254
22,965 19,724
CREDITORS
Amounts falling due within one year 6 18,007 16,602
NET CURRENT ASSETS 4,958 3,122
TOTAL ASSETS LESS CURRENT
LIABILITIES

16,250

18,178

CREDITORS
Amounts falling due after more than one
year

7

9,738

12,984
NET ASSETS 6,512 5,194

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 6,510 5,192
6,512 5,194

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

TMG Electrics Ltd (Registered number: 13173324)

Balance Sheet - continued
28 February 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2023 and were signed on its behalf by:





T Grimes - Director


TMG Electrics Ltd (Registered number: 13173324)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

TMG Electrics Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance

TMG Electrics Ltd (Registered number: 13173324)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction cost. Financial assets classified as receivable within one year are not amortised.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors and loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are initially recognised at transaction price.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Reporting period
The financial statements for the previous accounting period were prepared from 2 February 2021 to 28 February 2022 and were the first financial statements of the company. therefore, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 2 ) .

TMG Electrics Ltd (Registered number: 13173324)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2022
and 28 February 2023 20,075
DEPRECIATION
At 1 March 2022 5,019
Charge for year 3,764
At 28 February 2023 8,783
NET BOOK VALUE
At 28 February 2023 11,292
At 28 February 2022 15,056

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 March 2022
and 28 February 2023 18,580
DEPRECIATION
At 1 March 2022 4,645
Charge for year 3,484
At 28 February 2023 8,129
NET BOOK VALUE
At 28 February 2023 10,451
At 28 February 2022 13,935

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade debtors 7,316 11,183
Other debtors 287 287
7,603 11,470

TMG Electrics Ltd (Registered number: 13173324)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Hire purchase contracts 3,246 3,246
Trade creditors - 34
Taxation and social security 11,767 328
Other creditors 2,994 12,994
18,007 16,602

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.23 28.2.22
£    £   
Hire purchase contracts 9,738 12,984

8. SECURED DEBTS

The following secured debts are included within creditors:

28.2.23 28.2.22
£    £   
Hire purchase contracts 12,984 16,230

Amounts owed under hire purchase contracts are secured on the assets that they finance.

9. RELATED PARTY DISCLOSURES

The company acquired a motor vehicle, tools and trading stocks at a value of £8,495 during the previous period from a business in which one of the directors has an interest.

TMG Electrics Ltd

Report of the Accountants to the Directors of
TMG Electrics Ltd

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 28 February 2023 set out on pages three to eight and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






Evolve Accounting and Tax Solutions Limited
2nd Floor Congress House
14 Lyon Road
Harrow
Middlesex
HA1 2EN


28 November 2023