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REGISTERED NUMBER: 02750483 (England and Wales)







UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

TERRY WATERS FRENCH POLISHING LIMITED

TERRY WATERS FRENCH POLISHING LIMITED (REGISTERED NUMBER: 02750483)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TERRY WATERS FRENCH POLISHING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023







DIRECTORS: T B Waters
A Waters





REGISTERED OFFICE: Hurley Hall
Atherstone Lane
Hurley
Atherstone
Warwickshire
CV9 2HT





REGISTERED NUMBER: 02750483 (England and Wales)





ACCOUNTANTS: Prime
Chartered Accountants
161 Newhall Street
Birmingham
B3 1SW

TERRY WATERS FRENCH POLISHING LIMITED (REGISTERED NUMBER: 02750483)

BALANCE SHEET
30 SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 91,335 88,160

CURRENT ASSETS
Stocks 2,975 2,975
Debtors 5 216,302 121,868
Cash at bank and in hand 35,761 101,717
255,038 226,560
CREDITORS
Amounts falling due within one year 6 165,453 103,535
NET CURRENT ASSETS 89,585 123,025
TOTAL ASSETS LESS CURRENT
LIABILITIES

180,920

211,185

CREDITORS
Amounts falling due after more than one
year

7

(44,732

)

(43,114

)

PROVISIONS FOR LIABILITIES (17,322 ) (16,712 )
NET ASSETS 118,866 151,359

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 118,766 151,259
SHAREHOLDERS' FUNDS 118,866 151,359

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

TERRY WATERS FRENCH POLISHING LIMITED (REGISTERED NUMBER: 02750483)

BALANCE SHEET - continued
30 SEPTEMBER 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 6 February 2024 and were signed on its behalf by:





A Waters - Director


TERRY WATERS FRENCH POLISHING LIMITED (REGISTERED NUMBER: 02750483)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023


1. STATUTORY INFORMATION

Terry Waters French Polishing Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 02750483, and the registered office address is Hurley Hall, Atherstone Lane, Hurley, Atherstone, Warwickshire, CV9 2HT.

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 represents net invoiced sales of goods and services, excluding Value Added Tax. Turnover is recognised for services where the company has carried out the service and is entitled to bill the customer for the work undertaken.

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.
Improvements to property - 10% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is defined in relation to the various categories of stock as being that expenditure which has been incurred in the normal course of business in bringing the product to its present location and condition. This expenditure includes, in addition to the cost of purchase such costs of conversion as are appropriate to that location and condition, on a first-in first-out basis. Net realisable value is the estimated proceeds receivable, less any costs incurred in selling the product.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.


TERRY WATERS FRENCH POLISHING LIMITED (REGISTERED NUMBER: 02750483)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2022 - 15 ) .

TERRY WATERS FRENCH POLISHING LIMITED (REGISTERED NUMBER: 02750483)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 October 2022 23,230 85,534 48,440 151,687 308,891
Additions - - 1,320 25,990 27,310
Disposals - - - (8,695 ) (8,695 )
At 30 September 2023 23,230 85,534 49,760 168,982 327,506
DEPRECIATION
At 1 October 2022 22,127 58,327 37,304 102,973 220,731
Charge for year 180 4,081 1,805 16,813 22,879
Eliminated on disposal - - - (7,439 ) (7,439 )
At 30 September 2023 22,307 62,408 39,109 112,347 236,171
NET BOOK VALUE
At 30 September 2023 923 23,126 10,651 56,635 91,335
At 30 September 2022 1,103 27,207 11,136 48,714 88,160

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 October 2022 20,000
Additions 25,990
At 30 September 2023 45,990
DEPRECIATION
At 1 October 2022 833
Charge for year 9,457
At 30 September 2023 10,290
NET BOOK VALUE
At 30 September 2023 35,700
At 30 September 2022 19,167

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 209,294 111,250
Other debtors 7,008 10,618
216,302 121,868

TERRY WATERS FRENCH POLISHING LIMITED (REGISTERED NUMBER: 02750483)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,076 9,829
Hire purchase contracts (see note 8) 8,798 4,000
Trade creditors 53,650 34,926
Taxation and social security 50,371 21,500
Other creditors 42,558 33,280
165,453 103,535

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 17,370 27,447
Hire purchase contracts (see note 8) 27,362 15,667
44,732 43,114

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 8,798 4,000
Between one and five years 27,362 15,667
36,160 19,667

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 27,446 37,276
Hire purchase contracts 36,160 19,667
63,606 56,943

The hire purchase and finance leases are secured by charges over the specific assets financed.