REGISTERED NUMBER: |
Unaudited Financial Statements |
For The Year Ended 31st October 2023 |
for |
Titchmarsh & Co. Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
For The Year Ended 31st October 2023 |
for |
Titchmarsh & Co. Limited |
Titchmarsh & Co. Limited (Registered number: 06725252) |
Contents of the Financial Statements |
For The Year Ended 31st October 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Titchmarsh & Co. Limited |
Company Information |
For The Year Ended 31st October 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
4 Old Market Place |
Ripon |
North Yorkshire |
HG4 1EQ |
Titchmarsh & Co. Limited (Registered number: 06725252) |
Balance Sheet |
31st October 2023 |
31.10.23 | 31.10.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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. |
Titchmarsh & Co. Limited (Registered number: 06725252) |
Balance Sheet - continued |
31st October 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Titchmarsh & Co. Limited (Registered number: 06725252) |
Notes to the Financial Statements |
For The Year Ended 31st October 2023 |
1. | STATUTORY INFORMATION |
Titchmarsh & Co. Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Revenue |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reasonably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:- |
Sale of Goods |
Revenue from the sale of goods is recognised when all of the following conditions are satisfied |
- the Company has transferred the significant risks and rewards of ownership to the buyer; |
- the Company retains neither the continuing managerial involvement to the degree usually associated |
with ownership nor effective control over the goods sold; |
- the amount of revenue can be measured reliably; |
- it is probable that the Company will receive the consideration due under the transaction; and |
- the costs incurred or to be incurred in respect of the transaction can be measured reliably |
Rendering of Services |
Revenue from a contract to provide services is recognised in the period in which the services were provided in accordance with stage completion of the contract when all of the following conditions are satisfied: |
- the amount of revenue can be measured reliably; |
- it is probable that the company will receive the consideration due under the contract; |
- that stage completion of the contract at the end of the accounting period can be measured reliably;and |
- that costs incurred and the costs to complete the contract can be measured reliably |
Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method. |
Depreciation is provided on the following basis: |
Office equipment - 33% |
The assets' residual values, useful lives and depreciation methods are reviewed, adjusted and prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings. |
Titchmarsh & Co. Limited (Registered number: 06725252) |
Notes to the Financial Statements - continued |
For The Year Ended 31st October 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loan from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that a charge attributable to an item of income and expense is recognised as other comprehensive income or to an item recognised directly to equity is also recognised in other comprehensive income or directly in equity respectively. |
The current income tax charge is calculated on the basis of tax relates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Except that: |
- the recognition of deferred tax assets is limited to the extent it is probable that they will be recovered against the reversal of the deferred tax liabilities or other future taxable profits; and |
- any deferred tax balances are reversed if and when all conditions for retaining associated allowances have been met |
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. |
Interest income |
Interest income is recognised in the Statement of income and retained earnings using the effective interest method. |
Provisions for liabilities |
Provisions are made where an event has taken place that gives a Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. |
Provisions are charged as an expense to the Statement of income and retained earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
When payment are eventually made, they are charged to the provision carried in the balance sheet. |
Titchmarsh & Co. Limited (Registered number: 06725252) |
Notes to the Financial Statements - continued |
For The Year Ended 31st October 2023 |
2. | ACCOUNTING POLICIES - continued |
Operating leases: the company as lessee |
Rentals paid under operating leases are charged to the Statement of income and retained earnings on a straight line basis over the lease term. |
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the lease asset. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transactions costs and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk in change of value. |
Dividends |
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Titchmarsh & Co. Limited (Registered number: 06725252) |
Notes to the Financial Statements - continued |
For The Year Ended 31st October 2023 |
4. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1st November 2022 |
Additions |
At 31st October 2023 |
DEPRECIATION |
At 1st November 2022 |
Charge for year |
At 31st October 2023 |
NET BOOK VALUE |
At 31st October 2023 |
At 31st October 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Trade debtors |
Prepayments |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Bank loans and overdrafts |
Corporation Tax |
Social security and other taxes |
VAT |
Other creditors |
Directors' current accounts |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Titchmarsh & Co. Limited (Registered number: 06725252) |
Notes to the Financial Statements - continued |
For The Year Ended 31st October 2023 |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.10.23 | 31.10.22 |
£ | £ |
Within one year |
Between one and five years |
9. | PROVISIONS FOR LIABILITIES |
31.10.23 | 31.10.22 |
£ | £ |
Deferred tax | 202 | 280 |
Deferred tax |
£ |
Balance at 1st November 2022 |
Credit to Statement of Income and Retained Earnings during year | ( |
) |
Balance at 31st October 2023 |