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Registration number: 10900016

TNM Signature Interiors Limited

Unaudited Financial Statements

for the Year Ended 31 July 2023

 

TNM Signature Interiors Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 11

 

TNM Signature Interiors Limited

(Registration number: 10900016)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

1,762

520

Tangible assets

5

23,405

41,075

 

25,167

41,595

Current assets

 

Debtors

6

49,495

76,523

Cash at bank and in hand

 

31,164

85,329

 

80,659

161,852

Creditors: Amounts falling due within one year

7

(67,565)

(57,913)

Net current assets

 

13,094

103,939

Total assets less current liabilities

 

38,261

145,534

Creditors: Amounts falling due after more than one year

7

(7,264)

(19,938)

Provisions for liabilities

(4,447)

(7,804)

Net assets

 

26,550

117,792

Capital and reserves

 

Called up share capital

100

100

Retained earnings

26,450

117,692

Shareholders' funds

 

26,550

117,792

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

TNM Signature Interiors Limited

(Registration number: 10900016)
Balance Sheet as at 31 July 2023

Approved and authorised by the director on 23 November 2023
 

.........................................
Mr T N Mouskovias
Director

 

TNM Signature Interiors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
24 High Street
Shefford
Bedfordshire
SG17 5DG

These financial statements were authorised for issue by the director on 23 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

TNM Signature Interiors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

15% Straight line

Motor vehicles

15% Reducing balance

Plant & Machinery

15% Straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intangibles

15% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price.

 

TNM Signature Interiors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Trade creditors

Trade creditors are obligations to pay for services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

TNM Signature Interiors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2022 - 6).

 

TNM Signature Interiors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 August 2022

615

615

Additions acquired separately

1,533

1,533

At 31 July 2023

2,148

2,148

Amortisation

At 1 August 2022

95

95

Amortisation charge

291

291

At 31 July 2023

386

386

Carrying amount

At 31 July 2023

1,762

1,762

At 31 July 2022

520

520

 

TNM Signature Interiors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2022

7,624

48,759

905

57,288

Additions

294

-

296

590

Disposals

-

(22,385)

-

(22,385)

At 31 July 2023

7,918

26,374

1,201

35,493

Depreciation

At 1 August 2022

1,900

13,715

598

16,213

Charge for the year

1,162

3,195

156

4,513

Eliminated on disposal

-

(8,638)

-

(8,638)

At 31 July 2023

3,062

8,272

754

12,088

Carrying amount

At 31 July 2023

4,856

18,102

447

23,405

At 31 July 2022

5,724

35,044

307

41,075

The finance leases are secured on the assets concerned. At the balance sheet date, the total net book value of assets held under hire purchase agreements was £18,103 (2022: £35,044). The total depreciation charged in the period on these assets was £3,195 (2022: £6,184).

6

Debtors

Current

2023
£

2022
£

Trade debtors

5,378

259

Prepayments

3,211

4,337

Other debtors

40,906

71,927

 

49,495

76,523

 

TNM Signature Interiors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

12

6,797

10,682

Trade creditors

 

25,694

1,237

Taxation and social security

 

22,479

44,842

Accruals and deferred income

 

1,850

890

Other creditors

 

10,745

262

 

67,565

57,913

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

12

7,264

19,938

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £1,230.00 (2022 - £170.00) per ordinary share

 

124,000

 

17,000

         
 

TNM Signature Interiors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

10

Related party transactions

At the balance sheet date, the company owed £453 (2022: was owed £55,534) to Mr T N Mouskovias, the sole director of the company. The loan is provided interest free and repayable on demand.

 

TNM Signature Interiors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

11

Ultimate controlling party

The ultimate controlling parties are Mr T Mouskovias and Mrs J Mouskovias, by virtue of their shareholding.

12

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

3,667

5,667

Hire purchase contracts

3,597

14,271

7,264

19,938

2023
£

2022
£

Current loans and borrowings

Bank borrowings

2,000

2,000

Hire purchase contracts

4,797

8,682

6,797

10,682

Within loans and borrowings there is a £5,667 bounce back loan from the government provided through Barclays. As per government regulations there is no security required on this loan by either TNM Property Services Limited or the director.