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Registered number: SC271536
4S Talking Torque Limited
Financial Statements
For The Year Ended 31 July 2023
Gillespie's Fife
Financial Statements
Contents
Page
Accountants' Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—7
Page 1
Accountants' Report
Chartered Accountants' report to the directors on the preparation of the unaudited statutory accounts of 4S Talking Torque Limited For The Year Ended 31 July 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of 4S Talking Torque Limited For The Year Ended 31 July 2023 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of 4S Talking Torque Limited , as a body, in accordance with the terms of our engagement letter dated 27 February 2015. Our work has been undertaken solely to prepare for your approval the accounts of 4S Talking Torque Limited and state those matters that we have agreed to state to the directors of 4S Talking Torque Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 4S Talking Torque Limited and its directors, as a body, for our work or for this report.
It is your duty to ensure that 4S Talking Torque Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of 4S Talking Torque Limited . You consider that 4S Talking Torque Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of 4S Talking Torque Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
29th January 2024
Gillespie's Fife
Accountants
Fric Ajax Way
Methil
Leven
KY8 3RS
Page 1
Page 2
Balance Sheet
Registered number: SC271536
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 101,840 103,286
101,840 103,286
CURRENT ASSETS
Stocks 5 10,150 10,150
Debtors 6 591,270 170,364
Cash at bank and in hand 296,244 701,433
897,664 881,947
Creditors: Amounts Falling Due Within One Year 7 (94,144 ) (128,208 )
NET CURRENT ASSETS (LIABILITIES) 803,520 753,739
TOTAL ASSETS LESS CURRENT LIABILITIES 905,360 857,025
PROVISIONS FOR LIABILITIES
Deferred Taxation (6,447 ) (6,366 )
NET ASSETS 898,913 850,659
CAPITAL AND RESERVES
Called up share capital 8 110 110
Profit and Loss Account 898,803 850,549
SHAREHOLDERS' FUNDS 898,913 850,659
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For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Peter Roussel
Director
29th January 2024
The notes on pages 4 to 7 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
4S Talking Torque Limited is a private company, limited by shares, incorporated in Scotland, registered number SC271536 . The registered office is Gladstone Place, Ladybank, Cupar, Fife, KY15 7LB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2.5% Straight Line
Plant & Machinery 15% Reducing Balance
Motor Vehicles 15% Reducing Balance
Fixtures & Fittings 15% Reducing Balance
Computer Equipment 15% Reducing Balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Corporation tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
...CONTINUED
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2.5. Taxation - continued
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 2 2
Manufacturing 4 4
6 6
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 August 2022 75,000 34,904 28,590 4,310
Additions - 491 6,000 -
As at 31 July 2023 75,000 35,395 34,590 4,310
Depreciation
As at 1 August 2022 5,625 21,619 14,335 3,068
Provided during the period 1,875 2,067 3,039 185
As at 31 July 2023 7,500 23,686 17,374 3,253
Net Book Value
As at 31 July 2023 67,500 11,709 17,216 1,057
As at 1 August 2022 69,375 13,285 14,255 1,242
Computer Equipment Total
£ £
Cost
As at 1 August 2022 18,491 161,295
Additions - 6,491
As at 31 July 2023 18,491 167,786
Depreciation
As at 1 August 2022 13,362 58,009
Provided during the period 771 7,937
As at 31 July 2023 14,133 65,946
Net Book Value
As at 31 July 2023 4,358 101,840
As at 1 August 2022 5,129 103,286
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5. Stocks
2023 2022
£ £
Finished goods 10,150 10,150
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 127,498 140,801
Prepayments and accrued income 2,593 2,471
Other debtors 459,319 8,319
Directors' loan accounts 1,860 18,773
591,270 170,364
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 34,834 47,982
Corporation tax 20,291 45,654
Other taxes and social security 1,348 1,394
VAT 33,197 30,271
Credit cards 742 1,173
Accruals and deferred income 3,732 1,734
94,144 128,208
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 110 110
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 August 2022 Amounts advanced Amounts repaid Amounts written off As at 31 July 2023
£ £ £ £ £
Mr Peter Roussel 18,773 18,337 35,250 - 1,860
The above loan is unsecured, interest free and repayable on demand.
10. Dividends
2023 2022
£ £
On equity shares:
Final dividend paid 30,000 64,000
30,000 64,000
Dividends of £2,000 were declared on 7 September 2023.
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11. Ultimate Controlling Party
The company's ultimate controlling party is Mr Peter Roussel by virtue of his ownership of 91% of the issued share capital in the company.
Page 7