Registered number
09862442
T M Walls & Ceilings Ltd
Filleted Accounts
For the year ended 5 April 2023
T M Walls & Ceilings Ltd
Registered number: 09862442
Balance Sheet
as at 5 April 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 3,699 4,932
Current assets
Stocks 2,250 10,450
Debtors 4 19,241 90,201
Cash at bank and in hand 137,057 49,781
158,548 150,432
Creditors: amounts falling due within one year 5 (39,284) (66,913)
Net current assets 119,264 83,519
Total assets less current liabilities 122,963 88,451
Creditors: amounts falling due after more than one year 6 (35,650) (45,166)
Provisions for liabilities (703) (229)
Net assets 86,610 43,056
Capital and reserves
Called up share capital 20 20
Profit and loss account 86,590 43,036
Shareholders' funds 86,610 43,056
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the board on 19 March 2024
T F McGibbon
Director
T M Walls & Ceilings Ltd
Notes to the Accounts
for the year ended 5 April 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Tools and equipment 25% per annum on net book value
Motor vehicles 25% per annum on net book value
Stocks and work in progress
Stocks and work in progress is valued at the lower of cost and net realisable value. Work in progress includes a relevant proportion of overheads according to the stage of completion. The carrying amount of stocks and work in progress is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Tools and equipment Motor vehicles Total
£ £ £
Cost
At 6 April 2022 333 16,500 16,833
Additions - - -
Disposals - - -
At 5 April 2023 333 16,500 16,833
Depreciation
At 6 April 2022 28 11,873 11,901
Charge for the year 76 1,157 1,233
At 5 April 2023 104 13,030 13,134
Net book value
At 5 April 2023 229 3,470 3,699
At 5 April 2022 305 4,627 4,932
4 Debtors 2023 2022
£ £
Trade debtors 18,710 89,717
Other debtors 531 484
19,241 90,201
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 32,738 24,864
Other creditors 6,546 42,049
39,284 66,913
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 35,650 45,166
7 Controlling party
The company is controlled by T F McGibbon by virtue of his 100% shareholding.
8 Other information
T M Walls & Ceilings Ltd is a private company limited by shares and incorporated in England. Its registered office is 9 Kent House, Old Bexley Business Park, Bourne Road, Bexley, Kent DA5 1LR.
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