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REGISTERED NUMBER: 10178768 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023

FOR

FRANCIS TERRY & ASSOCIATES LTD

FRANCIS TERRY & ASSOCIATES LTD (REGISTERED NUMBER: 10178768)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FRANCIS TERRY & ASSOCIATES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: N F Q Terry
M J Terry





REGISTERED OFFICE: Unit 6 Ash House
Vale View Business Units
Crown Lane South
Ardleigh, Colchester
Essex
CO7 7PL





REGISTERED NUMBER: 10178768 (England and Wales)





ACCOUNTANTS: Richard Sexton & Co LLP
3 Manor Road
Colchester
Essex
CO3 3LU

FRANCIS TERRY & ASSOCIATES LTD (REGISTERED NUMBER: 10178768)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 29,116 32,812

CURRENT ASSETS
Stocks 2,193 1,591
Debtors 5 248,845 201,813
Cash at bank 426,799 390,203
677,837 593,607
CREDITORS
Amounts falling due within one year 6 390,154 215,290
NET CURRENT ASSETS 287,683 378,317
TOTAL ASSETS LESS CURRENT
LIABILITIES

316,799

411,129

PROVISIONS FOR LIABILITIES 7,280 8,210
NET ASSETS 309,519 402,919

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 309,419 402,819
SHAREHOLDERS' FUNDS 309,519 402,919

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

FRANCIS TERRY & ASSOCIATES LTD (REGISTERED NUMBER: 10178768)

BALANCE SHEET - continued
31 MAY 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 21 December 2023 and were signed on its behalf by:




N F Q Terry - Director



M J Terry - Director


FRANCIS TERRY & ASSOCIATES LTD (REGISTERED NUMBER: 10178768)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1. STATUTORY INFORMATION

Francis Terry & Associates Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Office equipment - 15% on reducing balance
Computer equipment - 25% on reducing balance

Government grants
Government Grants in relation to expenditure are credited when the expenditure is charged to profit and loss.

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

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.

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.

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.

FRANCIS TERRY & ASSOCIATES LTD (REGISTERED NUMBER: 10178768)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

2. ACCOUNTING POLICIES - continued

Work in progress
Turnover which had not been invoiced at the balance sheet date is shown as work in progress.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 9 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 June 2022 13,257 14,422 2,786
Additions - - -
At 31 May 2023 13,257 14,422 2,786
DEPRECIATION
At 1 June 2022 7,673 8,983 1,389
Charge for year 840 820 210
At 31 May 2023 8,513 9,803 1,599
NET BOOK VALUE
At 31 May 2023 4,744 4,619 1,187
At 31 May 2022 5,584 5,439 1,397

Office Computer
equipment equipment Totals
£    £    £   
COST
At 1 June 2022 17,511 34,629 82,605
Additions 1,990 1,094 3,084
At 31 May 2023 19,501 35,723 85,689
DEPRECIATION
At 1 June 2022 9,889 21,859 49,793
Charge for year 1,440 3,470 6,780
At 31 May 2023 11,329 25,329 56,573
NET BOOK VALUE
At 31 May 2023 8,172 10,394 29,116
At 31 May 2022 7,622 12,770 32,812

FRANCIS TERRY & ASSOCIATES LTD (REGISTERED NUMBER: 10178768)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 83,133 70,570
Work in progress 104,811 86,957
Other debtors 9,000 9,000
Prepayments and accrued income 51,901 35,286
248,845 201,813

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 2,552 3,200
Corporation tax 83,100 82,760
Social security and other taxes 79,052 70,156
Other creditors 1,193 705
Directors' current accounts 202,079 30,465
Accruals and deferred income 22,178 28,004
390,154 215,290

7. RELATED PARTY DISCLOSURES

During the year, total dividends of £420,000 (2022 - £196,000) were paid to the directors .

8. ULTIMATE CONTROLLING PARTY

The company is under the control of N F Q Terry and M J Terry who together own 100% of the issued share capital