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Registration number: 10899721

Tiemann & Co Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

Tiemann & Co Ltd

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 14

 

Tiemann & Co Ltd

Company Information

Directors

Mr Ralph Tiemann

Mrs Yose Perez

Registered office

68 Amberley Drive
Hove
East Sussex
BN3 8JP

Accountants

Hogarth Business Services Ltd
65 Victoria Road
Polegate
East Sussex
BN26 6BY

 

Tiemann & Co Ltd

Directors' Report for the Year Ended 31 August 2023

The directors present their report and the financial statements for the year ended 31 August 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr Ralph Tiemann

Mrs Yose Perez

Principal activity

The principal activity of the company is Consultancy & Therapy

Going concern

No Going Concern

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 7 November 2023 and signed on its behalf by:
 

.........................................
Mr Ralph Tiemann
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Tiemann & Co Ltd
for the Year Ended 31 August 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Tiemann & Co Ltd for the year ended 31 August 2023 as set out on pages 4 to 14 from the company's accounting records and from information and explanations you have given 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/regulation.

This report is made solely to the Board of Directors of Tiemann & Co Ltd, as a body, in accordance with the terms of our engagement letter dated 15 January 2021. Our work has been undertaken solely to prepare for your approval the accounts of Tiemann & Co Ltd and state those matters that we have agreed to state to the Board of Directors of Tiemann & Co Ltd, 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 Tiemann & Co Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Tiemann & Co Ltd 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 of Tiemann & Co Ltd. You consider that Tiemann & Co Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Tiemann & Co Ltd. 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 statutory accounts.

......................................

Hogarth Business Services Ltd
65 Victoria Road
Polegate
East Sussex
BN26 6BY

7 November 2023

 

Tiemann & Co Ltd

Profit and Loss Account for the Year Ended 31 August 2023

Note

2023
£

2022
£

Turnover

 

100,066

80,563

Cost of sales

 

(13,467)

(8,166)

Gross profit

 

86,599

72,397

Administrative expenses

 

(57,241)

(49,325)

Operating profit

 

29,358

23,072

Profit before tax

29,358

23,072

Tax on profit

 

(5,578)

(3,928)

Profit for the financial year

 

23,780

19,144

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Tiemann & Co Ltd

Statement of Comprehensive Income for the Year Ended 31 August 2023

2023
£

2022
£

Profit for the year

23,780

19,144

Total comprehensive income for the year

23,780

19,144

 

Tiemann & Co Ltd

(Registration number: 10899721)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Current assets

 

Stocks

4

1,500

1,200

Debtors

5

-

7,675

Cash at bank and in hand

 

36,867

35,621

 

38,367

44,496

Creditors: Amounts falling due within one year

6

(20,336)

(28,245)

Net assets

 

18,031

16,251

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

18,030

16,250

Shareholders' funds

 

18,031

16,251

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

Directors' 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 directors acknowledge their 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.

Approved and authorised by the Board on 7 November 2023 and signed on its behalf by:
 

.........................................
Mrs Yose Perez
Director

 

Tiemann & Co Ltd

Statement of Changes in Equity for the Year Ended 31 August 2023

Share capital
£

Retained earnings
£

Total
£

At 1 September 2022

1

16,250

16,251

Profit for the year

-

23,780

23,780

Dividends

-

(22,000)

(22,000)

At 31 August 2023

1

18,030

18,031

Share capital
£

Retained earnings
£

Total
£

At 1 September 2021

1

13,106

13,107

Profit for the year

-

19,144

19,144

Dividends

-

(16,000)

(16,000)

At 31 August 2022

1

16,250

16,251

 

Tiemann & Co Ltd

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

1

General information

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

The address of its registered office is:
68 Amberley Drive
Hove
East Sussex
BN3 8JP
England

These financial statements were authorised for issue by the Board on 7 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 except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

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

Revenue recognition

Turnover comprises the fair value of 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 sales/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.

Tax

The tax expense for the period comprises current 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.

 

Tiemann & Co Ltd

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or 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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

Tiemann & Co Ltd

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Stocks

2023
£

2022
£

Other inventories

1,500

1,200

5

Debtors

Current

2023
£

2022
£

Trade debtors

-

7,675

 

-

7,675

 

Tiemann & Co Ltd

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

-

11,935

Taxation and social security

 

5,578

3,928

Accruals and deferred income

 

985

925

Other creditors

 

13,773

11,457

 

20,336

28,245

7

Share capital

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

-

11,935

9

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £22,000.00 (2022 - £18,000.00) per ordinary share

 

22,000

 

16,000

         

10

Related party transactions

 

Tiemann & Co Ltd

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

17,000

16,770

11

Transition to FRS 102

Balance Sheet at 1 September 2021
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Capital and reserves

Total equity

-

-

-

-

 

Tiemann & Co Ltd

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

Balance Sheet at 31 August 2022
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Capital and reserves

Total equity

-

-

-

-

 

Tiemann & Co Ltd

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

Profit and Loss Account for the year ended 31 August 2022
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Turnover

-

-

-

-

Operating profit/(loss)

-

-

-

-

Profit/(loss) before tax

-

-

-

-

Profit/(loss) for the financial year

-

-

-

-