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Registration number: 05461479

Tenet Consultants Limited

Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Tenet Consultants Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Financial Statements

3 to 8

 

Tenet Consultants Limited

(Registration number: 05461479)
Statement of Financial Position as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

30,385

24,720

Current assets

 

Debtors

5

884,572

557,347

Cash at bank and in hand

 

109,284

59,455

 

993,856

616,802

Creditors: Amounts falling due within one year

6

(848,833)

(583,971)

Net current assets

 

145,023

32,831

Total assets less current liabilities

 

175,408

57,551

Creditors: Amounts falling due after more than one year

6

(28,333)

(39,702)

Provisions for liabilities

(6,932)

(5,370)

Net assets

 

140,143

12,479

Capital and reserves

 

Called up share capital

100

100

Retained earnings

140,043

12,379

Shareholders' funds

 

140,143

12,479

 

Tenet Consultants Limited

(Registration number: 05461479)
Statement of Financial Position as at 31 May 2023

For the financial year ending 31 May 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.

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 directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 8 February 2024 and signed on its behalf by:
 

.........................................
Mr M J Thirsk
Director

.........................................
Mrs A Thirsk
Director

 

Tenet Consultants Limited

Notes to the Financial Statements for the Year Ended 31 May 2023

1

General information

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

The address of its registered office is:
401 Faraday Street
Birchwood Park
Warrington
Cheshire
WA3 6GA

These financial statements were authorised for issue by the Board on 8 February 2024.

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.

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.

Government grants

Government grants receivable are released to the profit and loss account on the accruals basis.

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.

 

Tenet Consultants Limited

Notes to the Financial Statements for the Year Ended 31 May 2023

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 statement of financial position 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

Leasehold Costs

Over the term of the lease

Fixtures and Fittings

25% Straight Line

Motor Vehicles

25% Straight Line

Computer Equipment

33.33% Straight Line

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 income statement 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.

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.

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.

 

Tenet Consultants Limited

Notes to the Financial Statements for the Year Ended 31 May 2023

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 28 (2022 - 23).

4

Tangible assets

Fixtures and fittings
£

Leasehold property improvements
£

Office equipment
£

Total
£

Cost or valuation

At 1 June 2022

73,567

24,868

131,652

230,087

Additions

2,830

-

20,016

22,846

At 31 May 2023

76,397

24,868

151,668

252,933

Depreciation

At 1 June 2022

63,402

24,868

117,097

205,367

Charge for the year

3,976

-

13,205

17,181

At 31 May 2023

67,378

24,868

130,302

222,548

Carrying amount

At 31 May 2023

9,019

-

21,366

30,385

At 31 May 2022

10,165

-

14,555

24,720

5

Debtors

2023
£

2022
£

Trade debtors

797,175

472,961

Other debtors

-

31,753

Prepayments

87,397

52,633

884,572

557,347

 

Tenet Consultants Limited

Notes to the Financial Statements for the Year Ended 31 May 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

10,000

33,098

Trade creditors

 

563,495

322,522

Taxation and social security

 

247,242

182,748

Accruals and deferred income

 

27,265

45,603

Other creditors

 

831

-

 

848,833

583,971

 

Tenet Consultants Limited

Notes to the Financial Statements for the Year Ended 31 May 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

28,333

39,702

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

28,333

39,702

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

26,431

Other borrowings

-

6,667

10,000

33,098

The bank borrowing facility is secured by way of a debenture in favour of National Westminster Bank plc dated 1 November 2011 over all assets of the company.

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £822,720 (2022 - £818,555). The company activated the break clause in the existing lease to end on 9 December 2023. A new lease for the premises was agreed and commences 9 December 2023.

 

Tenet Consultants Limited

Notes to the Financial Statements for the Year Ended 31 May 2023

9

Related party transactions

Transactions with directors

2023

At 1 June 2022
£

Repayments by director
£

At 31 May 2023
£

Mr M J Thirsk

Amounts advanced repayable on demand with interest charged at the official rate of 2%

31,753

(31,753)

-

       
     

 

2022

At 1 June 2021
£

Repayments by director
£

At 31 May 2022
£

Mr M J Thirsk

Amounts advanced repayable on demand with interest charged at the official rate of 2%

82,275

(50,522)

31,753