Registered number
09274353
THE TEA HUT LTD
Filleted Accounts
31 October 2023
THE TEA HUT LTD
Registered number: 09274353
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 8,000 16,000
Tangible assets 4 59,052 61,283
67,052 77,283
Current assets
Debtors 5 3,618 4,708
Cash at bank and in hand 10,758 102
14,376 4,810
Creditors: amounts falling due within one year 6 (198,622) (176,634)
Net current liabilities (184,246) (171,824)
Total assets less current liabilities (117,194) (94,541)
Creditors: amounts falling due after more than one year 8 (29,994) (35,366)
Net liabilities (147,188) (129,907)
Capital and reserves
Called up share capital 100 100
Profit and loss account (147,288) (130,007)
Shareholders' funds (147,188) (129,907)
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.
Brian Wolff
Director
Approved by the board on 7 March 2024
THE TEA HUT LTD
Notes to the Accounts
for the year ended 31 October 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 (as applied to small entities by section 1A of the standard).
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Furniture and equipment 25% straight line
Land and buildings 2% straight line
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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 7 6
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2022 80,000
At 31 October 2023 80,000
Amortisation
At 1 November 2022 64,000
Provided during the year 8,000
At 31 October 2023 72,000
Net book value
At 31 October 2023 8,000
At 31 October 2022 16,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Furniture and equipment Total
£ £ £
Cost
At 1 November 2022 70,685 62,969 133,654
At 31 October 2023 70,685 62,969 133,654
Depreciation
At 1 November 2022 11,311 61,060 72,371
Charge for the year 1,414 817 2,231
At 31 October 2023 12,725 61,877 74,602
Net book value
At 31 October 2023 57,960 1,092 59,052
At 31 October 2022 59,374 1,909 61,283
5 Debtors 2023 2022
£ £
Other debtors 3,618 4,708
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 5,372 9,657
Trade creditors 6,480 6,150
Other taxes and social security costs 13,251 10,140
Director's loan account 170,966 148,232
Accruals 2,400 2,400
Pension liability 153 55
198,622 176,634
7 Share Capital Nominal 2023 2023 2022
value number £ £
Allotted, called up and fully paid: £1 each 100 100 100
Ordinary shares
100 100
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 29,994 35,366
9 Controlling party
The company is controlled by the two directors Brian Wolff and Sharon Wolff who together hold 100% of the share capital.
10 Other information
THE TEA HUT LTD is a private company limited by shares and incorporated in England. Its registered office is:
River Wall
Woodbridge, Suffolk
IP12 4BB
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