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Company registration number:
04551231
Tele-Chem Limited
Trading as
Tele-Chem Limited
Unaudited filleted financial statements
31 October 2023
Tele-Chem Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Tele-Chem Limited
Directors and other information
|
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Directors |
Mr K Jethwa |
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Mrs R Jethwa |
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Secretary |
Mrs R Jethwa |
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Company number |
04551231 |
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Registered office |
Portland House |
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228 Portland Crescent |
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Stanmore |
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Middlesex |
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HA7 1LS |
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Business address |
341 Tamworth Road |
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Mitcham |
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Surrey |
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CR4 1DL |
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Accountants |
Pandit & Associates Limited |
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Portland House |
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228 Portland Crescent |
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Stanmore |
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Middlesex |
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HA7 1LS |
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Bankers |
Santander |
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Bootle |
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Merseyside |
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L30 4GB |
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Lloyds TSB Bank Plc |
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25 Gresham Street |
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London |
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EC2V 7HN |
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Tele-Chem Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Tele-Chem Limited
Year ended 31 October 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Tele-Chem Limited for the year ended 31 October 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Tele-Chem Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Tele-Chem Limited and state those matters that we have agreed to state to the board of directors of Tele-Chem Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tele-Chem Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Tele-Chem Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Tele-Chem Limited. You consider that Tele-Chem Limited 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 financial statements of Tele-Chem Limited. 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 financial statements.
Pandit & Associates Limited
Chartered Certified Accountants
Portland House
228 Portland Crescent
Stanmore
Middlesex
HA7 1LS
11 March 2024
Tele-Chem Limited
Statement of financial position
31 October 2023
|
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2023 |
|
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|
2022 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Intangible assets |
|
5 |
700,000 |
|
|
|
700,000 |
|
|
Tangible assets |
|
6 |
26,180 |
|
|
|
27,165 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
726,180 |
|
|
|
727,165 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
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Stocks |
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|
55,000 |
|
|
|
55,000 |
|
|
Debtors |
|
7 |
155,131 |
|
|
|
59,752 |
|
|
Cash at bank and in hand |
|
|
715,023 |
|
|
|
580,394 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
925,154 |
|
|
|
695,146 |
|
|
Creditors: amounts falling due |
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|
|
|
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|
|
|
|
within one year |
|
8 |
(
99,519) |
|
|
|
(
95,529) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
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|
825,635 |
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|
|
599,617 |
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|
|
|
|
_______ |
|
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|
_______ |
Total assets less current liabilities |
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|
|
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1,551,815 |
|
|
|
1,326,782 |
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|
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|
|
|
|
|
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|
|
_______ |
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|
_______ |
Net assets |
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|
|
|
1,551,815 |
|
|
|
1,326,782 |
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|
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|
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
|
|
|
|
200 |
|
|
|
200 |
Profit and loss account |
|
|
|
|
1,551,615 |
|
|
|
1,326,582 |
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|
|
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_______ |
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_______ |
Shareholders funds |
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|
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1,551,815 |
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|
1,326,782 |
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_______ |
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_______ |
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For the year ending 31 October 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
11 March 2024
, and are signed on behalf of the board by:
Mr K Jethwa
Mrs R Jethwa
Director
Director
Company registration number:
04551231
Tele-Chem Limited
Notes to the financial statements
Year ended 31 October 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Portland House, 228 Portland Crescent, Stanmore, Middlesex, HA7 1LS.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Goodwill
The company's accounting policy is to capitalise purchased goodwill. In the director's opinion the value of goodwill has been maintained and therefore in order that the financial statements to give a true and fair view they consider it inappropriate to amortise its value.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
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Fittings fixtures and equipment |
- |
15 % |
reducing balance |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
9
(2022:
9
).
5.
Intangible assets
|
|
Goodwill |
Total |
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|
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|
£ |
£ |
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Cost |
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At 1 November 2022 and 31 October 2023 |
700,000 |
700,000 |
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|
|
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|
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_______ |
_______ |
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Amortisation |
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At 1 November 2022 and 31 October 2023 |
- |
- |
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_______ |
_______ |
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|
Carrying amount |
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|
|
|
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|
At 31 October 2023 |
700,000 |
700,000 |
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|
|
|
|
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_______ |
_______ |
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|
|
|
|
At 31 October 2022 |
700,000 |
700,000 |
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|
|
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|
_______ |
_______ |
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The company's accounting policy is to capitalise goodwill. In the opinion of the directors the value of goodwill has been maintained and therefore in order that the financial statements to give a true and fair view they consider it inappropriate to amortise its value.
6.
Tangible assets
|
|
Fixtures, fittings and equipment |
Total |
|
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
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Cost |
|
|
|
|
|
|
|
|
At 1 November 2022 |
89,019 |
89,019 |
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|
|
|
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Additions |
3,635 |
3,635 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31 October 2023 |
92,654 |
92,654 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 November 2022 |
61,854 |
61,854 |
|
|
|
|
|
|
Charge for the year |
4,620 |
4,620 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31 October 2023 |
66,474 |
66,474 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 October 2023 |
26,180 |
26,180 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31 October 2022 |
27,165 |
27,165 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade debtors |
|
60,367 |
9,155 |
|
Other debtors |
|
94,764 |
50,597 |
|
|
|
_______ |
_______ |
|
|
|
155,131 |
59,752 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade creditors |
|
24,593 |
46,025 |
|
Corporation tax |
|
67,006 |
8,099 |
|
Other creditors |
|
7,920 |
41,405 |
|
|
|
_______ |
_______ |
|
|
|
99,519 |
95,529 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Directors advances, credits and guarantees
|
During the year the directors entered into the following advances and credits with the company: |
|
|
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|
|
|
|
|
|
|
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|
2023 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Amounts repaid |
Balance o/standing |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Mr K Jethwa |
(
25,027) |
71,900 |
46,873 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Amounts repaid |
Balance o/standing |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Mr K Jethwa |
(
77,848) |
52,821 |
(
25,027) |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
During the year the Directors Current Account became overdrawn The Directors have recently reintroduced funds during the current year to correct this.
10.
Controlling party
During the year the company was under the control of Mr K and
Mrs R Jethwa
the directors and shareholders of the company.