Company Registration No. 03587155 (England and Wales)
THE TEX SERVICES GROUP LTD
Unaudited accounts
for the year ended 31 October 2023
THE TEX SERVICES GROUP LTD
Unaudited accounts
Contents
THE TEX SERVICES GROUP LTD
Company Information
for the year ended 31 October 2023
Company Number
03587155 (England and Wales)
Registered Office
26 GREEN HILL LANE, WORTLEY
LEEDS
WEST YORKAHIRE
LS12 4HA
Accountants
Woolley & Co - Accountants and Chartered Tax Advisors
Crown House, York Road
Shiptonthorpe
York
East Yorkshire
YO43 3PF
THE TEX SERVICES GROUP LTD
Statement of financial position
as at 31 October 2023
Tangible assets
382,678
287,056
Investment property
380,000
380,000
Inventories
364,750
300,500
Debtors
1,075,769
1,901,264
Cash at bank and in hand
831,123
503,413
Creditors: amounts falling due within one year
(768,420)
(540,547)
Net current assets
1,503,222
2,164,630
Total assets less current liabilities
2,265,900
2,831,686
Creditors: amounts falling due after more than one year
(914,065)
(872,802)
Provisions for liabilities
Deferred tax
(41,753)
(10,948)
Net assets
1,310,082
1,947,936
Called up share capital
250
200
Profit and loss account
1,309,832
1,947,736
Shareholders' funds
1,310,082
1,947,936
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 8 March 2024 and were signed on its behalf by
A Exley
Director
Company Registration No. 03587155
THE TEX SERVICES GROUP LTD
Notes to the Accounts
for the year ended 31 October 2023
THE TEX SERVICES GROUP LTD is a private company, limited by shares, registered in England and Wales, registration number 03587155. The registered office is 26 GREEN HILL LANE, WORTLEY, LEEDS, WEST YORKAHIRE, LS12 4HA.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% on a reducing balance
Motor vehicles
25% on a reducing balance
Computer equipment
30% on a reducing balance
Investment properties is included at fair market value. Gains/(losses) on the revaluation are recognised in the income statement. Deferred taxation is provided on these gains/(losses) at the rate expected to apply when the property is sold.
The carrying value is based on the directors' valuations as at the year end.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
THE TEX SERVICES GROUP LTD
Notes to the Accounts
for the year ended 31 October 2023
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 November 2022
231,294
743,113
31,884
1,006,291
Additions
188,500
20,500
-
209,000
Disposals
(13,514)
-
-
(13,514)
At 31 October 2023
406,280
763,613
31,884
1,201,777
At 1 November 2022
191,259
511,916
16,060
719,235
Charge for the year
45,707
62,924
4,747
113,378
On disposals
(13,514)
-
-
(13,514)
At 31 October 2023
223,452
574,840
20,807
819,099
At 31 October 2023
182,828
188,773
11,077
382,678
At 31 October 2022
40,035
231,197
15,824
287,056
Fair value at 1 November 2022
380,000
At 31 October 2023
380,000
The director has stated the market value of the property at £380,000 as at the year end. The valuation has not been verified by a professional valuer.
Amounts falling due within one year
Trade debtors
914,937
894,740
Accrued income and prepayments
20,569
766,169
Other debtors
140,263
240,355
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
42,756
42,756
Obligations under finance leases and hire purchase contracts
57,284
24,468
Trade creditors
323,460
245,418
Taxes and social security
149,221
79,957
Other creditors
25,631
28,493
THE TEX SERVICES GROUP LTD
Notes to the Accounts
for the year ended 31 October 2023
8
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
768,992
802,613
Obligations under finance leases and hire purchase contracts
145,073
70,189
The loans are secured over properties held by the director and also the investment property held by the company.
Allotted, called up and fully paid:
50 Ordinary shares A of £1 each
50
100
100 Ordinary shares B of £1 each
100
100
100 Ordinary shares C of £1 each
100
-
Shares issued during the period:
100 Ordinary shares C of £1 each
100
10
Capital contribution reserve
During the year, there was a company share re-purchase totalling £1,256,250, including stamp duty. The 50 ordinary shares pertaining to the re-purchase by the company were cancelled.
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Loan
179,763
-
39,500
140,263
There were no interest charges on the amounts outstanding. The loan was repaid after the year end.
12
Transactions with related parties
The company rents premises that is owned by the director. During the year, rent was charged of £42,000 (2022 - £42,000). The amount of rent is determined on the open market valuations.
Dividends totalling £211,300 were paid to the shareholders (who were also the directors) during the period.
13
Average number of employees
During the year the average number of employees was 47 (2022: 59).