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TCB CONVEYANCING SERVICES LIMITED
Unaudited financial statements
31 August 2023
Company registration number 09165860
TCB CONVEYANCING SERVICES LIMITED
Contents
Directors report
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Notes to the financial statements
TCB CONVEYANCING SERVICES LIMITED
Directors report
Year ended 31 August 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 August 2023.
Directors
The directors who served the company during the year were as follows:
P.J. Brewer
K.L. Brewer
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 28 April 2024 and signed on behalf of the board by:
P.J. Brewer
Director
TCB CONVEYANCING SERVICES LIMITED
Statement of comprehensive income
Year ended 31 August 2023
2023 2022
Note £ £
Turnover 8,720 45,300
Cost of sales - -
Administrative expenses ( 32,787) ( 67,968)
_______ _______
Operating loss ( 24,067) ( 22,668)
Income from other fixed asset investments 54,432 -
_______ _______
Profit/(loss) before taxation 5 30,365 ( 22,668)
Tax on profit/(loss) - 302
_______ _______
Profit/(loss) for the financial year and total comprehensive income 30,365 ( 22,366)
_______ _______
All the activities of the company are from continuing operations.
TCB CONVEYANCING SERVICES LIMITED
Statement of financial position
31 August 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 3,748 5,180
Investments 7 - 20,164
_______ _______
3,748 25,344
Current assets
Debtors 8 7,994 16,837
Cash at bank and in hand 470,946 450,716
_______ _______
478,940 467,553
Creditors: amounts falling due
within one year 9 ( 920) ( 1,186)
_______ _______
Net current assets 478,020 466,367
_______ _______
Total assets less current liabilities 481,768 491,711
Provisions for liabilities ( 984) ( 984)
_______ _______
Net assets 480,784 490,727
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 480,684 490,627
_______ _______
Shareholders funds 480,784 490,727
_______ _______
For the 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 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 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'.
These financial statements were approved by the board of directors and authorised for issue on 28 April 2024 , and are signed on behalf of the board by:
P.J. Brewer
Director
Company registration number: 09165860
TCB CONVEYANCING SERVICES LIMITED
Statement of changes in equity
Year ended 31 August 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 September 2021 100 553,001 553,101
Profit/(loss) for the year ( 22,366) ( 22,366)
_______ _______ _______
Total comprehensive income for the year - ( 22,366) ( 22,366)
Dividends paid and payable ( 40,008) ( 40,008)
_______ _______ _______
Total investments by and distributions to owners - ( 40,008) ( 40,008)
_______ _______ _______
At 31 August 2022 and 1 September 2022 100 490,627 490,727
Profit/(loss) for the year 30,365 30,365
_______ _______ _______
Total comprehensive income for the year - 30,365 30,365
Dividends paid and payable ( 40,308) ( 40,308)
_______ _______ _______
Total investments by and distributions to owners - ( 40,308) ( 40,308)
_______ _______ _______
At 31 August 2023 100 480,684 480,784
_______ _______ _______
TCB CONVEYANCING SERVICES LIMITED
Notes to the financial statements
Year ended 31 August 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 5 Windermere Drive, Rainham, Gillingham, Kent.
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.
Going concern
These financial statements have been prepared on the going concern basis.
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.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
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.
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:
Plant and machinery - 50 % straight line
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
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 2 (2022: 2 ).
5. Profit/loss before taxation
Profit/loss before taxation is stated after charging/(crediting):
2023 2022
£ £
Depreciation of tangible assets 1,432 2,009
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 September 2022 and 31 August 2023 4,397 28,318 32,715
_______ _______ _______
Depreciation
At 1 September 2022 2,997 24,538 27,535
Charge for the year 487 945 1,432
_______ _______ _______
At 31 August 2023 3,484 25,483 28,967
_______ _______ _______
Carrying amount
At 31 August 2023 913 2,835 3,748
_______ _______ _______
At 31 August 2022 1,400 3,780 5,180
_______ _______ _______
7. Investments
Other investments other than loans Total
£ £
Cost
At 1 September 2022 20,164 20,164
Disposals ( 20,164) ( 20,164)
_______ _______
At 31 August 2023 - -
_______ _______
Impairment
At 1 September 2022 and 31 August 2023 - -
_______ _______
Carrying amount
At 31 August 2023 - -
_______ _______
At 31 August 2022 20,164 20,164
_______ _______
8. Debtors
2023 2022
£ £
Other debtors 7,994 16,837
_______ _______
9. Creditors: amounts falling due within one year
2023 2022
£ £
Social security and other taxes - 286
Other creditors 920 900
_______ _______
920 1,186
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
P.J. Brewer 4,344 ( 858) 3,486
K.L. Brewer 10,000 ( 6,431) 3,569
_______ _______ _______
14,344 ( 7,289) 7,055
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
P.J. Brewer ( 5,344) 9,688 4,344
K.L. Brewer - 10,000 10,000
_______ _______ _______
( 5,344) 19,688 14,344
_______ _______ _______
11. Controlling party
The company is under the control of the director, P.J. Brewer .
TCB CONVEYANCING SERVICES LIMITED
The following pages do not form part of the statutory accounts.
TCB CONVEYANCING SERVICES LIMITED
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of TCB CONVEYANCING SERVICES LIMITED
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 financial statements of TCB Conveyancing Services Limited for the year ended 31 August 2023 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity 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 Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of TCB Conveyancing Services Limited, as a body, in accordance with the terms of our engagement letter dated 9 July 2020. Our work has been undertaken solely to prepare for your approval the financial statements of TCB Conveyancing Services Limited and state those matters that we have agreed to state to the board of directors of TCB Conveyancing Services Limited 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 TCB Conveyancing Services Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that TCB Conveyancing Services 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 TCB Conveyancing Services Limited. You consider that TCB Conveyancing Services 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 TCB Conveyancing Services 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.
J.A.D. Associates Limited
Chartered Accountants
4 Bloors Lane
Rainham
Gillingham
Kent
10 April 2024