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Registration number: 08141760

T.C Heywood Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2024

 

T.C Heywood Limited

Contents

Abridged Balance Sheet

1

Notes to the Unaudited Abridged Financial Statements

2 to 4

 

T.C Heywood Limited

(Registration number: 08141760)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

54,812

69,534

Current assets

 

Stocks

45,850

47,790

Debtors

10,365

13,059

 

56,215

60,849

Creditors: Amounts falling due within one year

(31,523)

(31,455)

Net current assets

 

24,692

29,394

Total assets less current liabilities

 

79,504

98,928

Creditors: Amounts falling due after more than one year

6

(26,418)

(31,530)

Provisions for liabilities

(13,703)

(13,211)

Net assets

 

39,383

54,187

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

39,283

54,087

Total equity

 

39,383

54,187

For the financial year ending 31 March 2024 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 of its accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 and the option not to file the Profit and Loss Account has been taken.

All of the Company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 29 July 2024
 

Mr T Heywood

Director

 

T.C Heywood Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
Highfield Farm
Rackenford
Devon
EX16 8EU

These financial statements were authorised for issue by the director on 29 July 2024.

2

Accounting policies

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged 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 the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities.

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 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.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

 

T.C Heywood Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

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

Motor vehicles

25% Reducing balance

Plant & Machinery

15% Reducing balance

Fixtures & Fittings

15% Reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the
Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity
recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently
measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the
currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is
amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be
made

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% Straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

T.C Heywood Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Total
£

Cost or valuation

At 1 April 2023

10,000

At 31 March 2024

10,000

Amortisation

At 1 April 2023

10,000

At 31 March 2024

10,000

Carrying amount

At 31 March 2024

-

5

Tangible assets

Total
£

Cost or valuation

At 1 April 2023

170,351

Additions

9,400

Disposals

(19,000)

At 31 March 2024

160,751

Depreciation

At 1 April 2023

100,817

Charge for the year

9,872

Eliminated on disposal

(4,750)

At 31 March 2024

105,939

Carrying amount

At 31 March 2024

54,812

At 31 March 2023

69,534

6

Creditors: amounts falling due after more than one year

Other borrowings

The borrowings relate to a bounce back loan of £31,518 (2023 - £36,630) outstanding at the year end. The UK Government has provided a full guarantee in respect of the loan.