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Company registration number: 12280422
TMEZ LIMITED
Unaudited filleted financial statements
31 October 2023
TMEZ LIMITED
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
TMEZ LIMITED
Directors and other information
Directors Mr Badar Zaman
Ms Branka Zaman
Company number 12280422
Registered office 114/116 High Street
Acton
London
W3 6QX
Business address 114/116 High Street
Acton
London
W3 6QX
Accountants Nagle James Associates Ltd
4th Floor, Amba House
15 College Road
Harrow
HA1 1BA
TMEZ LIMITED
Statement of financial position
31 October 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 4 7,905,867 7,367,484
_______ _______
7,905,867 7,367,484
Current assets
Debtors 5 132,000 142,722
Cash at bank and in hand 39,684 35,127
_______ _______
171,684 177,849
Creditors: amounts falling due
within one year 6 ( 725,048) ( 346,782)
_______ _______
Net current liabilities ( 553,364) ( 168,933)
_______ _______
Total assets less current liabilities 7,352,503 7,198,551
Creditors: amounts falling due
after more than one year 7 ( 2,801,972) ( 2,652,826)
_______ _______
Net assets 4,550,531 4,545,725
_______ _______
Capital and reserves
Called up share capital 10,000 10,000
Share premium account 4,496,496 4,496,496
Profit and loss account 44,035 39,229
_______ _______
Shareholders funds 4,550,531 4,545,725
_______ _______
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 30 July 2024 , and are signed on behalf of the board by:
Mr Badar Zaman
Director
Company registration number: 12280422
TMEZ LIMITED
Statement of changes in equity
Year ended 31 October 2023
Called up share capital Share premium account Profit and loss account Total
£ £ £ £
At 1 November 2021 10,000 4,496,496 132,887 4,639,383
Profit for the year 34,092 34,092
_______ _______ _______ _______
Total comprehensive income for the year - - 34,092 34,092
Dividends paid and payable ( 127,750) ( 127,750)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 127,750) ( 127,750)
_______ _______ _______ _______
At 31 October 2022 and 1 November 2022 10,000 4,496,496 39,229 4,545,725
Profit for the year 102,906 102,906
_______ _______ _______ _______
Total comprehensive income for the year - - 102,906 102,906
Dividends paid and payable ( 98,100) ( 98,100)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 98,100) ( 98,100)
_______ _______ _______ _______
At 31 October 2023 10,000 4,496,496 44,035 4,550,531
_______ _______ _______ _______
TMEZ 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 TMEZ Limited, 114/116 High Street, Acton, London, W3 6QX.
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.
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 - 12.5 % straight line
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
4. Tangible assets
Freehold property Plant and machinery Total
£ £ £
Cost
At 1 November 2022 6,941,181 487,204 7,428,385
Additions 599,284 - 599,284
_______ _______ _______
At 31 October 2023 7,540,465 487,204 8,027,669
_______ _______ _______
Depreciation
At 1 November 2022 - 60,901 60,901
Charge for the year - 60,901 60,901
_______ _______ _______
At 31 October 2023 - 121,802 121,802
_______ _______ _______
Carrying amount
At 31 October 2023 7,540,465 365,402 7,905,867
_______ _______ _______
At 31 October 2022 6,941,181 426,303 7,367,484
_______ _______ _______
5. Debtors
2023 2022
£ £
Amounts owed by connected company - 35,365
VAT recoverable 4,461 9,284
Directors current account 123,049 98,073
Prepayments 4,490 -
_______ _______
132,000 142,722
_______ _______
6. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans 247,747 178,796
Trade creditors - 19,488
Amounts owed to connected companies 24,985 -
Corporation tax 3,851 -
Social security and other taxes 413,460 118,943
Other creditors 35,005 29,555
_______ _______
725,048 346,782
_______ _______
7. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans 2,801,972 2,652,826
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £1,816,620 in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date. The bank loan is secured by a fixed and floating charge over all the company's assets and also by way of a first legal charge over the freehold properties. The director has also given a personal guarantee on the amount outstanding on the bank loan.
8. 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
£ £ £
Mr Badar Zaman 98,073 24,976 123,049
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Badar Zaman 127,374 ( 29,301) 98,073
_______ _______ _______