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THE TT SHOP LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST OCTOBER 2023






THE TT SHOP LIMITED (REGISTERED NUMBER: 05146165)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Accountants' Report 8

THE TT SHOP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST OCTOBER 2023







DIRECTOR: Mr D M Mahoney





SECRETARY: Mrs D J Mahoney





REGISTERED OFFICE: 3 Halesowen Drive
Elstow
Bedfordshire
MK42 9GG





REGISTERED NUMBER: 05146165 (England and Wales)





ACCOUNTANTS: HW Bedford Limited
Trading as Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN

THE TT SHOP LIMITED (REGISTERED NUMBER: 05146165)

BALANCE SHEET
31ST OCTOBER 2023

31/10/23 31/10/22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 4,000 10,000
Tangible assets 5 42,353 52,866
46,353 62,866

CURRENT ASSETS
Stocks 63,873 74,000
Debtors 6 2,624 2,839
Cash at bank 739 53
67,236 76,892
CREDITORS
Amounts falling due within one year 7 238,546 194,854
NET CURRENT LIABILITIES (171,310 ) (117,962 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(124,957

)

(55,096

)

CREDITORS
Amounts falling due after more than one
year

8

17,420

55,680
NET LIABILITIES (142,377 ) (110,776 )

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (142,379 ) (110,778 )
SHAREHOLDERS' FUNDS (142,377 ) (110,776 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

THE TT SHOP LIMITED (REGISTERED NUMBER: 05146165)

BALANCE SHEET - continued
31ST OCTOBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 31st July 2024 and were signed by:





Mr D M Mahoney - Director


THE TT SHOP LIMITED (REGISTERED NUMBER: 05146165)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023

1. STATUTORY INFORMATION

The TT Shop Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

Goodwill
Goodwill is written off in equal annual instalments over its estimated useful economic life. The director estimates that the useful economic life is 20 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Plant, machinery, fixtures and fittings15% reducing balance
Computer equipment25% reducing balance
Motor vehicles20% reducing balance

Stocks
Stocks are stated 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 stock to its present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


THE TT SHOP LIMITED (REGISTERED NUMBER: 05146165)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.

Hire purchase and leasing commitments
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.

The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st November 2022
and 31st October 2023 120,000
AMORTISATION
At 1st November 2022 110,000
Amortisation for year 6,000
At 31st October 2023 116,000
NET BOOK VALUE
At 31st October 2023 4,000
At 31st October 2022 10,000

Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.

THE TT SHOP LIMITED (REGISTERED NUMBER: 05146165)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2023

5. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1st November 2022
and 31st October 2023 1,779 89,667 91,446
DEPRECIATION
At 1st November 2022 561 38,019 38,580
Charge for year 183 10,330 10,513
At 31st October 2023 744 48,349 49,093
NET BOOK VALUE
At 31st October 2023 1,035 41,318 42,353
At 31st October 2022 1,218 51,648 52,866

The net book value of tangible fixed assets includes £ 41,318 (2022 - £ 51,648 ) in respect of assets held under hire purchase contracts.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/10/23 31/10/22
£    £   
Amounts owed by group undertakings - 215
Tax 2,624 2,624
2,624 2,839

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/10/23 31/10/22
£    £   
Bank loans and overdrafts 3,120 23,064
Hire purchase contracts 55,680 7,556
Trade creditors 1 4,349
Amounts owed to group undertakings 2,485 -
VAT 1,474 1,474
Other creditors - 3,351
Directors' current accounts 136,036 109,760
Accrued expenses 39,750 45,300
238,546 194,854

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/10/23 31/10/22
£    £   
Bank loans - 2-5 years 17,420 -
Hire purchase contracts - 55,680
17,420 55,680

THE TT SHOP LIMITED (REGISTERED NUMBER: 05146165)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

31/10/23 31/10/22
£    £   
Hire purchase contracts 55,680 63,236

10. ULTIMATE CONTROLLING PARTY

The company is controlled by the director Mr D Mahoney.

ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
THE TT SHOP LIMITED

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The TT Shop Limited for the year ended 31st October 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of The TT Shop Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The TT Shop Limited and state those matters that we have agreed to state to the director of The TT Shop Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The TT Shop Limited and its director for our work or for this report.

It is your duty to ensure that The TT Shop 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 loss of The TT Shop Limited. You consider that The TT Shop 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 The TT Shop 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.






HW Bedford Limited
Trading as Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN


31st July 2024