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REGISTERED NUMBER: 12050500 (England and Wales)















TIMMINS ENGINEERING AND CONSTRUCTION
LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






TIMMINS ENGINEERING AND CONSTRUCTION
LIMITED (REGISTERED NUMBER: 12050500)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


TIMMINS ENGINEERING AND CONSTRUCTION
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: E A Timmins
D H Starling





SECRETARY: Mrs D C Timmins





REGISTERED OFFICE: Innovation Works
Caenby Hall Business Park
Caenby Corner
Market Rasen
Lincolnshire
LN8 2BU





REGISTERED NUMBER: 12050500 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
Oxley House
Lincoln Way
Louth
Lincolnshire
LN11 0LS

TIMMINS ENGINEERING AND CONSTRUCTION
LIMITED (REGISTERED NUMBER: 12050500)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 142,807 70,285

CURRENT ASSETS
Stocks 234,927 315,525
Debtors 5 944,185 1,147,119
Cash at bank and in hand 412,139 83
1,591,251 1,462,727
CREDITORS
Amounts falling due within one year 6 847,478 887,954
NET CURRENT ASSETS 743,773 574,773
TOTAL ASSETS LESS CURRENT LIABILITIES 886,580 645,058

CREDITORS
Amounts falling due after more than one year 7 (73,113 ) (31,516 )

PROVISIONS FOR LIABILITIES (28,528 ) (13,354 )
NET ASSETS 784,939 600,188

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 784,839 600,088
SHAREHOLDERS' FUNDS 784,939 600,188

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

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

The directors acknowledge their 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.

TIMMINS ENGINEERING AND CONSTRUCTION
LIMITED (REGISTERED NUMBER: 12050500)

BALANCE SHEET - continued
31 DECEMBER 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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 July 2024 and were signed on its behalf by:




E A Timmins - Director



D H Starling - Director


TIMMINS ENGINEERING AND CONSTRUCTION
LIMITED (REGISTERED NUMBER: 12050500)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Timmins Engineering And Construction 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2022 - 31 ) .

TIMMINS ENGINEERING AND CONSTRUCTION
LIMITED (REGISTERED NUMBER: 12050500)

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

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2023 49,001 45,671 94,672
Additions 14,697 197,887 212,584
Disposals - (139,528 ) (139,528 )
At 31 December 2023 63,698 104,030 167,728
DEPRECIATION
At 1 January 2023 12,969 11,418 24,387
Charge for year 6,578 26,845 33,423
Eliminated on disposal - (32,889 ) (32,889 )
At 31 December 2023 19,547 5,374 24,921
NET BOOK VALUE
At 31 December 2023 44,151 98,656 142,807
At 31 December 2022 36,032 34,253 70,285

The net book value of tangible fixed assets includes £ 85,756 (2022 - £ 34,253 ) in respect of assets held under hire purchase contracts.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 304,778 761,726
Other debtors 639,407 385,393
944,185 1,147,119

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 63,993
Hire purchase contracts 11,023 7,385
Trade creditors 559,098 669,173
Taxation and social security 273,357 143,403
Other creditors 4,000 4,000
847,478 887,954

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 73,113 31,516

TIMMINS ENGINEERING AND CONSTRUCTION
LIMITED (REGISTERED NUMBER: 12050500)

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

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
E A Timmins
Balance outstanding at start of year 27,621 40,939
Amounts advanced 67,771 37,291
Amounts repaid (27,641 ) (50,609 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 67,751 27,621

D H Starling
Balance outstanding at start of year 38,250 29,205
Amounts advanced 82,951 45,353
Amounts repaid (72,880 ) (36,308 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 48,321 38,250

9. RELATED PARTY DISCLOSURES

There are the following transactions with Innovation Works (Lincs.) Ltd. This is a company in which the directors have an interest.
Property and plant rent expenses of £347,615 (2022: £344,067)
Sales of £109,945 (2022: £Nil)
Trade creditors of £39,341 (2022: £71,752)
Trade debtors of £131,934 (2022: £Nil)
A loan in other debtors of £164,765 (2022: £84,895)