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Company registration number: 01286389
Tullett Plant and Commercial Services Limited
Unaudited filleted financial statements
30 November 2023
Tullett Plant and Commercial Services Limited
Contents
Statement of financial position
Notes to the financial statements
Tullett Plant and Commercial Services Limited
Statement of financial position
30 November 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 30,234 41,059
_______ _______
30,234 41,059
Current assets
Stocks 1,700 1,700
Debtors 7 272,515 276,956
Cash at bank and in hand 2 1,195
_______ _______
274,217 279,851
Creditors: amounts falling due
within one year 8 ( 241,741) ( 219,680)
_______ _______
Net current assets 32,476 60,171
_______ _______
Total assets less current liabilities 62,710 101,230
Creditors: amounts falling due
after more than one year 9 ( 55,372) ( 91,483)
Provisions for liabilities ( 5,744) ( 7,801)
_______ _______
Net assets 1,594 1,946
_______ _______
Capital and reserves
Called up share capital 700 700
Profit and loss account 894 1,246
_______ _______
Shareholders funds 1,594 1,946
_______ _______
For the year ending 30 November 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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 01 August 2024 , and are signed on behalf of the board by:
Mr S Tullett
Director
Company registration number: 01286389
Tullett Plant and Commercial Services Limited
Notes to the financial statements
Year ended 30 November 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 Pond Lane, Durrington, West Sussex, BN13 2RH.
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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Short leasehold property - 10 % reducing balance
Plant and machinery - 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.
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.
Stocks
Stocks are measured 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 the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
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
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.
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 11 (2022: 11 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 December 2022 and 30 November 2023 11,138 11,138
_______ _______
Amortisation
At 1 December 2022 and 30 November 2023 11,138 11,138
_______ _______
Carrying amount
At 30 November 2023 - -
_______ _______
At 30 November 2022 - -
_______ _______
6. Tangible assets
Short leasehold property Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 December 2022 15,378 113,812 114,768 243,958
Disposals - - ( 2,600) ( 2,600)
_______ _______ _______ _______
At 30 November 2023 15,378 113,812 112,168 241,358
_______ _______ _______ _______
Depreciation
At 1 December 2022 9,372 105,120 88,407 202,899
Charge for the year 600 2,173 6,590 9,363
Disposals - - ( 1,138) ( 1,138)
_______ _______ _______ _______
At 30 November 2023 9,972 107,293 93,859 211,124
_______ _______ _______ _______
Carrying amount
At 30 November 2023 5,406 6,519 18,309 30,234
_______ _______ _______ _______
At 30 November 2022 6,006 8,692 26,361 41,059
_______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 37,353 57,407
Other debtors 235,162 219,549
_______ _______
272,515 276,956
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 64,513 49,669
Trade creditors 64,680 76,314
Corporation tax 23,303 36,108
Social security and other taxes 64,450 30,384
Other creditors 24,795 27,205
_______ _______
241,741 219,680
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 55,372 91,483
_______ _______
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
£ £ £
Mr S Tullett 35,886 7,797 43,683
Mr K Dutton 18,996 ( 18,394) 602
Mrs A Tullett 35,589 9,093 44,682
Mrs K Dutton 16,270 ( 15,153) 1,117
_______ _______ _______
106,741 ( 16,657) 90,084
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr S Tullett 20,788 15,098 35,886
Mr K Dutton 12,682 6,314 18,996
Mrs A Tullett 28,618 6,971 35,589
Mrs K Dutton 10,578 5,692 16,270
_______ _______ _______
72,666 34,075 106,741
_______ _______ _______