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Registered number: 03435991
TFA Interior Projects Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Focal Business Group Limited
Chartered Institue of Management Accountants
4A Church Street
Market Harborough
Leicestershire
LE16 7AA
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 03435991
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 59,104 54,385
59,104 54,385
CURRENT ASSETS
Stocks 5 325,937 355,259
Debtors 6 4,217,167 3,619,433
Investments 7 1,000 1,000
Cash at bank and in hand 26,738 -
4,570,842 3,975,692
Creditors: Amounts Falling Due Within One Year 8 (3,086,390 ) (2,612,302 )
NET CURRENT ASSETS (LIABILITIES) 1,484,452 1,363,390
TOTAL ASSETS LESS CURRENT LIABILITIES 1,543,556 1,417,775
Creditors: Amounts Falling Due After More Than One Year 9 (35,522 ) (17,917 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (7,492 ) (4,361 )
NET ASSETS 1,500,542 1,395,497
CAPITAL AND RESERVES
Called up share capital 11 1,000 1,000
Profit and Loss Account 1,499,542 1,394,497
SHAREHOLDERS' FUNDS 1,500,542 1,395,497
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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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Paul Smith
Director
2 August 2024
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
TFA Interior Projects Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03435991 . The registered office is Affinity Point, 8 Arundel Road, Uxbridge, Middlesex, UB8 2RR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold In accordance with the property
Plant & Machinery 25% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 25% on reducing balance
Computer Equipment 25% on reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 19 (2022: 19)
19 19
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 December 2022 6,521 39,811 62,497 23,643 132,472
Additions - - 27,990 1,710 29,700
Disposals - - (11,490 ) - (11,490 )
As at 30 November 2023 6,521 39,811 78,997 25,353 150,682
...CONTINUED
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Depreciation
As at 1 December 2022 6,087 27,241 27,214 17,545 78,087
Provided during the period 434 3,142 14,606 1,953 20,135
Disposals - - (6,644 ) - (6,644 )
As at 30 November 2023 6,521 30,383 35,176 19,498 91,578
Net Book Value
As at 30 November 2023 - 9,428 43,821 5,855 59,104
As at 1 December 2022 434 12,570 35,283 6,098 54,385
5. Stocks
2023 2022
£ £
Materials 325,937 355,259
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 489,750 422,078
Amounts recoverable on contracts 2,823,882 2,328,316
Prepayments and accrued income 93,157 53,649
Other debtors 4,410 20,472
Retentions 398,349 432,009
Staff loans - 1,957
VAT 175,137 130,370
Amounts owed by other participating interests 232,482 230,582
4,217,167 3,619,433
7. Current Asset Investments
2023 2022
£ £
Listed investments 1,000 1,000
1,000 1,000
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8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 2,309,749 1,839,486
Bank loans and overdrafts - 80,861
Corporation tax 86,865 52,569
Other taxes and social security 59,887 78,583
Other creditors 84,839 17,241
Other creditors (1) 2,515 2,515
Other creditors (2) 2,902 2,214
Other creditors (3) 35,725 39,372
Accruals and deferred income 154,572 144,642
Directors' loan accounts 349,336 354,819
3,086,390 2,612,302
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 35,522 17,917
35,522 17,917
10. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Later than one year and not later than five years 35,522 17,917
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1,000 1,000
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