Registered number
08541353
Ten-k Electronic Services Ltd
Filleted Accounts
31 May 2024
Goldsmith BALL
a c c o u n t a n t s
Harwell Innovation Centre, 173 Curie Avenue, Harwell Science and Innovation Campus,
Didcot, Oxfordshire OX11 0QG
Ten-k Electronic Services Ltd
Registered number: 08541353
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 285,750 319,500
Tangible assets 4 320,772 284,581
606,522 604,081
Current assets
Debtors 5 47,463 54,125
Cash at bank and in hand 30,973 119,990
78,436 174,115
Creditors: amounts falling due within one year 6 (63,740) (83,211)
Net current assets 14,696 90,904
Total assets less current liabilities 621,218 694,985
Creditors: amounts falling due after more than one year 7 (122,811) (165,841)
Provisions for liabilities (20,110) (13,234)
Net assets 478,297 515,910
Capital and reserves
Called up share capital 20,000 20,000
Profit and loss account 458,297 495,910
Shareholders' funds 478,297 515,910
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
H. Turley
Director
Approved by the board on 14 August 2024
Ten-k Electronic Services Ltd
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings Not depreciated
Plant and machinery 20% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2023 675,000
At 31 May 2024 675,000
Amortisation
At 1 June 2023 355,500
Provided during the year 33,750
At 31 May 2024 389,250
Net book value
At 31 May 2024 285,750
At 31 May 2023 319,500
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 June 2023 214,930 104,401 33,500 352,831
Additions - - 60,145 60,145
At 31 May 2024 214,930 104,401 93,645 412,976
Depreciation
At 1 June 2023 - 61,550 6,700 68,250
Charge for the year - 8,570 15,384 23,954
At 31 May 2024 - 70,120 22,084 92,204
Net book value
At 31 May 2024 214,930 34,281 71,561 320,772
At 31 May 2023 214,930 42,851 26,800 284,581
5 Debtors 2024 2023
£ £
Trade debtors 47,463 52,125
Prepayment - 2,000
47,463 54,125
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 30,530 30,530
Obligations under finance lease and hire purchase contracts 13,333 -
Trade creditors and accruals 1,509 1,092
Taxation and social security costs 16,681 45,203
Other creditors 1,687 6,386
63,740 83,211
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 41,144 65,841
Obligations under finance lease and hire purchase contracts 16,667 -
Directors loans 65,000 100,000
122,811 165,841
8 Other information
Ten-k Electronic Services Ltd is a private company limited by shares and incorporated in England. Its registered office is:
23 Reading Rd
Cholsey
Wallingford
Oxon
OX10 9HL
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