1 January 2023 v2024.39.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBPSC6464662023-01-012023-12-31SC6464662023-12-31SC6464662022-12-31SC646466core:WithinOneYear2023-12-31SC646466core:WithinOneYear2022-12-31SC646466core:AfterOneYear2023-12-31SC646466core:AfterOneYear2022-12-31SC646466core:ShareCapital2023-12-31SC646466core:ShareCapital2022-12-31SC646466core:RetainedEarningsAccumulatedLosses2023-12-31SC646466core:RetainedEarningsAccumulatedLosses2022-12-31SC646466bus:Director12023-01-012023-12-31SC646466bus:RegisteredOffice2023-01-012023-12-31SC646466core:PlantMachinery2023-01-012023-12-31SC646466core:OfficeEquipment2023-01-012023-12-31SC646466core:FurnitureFittings2023-01-012023-12-31SC6464662022-01-012022-12-31SC646466core:PlantMachinery2023-01-01SC646466core:PlantMachinery2023-12-31SC646466core:PlantMachinery2022-12-31SC64646612023-01-012023-12-31SC646466countries:Scotland2023-01-012023-12-31SC646466bus:AuditExemptWithAccountantsReport2023-01-012023-12-31SC646466bus:PrivateLimitedCompanyLtd2023-01-012023-12-31SC646466bus:SmallEntities2023-01-012023-12-31SC646466bus:FullAccounts2023-01-012023-12-31
Company registration number:
SC646466
Tektum Supplies Ltd
Unaudited Filleted Financial Statements for the year ended
31 December 2023
Inuit Services Limited
60 Maclean Court, East Kilbride, Glasgow, South Lanarkshire, G74 4TQ, United Kingdom
Tektum Supplies Ltd
Report to the board of directors on the preparation of the unaudited statutory financial statements of Tektum Supplies Ltd
Year ended
31 December 2023
As described on the statement of financial position, the Board of Directors of
Tektum Supplies Ltd
are responsible for the preparation of the
financial statements
for the year ended
31 December 2023
, which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
Inuit Services Limited
60 Maclean Court
East Kilbride
Glasgow
South Lanarkshire
G74 4TQ
United Kingdom
Tektum Supplies Ltd
Statement of Financial Position
31 December 2023
20232022
Note££
Fixed assets    
Tangible assets 5
45,627
 
11,963
 
Current assets    
Stocks
267,814
 
267,249
 
Debtors 6
502,178
 
434,927
 
Cash at bank and in hand
293,592
 
233,654
 
1,063,584
 
935,830
 
Creditors: amounts falling due within one year 7
(869,584
)
(716,536
)
Net current assets
194,000
 
219,294
 
Total assets less current liabilities 239,627   231,257  
Creditors: amounts falling due after more than one year 8
(45,052
)
(40,593
)
Net assets
194,575
 
190,664
 
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
194,475
 
190,564
 
Shareholders funds
194,575
 
190,664
 
For the year ending
31 December 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.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
28 February 2024
, and are signed on behalf of the board by:
M Saini
Director
Company registration number:
SC646466
Tektum Supplies Ltd
Notes to the Financial Statements
Year ended
31 December 2023

1 General information

The company is a private company limited by shares and is registered in Scotland. The address of the registered office is
Unit 3 56 Clydesmill Place
,
Glasgow
,
G32 8RF
, Scotland.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.

Current tax

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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount 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. However, the increase is recognised in profit or loss to the extent that 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. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery
20% straight line
Office equipment
25% straight line
Fixtures and fittings
25% straight line

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.

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.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution pension plan

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.

4 Average number of employees

The average number of persons employed by the company during the year was
5
(2022:
4.00
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 January 2023
24,448
 
Additions
40,936
 
At
31 December 2023
65,384
 
Depreciation  
At
1 January 2023
12,485
 
Charge
7,272
 
At
31 December 2023
19,757
 
Carrying amount  
At
31 December 2023
45,627
 
At 31 December 2022
11,963
 

6 Debtors

20232022
££
Trade debtors
468,875
 
405,897
 
Other debtors
33,303
 
29,030
 
502,178
 
434,927
 

7 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
20,388
  -  
Trade creditors
654,157
 
474,827
 
Taxation and social security
108,430
 
85,850
 
Other creditors
86,609
 
155,859
 
869,584
 
716,536
 

8 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
45,052
 
40,593