Registered number
02864691
TOTAL PRODUCT SUPPLIES LIMITED
Filleted Accounts
30 November 2023
TOTAL PRODUCT SUPPLIES LIMITED
Registered number: 02864691
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 4,755 309
Current assets
Stocks 900 900
Debtors 4 24,704 29,146
Cash at bank and in hand 26,391 35,935
51,995 65,981
Creditors: amounts falling due within one year 5 (56,388) (64,808)
Net current (liabilities)/assets (4,393) 1,173
Net assets 362 1,482
Capital and reserves
Called up share capital 4 4
Profit and loss account 358 1,478
Shareholders' funds 362 1,482
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.
R.W. Futcher
Director
Approved by the board on 23 August 2024
TOTAL PRODUCT SUPPLIES LIMITED
Notes to the Accounts
for the year ended 30 November 2023
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.
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:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 December 2022 10,994 18,270 29,264
Additions - 4,500 4,500
At 30 November 2023 10,994 22,770 33,764
Depreciation
At 1 December 2022 10,832 18,123 28,955
Charge for the year 26 28 54
At 30 November 2023 10,858 18,151 29,009
Net book value
At 30 November 2023 136 4,619 4,755
At 30 November 2022 162 147 309
4 Debtors 2023 2022
£ £
Trade debtors 11,475 13,417
Amounts owed by group undertakings and undertakings in which the company has a participating interest 10,901 13,401
Other debtors 2,328 2,328
24,704 29,146
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 35,769 38,645
Trade creditors 31,567 16,087
Directors loan account (15,694) 878
Corporation Tax 472 1,171
Taxation and social security costs - 120
Value Added Tax (792) 2,851
Other creditors 5,066 5,056
56,388 64,808
6 Other information
TOTAL PRODUCT SUPPLIES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
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