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COMPANY REGISTRATION NUMBER: 08070449
Tec4 Lubricants Ltd
Filleted Unaudited Abridged Financial Statements
30 April 2024
Tec4 Lubricants Ltd
Abridged Financial Statements
Year Ended 30 April 2024
Contents
Pages
Abridged statement of financial position
1 to 2
Notes to the abridged financial statements
3 to 5
Tec4 Lubricants Ltd
Abridged Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed Assets
Tangible assets
5
62,140
58,031
Current Assets
Stocks
267,002
207,256
Debtors
327,528
437,731
Cash at bank and in hand
89,284
169,874
---------
---------
683,814
814,861
Creditors: amounts falling due within one year
449,188
555,397
---------
---------
Net Current Assets
234,626
259,464
---------
---------
Total Assets Less Current Liabilities
296,766
317,495
Creditors: amounts falling due after more than one year
49,985
109,665
Provisions
Taxation including deferred tax
15,535
14,508
---------
---------
Net Assets
231,246
193,322
---------
---------
Capital and Reserves
Called up share capital
6
100
100
Profit and loss account
231,146
193,222
---------
---------
Shareholders Funds
231,246
193,322
---------
---------
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 30 April 2024 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 abridged 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 abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 April 2024 in accordance with Section 444(2A) of the Companies Act 2006.
Tec4 Lubricants Ltd
Abridged Statement of Financial Position (continued)
30 April 2024
These abridged financial statements were approved by the board of directors and authorised for issue on 2 September 2024 , and are signed on behalf of the board by:
Mr R Welch
Director
Company registration number: 08070449
Tec4 Lubricants Ltd
Notes to the Abridged Financial Statements
Year Ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 6 Millennium Way, Chesterfield, Derbyshire, S41 8ND.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. All members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.
Revenue recognition
The turnover shown in the profit and loss account represents amounts earned during the period, exclusive of Value Added Tax.
Income tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Plant & Machinery
-
25% reducing balance
Fixtures & Fittings
-
20% reducing balance
Motor Vehicles
-
25% reducing balance
Office Equipment
-
33% straight line
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 stock to its present location and condition.
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 abridged 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 as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 5 ).
5. Tangible assets
£
Cost
At 1 May 2023
79,002
Additions
20,370
--------
At 30 April 2024
99,372
--------
Depreciation
At 1 May 2023
20,971
Charge for the year
16,261
--------
At 30 April 2024
37,232
--------
Carrying amount
At 30 April 2024
62,140
--------
At 30 April 2023
58,031
--------
6. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
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