Registered number
05095761
TJD MODELS LIMITED
Filleted Accounts
30 April 2024
Adams Watkins & Co
Regus House
Victory Way
Admirals Park
Dartford DA2 6QD
TJD MODELS LIMITED
Registered number: 05095761
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 29,394 37,485
Tangible assets 4 7,840 7,821
37,234 45,306
Current assets
Stocks 245,000 267,500
Debtors 5 15,454 14,706
Cash at bank and in hand 9,335 19,793
269,789 301,999
Creditors: amounts falling due within one year 6 (239,736) (236,059)
Net current assets 30,053 65,940
Total assets less current liabilities 67,287 111,246
Creditors: amounts falling due after more than one year 7 (18,344) (23,083)
Provisions for liabilities (1,489) (1,486)
Net assets 47,454 86,677
Capital and reserves
Called up share capital 6 6
Profit and loss account 47,448 86,671
Shareholders' funds 47,454 86,677
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.
J Mason
Director
Approved by the board on 22 August 2024
TJD MODELS LIMITED
Notes to the Accounts
for the year ended 30 April 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:
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
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.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 7 7
3 Intangible fixed assets £
Goodwill:
Cost
At 1 May 2023 113,943
At 30 April 2024 113,943
Amortisation
At 1 May 2023 76,458
Provided during the year 8,091
At 30 April 2024 84,549
Net book value
At 30 April 2024 29,394
At 30 April 2023 37,485
Goodwill is being written off in equal annual instalments over its estimated economic life of 15 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 May 2023 14,213 11,131 25,344
Additions 2,633 - 2,633
At 30 April 2024 16,846 11,131 27,977
Depreciation
At 1 May 2023 10,795 6,728 17,523
Charge for the year 1,513 1,101 2,614
At 30 April 2024 12,308 7,829 20,137
Net book value
At 30 April 2024 4,538 3,302 7,840
At 30 April 2023 3,418 4,403 7,821
5 Debtors 2024 2023
£ £
Other debtors 15,454 14,706
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 43,830 35,805
Obligations under finance lease and hire purchase contracts 1,288 2,130
Trade creditors 58,926 59,875
Taxation and social security costs 8,149 15,385
Other creditors 127,543 122,864
239,736 236,059
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 18,344 21,608
Obligations under finance lease and hire purchase contracts - 1,475
18,344 23,083
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 36,375 66,735
9 Other information
TJD MODELS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
83 Main Road
Sutton At Hone
Dartford
DA4 9QH
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