REGISTERED NUMBER: |
T.C. HAYES LIMITED |
Unaudited Financial Statements for the Year Ended 30 September 2023 |
REGISTERED NUMBER: |
T.C. HAYES LIMITED |
Unaudited Financial Statements for the Year Ended 30 September 2023 |
T.C. HAYES LIMITED (REGISTERED NUMBER: 01449360) |
Contents of the Financial Statements |
for the year ended 30 September 2023 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Statement of Financial Position | 3 |
Notes to the Financial Statements | 4 | to | 6 |
T.C. HAYES LIMITED |
Company Information |
for the year ended 30 September 2023 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
CUBO Birmingham |
3rd Floor |
Two Chamberlain Square |
Birmingham |
West Midlands |
B3 3AX |
Bankers: |
15 Colmore Row |
Birmingham |
B3 2BY |
Other bankers: |
Bridle Road |
Bootle |
Merseyside |
Lancashire |
L30 4GB |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
T.C. Hayes Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of T.C. Hayes Limited for the year ended 30 September 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of T.C. Hayes Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of T.C. Hayes Limited and state those matters that we have agreed to state to the Board of Directors of T.C. Hayes Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than T.C. Hayes Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that T.C. Hayes Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of T.C. Hayes Limited. You consider that T.C. Hayes Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of T.C. Hayes Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
CUBO Birmingham |
3rd Floor |
Two Chamberlain Square |
Birmingham |
West Midlands |
B3 3AX |
T.C. HAYES LIMITED (REGISTERED NUMBER: 01449360) |
Statement of Financial Position |
30 September 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Stocks | 5 |
Debtors | 6 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 7 |
Net current (liabilities)/assets | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 10 |
Retained earnings |
Shareholders' funds |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
T.C. HAYES LIMITED (REGISTERED NUMBER: 01449360) |
Notes to the Financial Statements |
for the year ended 30 September 2023 |
1. | Statutory information |
T.C. Hayes Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
Turnover |
The turnover shown in the profit and loss account represents amounts receivable for goods and services provided during the year, exclusive of Value Added Tax. |
The revenue of new sales made under hire purchase contracts, including ancillary items such as document fees, television licences and insurance, is deferred and released to the profit and loss account over three years, this being the average term of the hire purchase agreements. |
Fixed assets |
All fixed assets are initially recorded at cost. |
Equipment owned by the company but placed with customers under short term rental agreements is initially included within fixed assets. Upon expiration of the agreement, the equipment is transferred to stock at its current market value to be sold as second hand goods. |
Depreciation |
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: |
Freehold Property | - | 2% on cost |
Fixtures & Fittings | - | 20% - 25% reducing balance method |
Motor Vehicles | - | 25% reducing balance method |
Equipment | - | 25% reducing balance method |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
T.C. HAYES LIMITED (REGISTERED NUMBER: 01449360) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2023 |
2. | Accounting policies - continued |
Pension costs |
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account. |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Tangible fixed assets |
Fixtures |
Freehold | and | Motor |
property | fittings | vehicles | Equipment | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 October 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 September 2023 |
Depreciation |
At 1 October 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 September 2023 |
Net book value |
At 30 September 2023 |
At 30 September 2022 |
5. | Stocks |
2023 | 2022 |
£ | £ |
Finished goods |
6. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Prepayments |
T.C. HAYES LIMITED (REGISTERED NUMBER: 01449360) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2023 |
7. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Corporation Tax |
Social security and other taxes |
VAT | 11,688 | 11,392 |
Directors' loan accounts | 3,980 | 5,999 |
Accruals and deferred income |
8. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
9. | Secured debts |
Bank overdrafts are secured by way of fixed and floating charge over the company's Freehold Land and Buildings dated 19 November 2004. |
10. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 189,537 | 189,537 |
Ordinary A non-voting | £1 | 100 | 100 |
189,637 | 189,637 |
11. | Related party disclosures |
The company was under the control of Mr T C Hayes throughout the current and previous year. |
The directors each operate a current account with the company. During the year, the amounts outstanding on the directors' current accounts were as follows: |
At the start of the year Mr T C Hayes was owed £448 by the company. At the end of the year Mr T C Hayes owed £5,520 to the company. |