Company Registration No. NI676666 (Northern Ireland)
TS Composites Ltd
Unaudited accounts
for the year ended 29 February 2024
TS Composites Ltd
Statement of financial position
as at 29 February 2024
Tangible assets
16,952
21,190
Cash at bank and in hand
13,311
5,639
Creditors: amounts falling due within one year
(52,320)
(48,333)
Net current assets/(liabilities)
2,413
(6,930)
Called up share capital
2
2
Profit and loss account
19,363
14,258
Shareholders' funds
19,365
14,260
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 30 April 2024 and were signed on its behalf by
Lee Turtle
Director
Company Registration No. NI676666
TS Composites Ltd
Notes to the Accounts
for the year ended 29 February 2024
TS Composites Ltd is a private company, limited by shares, registered in Northern Ireland, registration number NI676666. The registered office is 66 Chichester Park Central, Ballymena, BT42 4BG, Northern Ireland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% Reducing Balance
Motor vehicles
20% Reducing Balance
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 March 2023
20,350
4,500
24,850
At 29 February 2024
20,350
4,500
24,850
At 1 March 2023
3,210
450
3,660
Charge for the year
3,428
810
4,238
At 29 February 2024
6,638
1,260
7,898
At 29 February 2024
13,712
3,240
16,952
At 28 February 2023
17,140
4,050
21,190
Amounts falling due within one year
Trade debtors
31,593
28,220
Accrued income and prepayments
2,285
-
TS Composites Ltd
Notes to the Accounts
for the year ended 29 February 2024
6
Creditors: amounts falling due within one year
2024
2023
Obligations under finance leases and hire purchase contracts
1,513
4,595
Trade creditors
5,000
5,000
Taxes and social security
5,088
-
Loans from directors
15,970
19,106
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2
2
8
Average number of employees
During the year the average number of employees was 7 (2023: 7).