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Registered Number: 07346425
England and Wales

 

 

 

TIM BRAKE LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 April 2023

End date: 31 March 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Intangible fixed assets 3 2,700    3,150 
Tangible fixed assets 4 561,735    630,469 
564,435    633,619 
Current assets      
Stocks 5 17,000    15,000 
Debtors 6 118,934    288,514 
Cash at bank and in hand 70,892    97,966 
206,826    401,480 
Creditors: amount falling due within one year 7 (163,956)   (279,388)
Net current assets 42,870    122,092 
 
Total assets less current liabilities 607,305    755,711 
Creditors: amount falling due after more than one year 8 (59,009)   (154,792)
Provisions for liabilities 9 (106,730)   (119,789)
Net assets 441,566    481,130 
 

Capital and reserves
     
Called up share capital 10 100    100 
Profit and loss account 441,466    481,030 
Shareholder's funds 441,566    481,130 
 


For the year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 14 June 2024 and were signed by:


-------------------------------
Mr T Brake
Director
1
General Information
Tim Brake Limited is a private company, limited by shares, registered in England and Wales, registration number 07346425, registration address Sunnyridge, 14 Orchard Close, Westfield, Radstock, BA3 3RF.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the profit and loss account on a straight line basis.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 20 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and Buildings 5% Straight Line
Plant and Machinery 15% Reducing Balance
Motor Vehicles 25% Reducing Balance
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 2 (2023 : 2).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 April 2023 9,000    9,000 
Additions  
Disposals  
At 31 March 2024 9,000    9,000 
Amortisation
At 01 April 2023 5,850    5,850 
Charge for year 450    450 
On disposals  
At 31 March 2024 6,300    6,300 
Net book values
At 31 March 2024 2,700    2,700 
At 31 March 2023 3,150    3,150 


4.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Motor Vehicles   Total
  £   £   £   £
At 01 April 2023 161,995    692,348    169,939    1,024,282 
Additions   25,250      25,250 
Disposals      
At 31 March 2024 161,995    717,598    169,939    1,049,532 
Depreciation
At 01 April 2023 16,200    301,584    76,029    393,813 
Charge for year 8,100    62,406    23,478    93,984 
On disposals      
At 31 March 2024 24,300    363,990    99,507    487,797 
Net book values
Closing balance as at 31 March 2024 137,695    353,608    70,432    561,735 
Opening balance as at 01 April 2023 145,795    390,764    93,910    630,469 


5.

Stocks

2024
£
  2023
£
Work in Progress 17,000    15,000 
17,000    15,000 

6.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 118,934    310,829 
Provision for Doubtful Debts   (22,315)
118,934    288,514 

7.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 12,340    82,978 
Corporation Tax 15,238    12,562 
Accrued Expenses 2,410    2,335 
Obligations under HP/Financial Leases 95,783    126,511 
Director: Mr T Brake 13,000   
VAT 25,185    55,002 
163,956    279,388 

8.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Obligations Under HP/Financial Leases 59,009    154,792 
59,009    154,792 

9.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 106,730    119,789 
106,730    119,789 

10.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
100 £1 shares of £1.00 each 100    100 
100    100 

2