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COMPANY REGISTRATION NUMBER: SC545256
Telic Limited
Unaudited Financial Statements
29 March 2024
Telic Limited
Financial Statements
Year ended 29 March 2024
Contents
Page
Directors' report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
4
Telic Limited
Directors' Report
Year ended 29 March 2024
The directors present their report and the unaudited financial statements of the company for the year ended 29 March 2024 .
Directors
The directors who served the company during the year were as follows:
Mr AR Halliwell
Mrs JP Halliwell
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 17 September 2024 and signed on behalf of the board by:
Mr AR Halliwell
Director
Registered office:
10 Saxe Coburg Street
Edinburgh
UK
EH3 5BN
Telic Limited
Statement of Income and Retained Earnings
Year ended 29 March 2024
2024
2023
Note
£
£
Turnover
11,944
43,999
Cost of sales
31
6,424
--------
--------
Gross profit
11,913
37,575
Administrative expenses
21,387
32,624
--------
--------
Operating (loss)/profit
( 9,474)
4,951
--------
--------
(Loss)/profit before taxation
5
( 9,474)
4,951
Tax on (loss)/profit
( 382)
2,839
-------
-------
(Loss)/profit for the financial year and total comprehensive income
( 9,092)
2,112
-------
-------
Dividends paid and payable
( 30,000)
( 42,000)
Retained earnings at the start of the year
89,752
129,640
--------
---------
Retained earnings at the end of the year
50,660
89,752
--------
---------
All the activities of the company are from continuing operations.
Telic Limited
Statement of Financial Position
29 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
1,560
4,047
Current assets
Debtors
7
32
Cash at bank and in hand
50,263
99,708
--------
--------
50,295
99,708
Creditors: amounts falling due within one year
8
995
13,803
--------
--------
Net current assets
49,300
85,905
--------
--------
Total assets less current liabilities
50,860
89,952
--------
--------
Net assets
50,860
89,952
--------
--------
Capital and reserves
Called up share capital
200
200
Profit and loss account
50,660
89,752
--------
--------
Shareholders funds
50,860
89,952
--------
--------
These financial statements have been prepared 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'.
For the year ending 29 March 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 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 financial statements .
These financial statements were approved by the board of directors and authorised for issue on 17 September 2024 , and are signed on behalf of the board by:
Mr AR Halliwell
Director
Company registration number: SC545256
Telic Limited
Notes to the Financial Statements
Year ended 29 March 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 10 Saxe Coburg Street, Edinburgh, EH3 5BN, UK.
2. Statement of compliance
These 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 on the historical cost basis.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. : (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Fixtures and fittings
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument .
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 2 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
2,487
2,512
-------
-------
6. Tangible assets
Fixtures and fittings
£
Cost
At 30 March 2023 and 29 March 2024
7,535
-------
Depreciation
At 30 March 2023
3,488
Charge for the year
2,487
-------
At 29 March 2024
5,975
-------
Carrying amount
At 29 March 2024
1,560
-------
At 29 March 2023
4,047
-------
7. Debtors
2024
2023
£
£
Other debtors
32
----
----
8. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
1,800
Social security and other taxes
59
Other creditors
995
11,944
----
--------
995
13,803
----
--------