Registered number
01264972
Termstall Limited
Filleted Accounts
30 June 2024
Termstall Limited
Registered number: 01264972
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 533,342 471,917
Current assets
Stocks 13,070 1,500
Debtors 4 413,994 431,601
Cash at bank and in hand 143,695 81,745
570,759 514,846
Creditors: amounts falling due within one year 5 (566,144) (578,604)
Net current assets/(liabilities) 4,615 (63,758)
Total assets less current liabilities 537,957 408,159
Creditors: amounts falling due after more than one year 6 (52,202) (19,676)
Provisions for liabilities (73,046) (73,046)
Net assets 412,709 315,437
Capital and reserves
Called up share capital 100 100
Revaluation reserve 7 323,450 323,450
Profit and loss account 89,159 (8,113)
Shareholders' funds 412,709 315,437
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.
G S Carr
Director
Approved by the board on 9 September 2024
Termstall Limited
Notes to the Accounts
for the year ended 30 June 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.
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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 20 22
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost or valuation
At 1 July 2023 460,000 34,466 281,589 776,055
Additions - 2,766 83,820 86,586
Disposals - - (35,806) (35,806)
At 30 June 2024 460,000 37,232 329,603 826,835
Depreciation
At 1 July 2023 7,800 28,824 267,514 304,138
Charge for the year 3,900 1,682 19,579 25,161
On disposals - - (35,806) (35,806)
At 30 June 2024 11,700 30,506 251,287 293,493
Net book value
At 30 June 2024 448,300 6,726 78,316 533,342
At 30 June 2023 452,200 5,642 14,075 471,917
Freehold land and buildings: 2024 2023
£ £
Historical cost 71,137 71,137
Cumulative depreciation based on historical cost 6,600 5,300
64,537 65,837
Freehold land and buildings were revalued in 2021 by Royal Bank of Scotland professional valuers.
4 Debtors 2024 2023
£ £
Trade debtors 364,462 388,999
Other debtors 49,532 42,602
413,994 431,601
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 16,301 2,917
Trade creditors 446,908 468,300
Corporation tax 22,696 18,331
Other taxes and social security costs 16,774 12,591
Other creditors 53,465 66,465
566,144 578,604
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 9,676 19,676
Obligations under finance lease and hire purchase contracts 42,526 -
52,202 19,676
7 Revaluation reserve 2024 2023
£ £
At 1 July 2023 323,450 323,450
At 30 June 2024 323,450 323,450
8 Other information
Termstall Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 9 Gemini Business Park
Sheepscar Way
Leeds
West Yorkshire
LS7 3JB
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