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Company registration number: 02715524
Target (Conservatories and Windows) Limited
Unaudited filleted financial statements
30 June 2024
Target (Conservatories and Windows) Limited
Contents
Statement of financial position
Notes to the financial statements
Target (Conservatories and Windows) Limited
Statement of financial position
30th June 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 61,136 85,274
_______ _______
61,136 85,274
Current assets
Stocks 56,067 57,238
Debtors 6 329,321 577,492
Cash at bank and in hand 472,192 621,103
_______ _______
857,580 1,255,833
Creditors: amounts falling due
within one year 7 ( 375,484) ( 679,069)
_______ _______
Net current assets 482,096 576,764
_______ _______
Total assets less current liabilities 543,232 662,038
Creditors: amounts falling due
after more than one year 8 ( 21,281) ( 46,374)
Provisions for liabilities ( 15,283) ( 21,318)
_______ _______
Net assets 506,668 594,346
_______ _______
Capital and reserves
Called up share capital 10,003 10,003
Profit and loss account 496,665 584,343
_______ _______
Shareholders funds 506,668 594,346
_______ _______
For the year ending 30 June 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 have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 18 September 2024 , and are signed on behalf of the board by:
Mrs N J Basnett
Director
Company registration number: 02715524
Target (Conservatories and Windows) Limited
Notes to the financial statements
Year ended 30th June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 96A Grindley Lane, Meir Heath, Stoke on Trent, Staffordshire, ST3 7LP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Improvements to leasehold property - 20 % straight line
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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 32 (2023: 30 ).
5. Tangible assets
Improvements to leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1st July 2023 74,367 30,911 58,244 178,516 342,038
Disposals - - - ( 16,179) ( 16,179)
_______ _______ _______ _______ _______
At 30th June 2024 74,367 30,911 58,244 162,337 325,859
_______ _______ _______ _______ _______
Depreciation
At 1st July 2023 74,367 27,303 52,014 103,080 256,764
Charge for the year - 902 2,180 19,976 23,058
Disposals - - - ( 15,099) ( 15,099)
_______ _______ _______ _______ _______
At 30th June 2024 74,367 28,205 54,194 107,957 264,723
_______ _______ _______ _______ _______
Carrying amount
At 30th June 2024 - 2,706 4,050 54,380 61,136
_______ _______ _______ _______ _______
At 30th June 2023 - 3,608 6,230 75,436 85,274
_______ _______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 34,609 273,356
Amounts owed from connected company 279,665 294,501
Other debtors 15,047 9,635
_______ _______
329,321 577,492
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 10,268 10,015
Trade creditors 262,050 431,520
Corporation tax - 37,646
Social security and other taxes 72,816 68,823
Other creditors 30,350 131,065
_______ _______
375,484 679,069
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 9,640 19,908
Other creditors 11,641 26,466
_______ _______
21,281 46,374
_______ _______