Registered number
10540258
TM Corporate & Advisory Trading Ltd
(Formerly Patrick McDonald Ltd)
Unaudited Filleted Accounts
31 December 2023
TM Corporate & Advisory Trading Ltd
Registered number: 10540258
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 16,918 20,360
Investments 4 55,000 55,000
71,918 75,360
Current assets
Debtors 5 138,612 139,148
Cash at bank and in hand - 20,641
138,612 159,789
Creditors: amounts falling due within one year 6 (163,474) (110,806)
Net current (liabilities)/assets (24,862) 48,983
Total assets less current liabilities 47,056 124,343
Creditors: amounts falling due after more than one year 7 (44,400) (44,400)
Net assets 2,656 79,943
Capital and reserves
Called up share capital 2 2
Profit and loss account 2,654 79,941
Shareholders' funds 2,656 79,943
The director is 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 director acknowledges his 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.
P. McDonald
Director
Approved by the board on 24 September 2024
TM Corporate & Advisory Trading Ltd
Notes to the Accounts
for the year ended 31 December 2023
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:
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
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 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 40,155
Additions 567
At 31 December 2023 40,722
Depreciation
At 1 January 2023 19,795
Charge for the year 4,009
At 31 December 2023 23,804
Net book value
At 31 December 2023 16,918
At 31 December 2022 20,360
4 Investments
Other
investments
£
Cost
At 1 January 2023 55,000
At 31 December 2023 55,000
5 Debtors 2023 2022
£ £
Trade debtors - 39,076
Section 454 Tax 34,977 -
Other debtors 103,635 100,072
138,612 139,148
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 23,160 -
Taxation and social security costs 132,814 110,806
Other creditors 7,500 -
163,474 110,806
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 44,400 44,400
8 Other information
TM Corporate & Advisory Trading Ltd is a private company limited by shares and incorporated in England. Its registered office is:
9 Shottery Brook Office Park
Timothys Bridge Road
Stratford Upon Avon
CV37 9NR
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