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Registered number: 05042070
Tinbashers Limited
Unaudited Financial Statements
For The Year Ended 28 February 2024
Strategic Management (UK) Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05042070
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 26,634 31,913
26,634 31,913
CURRENT ASSETS
Stocks 5 27,797 52,797
Debtors 6 26,734 30,472
Cash at bank and in hand 46,902 24,348
101,433 107,617
Creditors: Amounts Falling Due Within One Year 7 (7,277 ) (10,732 )
NET CURRENT ASSETS (LIABILITIES) 94,156 96,885
TOTAL ASSETS LESS CURRENT LIABILITIES 120,790 128,798
Creditors: Amounts Falling Due After More Than One Year 8 (19,498 ) (25,554 )
NET ASSETS 101,292 103,244
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 101,192 103,144
SHAREHOLDERS' FUNDS 101,292 103,244
Page 1
Page 2
For the year ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Thomas Sheehan
Director
08/08/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Tinbashers Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05042070 . The registered office is 57 Birkdale Road, South Reddish, Stockport, SK5 7LR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 20% reducing balance
Fixtures & Fittings 20% reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 1 1
1 1
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 March 2023 36,775 4,778 41,553
Additions - 565 565
As at 28 February 2024 36,775 5,343 42,118
Depreciation
As at 1 March 2023 6,620 3,020 9,640
Provided during the period 5,427 417 5,844
As at 28 February 2024 12,047 3,437 15,484
Net Book Value
As at 28 February 2024 24,728 1,906 26,634
As at 1 March 2023 30,155 1,758 31,913
5. Stocks
2024 2023
£ £
Finished goods 27,797 52,797
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,456 4,336
Other taxes and social security 8,773 8,514
Directors' loan accounts 16,505 17,622
26,734 30,472
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 5,610 5,610
Corporation tax 667 3,668
Other creditors - 454
Accruals and deferred income 1,000 1,000
7,277 10,732
Page 4
Page 5
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 19,498 25,554
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5