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Registration number: 12422005

Teign Bean Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Teign Bean Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Teign Bean Ltd

Company Information

Director

Mr Simon Richard Grost

Registered office

Redwoods
2 Clyst Works
Clyst Road, Topsham
Exeter
Devon
EX3 0DB

Accountants

Redwoods
Chartered Certified Accountants
2 Clyst Works
Clyst Road
Topsham
Exeter
Devon
EX3 0DB

 

Teign Bean Ltd

(Registration number: 12422005)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

19,200

21,600

Tangible assets

5

134,966

160,709

 

154,166

182,309

Current assets

 

Stocks

6

17,500

17,500

Debtors

7

29,462

19,297

Cash at bank and in hand

 

24,120

30,337

 

71,082

67,134

Creditors: Amounts falling due within one year

8

(163,551)

(229,710)

Net current liabilities

 

(92,469)

(162,576)

Total assets less current liabilities

 

61,697

19,733

Creditors: Amounts falling due after more than one year

8

(58,154)

(67,035)

Provisions for liabilities

(17,398)

(1,356)

Net liabilities

 

(13,855)

(48,658)

Capital and reserves

 

Called up share capital

9

110

110

Retained earnings

(13,965)

(48,768)

Shareholders' deficit

 

(13,855)

(48,658)

 

Teign Bean Ltd

(Registration number: 12422005)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 19 September 2024
 

.........................................
Mr Simon Richard Grost
Director

 

Teign Bean Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Redwoods
2 Clyst Works
Clyst Road, Topsham
Exeter
Devon
EX3 0DB

The principal place of business is:
Unit 7
Black Swan Business Park
Black Swan Road
Dawlish
Devon
EX7 0FQ

These financial statements were authorised for issue by the director on 19 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The accounts are presented in £ sterling and rounded to £1

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Teign Bean Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

33% reducing balance

Motor vehicles

20% reducing balance

Plant and machinery

25% reducing balance

Land & Buildings

10 years straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

 

Teign Bean Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Teign Bean Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Teign Bean Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 32 (2023 - 23).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

24,000

24,000

At 31 March 2024

24,000

24,000

Amortisation

At 1 April 2023

2,400

2,400

Amortisation charge

2,400

2,400

At 31 March 2024

4,800

4,800

Carrying amount

At 31 March 2024

19,200

19,200

At 31 March 2023

21,600

21,600

 

Teign Bean Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Land and buildings
£

Computer equipment
£

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

80,325

4,052

62,158

90,057

236,592

Additions

-

-

-

4,925

4,925

Disposals

-

-

-

(50)

(50)

At 31 March 2024

80,325

4,052

62,158

94,932

241,467

Depreciation

At 1 April 2023

11,642

1,922

25,704

36,615

75,883

Charge for the year

8,035

703

7,291

14,589

30,618

At 31 March 2024

19,677

2,625

32,995

51,204

106,501

Carrying amount

At 31 March 2024

60,648

1,427

29,163

43,728

134,966

At 31 March 2023

68,683

2,130

36,454

53,442

160,709

Included within the net book value of land and buildings above is £60,648 (2023 - £68,683) in respect of short leasehold land and buildings.
 

 

Teign Bean Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Stocks

2024
£

2023
£

Other inventories

17,500

17,500

7

Debtors

Note

2024
£

2023
£

Amounts owed by related parties

12

92

-

Other debtors

 

21,807

8,985

Prepayments

 

7,563

10,312

 

29,462

19,297

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

53,288

91,249

Trade creditors

 

29,999

43,228

Taxation and social security

 

30,073

31,720

Accruals and deferred income

 

5,573

5,066

Other creditors

 

44,618

58,447

 

163,551

229,710

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

58,154

67,035

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

Ordinary B of £1 each

10

10

10

10

110

110

110

110

 

Teign Bean Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

58,154

67,035

Current loans and borrowings

2024
£

2023
£

Bank borrowings

8,873

90,471

Hire purchase contracts

-

778

Other borrowings

44,415

-

53,288

91,249

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £155,348 (2023 - £209,660).

12

Related party transactions

Transactions with the director

2024

At 1 April 2023
£

Advances to director
£

At 31 March 2024
£

Mr Simon Richard Grost

Overdrawn directors loan account at 31st March 2024. Interest has been charged on the loan at 2.25% in line with HMRC's beneficial loan rates.

-

12,722

12,722