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Registration number: 11132240

TSL Commercial Refits Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

TSL Commercial Refits Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

TSL Commercial Refits Limited

Company Information

Director

Mr T Sayers

Registered office

15 Olympic Court
Boardmans Way
Whitehills Business Park
Blackpool
FY4 5GU

Accountants

Horne Brooke Shenton
15 Olympic Court Boardmans Way
Whitehills Business Park
Blackpool
FY4 5GU

 

TSL Commercial Refits Limited

(Registration number: 11132240)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed Assets

 

Tangible Assets

4

20,272

39,988

Current assets

 

Stocks

5

38,570

102,054

Debtors

6

323,393

272,559

Cash at bank and in hand

 

57,545

185,216

 

419,508

559,829

Creditors: Amounts falling due within one year

7

(380,266)

(555,655)

Net current assets

 

39,242

4,174

Total assets less current liabilities

 

59,514

44,162

Creditors: Amounts falling due after more than one year

7

(18,667)

(26,667)

Net assets

 

40,847

17,495

Capital and Reserves

 

Called up share capital

8

2

2

Retained Earnings

40,845

17,493

Shareholders' funds

 

40,847

17,495

For the financial year ending 31 January 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 8 October 2024
 

.........................................
Mr T Sayers
Director

 

TSL Commercial Refits Limited

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

1

General information

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

The address of its registered office is:
15 Olympic Court
Boardmans Way
Whitehills Business Park
Blackpool
FY4 5GU

These financial statements were authorised for issue by the director on 8 October 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 financial statements are presented in Sterling (£) and are rounded to the nearest whole pound.

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.

Tax

The tax expense for the period comprises current 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.

 

TSL Commercial Refits Limited

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

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

Plant and machinery

25% reducing balance

Office equipment

25% reducing balance

Motor vehicles

25% reducing balance

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

 

TSL Commercial Refits Limited

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

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

TSL Commercial Refits Limited

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

4

Tangible Assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

9,590

4,691

45,500

59,781

Additions

-

2,427

14,990

17,417

Disposals

-

-

(40,500)

(40,500)

At 31 January 2024

9,590

7,118

19,990

36,698

Depreciation

At 1 February 2023

4,196

2,053

13,544

19,793

Charge for the year

1,349

1,266

4,143

6,758

Eliminated on disposal

-

-

(10,125)

(10,125)

At 31 January 2024

5,545

3,319

7,562

16,426

Carrying amount

At 31 January 2024

4,045

3,799

12,428

20,272

At 31 January 2023

5,394

2,638

31,956

39,988

5

Stocks

2024
£

2023
£

Work in progress

38,570

102,054

6

Debtors

Current

2024
£

2023
£

Trade Debtors

46,714

97,266

Other debtors

276,679

175,293

 

323,393

272,559

 

TSL Commercial Refits Limited

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

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade Creditors

143,644

331,943

Taxation and social security

233,573

221,589

Accruals and deferred income

3,049

2,123

380,266

555,655

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

18,667

26,667

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

18,667

26,667

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £26,500.00 (2023 - £25,000.00) per each Ordinary

53,000

50,000

 

 
 

TSL Commercial Refits Limited

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

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 £7,399 (2023 - £14,798).

12

Related party transactions

Transactions with the director

2024

At 1 February 2023
£

Advances to director
£

At 31 January 2024
£

Mr T Sayers

Transfers to private account

48,759

29,206

77,965

2023

At 1 February 2022
£

Repayments by director
£

At 31 January 2023
£

Mr T Sayers

Transfers to private account

76,669

(27,910)

48,759

Loans to directors are interest free and repayable on demand.

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

14,880

10,081