Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falsetruefalse132023-04-01No description of principal activity13true 03880729 2023-04-01 2024-03-31 03880729 2022-04-01 2023-03-31 03880729 2024-03-31 03880729 2023-03-31 03880729 2022-04-01 03880729 c:Director1 2023-04-01 2024-03-31 03880729 c:Director3 2023-04-01 2024-03-31 03880729 d:Buildings 2023-04-01 2024-03-31 03880729 d:Buildings 2024-03-31 03880729 d:Buildings 2023-03-31 03880729 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03880729 d:Buildings d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 03880729 d:PlantMachinery 2023-04-01 2024-03-31 03880729 d:PlantMachinery 2024-03-31 03880729 d:PlantMachinery 2023-03-31 03880729 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03880729 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 03880729 d:MotorVehicles 2023-04-01 2024-03-31 03880729 d:MotorVehicles 2024-03-31 03880729 d:MotorVehicles 2023-03-31 03880729 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03880729 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 03880729 d:FurnitureFittings 2023-04-01 2024-03-31 03880729 d:FurnitureFittings 2024-03-31 03880729 d:FurnitureFittings 2023-03-31 03880729 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03880729 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 03880729 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03880729 d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 03880729 d:Goodwill 2023-04-01 2024-03-31 03880729 d:Goodwill 2024-03-31 03880729 d:Goodwill 2023-03-31 03880729 d:CurrentFinancialInstruments 2024-03-31 03880729 d:CurrentFinancialInstruments 2023-03-31 03880729 d:Non-currentFinancialInstruments 2024-03-31 03880729 d:Non-currentFinancialInstruments 2023-03-31 03880729 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 03880729 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 03880729 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 03880729 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 03880729 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 03880729 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 03880729 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 03880729 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 03880729 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-03-31 03880729 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-03-31 03880729 d:ShareCapital 2024-03-31 03880729 d:ShareCapital 2023-03-31 03880729 d:CapitalRedemptionReserve 2024-03-31 03880729 d:CapitalRedemptionReserve 2023-03-31 03880729 d:RetainedEarningsAccumulatedLosses 2024-03-31 03880729 d:RetainedEarningsAccumulatedLosses 2023-03-31 03880729 c:OrdinaryShareClass1 2023-04-01 2024-03-31 03880729 c:OrdinaryShareClass1 2024-03-31 03880729 c:OrdinaryShareClass1 2023-03-31 03880729 c:OrdinaryShareClass2 2023-04-01 2024-03-31 03880729 c:OrdinaryShareClass2 2024-03-31 03880729 c:OrdinaryShareClass2 2023-03-31 03880729 c:OrdinaryShareClass3 2023-04-01 2024-03-31 03880729 c:OrdinaryShareClass3 2024-03-31 03880729 c:OrdinaryShareClass3 2023-03-31 03880729 c:FRS102 2023-04-01 2024-03-31 03880729 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 03880729 c:FullAccounts 2023-04-01 2024-03-31 03880729 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03880729 d:HirePurchaseContracts d:WithinOneYear 2024-03-31 03880729 d:HirePurchaseContracts d:WithinOneYear 2023-03-31 03880729 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-03-31 03880729 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-03-31 03880729 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 03880729 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 03880729 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-03-31 03880729 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-03-31 03880729 d:LeasedAssetsHeldAsLessee 2024-03-31 03880729 d:LeasedAssetsHeldAsLessee 2023-03-31 03880729 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 03880729














TEAKCROFT LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2024

 
TEAKCROFT LIMITED
REGISTERED NUMBER:03880729

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
                                                                      Note
£
£

FIXED ASSETS
  

Intangible assets
 4 
1
1

Tangible assets
 5 
528,226
604,818

  
528,227
604,819

CURRENT ASSETS
  

Stocks
  
49,391
52,330

Debtors: amounts falling due within one year
 6 
425,397
420,487

Cash at bank and in hand
  
250,427
156,806

  
725,215
629,623

Creditors: amounts falling due within one year
 7 
(410,068)
(354,852)

NET CURRENT ASSETS
  
 
 
315,147
 
 
274,771

TOTAL ASSETS LESS CURRENT LIABILITIES
  
843,374
879,590

Creditors: amounts falling due after more than one year
 8 
(142,579)
(199,323)

PROVISIONS FOR LIABILITIES
  

Deferred tax
 11 
(49,137)
(65,220)

  
 
 
(49,137)
 
 
(65,220)

NET ASSETS
  
£651,658
£615,047


CAPITAL AND RESERVES
  

Called up share capital 
 12 
180
180

Capital redemption reserve
  
88
88

Profit and loss account
  
651,390
614,779

  
£651,658
£615,047

Page 1

 
TEAKCROFT LIMITED
REGISTERED NUMBER:03880729

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 September 2024.




___________________________
Mr P Oldman
___________________________
Mrs S Oldman
Director
Director

The notes on pages 3 to 10 form part of these financial statements.
Page 2

 
TEAKCROFT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Teakcroft Limited is a private company limited by shares incorporated in England and Wales. 
The registered company number is 03880729.
The registered office of the company is Carlton Park Industrial Estate, Main Road, Carlton, Saxmundham, Suffolk, IP17 2NL.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 3

 
TEAKCROFT LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line basis
Plant and machinery
-
15% reducing balance / 6.25% straight line basis
Motor vehicles
-
25% reducing balance basis
Fixtures and fittings
-
20% reducing balance basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
TEAKCROFT LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.12

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 5

 
TEAKCROFT LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.14

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 13 (2023 - 13).


4.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
1



At 31 March 2024

1






Net book value



At 31 March 2024
£1



At 31 March 2023
£1



Page 6

 
TEAKCROFT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
454,641
956,971
199,473
47,000
1,658,085


Additions
-
1,625
-
-
1,625



At 31 March 2024

454,641
958,596
199,473
47,000
1,659,710



Depreciation


At 1 April 2023
128,311
777,107
109,515
38,333
1,053,266


Charge for the year on owned assets
9,092
44,904
1,046
1,732
56,774


Charge for the year on financed assets
-
-
21,444
-
21,444



At 31 March 2024

137,403
822,011
132,005
40,065
1,131,484



Net book value



At 31 March 2024
£317,238
£136,585
£67,468
£6,935
£528,226



At 31 March 2023
£326,330
£179,864
£89,957
£8,667
£604,818

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
64,332
85,776

£64,332
£85,776


6.


Debtors

2024
2023
£
£


Trade debtors
399,445
362,079

Other debtors
12,878
53,230

Prepayments and accrued income
13,074
5,178

£425,397
£420,487


Page 7

 
TEAKCROFT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.Debtors (continued)

At the balance sheet date, other debtors includes an amount of £12,878 (2023: £34,594) which is secured on the trade debtors.


7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
23,823
22,384

Trade creditors
225,050
219,511

Corporation tax
72,976
33,695

Other taxation and social security
41,985
45,686

Obligations under finance lease and hire purchase contracts
34,150
29,361

Other creditors
7,584
7,553

Accruals and deferred income
4,500
(3,338)

£410,068
£354,852



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
142,579
165,173

Net obligations under finance leases and hire purchase contracts
-
34,150

£142,579
£199,323


Page 8

 
TEAKCROFT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
23,823
22,384

Amounts falling due 1-2 years

Bank loans
23,824
22,758

Amounts falling due 2-5 years

Bank loans
74,054
55,461

Amounts falling due after more than 5 years

Bank loans
44,701
86,954

£166,402
£187,557


Bank loans are secured by a fixed and floating charge over the freehold property held by the company.


10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
34,150
29,361

Between 1-5 years
-
34,150

£34,150
£63,511

Page 9

 
TEAKCROFT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Deferred taxation




2024
2023


£

£






At beginning of year
(65,220)
(84,192)


Charged to profit or loss
16,083
18,972



At end of year
£(49,137)
£(65,220)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
49,137
65,220

£49,137
£65,220


12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



60 (2023 - 60) A Ordinary shares of £1.00 each
60
60
60 (2023 - 60) B Ordinary shares of £1.00 each
60
60
60 (2023 - 60) C Ordinary shares of £1.00 each
60
60

£180

£180



13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £5,955 (2023 - £5,224) . Contributions totalling £1,170 (2023 - £2,097) were payable to the fund at the balance sheet date and are included in creditors.

Page 10