Registered number
07495192
TTT CONSTRUCTION LIMITED
Filleted Accounts
31 January 2024
TTT CONSTRUCTION LIMITED
Registered number: 07495192
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 87,691 90,574
Current assets
Debtors 4 113,890 82,559
Cash at bank and in hand 17,452 14,969
131,342 97,528
Creditors: amounts falling due within one year 5 (128,208) (91,046)
Net current assets 3,134 6,482
Total assets less current liabilities 90,825 97,056
Creditors: amounts falling due after more than one year 6 (27,010) (73,088)
Provisions for liabilities (16,661) (19,841)
Net assets 47,154 4,127
Capital and reserves
Called up share capital 101 100
Profit and loss account 47,053 4,027
Shareholders' funds 47,154 4,127
The directors are 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 directors acknowledge their 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.
R Robson
Director
Approved by the board on 10 October 2024
TTT CONSTRUCTION LIMITED
Notes to the Accounts
for the year ended 31 January 2024
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, at the following rates
Plant and machinery 25% reducing balance
Motor vehicles 25% straight line
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2023 44,680 143,097 187,777
Additions 8,634 25,000 33,634
Disposals - (20,930) (20,930)
At 31 January 2024 53,314 147,167 200,481
Depreciation
At 1 February 2023 21,704 75,499 97,203
Charge for the year 5,780 30,738 36,518
On disposals - (20,931) (20,931)
At 31 January 2024 27,484 85,306 112,790
Net book value
At 31 January 2024 25,830 61,861 87,691
At 31 January 2023 22,976 67,598 90,574
4 Debtors 2024 2023
£ £
Trade debtors 64,318 26,159
Other debtors 49,572 56,400
113,890 82,559
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 29,711 31,812
Trade creditors 48,788 24,268
Taxation and social security costs 28,937 21,874
Other creditors 10,772 3,092
128,208 91,046
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 13,333 23,333
Obligations under finance lease and hire purchase contracts 13,677 49,755
27,010 73,088
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
R Robson
Directors loan account 308 (45,849) 53,876 8,335
A T Tully (Deceased 17 September 2024)
Directors loan account 784 (29,529) 29,182 437
1,092 (75,378) 83,058 8,772
8 Other information
TTT CONSTRUCTION LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
43 Hillside Gardens
Stanley
Co Durham
DH9 0EY
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