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COMPANY REGISTRATION NUMBER: 08908755
TVF Associates Ltd
Filleted Unaudited Financial Statements
31 March 2024
TVF Associates Ltd
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
TVF Associates Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Intangible assets
5
1,250
2,250
Current assets
Debtors
7
4,746
4,800
Cash at bank and in hand
37,919
29,711
--------
--------
42,665
34,511
Creditors: amounts falling due within one year
8
19,726
18,447
--------
--------
Net current assets
22,939
16,064
--------
--------
Total assets less current liabilities
24,189
18,314
--------
--------
Net assets
24,189
18,314
--------
--------
Capital and reserves
Called up share capital
9
100
100
Profit and loss account
24,089
18,214
--------
--------
Shareholders funds
24,189
18,314
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 17 October 2024 , and are signed on behalf of the board by:
R Moore
Director
Company registration number: 08908755
TVF Associates Ltd
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 146 New London Road, Chelmsford, Essex, CM2 0AW, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and Fittings
-
20% straight line
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
5,000
-------
Amortisation
At 1 April 2023
2,750
Charge for the year
1,000
-------
At 31 March 2024
3,750
-------
Carrying amount
At 31 March 2024
1,250
-------
At 31 March 2023
2,250
-------
6. Tangible assets
Fixtures and fittings
Total
£
£
Cost
At 1 April 2023 and 31 March 2024
6,634
6,634
-------
-------
Depreciation
At 1 April 2023 and 31 March 2024
6,634
6,634
-------
-------
Carrying amount
At 31 March 2024
-------
-------
At 31 March 2023
-------
-------
7. Debtors
2024
2023
£
£
Trade debtors
4,746
4,800
-------
-------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
1,620
1,545
Corporation tax
10,755
9,106
Social security and other taxes
6,619
7,272
Director loan accounts
732
524
--------
--------
19,726
18,447
--------
--------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary A shares of £ 1 each
50
50
50
50
Ordinary B shares of £ 1 each
50
50
50
50
----
----
----
----
100
100
100
100
----
----
----
----
10. Related party transactions
At the year end the company owed the directors £732 (2023: £524) in the form of a loan account. This loan, which is shown amongst creditors, is interest free and repayable on demand.