Company registration number 03451602 (England and Wales)
TUCK COMMERCIAL MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
TUCK COMMERCIAL MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
TUCK COMMERCIAL MANAGEMENT LIMITED (REGISTERED NUMBER: 03451602)
BALANCE SHEET
AS AT
29 OCTOBER 2023
29 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,126
9,501
Investment property
4
300,000
320,000
307,126
329,501
Current assets
Debtors
5
750
Cash at bank and in hand
66,770
88,877
67,520
88,877
Creditors: amounts falling due within one year
6
(39,540)
(34,412)
Net current assets
27,980
54,465
Total assets less current liabilities
335,106
383,966
Creditors: amounts falling due after more than one year
7
(220,126)
(225,600)
Provisions for liabilities
(12,877)
(17,128)
Net assets
102,103
141,238
Capital and reserves
Called up share capital
8
100
100
Non-distributable profits reserve
9
49,125
65,325
Distributable profit and loss reserves
52,878
75,813
Total equity
102,103
141,238
TUCK COMMERCIAL MANAGEMENT LIMITED (REGISTERED NUMBER: 03451602)
BALANCE SHEET (CONTINUED)
AS AT
29 OCTOBER 2023
29 October 2023
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 18 October 2024 and are signed on its behalf by:
Mrs J Tuck
Director
TUCK COMMERCIAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 OCTOBER 2023
- 3 -
1
Accounting policies
Company information
Tuck Commercial Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Barn, Otham Street, Otham, Kent, ME15 8RP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
The amount of turnover can be measured reliably;
It is probable that the company will receive the consideration due under the contract;
The stage of completion of the contract at the end of the reporting period can be measured reliably and;
The costs incurred and the costs to complete the contract can be measured reliably
Rental income is recognised when paid and is included in other operating income.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
TUCK COMMERCIAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
- 25% reducing balance
Computers
- 25% reducing balance
Motor vehicles
- 25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
TUCK COMMERCIAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 OCTOBER 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
4
3
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 30 October 2022 and 29 October 2023
59,432
4,937
31,414
95,783
Depreciation and impairment
At 30 October 2022
55,334
3,726
27,222
86,282
Depreciation charged in the year
1,025
302
1,048
2,375
At 29 October 2023
56,359
4,028
28,270
88,657
Carrying amount
At 29 October 2023
3,073
909
3,144
7,126
At 29 October 2022
4,098
1,211
4,192
9,501
4
Investment property
2023
£
Fair value
At 30 October 2022
320,000
Changes to fair value
(20,000)
At 29 October 2023
300,000
No independent valuation of the company's investment property has taken place and the above value has been estimated by the directors.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
750
TUCK COMMERCIAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 OCTOBER 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
11,473
10,716
Trade creditors
2,838
Taxation and social security
12,545
21,678
Other creditors
12,684
2,018
39,540
34,412
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
18,169
27,187
Other creditors
201,957
198,413
220,126
225,600
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
9
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
65,325
65,325
Non distributable profits in the year
(16,200)
-
At the end of the year
49,125
65,325
TUCK COMMERCIAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 OCTOBER 2023
- 7 -
10
Financial commitments, guarantees and contingent liabilities
The company has entered into an agreement with one of the company's lenders whereby any liabilities to the lender are secured by way of a fixed charge over the property owned by the company.
In addition, during 2020 accounting period the company borrowed £50,000 from its bankers for a Bounce Back Loan. As part of this loan scheme, the UK government guaranteed the advance and paid the interest and fees due for the first 12 months. At the balance sheet date, the outstanding balance on the loan was £27,986 (2022: £37,566). This balance is included within creditors due within one year and over one year on the balance sheet. Interest at 2.50% per annum is payable on this balance.