Registered number
05639668
TIM GROOM ARCHITECTS LTD
Filleted Accounts
31 January 2024
TIM GROOM ARCHITECTS LTD
Registered number: 05639668
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 193,581 157,792
Current assets
Debtors 4 265,392 602,136
Cash at bank and in hand 187,707 246,454
453,099 848,590
Creditors: amounts falling due within one year 5 (408,399) (501,208)
Net current assets 44,700 347,382
Total assets less current liabilities 238,281 505,174
Creditors: amounts falling due after more than one year 6 (21,604) (32,253)
Net assets 216,677 472,921
Capital and reserves
Called up share capital 4 4
Profit and loss account 216,673 472,917
Shareholders' funds 216,677 472,921
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.
T M Groom
Director
Approved by the board on 21 October 2024
TIM GROOM ARCHITECTS LTD
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, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment over 5 years
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
For a defined benefit scheme, the liability recorded in the balance sheet is the present value of the defined obligation at that date. The defined benefit obligation is calculated on an annual basis by independent actuaries.
Actuarial gains and losses are recognised in full in the period in which they occur and are shown in Other Comprehensive Income.
Current and past service costs, along with settlements or curtailments, are charged to the Income Statement. Interest on pension plan liabilities are recognised within finance expense.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 24 20
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023 306,619
Additions 84,184
At 31 January 2024 390,803
Depreciation
At 1 February 2023 148,827
Charge for the year 48,395
At 31 January 2024 197,222
Net book value
At 31 January 2024 193,581
At 31 January 2023 157,792
4 Debtors 2024 2023
£ £
Trade debtors 238,129 421,129
Other debtors 27,263 174,644
Prepayments - 6,363
265,392 602,136
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 171,639 195,944
Taxation and social security costs 212,708 279,186
Pension scheme liability 18,000 19,000
Other creditors 6,052 7,078
408,399 501,208
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 21,604 32,253
7 Pension costs
Employer Pension Obligations
The Company has agreed to fund a defined benefit pension scheme in respect of key employees. The most recent actuarial valuation of the obligations of £15,000 (2023 - £16,000) was on 31/01/2024. During the year the expense incurred was £1,000 (2023 - £1,000).
The principal assumptions used are:
- Discount rate – 4.9%
- Inflation RPI – 3.1%
- Inflation CPI – 2.6%
- Pre and Post Retirement mortality – S3PMA tables with improvements in the CMI 2022 model and a long term rate of improvement of 1%
2024 2023
£ £
Present value of defined benefit obligations 15,000 16,000
Fair value of scheme assets - -
Liability recognised in the balance sheet 15,000 16,000
Movements in the present value of the defined benefit obligations were as follows:
2024 2023
£ £
At the beginning of the year 16,000 31,000
Current Service Cost -
Interest cost 1,000 1,000
Acturial gains (2,000) (16,000)
At the end of the year 15,000 16,000
8 Controlling party
The company is controlled by Mr Timothy Mark Groom and Mrs Victoria Louise Groom by virtue of directorship and 50% share holding each respectively.
9 Other information
TIM GROOM ARCHITECTS LTD is a private company limited by shares and incorporated in England. Its registered office is:
Eastgate
2 Castle Street
Manchester
M3 4LZ
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