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Company registration number: 10258709
T & L Construction Ltd
Unaudited filleted financial statements
31 March 2024
T & L Construction Ltd
Contents
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
T & L Construction Ltd
Accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of T & L Construction Ltd
Year ended 31 March 2024
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 March 2024 which comprise the statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Purcell & Co
Certified Public Accountants
204 Mauldeth Rd
Burnage
Manchester
M19 1AJ
8 October 2024
T & L Construction Ltd
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 29,444 38,383
Investments 6 228,963 -
_______ _______
258,407 38,383
Current assets
Stocks 30,200 35,000
Debtors 7 659,008 708,907
Cash at bank and in hand 125,023 322,784
_______ _______
814,231 1,066,691
Creditors: amounts falling due
within one year 8 ( 310,258) ( 644,244)
_______ _______
Net current assets 503,973 422,447
_______ _______
Total assets less current liabilities 762,380 460,830
Provisions for liabilities ( 6,053) ( 7,880)
_______ _______
Net assets 756,327 452,950
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 756,325 452,948
_______ _______
Shareholders funds 756,327 452,950
_______ _______
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 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 08 October 2024 , and are signed on behalf of the board by:
Mr Declan Tarpey Mr Mark Longfield
Director Director
Company registration number: 10258709
T & L Construction Ltd
Statement of changes in equity
Year ended 31 March 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2022 2 721,732 721,734
Profit/(loss) for the year ( 268,784) ( 268,784)
_______ _______ _______
Total comprehensive income for the year - ( 268,784) ( 268,784)
_______ _______ _______
At 31 March 2023 and 1 April 2023 2 452,948 452,950
Profit/(loss) for the year 303,377 303,377
_______ _______ _______
Total comprehensive income for the year - 303,377 303,377
_______ _______ _______
At 31 March 2024 2 756,325 756,327
_______ _______ _______
T & L Construction 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 & Wales. The address of the registered office is 12 Hunston Road, Sale, Cheshire, M33 4RP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tax on profit/loss
Major components of tax expense/income
2024 2023
£ £
Current tax:
UK current tax expense 16,982 -
_______ _______
Deferred tax:
Origination and reversal of timing differences ( 1,827) ( 240)
_______ _______
Tax on profit/loss 15,155 ( 240)
_______ _______
Reconciliation of tax expense/income
The tax assessed on the profit/loss for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 23.64 % (2023: -%).
2024 2023
£ £
Profit/(loss) before taxation 318,532 ( 269,024)
_______ _______
Profit/(loss) multiplied by rate of tax 75,301 -
Effect of expenses not deductible for tax purposes 164 -
Effect of capital allowances and depreciation 1,842 -
Utilisation of tax losses ( 60,325) -
_______ _______
Tax on profit/loss 16,982 -
_______ _______
5. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 April 2023 27,217 61,345 88,562
Additions 876 - 876
_______ _______ _______
At 31 March 2024 28,093 61,345 89,438
_______ _______ _______
Depreciation
At 1 April 2023 20,625 29,554 50,179
Charge for the year 1,867 7,948 9,815
_______ _______ _______
At 31 March 2024 22,492 37,502 59,994
_______ _______ _______
Carrying amount
At 31 March 2024 5,601 23,843 29,444
_______ _______ _______
At 31 March 2023 6,592 31,791 38,383
_______ _______ _______
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 April 2023 - -
Additions 228,963 228,963
_______ _______
At 31 March 2024 228,963 228,963
_______ _______
Impairment
At 1 April 2023 and 31 March 2024 - -
_______ _______
Carrying amount
At 31 March 2024 228,963 228,963
_______ _______
At 31 March 2023 - -
_______ _______
7. Debtors
2024 2023
£ £
Trade debtors 443,064 406,711
Other debtors 215,944 302,196
_______ _______
659,008 708,907
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 245,865 590,920
Corporation tax 16,928 ( 54)
Social security and other taxes 10,290 15,352
Other creditors 37,175 38,026
_______ _______
310,258 644,244
_______ _______
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in provisions (note ) 6,053 7,880
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances ( 1,827) ( 240)
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Declan Tarpey ( 8,130) ( 9,616) 9,295 ( 8,451)
Mr Mark Longfield ( 8,446) ( 10,256) 8,751 ( 9,951)
_______ _______ _______ _______
( 16,576) ( 19,872) 18,046 ( 18,402)
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Declan Tarpey ( 7,757) ( 374) - (8,131)
Mr Mark Longfield ( 9,007) - 560 (8,447)
_______ _______ _______ _______
( 16,764) ( 374) 560 (16,578)
_______ _______ _______ _______
11. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
Chandlers Grande Brasserie Ltd 10,000 - 10,000 -
Declan Tarpey Building Envelope Consultant Ltd 170,000 210,000 - ( 120,000)
Mark Longfield t/a Ackworth Cladding 160,000 190,000 60,000 ( 100,000)
_______ _______ _______ _______
During the year the company bought goods and services from Declan Tarpey Building Envelope Consultant Ltd, a company controlled by the director Mr Declan Tarpey, for £170,000 (2023:£210,000). At 31st March 2024 the company owed this business £Nil (2023: £120,000). The company also bought goods and services from Mark Longfield trading as Ackworth Cladding , a business controlled by the director Mr Mark Longfield, for £160,000 (2023:£190,000). At 31st March 2024 the company owed this business £60,000 (2023:£100,000). During the year the company granted an interest free loan of £10,000, repayable on demand, to its subsidiary company Chandlers Grande Brasserie Ltd. (2023: £Nil) At 31st March 2024, the company was owed £10,000 by its subsidiary (2023: £Nil)
12. Controlling party
The company is controlled by the directors Mr Declan Tarpey and Mr Mark Longfield as they own all of the issued share capital of the company.