Registered number
09619618
TT Mechanica Limited
Filleted Accounts
For the Year Ended
30 June 2024
TT Mechanica Limited
Registered number: 09619618
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 45,815 56,964
Investments 4 30,000 30,000
75,815 86,964
Current assets
Stocks 10,650 22,650
Debtors 5 42,584 33,961
Cash at bank and in hand 21,540 12,854
74,774 69,465
Creditors: amounts falling due within one year 6 (127,860) (110,456)
Net current liabilities (53,086) (40,991)
Total assets less current liabilities 22,729 45,973
Creditors: amounts falling due after more than one year 7 (13,040) (23,344)
Provisions for liabilities (8,705) (10,823)
Net assets 984 11,806
Capital and reserves
Called up share capital 1 1
Profit and loss account 983 11,805
Shareholders' funds 984 11,806
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. Hopkinson
Director
Approved by the board on 25 October 2024
TT Mechanica Limited
Notes to the Accounts
for the year ended 30 June 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:
Plant and machinery 15% reducing balance
Fixtures, fittings, tools and equipment over 5 years
Motor vehicles 25% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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 4 6
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2023 46,058 67,666 113,724
Additions 2,103 6,000 8,103
Disposals - (13,000) (13,000)
At 30 June 2024 48,161 60,666 108,827
Depreciation
At 1 July 2023 27,044 29,716 56,760
Charge for the year 3,351 9,350 12,701
On disposals - (6,449) (6,449)
At 30 June 2024 30,395 32,617 63,012
Net book value
At 30 June 2024 17,766 28,049 45,815
At 30 June 2023 19,014 37,950 56,964
4 Investments
Other
investments
£
Cost
At 1 July 2023 30,000
At 30 June 2024 30,000
5 Debtors 2024 2023
£ £
Trade debtors 37,895 29,175
Other debtors 4,689 4,786
42,584 33,961
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,183 9,800
Trade creditors 49,496 55,526
Taxation and social security costs 24,981 20,907
Other creditors 43,200 24,223
127,860 110,456
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 13,040 23,344
8 Other information
TT Mechanica Limited is a private company limited by shares and incorporated in England. Its registered office is:
Oakfield Manor Estates
Chelford Lane
Over Peover
Cheshire
WA16 8UQ
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