Registered number
11573846
TS Partners Ltd
Filleted Accounts
31 March 2024
TS Partners Ltd
Registered number: 11573846
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 440,827 465,319
Tangible assets 4 91,073 108,568
531,900 573,887
Current assets
Debtors 5 715,801 358,439
Cash at bank and in hand 287,618 260,425
1,003,419 618,864
Creditors: amounts falling due within one year 6 (506,606) (416,657)
Net current assets 496,813 202,207
Total assets less current liabilities 1,028,713 776,094
Creditors: amounts falling due after more than one year 7 (69,696) (91,584)
Net assets 959,017 684,510
Capital and reserves
Called up share capital 100 100
Profit and loss account 958,917 684,410
Shareholders' funds 959,017 684,510
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.
M Parrett
Director
Approved by the board on 7 June 2024
TS Partners Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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 25% reducing balanace
Motor vehicles 20% straight line
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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 25 23
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 489,810
At 31 March 2024 489,810
Amortisation
At 1 April 2023 24,491
Provided during the year 24,492
At 31 March 2024 48,983
Net book value
At 31 March 2024 440,827
At 31 March 2023 465,319
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 19,923 110,667 130,590
Additions 7,752 - 7,752
At 31 March 2024 27,675 110,667 138,342
Depreciation
At 1 April 2023 10,955 11,067 22,022
Charge for the year 4,180 21,067 25,247
At 31 March 2024 15,135 32,134 47,269
Net book value
At 31 March 2024 12,540 78,533 91,073
At 31 March 2023 8,968 99,600 108,568
5 Debtors 2024 2023
£ £
Trade debtors 191,601 181,131
Amounts owed by group undertakings and undertakings in which the company has a participating interest 60,297 28,375
Other debtors 463,903 148,933
715,801 358,439
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 11,888 11,888
Trade creditors 30,649 38,941
Bad debt provision 20,694 2,512
Taxation and social security costs 195,180 143,316
Other creditors 238,195 210,000
506,606 416,657
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 11,667 21,667
Obligations under finance lease and hire purchase contracts 58,029 69,917
69,696 91,584
8 Other information
TS Partners Ltd is a private company limited by shares and incorporated in England. Its registered office is:
9 High Street
Wellington
Somerset
TA21 8QT
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