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Registered number: 00844369
Talbot Block Limited
Unaudited Financial Statements
For The Year Ended 29 April 2024
SW Accounting Solutions Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 00844369
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 61,257 98,203
Investments 5 208,500 208,500
269,757 306,703
CURRENT ASSETS
Stocks 6 259,987 261,447
Debtors 7 491,716 462,673
Cash at bank and in hand 486,244 515,310
1,237,947 1,239,430
Creditors: Amounts Falling Due Within One Year 8 (627,035 ) (688,721 )
NET CURRENT ASSETS (LIABILITIES) 610,912 550,709
TOTAL ASSETS LESS CURRENT LIABILITIES 880,669 857,412
PROVISIONS FOR LIABILITIES
Deferred Taxation - (8,650 )
NET ASSETS 880,669 848,762
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 880,569 848,662
SHAREHOLDERS' FUNDS 880,669 848,762
Page 1
Page 2
For the year ending 29 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Thomas Barry
Director
30/08/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Talbot Block Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00844369 . The registered office is North Bank, The Docks, Port Talbot, Netah Port Talbot, SA13 1RE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% straight line
Motor Vehicles 15-25% straight line
Fixtures & Fittings 10% straight line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 15 (2023: 14)
15 14
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 30 April 2023 218,999 260,529 57,191 536,719
Additions 5,000 39,775 - 44,775
Disposals - (36,666 ) - (36,666 )
As at 29 April 2024 223,999 263,638 57,191 544,828
Depreciation
As at 30 April 2023 201,336 199,498 37,682 438,516
Provided during the period 12,328 38,435 3,292 54,055
Disposals - (9,000 ) - (9,000 )
As at 29 April 2024 213,664 228,933 40,974 483,571
Net Book Value
As at 29 April 2024 10,335 34,705 16,217 61,257
As at 30 April 2023 17,663 61,031 19,509 98,203
5. Investments
Unlisted
£
Cost
As at 30 April 2023 208,500
As at 29 April 2024 208,500
Provision
As at 30 April 2023 -
As at 29 April 2024 -
Net Book Value
As at 29 April 2024 208,500
As at 30 April 2023 208,500
6. Stocks
2024 2023
£ £
Finished goods 259,987 261,447
Page 4
Page 5
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 212,860 228,584
Prepayments and accrued income 15,926 -
Other debtors 262,930 234,089
491,716 462,673
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 412,201 419,027
Corporation tax 41,919 36,066
Other taxes and social security 13,945 12,663
VAT 41,738 35,727
Other creditors 13,148 7,692
Accruals and deferred income 18,111 17,573
Amounts owed to group undertakings 85,973 159,973
627,035 688,721
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Related Party Transactions
At 29 April 2024 the balance due to Talbot Holdings Limited was £85,973 and is included within creditors due within one year (2023: due to Talbot Holdings Ltd £159.973). Amounts due to/from the holding company are unsecured, interest free and repayable on demand.
11. Ultimate Controlling Party
The company is a wholly owned subsidiary of Talbot Holdings Limited.
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