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Registration number: 08402420

T K Waterproofing Solutions Ltd

Annual Report and Financial Statements

for the Year Ended 29 February 2024

 

T K Waterproofing Solutions Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

T K Waterproofing Solutions Ltd

Company Information



 

Director

Mr Michael Wayne Maxey

Registered office

Unit 19 Manvers Business Park High Hazles Road
Cotgrave
Nottingham
NG12 3GZ

Accountants

The TAX Partnership
2 Cheapside
Derby
Derbyshire
DE1 1BR

 

T K Waterproofing Solutions Ltd

(Registration number: 08402420)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

253,941

162,934

Current assets

 

Stocks

5

96,905

95,761

Debtors

6

842,838

715,190

Cash at bank and in hand

 

288,688

268,941

 

1,228,431

1,079,892

Creditors: Amounts falling due within one year

7

(344,192)

(250,738)

Net current assets

 

884,239

829,154

Total assets less current liabilities

 

1,138,180

992,088

Provisions for liabilities

(53,213)

(22,653)

Net assets

 

1,084,967

969,435

Capital and reserves

 

Called up share capital

8

120

120

Retained earnings

1,084,847

969,315

Shareholders' funds

 

1,084,967

969,435

 

T K Waterproofing Solutions Ltd

(Registration number: 08402420)
Balance Sheet as at 29 February 2024

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 8 November 2024
 

.........................................
Mr Michael Wayne Maxey
Director

 

T K Waterproofing Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in Other.

The principal place of business is:
Unit 19
Manvers Business Park
High Hazles Road
Cotgrave
Nottinghamshire
NG12 3GZ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

T K Waterproofing Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

at varying rates on cost

Fixtures and fittings

at varying rates on cost

Motor vehicles

at varying rates on cost

Office equipment

at varying rates on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

T K Waterproofing Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

T K Waterproofing Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 21 (2023 - 21).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

24,388

204,324

66,211

294,923

Additions

662

138,372

18,980

158,014

Disposals

-

(25,493)

(2,700)

(28,193)

At 29 February 2024

25,050

317,203

82,491

424,744

Depreciation

At 1 March 2023

19,452

61,963

50,575

131,990

Charge for the year

3,766

48,577

14,385

66,728

Eliminated on disposal

-

(25,493)

(2,422)

(27,915)

At 29 February 2024

23,218

85,047

62,538

170,803

Carrying amount

At 29 February 2024

1,832

232,156

19,953

253,941

At 28 February 2023

4,937

142,361

15,636

162,934

 

T K Waterproofing Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Stocks

2024
£

2023
£

Work in progress

42,072

24,694

Other inventories

54,833

71,067

96,905

95,761

6

Debtors

Current

2024
£

2023
£

Trade debtors

431,265

337,394

Prepayments

8,822

5,799

Other debtors

402,751

371,997

 

842,838

715,190

 

T K Waterproofing Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

172,731

106,860

Taxation and social security

134,205

93,590

Accruals and deferred income

31,812

26,267

Other creditors

5,444

24,021

344,192

250,738

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

A Ordinary of £1 each

42

42

42

42

B Ordinary of £1 each

42

42

42

42

C Ordinary of £1 each

36

36

36

36

 

120

120

120

120

 

T K Waterproofing Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

9

Related party transactions

Summary of transactions with parent

T K Waterproofing Solutions Holdings Limited
 The company made a loan to its parent during the year.
 The loan has no fixed terms, is interest free and repayable on demand.
 

Loans to related parties

2024

Parent
£

Total
£

At start of period

300,000

300,000

Advanced

9,070

9,070

At end of period

309,070

309,070

2023

Parent
£

Total
£

Advanced

300,000

300,000

At end of period

300,000

300,000

10

Parent and ultimate parent undertaking

The company's immediate parent is T K Waterproofing Solutions Holdings Ltd, incorporated in England.

 The ultimate controlling party is Mr Michael Maxey.