Registered number
08160439
Terry Toms and Partners Limited
Filleted Accounts
31 August 2024
Terry Toms and Partners Limited
Registered number: 08160439
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Current assets
Debtors 3 114,502 114,430
Cash at bank and in hand 474,185 629,688
588,687 744,118
Creditors: amounts falling due within one year 4 (202,392) (406,943)
Net current assets 386,295 337,175
Net assets 386,295 337,175
Capital and reserves
Called up share capital 10,000 10,000
Profit and loss account 376,295 327,175
Shareholders' funds 386,295 337,175
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.
TW Toms
Director
Approved by the board on 31 October 2024
Terry Toms and Partners Limited
Notes to the Accounts
for the year ended 31 August 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 rendering of professional services. Revenue is recognised when claims have been process by the tax authorities. The outcome of an assignment cannot be confirmed until a claim has been processed.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company - -
3 Debtors 2024 2023
£ £
Trade debtors 39,199 38,351
Deferred tax asset - 12,314
Other debtors 75,303 63,765
114,502 114,430
4 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 80,558 180,216
Taxation and social security costs 2,903 10,961
Other creditors 118,931 215,766
202,392 406,943
5 Other information
Terry Toms and Partners Limited is a private company limited by shares and incorporated in England. Its registered office is:
Send Barns Stables
Woodhill
Woking
Surrey
GU23 7JR
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