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T & T CONTRACTS LIMITED

Unaudited Financial Statements

for the Year Ended 31st March 2024






T & T CONTRACTS LIMITED (REGISTERED NUMBER: 02461095)






Contents of the Financial Statements
for the year ended 31st March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


T & T CONTRACTS LIMITED

Company Information
for the year ended 31st March 2024







DIRECTORS: T A Williams
T Williams





SECRETARY: T A Williams





REGISTERED OFFICE: Williams Brothers Industrial Park
Pingwood Lane
Simonswood
Kirkby
Liverpool
L33 4XZ





REGISTERED NUMBER: 02461095 (England and Wales)





ACCOUNTANTS: Haines Watts Wirral Limited
1 Abbots Quay
Monks Ferry
Birkenhead
Merseyside
CH41 5LH

T & T CONTRACTS LIMITED (REGISTERED NUMBER: 02461095)

Balance Sheet
31st March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 201,798 101,604

CURRENT ASSETS
Stocks 2,826,946 2,095,906
Debtors 5 1,389,953 1,583,260
Cash at bank 485,770 892,366
4,702,669 4,571,532
CREDITORS
Amounts falling due within one year 6 673,918 645,745
NET CURRENT ASSETS 4,028,751 3,925,787
TOTAL ASSETS LESS CURRENT LIABILITIES 4,230,549 4,027,391

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings 4,230,449 4,027,291
SHAREHOLDERS' FUNDS 4,230,549 4,027,391

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14th November 2024 and were signed on its behalf by:



T A Williams - Director


T & T CONTRACTS LIMITED (REGISTERED NUMBER: 02461095)

Notes to the Financial Statements
for the year ended 31st March 2024

1. STATUTORY INFORMATION

T & T Contracts Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
Preparation of the financial statements requires management to make significant judgements and estimates. The areas in the financial statements where these judgements and estimates have been made include:

- Useful economic life of tangible fixed assets

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


T & T CONTRACTS LIMITED (REGISTERED NUMBER: 02461095)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Creditors
Short term creditors are measured at transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to/from related parties.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

T & T CONTRACTS LIMITED (REGISTERED NUMBER: 02461095)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1st April 2023 53,584 27,666 160,000 241,250
Additions - - 198,863 198,863
Disposals - - (60,000 ) (60,000 )
At 31st March 2024 53,584 27,666 298,863 380,113
DEPRECIATION
At 1st April 2023 51,936 17,710 70,000 139,646
Charge for year 247 894 63,778 64,919
Eliminated on disposal - - (26,250 ) (26,250 )
At 31st March 2024 52,183 18,604 107,528 178,315
NET BOOK VALUE
At 31st March 2024 1,401 9,062 191,335 201,798
At 31st March 2023 1,648 9,956 90,000 101,604

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,020,999 994,795
Other debtors 368,954 588,465
1,389,953 1,583,260

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 344,635 406,354
Taxation and social security 35,698 231,163
Other creditors 293,585 8,228
673,918 645,745

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

T & T CONTRACTS LIMITED (REGISTERED NUMBER: 02461095)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st March 2024 and 31st March 2023:

2024 2023
£    £   
T A Williams
Balance outstanding at start of year 13,513 -
Amounts advanced - 13,513
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 13,513

T Williams
Balance outstanding at start of year 13,513 -
Amounts advanced - 13,513
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 13,513

9. RELATED PARTY DISCLOSURES

Included in other creditors is the sum of £281,136 (2023 - £nil) owing to T & T A Williams, brothers who are both company directors and shareholders.

Included in other debtors is the sum of £1,331 (2023 - £3,781) being due from The Tony Williams Pension Fund, for which T A Williams and T Williams are trustees.

Included in other debtors is the sum of £15,000 (2023 - £72,745) owing form J T commercials Limited, a company in which the T A Williams is also director and shareholder.