Company No:
Contents
DIRECTORS | Mr C Baxter |
Mr J Harrington |
REGISTERED OFFICE | The Three Pines |
Church Road | |
Penn | |
Buckinghamshire | |
HP10 8EG | |
United Kingdom |
COMPANY NUMBER | 01941071 (England and Wales) |
ACCOUNTANT | Evelyn Partners (Thames Valley) Limited |
22 Wycombe End | |
Beaconsfield | |
Buckinghamshire | |
HP9 1NB |
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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86,867 | 104,330 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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318,527 | 229,887 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current assets | 174,931 | 68,691 | ||
Total assets less current liabilities | 261,798 | 173,021 | ||
Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 6 |
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Capital redemption reserve |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Terence James Systems Limited (registered number:
Mr C Baxter
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Terence James Systems Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Three Pines, Church Road, Penn, Buckinghamshire, HP10 8EG, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The functional currency of Terence James Systems Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
These financial statements are separate financial statements.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise on monetary items.
Turnover arises from the sale of computer software and supply of support services. Turnover is recognised by reference to the period in which the fees relate.
Operating lease income from property is recognised in profit and loss on a straight-line basis over the lease term.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
Land and buildings |
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Plant and machinery |
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Vehicles |
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Fixtures and fittings |
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The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.
The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Basic financial assets
Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.
Basic financial liabilities
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.
Licence fees received are included in turnover in the period to which the licence relates. Initial licence fees are credited to turnover over a period of five years, with 30% recognised in the first year and 17.5% in each of the following four years. Annual licence fees are credited to turnover over a period of twelve months.
Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Land and buildings | Plant and machinery | Vehicles | Fixtures and fittings | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 September 2023 |
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Additions |
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At 31 August 2024 |
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Accumulated depreciation | |||||||||
At 01 September 2023 |
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Charge for the financial year |
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At 31 August 2024 |
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Net book value | |||||||||
At 31 August 2024 |
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At 31 August 2023 |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Trade creditors |
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Taxation and social security |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Transactions with the entity's directors
At the balance sheet date, the company owed the directors £1,560 (2023 - £5,523) in respect of interest free loans made to the company.