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Registration number: 01584274

Target Plant & Sales Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Target Plant & Sales Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Target Plant & Sales Limited

Company Information

Directors

C J Braby

P J Braby

Company secretary

P J Braby

Registered office

Tandarra House
Great Horkesley
Colchester
Essex
CO6 4HG

Accountants

Jacobs Allen Limited
Chartered Accountants and Chartered Tax Advisers
59 Abbeygate Street
Bury St Edmunds
Suffolk
IP33 1LB

 

Target Plant & Sales Limited

(Registration number: 01584274)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

8,395

10,196

Current assets

 

Stocks

102,450

137,629

Debtors

5

495,649

406,041

Cash at bank and in hand

 

93,410

211,657

 

691,509

755,327

Creditors: Amounts falling due within one year

6

(75,561)

(216,102)

Net current assets

 

615,948

539,225

Net assets

 

624,343

549,421

Capital and reserves

 

Called up share capital

7

25,000

25,000

Retained earnings

599,343

524,421

Shareholders' funds

 

624,343

549,421

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 November 2024 and signed on its behalf by:
 

.........................................
C J Braby
Director

 

Target Plant & Sales Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Tandarra House
Great Horkesley
Colchester
Essex
CO6 4HG

The principal place of business is:
15 Clough Road
Severalls Industrial Park
Colchester
Essex
CO4 9QS

These financial statements were authorised for issue by the Board on 15 November 2024.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and hire of equipment 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 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.

 

Target Plant & Sales Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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.

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

Leasehold property improvements

10% straight line

Fixtures, fittings and equipment

20% reducing balance

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 equipment hire 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the latest price method.

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.

 

Target Plant & Sales Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2023 - 19).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2023

64,711

2,095

66,806

Disposals

-

(2,095)

(2,095)

At 30 September 2024

64,711

-

64,711

Depreciation

At 1 October 2023

54,717

1,893

56,610

Charge for the year

1,599

-

1,599

Eliminated on disposal

-

(1,893)

(1,893)

At 30 September 2024

56,316

-

56,316

Carrying amount

At 30 September 2024

8,395

-

8,395

At 30 September 2023

9,994

202

10,196

Included within the net book value of land and buildings above is £8,395 (2023 - £9,994) in respect of short leasehold land and buildings.
 

 

Target Plant & Sales Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

5

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

477,915

406,041

Amounts owed by group undertakings and undertakings in which the company has a participating interest

9

2,515

-

Other debtors

 

15,219

-

   

495,649

406,041

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

47,178

68,770

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

-

55,540

Taxation and social security

 

16,192

86,587

Accruals and deferred income

 

2,400

2,400

Other creditors

 

9,791

2,805

 

75,561

216,102

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

25,000

25,000

25,000

25,000

       

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2023 - £2,272). The financial commitments relate to operating lease payments.

 

Target Plant & Sales Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

9

Related party transactions

Other transactions with directors

During the period the Directors provided the Company with an interest free loan which is considered repayable on demand. Amounts owing to the Directors at the balance sheet date £1,403 (2023 - £2,805).

Summary of transactions with parent

Target Group (East Anglia) Holdings Limited
  During the period the Company traded with Target Group (East Anglia) Holdings Limited at market value and also provided interest free loans between them which are considered to be repayable on demand. Amounts owed by/(owed to) Target Group (East Anglia) Holdings Limited at the balance sheet date £2,514 (2023 - (£55,540)).