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2023-03-01
Sage Accounts Production Advanced 2023 - FRS102_2023
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2024-02-29
02817742
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02817742
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2024-02-29
02817742
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2023-02-28
COMPANY REGISTRATION NUMBER:
02817742
Filleted Unaudited Financial Statements |
|
Year ended 29 February 2024
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements |
1 |
|
|
Statement of financial position |
2 |
|
|
Notes to the financial statements |
3 |
|
|
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
T U Agencies Limited |
|
Year ended 29 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of T U Agencies Limited for the year ended 29 February 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of T U Agencies Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of T U Agencies Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than T U Agencies Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that T U Agencies Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of T U Agencies Limited. You consider that T U Agencies Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of T U Agencies Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
WALTER HUNTER & CO LIMITED
Chartered accountants
24 Bridge Street
Newport
South Wales
NP20 4SF
14 November 2024
Statement of Financial Position |
|
29 February 2024
Current assets
Debtors |
5 |
102,212 |
|
52,146 |
Cash at bank and in hand |
221,669 |
|
363,802 |
|
--------- |
|
--------- |
|
323,881 |
|
415,948 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
194,729 |
|
325,493 |
|
--------- |
|
--------- |
Net current assets |
|
129,152 |
90,455 |
|
|
--------- |
-------- |
Total assets less current liabilities |
|
129,152 |
90,455 |
|
|
--------- |
-------- |
Net assets |
|
129,152 |
90,455 |
|
|
--------- |
-------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
2,000 |
2,000 |
Profit and loss account |
|
127,152 |
88,455 |
|
|
--------- |
-------- |
Shareholders funds |
|
129,152 |
90,455 |
|
|
--------- |
-------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
14 November 2024
, and are signed on behalf of the board by:
Company registration number:
02817742
Notes to the Financial Statements |
|
Year ended 29 February 2024
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Room R6, Oak Suite, Mamhilad House, Mamhilad Park Estate, Pontypool, NP4 0HZ.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2023:
2
).
5.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
90,068 |
27,089 |
Prepayments and accrued income |
4,028 |
3,441 |
Agency accrued income (note 8) |
6,800 |
20,414 |
Other debtors |
1,316 |
1,202 |
|
--------- |
-------- |
|
102,212 |
52,146 |
|
--------- |
-------- |
|
|
|
6.
Cash at bank and in hand
|
|
2024 |
2023 |
|
|
£ |
£ |
|
Cash at bank and in hand |
52,391 |
70,119 |
|
Cash balances held for agency (Note 9) |
171,699 |
293,683 |
|
|
--------- |
--------- |
|
|
224,090 |
363,802 |
|
|
--------- |
--------- |
|
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Trade creditors |
2,589 |
4,510 |
Corporation tax |
9,441 |
2,498 |
Social security and other taxes |
1,320 |
1,588 |
Agency accrued expenses (note 8) |
178,499 |
314,097 |
Other creditors |
2,880 |
2,800 |
|
--------- |
--------- |
|
194,729 |
325,493 |
|
--------- |
--------- |
|
|
|
8.
Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under FRS102.
9.
Agency balances
The following amounts are held in the books of the company as agents for third parties. The company is not legally entitled to the assets nor responsible for these liabilities.
|
|
2024 |
2023 |
|
|
£ |
£ |
|
Amounts due in respect of agency accrued income (Note 5) |
6,800 |
20,414 |
|
Cash held for agency (Note 6) |
171,699 |
293,683 |
|
|
--------- |
--------- |
|
Sales |
178,499 |
314,097 |
|
Amounts payable in respect of accrued expenses (Note 7) |
(178,499) |
(314,097) |
|
|
--------- |
--------- |
|
|
– |
– |
|
|
--------- |
--------- |
|
|
|
|