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Registration number: 03559516

Tempest Restoration Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Tempest Restoration Ltd

Contents

Company Information

1

Statement of financial position

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Tempest Restoration Ltd

Company Information

Director

Mr M King

Registered office

19 King Street
King's Lynn
Norfolk
PE30 1HB

Accountants

Hayhow & Co
Chartered Certified Accountants & Business Advisers
19 King Street
King's Lynn
Norfolk
PE30 1HB

 

Tempest Restoration Ltd

(Registration number: 03559516)
Statement of financial position as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

10,185

10,185

Tangible assets

5

209,618

215,986

 

219,803

226,171

Current assets

 

Stocks

6

240,522

178,000

Debtors

7

486,595

326,568

Cash at bank and in hand

 

35,738

134,500

 

762,855

639,068

Creditors: Amounts falling due within one year

8

(472,280)

(381,627)

Net current assets

 

290,575

257,441

Total assets less current liabilities

 

510,378

483,612

Creditors: Amounts falling due after more than one year

8

(25,498)

(47,305)

Provisions for liabilities

(50,308)

(49,677)

Net assets

 

434,572

386,630

Capital and reserves

 

Called up share capital

9

2

2

Retained earnings

434,570

386,628

Shareholders' funds

 

434,572

386,630

For the financial 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.

Director's 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 director acknowledges his 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 director has not delivered to the registrar a copy of the Statement of comprehensive income.

Approved and authorised by the director on 15 November 2024
 

 

Tempest Restoration Ltd

(Registration number: 03559516)
Statement of financial position as at 29 February 2024

.........................................
Mr M King
Director

 

Tempest Restoration Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
19 King Street
King's Lynn
Norfolk
PE30 1HB

These financial statements were authorised for issue by the director 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 provision of services 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 and deferred 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.

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.

 

Tempest Restoration Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Motor Vehicles

25% reducing balance

Fixtures & Fittings

25% reducing balance

Plant & Machinery

25% reducing balance

Long Leasehold

10% Straight Line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website

Not amortised

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 services performed 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.

 

Tempest Restoration Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Tempest Restoration Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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 the director) during the year, was 7 (2023 - 7).

 

Tempest Restoration Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 March 2023

10,185

10,185

At 29 February 2024

10,185

10,185

Amortisation

Carrying amount

At 29 February 2024

10,185

10,185

At 28 February 2023

10,185

10,185

5

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 March 2023

40,274

42,766

424,971

160,065

Additions

-

9,995

22,056

31,455

At 29 February 2024

40,274

52,761

447,027

191,520

Depreciation

At 1 March 2023

40,274

30,747

294,638

86,431

Charge for the year

-

5,505

38,096

26,273

At 29 February 2024

40,274

36,252

332,734

112,704

Carrying amount

At 29 February 2024

-

16,509

114,293

78,816

At 28 February 2023

-

12,019

130,333

73,634

 

Tempest Restoration Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Total
£

Cost or valuation

At 1 March 2023

668,076

Additions

63,506

At 29 February 2024

731,582

Depreciation

At 1 March 2023

452,090

Charge for the year

69,874

At 29 February 2024

521,964

Carrying amount

At 29 February 2024

209,618

At 28 February 2023

215,986


Obligations under finance leases

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements;

Motor Vehicles £36,688 (2023: £48,918)
 

6

Stocks

2024
£

2023
£

Work in progress

240,522

178,000

 

Tempest Restoration Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

debtors

Note

2024
£

2023
£

Trade debtors

 

301,041

189,519

Amounts owed by related parties

10

17,890

17,650

Other debtors

 

145,750

96,051

Prepayments

 

21,914

23,348

 

486,595

326,568

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

22,143

21,939

Trade creditors

 

70,712

96,958

Amounts due to related parties

10

7,787

7,787

Social security and other taxes

 

100,588

99,454

Outstanding defined contribution pension costs

 

585

564

Other payables

 

3,752

2,074

Accruals

 

2,465

2,400

Tax liability

43,419

20,132

Gross amount due to customers for contract work

 

220,829

130,319

 

472,280

381,627

Due after one year

 

Loans and borrowings

25,498

47,305



Creditors include net obligations under finance lease and hire purchase contracts which are secured of £12,143 (2023 - £11,939).

Creditors due after one year include net obligations under finance lease and hire purchase contracts which are secured of £12,998 (2023 - £24,805).

 

Tempest Restoration Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £1 each

1

1

1

1

Ordinary B of £1 each

1

1

1

1

2

2

2

2

Each share is entitled to one vote in any circumstances and each share is also entitled pari passu to dividend payments or any other distribution, including a distribution arising from a winding up of the company.

10

Related party transactions

Summary of transactions with entities with joint control or significant interest

Mr M King is a director and shareholder of Tempest Restoration Ltd and Vision DPI Ltd. At the year end Tempest Restoration is owed £11,302 from Vision DPI Ltd, and owed £6,588 from Shooting Grey Ltd which is shown within debtors due within one year. Tempest Restoration Ltd owed £7,787 to Ivy Developments which is owned by Mr M King.
 

 

Tempest Restoration Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Loans to related parties

2024

Key management
£

Total
£

At start of period

60,618

60,618

Advanced

70,879

70,879

Repaid

(68,000)

(68,000)

At end of period

63,497

63,497

2023

Key management
£

Total
£

At start of period

86,965

86,965

Repaid

(26,347)

(26,347)

At end of period

60,618

60,618