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REGISTERED NUMBER: 01193817
























UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024

FOR

TERENCE ELSEY LIMITED

TERENCE ELSEY LIMITED (REGISTERED NUMBER: 01193817)






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


TERENCE ELSEY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DIRECTORS: L T Elsey
Mrs S A Elsey





REGISTERED OFFICE: Showfield Lane Industrial Estate
Malton
North Yorkshire
YO17 6BT





REGISTERED NUMBER: 01193817





ACCOUNTANTS: CGA
Chartered Certified Accountants
3 & 4 Park Court
Riccall Road
Escrick
York
North Yorkshire
YO19 6ED

TERENCE ELSEY LIMITED (REGISTERED NUMBER: 01193817)

BALANCE SHEET
31ST MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 524,427 442,710

CURRENT ASSETS
Stocks 799,212 606,657
Debtors 5 724,337 635,323
Cash at bank and in hand 819,671 922,409
2,343,220 2,164,389
CREDITORS
Amounts falling due within one year 6 994,229 928,460
NET CURRENT ASSETS 1,348,991 1,235,929
TOTAL ASSETS LESS CURRENT LIABILITIES 1,873,418 1,678,639

PROVISIONS FOR LIABILITIES 62,608 37,226
NET ASSETS 1,810,810 1,641,413

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 1,809,810 1,640,413
SHAREHOLDERS' FUNDS 1,810,810 1,641,413

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18th November 2024 and were signed on its behalf by:





L T Elsey - Director


TERENCE ELSEY LIMITED (REGISTERED NUMBER: 01193817)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024

1. STATUTORY INFORMATION

Terence Elsey Limited is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
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.

Income is recognised when the goods and services have been delivered to customers such that the risks and rewards of ownership have transferred to them.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% 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 Income Statement, 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.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2023 - 20 ) .

TERENCE ELSEY LIMITED (REGISTERED NUMBER: 01193817)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1st April 2023 269,946 320,546 305,535 19,657 915,684
Additions - 43,183 107,844 7,652 158,679
At 31st March 2024 269,946 363,729 413,379 27,309 1,074,363
DEPRECIATION
At 1st April 2023 50,633 271,254 132,632 18,455 472,974
Charge for year 5,399 18,666 51,769 1,128 76,962
At 31st March 2024 56,032 289,920 184,401 19,583 549,936
NET BOOK VALUE
At 31st March 2024 213,914 73,809 228,978 7,726 524,427
At 31st March 2023 219,313 49,292 172,903 1,202 442,710

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 684,759 614,444
Other debtors 39,578 20,879
724,337 635,323

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 717,063 526,326
Taxation and social security 100,996 77,750
Other creditors 176,170 324,384
994,229 928,460

7. RELATED PARTY DISCLOSURES

At the balance sheet date, the company owed £94,908 (2023 - £4,572 - owed to the company) to members of key management personnel. No interest has been charged to the company in respect of this loan which is repayable on demand and is presented within creditors due within one year.