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Registered Number: 05363689
England and Wales

 

 

 

TTS ENGINEERING LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 March 2023

End date: 29 February 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 128,697    70,809 
128,697    70,809 
Current assets      
Stocks 4 154,711    100,000 
Debtors 5 331,251    353,345 
Cash at bank and in hand 597,625    771,115 
1,083,587    1,224,460 
Creditors: amount falling due within one year 6 (475,297)   (598,250)
Net current assets 608,290    626,210 
 
Total assets less current liabilities 736,987    697,019 
Creditors: amount falling due after more than one year 7 (33,331)   (20,395)
Net assets 703,656    676,624 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 703,556    676,524 
Shareholders' funds 703,656    676,624 
 


For the year ended 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:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the director on 20 November 2024 and were signed by:


-------------------------------
Adam Hendry
Director
1
General Information
TTS Engineering Ltd is a private company, limited by shares, registered in England and Wales, registration number 05363689, registration address Pallion Shipyard, Pallion New Road, Sunderland, Tyne & Wear, SR4 6WE.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the going concern and the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 25% Straight Line
Motor Vehicles 25% Straight Line
Fixtures and Fittings 25% Straight Line
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

Average number of employees during the year was 35 (2023 : 33).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Total
  £   £   £   £
At 01 March 2023 30,695    130,555    9,279    170,529 
Additions 4,579    79,620      84,199 
Disposals   (24,635)     (24,635)
At 29 February 2024 35,274    185,540    9,279    230,093 
Depreciation
At 01 March 2023 30,695    59,746    9,279    99,720 
Charge for year 687    21,194      21,881 
On disposals   (20,205)     (20,205)
At 29 February 2024 31,382    60,735    9,279    101,396 
Net book values
Closing balance as at 29 February 2024 3,892    124,805      128,697 
Opening balance as at 01 March 2023   70,809      70,809 


4.

Stocks

2024
£
  2023
£
Work in Progress 154,711    100,000 
154,711    100,000 

5.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 256,002    279,878 
Prepayments & Accrued Income 32,824    16,924 
Directors Current Account 2 42,425    56,543 
331,251    353,345 

6.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 147,766    149,455 
Corporation Tax 14,369    42,942 
PAYE & Social Security 9,969    23,677 
Pensions 520    1,638 
Accrued Expenses 13,774    1,200 
Other Creditors 224,717    280,265 
Obligations under HP/Financial Leases 12,185    14,770 
Wages & Salaries Control Account   14,685 
Directors' Current Accounts   16,023 
VAT 51,997    53,595 
475,297    598,250 

7.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Obligations Under HP/Financial Leases 33,331    20,395 
33,331    20,395 

8.

Directors Loans & Guarantees

Included in debtors are amounts owed to the Company from the Directors of £41,602 (2023 - £56,543) . 
9.

Controlling Party

For the whole of the period under review, the company was under the control of Adam Hendry, director of the company.
2