T.B Tarn Limited 07141724 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Combined facilities support activities Digita Accounts Production Advanced 6.30.9574.0 true true 07141724 2023-04-01 2024-03-31 07141724 2024-03-31 07141724 bus:OrdinaryShareClass1 2024-03-31 07141724 bus:OrdinaryShareClass2 2024-03-31 07141724 core:CurrentFinancialInstruments 2024-03-31 07141724 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 07141724 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 07141724 core:MotorVehicles 2024-03-31 07141724 core:OtherPropertyPlantEquipment 2024-03-31 07141724 bus:SmallEntities 2023-04-01 2024-03-31 07141724 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 07141724 bus:FilletedAccounts 2023-04-01 2024-03-31 07141724 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 07141724 bus:RegisteredOffice 2023-04-01 2024-03-31 07141724 bus:Director1 2023-04-01 2024-03-31 07141724 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 07141724 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 07141724 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07141724 core:LandBuildings 2023-04-01 2024-03-31 07141724 core:MotorVehicles 2023-04-01 2024-03-31 07141724 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 07141724 core:PlantMachinery 2023-04-01 2024-03-31 07141724 countries:England 2023-04-01 2024-03-31 07141724 2023-03-31 07141724 core:MotorVehicles 2023-03-31 07141724 core:OtherPropertyPlantEquipment 2023-03-31 07141724 2022-04-01 2023-03-31 07141724 2023-03-31 07141724 bus:OrdinaryShareClass1 2023-03-31 07141724 bus:OrdinaryShareClass2 2023-03-31 07141724 core:CurrentFinancialInstruments 2023-03-31 07141724 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 07141724 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 07141724 core:MotorVehicles 2023-03-31 07141724 core:OtherPropertyPlantEquipment 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07141724

T.B Tarn Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

T.B Tarn Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 8

 

T.B Tarn Limited

(Registration number: 07141724)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

294,312

129,546

Investment property

1,479,097

1,479,097

 

1,773,409

1,608,643

Current assets

 

Stocks

6

5,000

5,000

Debtors

7

23,303

341,171

Cash at bank and in hand

 

2,084

2,020

 

30,387

348,191

Creditors: Amounts falling due within one year

8

(641,453)

(744,582)

Net current liabilities

 

(611,066)

(396,391)

Total assets less current liabilities

 

1,162,343

1,212,252

Creditors: Amounts falling due after more than one year

8

(342,282)

(339,609)

Provisions for liabilities

(68,887)

(37,409)

Net assets

 

751,174

835,234

Capital and reserves

 

Called up share capital

9

6

6

Retained earnings

751,168

835,228

Shareholders' funds

 

751,174

835,234

For the financial year ending 31 March 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.

 

T.B Tarn Limited

(Registration number: 07141724)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 20 November 2024 and signed on its behalf by:
 

.........................................
Mr Kurtis Tarn
Director

   
     
 

T.B Tarn Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
Thorndale Farm
Melsonby
Richmond
DL10 5NJ
England

These financial statements were authorised for issue by the Board on 20 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

T.B Tarn Limited

Notes to the Financial Statements for the Year Ended 31 March 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 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

Land and buildings

2% on cost

Plant and machinery

20% on cost and 10% on cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

 

T.B Tarn Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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 profit and loss account 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 balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account 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.

 

T.B Tarn Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

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.

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 21 (2023 - 16).

4

Loss/profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

74,010

57,503

 

T.B Tarn Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

5

tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

-

511,221

511,221

Additions

51,782

194,794

246,576

Disposals

-

(19,500)

(19,500)

At 31 March 2024

51,782

686,515

738,297

Depreciation

At 1 April 2023

-

381,675

381,675

Charge for the year

6,041

67,969

74,010

Eliminated on disposal

-

(11,700)

(11,700)

At 31 March 2024

6,041

437,944

443,985

Carrying amount

At 31 March 2024

45,741

248,571

294,312

At 31 March 2023

-

129,546

129,546

6

stocks

2024
£

2023
£

Other inventories

5,000

5,000

7

debtors

Current

2024
£

2023
£

Trade debtors

15,541

340,260

Prepayments

913

911

Other debtors

6,849

-

 

23,303

341,171

8

Creditors

Creditors: amounts falling due within one year

 

T.B Tarn Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

574,313

594,168

Taxation and social security

 

29,708

112,982

Accruals and deferred income

 

37,432

37,432

 

641,453

744,582

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

342,282

339,609

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

6

6

6

6

Ordinary B Shares of £1 each

2

2

2

2

8

8

8

8

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

-

31,036

Other borrowings

574,313

563,132

574,313

594,168