Acorah Software Products - Accounts Production 16.0.110 false true true 28 February 2023 1 March 2022 false 1 March 2023 29 February 2024 29 February 2024 04636807 Mr Robin Ball Mr Nicholas Ball Mrs Jean Tavernor Mr Sidney Tavernor Mr Nicholas Ball iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 04636807 2023-02-28 04636807 2024-02-29 04636807 2023-03-01 2024-02-29 04636807 frs-core:CurrentFinancialInstruments 2024-02-29 04636807 frs-core:NetGoodwill 2024-02-29 04636807 frs-core:NetGoodwill 2023-03-01 2024-02-29 04636807 frs-core:NetGoodwill 2023-02-28 04636807 frs-core:MotorVehicles 2024-02-29 04636807 frs-core:MotorVehicles 2023-03-01 2024-02-29 04636807 frs-core:MotorVehicles 2023-02-28 04636807 frs-core:PlantMachinery 2024-02-29 04636807 frs-core:PlantMachinery 2023-03-01 2024-02-29 04636807 frs-core:PlantMachinery 2023-02-28 04636807 frs-core:ShareCapital 2024-02-29 04636807 frs-core:RetainedEarningsAccumulatedLosses 2024-02-29 04636807 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 04636807 frs-bus:FilletedAccounts 2023-03-01 2024-02-29 04636807 frs-bus:SmallEntities 2023-03-01 2024-02-29 04636807 frs-bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 04636807 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 04636807 frs-core:DeferredTaxation 2023-03-01 2024-02-29 04636807 frs-core:DeferredTaxation 2023-02-28 04636807 frs-core:DeferredTaxation 2024-02-29 04636807 frs-bus:Director1 2023-03-01 2024-02-29 04636807 frs-bus:Director2 2023-03-01 2024-02-29 04636807 frs-bus:Director3 2023-03-01 2024-02-29 04636807 frs-bus:Director4 2023-03-01 2024-02-29 04636807 frs-bus:CompanySecretary1 2023-03-01 2024-02-29 04636807 frs-countries:EnglandWales 2023-03-01 2024-02-29 04636807 2022-02-28 04636807 2023-02-28 04636807 2022-03-01 2023-02-28 04636807 frs-core:CurrentFinancialInstruments 2023-02-28 04636807 frs-core:ShareCapital 2023-02-28 04636807 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28
Registered number: 04636807
T & G ELECTRICS LTD
Financial Statements
For The Year Ended 29 February 2024
The Curtis Partnership
1 Tape Street
Cheadle
Stoke On Trent
Staffordshire
ST10 1BB
Financial Statements
Contents
Page
Company Information 1
Accountant's Report 2
Statement of Financial Position 3—4
Notes to the Financial Statements 5—8
Page 1
Company Information
Directors Mr Robin Ball
Mr Nicholas Ball
Mrs Jean Tavernor
Mr Sidney Tavernor
Secretary Mr Nicholas Ball
Company Number 04636807
Registered Office 1 Tape Street
Cheadle
Stoke On Trent
Staffordshire
ST10 1BB
Accountants The Curtis Partnership
1 Tape Street
Cheadle
Stoke On Trent
Staffordshire
ST10 1BB
Page 1
Page 2
Accountant's Report
Report to the directors on the preparation of the unaudited statutory accounts of T & G ELECTRICS LTD for the year ended 29 February 2024
To assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of T & G ELECTRICS LTD which comprise the Income Statement, 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 of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the directors of T & G ELECTRICS LTD , as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of T & G ELECTRICS LTD and state those matters that we have agreed to state to the directors of T & G ELECTRICS LTD , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than T & G ELECTRICS LTD and its directors as a body for our work or for this report.
It is your duty to ensure that T & G ELECTRICS LTD has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of T & G ELECTRICS LTD . You consider that T & G ELECTRICS LTD 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 accounts of T & G ELECTRICS LTD . 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 financial statements.
Signed
22nd May 2024
The Curtis Partnership
1 Tape Street
Cheadle
Stoke On Trent
Staffordshire
ST10 1BB
Page 2
Page 3
Statement of Financial Position
Registered number: 04636807
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 33,079 28,489
33,079 28,489
CURRENT ASSETS
Stocks 6 7,436 6,795
Debtors 7 3,874 3,336
Cash at bank and in hand 75,691 93,268
87,001 103,399
Creditors: Amounts Falling Due Within One Year 8 (78,053 ) (90,754 )
NET CURRENT ASSETS (LIABILITIES) 8,948 12,645
TOTAL ASSETS LESS CURRENT LIABILITIES 42,027 41,134
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (6,285 ) (5,413 )
NET ASSETS 35,742 35,721
CAPITAL AND RESERVES
Called up share capital 11 7 7
Income Statement 35,735 35,714
SHAREHOLDERS' FUNDS 35,742 35,721
Page 3
Page 4
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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr Robin Ball
Director
Mr Nicholas Ball
Director
Mrs Jean Tavernor
Director
Mr Sidney Tavernor
Director
22nd May 2024
The notes on pages 5 to 8 form part of these financial statements.
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Page 5
Notes to the Financial Statements
1. General Information
T & G ELECTRICS LTD is a private company, limited by shares, incorporated in England & Wales, registered number 04636807 . The registered office is 1 Tape Street, Cheadle, Stoke On Trent, Staffordshire, ST10 1BB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to income statement over its estimated economic life of 15 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance basis
Motor Vehicles 25% reducing balance basis
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
4. Intangible Assets
Goodwill
£
Cost
As at 1 March 2023 60,000
As at 29 February 2024 60,000
Amortisation
As at 1 March 2023 60,000
As at 29 February 2024 60,000
Net Book Value
As at 29 February 2024 -
As at 1 March 2023 -
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5. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 March 2023 2,332 45,351 47,683
Additions - 23,073 23,073
Disposals - (17,678 ) (17,678 )
As at 29 February 2024 2,332 50,746 53,078
Depreciation
As at 1 March 2023 2,054 17,140 19,194
Provided during the period 69 10,957 11,026
Disposals - (10,221 ) (10,221 )
As at 29 February 2024 2,123 17,876 19,999
Net Book Value
As at 29 February 2024 209 32,870 33,079
As at 1 March 2023 278 28,211 28,489
6. Stocks
2024 2023
£ £
Stock 7,436 6,795
7. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 3,874 3,336
3,874 3,336
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 13,519 19,895
Corporation tax 8,985 5,654
Other taxes and social security 325 256
...CONTINUED
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VAT 3,338 6,323
Accruals and deferred income 2,275 1,815
Directors' loan accounts 49,611 56,811
78,053 90,754
9. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 6,285 5,413
10. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 March 2023 5,413 5,413
Deferred taxation 872 872
Balance at 29 February 2024 6,285 6,285
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 7 7
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