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Registered number: SC611963
T L FUNCTIONS LTD.
Financial Statements
For The Year Ended 31 October 2023
Khokhar McAdam Ltd
Chartered Accountants
1 Eagle Street
Glasgow
G4 9XA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: SC611963
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 501,254 398,048
501,254 398,048
CURRENT ASSETS
Debtors 5 - 42,347
Cash at bank and in hand 2,996 2,918
2,996 45,265
Creditors: Amounts Falling Due Within One Year 6 (717,520 ) (509,523 )
NET CURRENT ASSETS (LIABILITIES) (714,524 ) (464,258 )
TOTAL ASSETS LESS CURRENT LIABILITIES (213,270 ) (66,210 )
Creditors: Amounts Falling Due After More Than One Year 7 (25,185 ) (44,609 )
NET LIABILITIES (238,455 ) (110,819 )
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account (238,555 ) (110,919 )
SHAREHOLDERS' FUNDS (238,455) (110,819)
Page 1
Page 2
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Profit and Loss Account.
On behalf of the board
Mr Rajinder Bains
Director
30 October 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
T L FUNCTIONS LTD. is a private company, limited by shares, incorporated in Scotland, registered number SC611963 . The registered office is 1 Eagle Street, Glasgow, G4 9XA.
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. 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.
2.3. 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:
Leasehold N/A
Plant & Machinery 20% SL
Fixtures & Fittings 10% RB
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2022: 3)
4 3
Page 3
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4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 November 2022 168,740 7,300 248,298 424,338
Additions 91,625 - 39,636 131,261
As at 31 October 2023 260,365 7,300 287,934 555,599
Depreciation
As at 1 November 2022 - 1,460 24,830 26,290
Provided during the period - 1,460 26,595 28,055
As at 31 October 2023 - 2,920 51,425 54,345
Net Book Value
As at 31 October 2023 260,365 4,380 236,509 501,254
As at 1 November 2022 168,740 5,840 223,468 398,048
5. Debtors
2023 2022
£ £
Due within one year
Other debtors - 42,347
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 25,270 46,419
Bank loans and overdrafts 10,782 -
Other creditors 679,238 461,869
Taxation and social security 2,230 1,235
717,520 509,523
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 25,185 44,609
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Page 5
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
Page 5