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Teale & Co Limited
Unaudited Financial Statements
For The Year Ended 30 September 2023
Teale Accountants Ltd
1 Industrial Street
Bingley
West Yorkshire
BD16 4JG
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09762885
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 7,000 7,000
Tangible Assets 5 2,867 2,867
9,867 9,867
CURRENT ASSETS
Stocks 6 3,835 3,835
Debtors 7 9,660 9,660
Cash at bank and in hand 1,192 1,192
14,687 14,687
Creditors: Amounts Falling Due Within One Year 8 (5,000 ) (5,000 )
NET CURRENT ASSETS (LIABILITIES) 9,687 9,687
TOTAL ASSETS LESS CURRENT LIABILITIES 19,554 19,554
Creditors: Amounts Falling Due After More Than One Year 9 (20,000 ) (20,000 )
NET LIABILITIES (446 ) (446 )
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account (546 ) (546 )
SHAREHOLDERS' FUNDS (446) (446)
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Page 2
For the year ending 30 September 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 Antony Teale
Director
30/09/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Teale & Co Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09762885 . The registered office is 1 Industrial Street, Bingley, West Yorkshire, BD16 4JG.
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. 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 profit and loss account over its estimated economic life of 10 years.
2.4. 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:
Fixtures & Fittings 20% Reducing balance
2.5. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 3)
1 3
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4. Intangible Assets
Goodwill
£
Cost
As at 1 October 2022 10,000
As at 30 September 2023 10,000
Amortisation
As at 1 October 2022 3,000
As at 30 September 2023 3,000
Net Book Value
As at 30 September 2023 7,000
As at 1 October 2022 7,000
5. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 October 2022 6,303
As at 30 September 2023 6,303
Depreciation
As at 1 October 2022 3,436
As at 30 September 2023 3,436
Net Book Value
As at 30 September 2023 2,867
As at 1 October 2022 2,867
6. Stocks
2023 2022
£ £
Stock 3,835 -
Work in progress - 3,835
3,835 3,835
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Page 5
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 9,660 9,660
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Bank loans and overdrafts 5,000 5,000
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 20,000 20,000
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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