Registered number
06815705
Timshel Holdings Limited
Filleted Accounts
29 February 2024
Timshel Holdings Limited
Registered number: 06815705
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 31,908 47,645
Current assets
Stocks - 29,600
Debtors 4 826 101,771
Cash at bank and in hand 144,387 64,810
145,213 196,181
Creditors: amounts falling due within one year 5 (27,232) (183,310)
Net current assets 117,981 12,871
Total assets less current liabilities 149,889 60,516
Creditors: amounts falling due after more than one year 6 (64,562) (27,441)
Provisions for liabilities - (2,857)
Net assets 85,327 30,218
Capital and reserves
Called up share capital 133 133
Profit and loss account 85,194 30,085
Shareholders' funds 85,327 30,218
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
H Nichol
Director
Approved by the board on 31 October 2024
Timshel Holdings Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under 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 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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Motor Vehichles over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 March 2023 35,000 59,995 23,689 118,684
Disposals - (59,995) (15,689) (75,684)
At 29 February 2024 35,000 - 8,000 43,000
Depreciation
At 1 March 2023 2,392 47,645 21,002 71,039
Charge for the year 700 - - 700
On disposals - (47,645) (13,002) (60,647)
At 29 February 2024 3,092 - 8,000 11,092
Net book value
At 29 February 2024 31,908 - - 31,908
At 28 February 2023 32,608 12,350 2,687 47,645
4 Debtors 2024 2023
£ £
Trade debtors 826 54,371
Other debtors - 47,400
826 101,771
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - 17,043
Trade creditors 2,603 159,084
Taxation and social security costs 22,753 5,309
Other creditors 1,876 1,874
27,232 183,310
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans - 27,441
Trade creditors 64,562 -
64,562 27,441
7 Other information
Timshel Holdings Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 89 North East Fruit & Vegetable Market
Team Valley Trading Estate,
Gateshead
Tyne And Wear
NE11 0QY
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