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COMPANY REGISTRATION NUMBER: 08376607
Tenax Vult Limited
Filleted Unaudited Financial Statements
31 March 2024
Tenax Vult Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
4
2,859
17,739
Current assets
Debtors
5
37,304
Cash at bank and in hand
38,316
109,413
--------
---------
75,620
109,413
Creditors: amounts falling due within one year
6
11,316
25,541
--------
---------
Net current assets
64,304
83,872
--------
---------
Total assets less current liabilities
67,163
101,611
Creditors: amounts falling due after more than one year
7
31,337
55,686
Provisions
Taxation including deferred tax
460
2,419
--------
---------
Net assets
35,366
43,506
--------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
35,266
43,406
--------
--------
Shareholders funds
35,366
43,506
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Tenax Vult Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 23 December 2024 , and are signed on behalf of the board by:
Mr G R Strange
Director
Company registration number: 08376607
Tenax Vult Limited
Accounting Policies
Year ended 31 March 2024
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Revenue recognition
Turnover is the value of services provided during the period.
Taxation
Current tax is recognised on taxable profit for the current and past periods. Deferred tax is recognised in respect of all timing differences at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% straight line
Equipment
-
25% straight line
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Tenax Vult Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 155 White's Way, Hedge End, Southampton, SO30 2GL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 3 ).
4. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 April 2023
52,990
2,281
55,271
Additions
3,000
3,000
Disposals
( 52,990)
( 52,990)
--------
-------
--------
At 31 March 2024
5,281
5,281
--------
-------
--------
Depreciation
At 1 April 2023
36,429
1,103
37,532
Charge for the year
1,319
1,319
Disposals
( 36,429)
( 36,429)
--------
-------
--------
At 31 March 2024
2,422
2,422
--------
-------
--------
Carrying amount
At 31 March 2024
2,859
2,859
--------
-------
--------
At 31 March 2023
16,561
1,178
17,739
--------
-------
--------
5. Debtors
2024
2023
£
£
Other debtors
37,304
--------
----
6. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
802
802
Corporation tax
6,399
6,199
Social security and other taxes
1,472
2,425
Other creditors
2,643
16,115
--------
--------
11,316
25,541
--------
--------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
31,337
31,697
Other creditors
23,989
--------
--------
31,337
55,686
--------
--------
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2023: £14,873) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The company entered into a bounce back loan in May 2020. The term of the loan was extended from 5 to 10 years and is currently being repaid at the rate of £400.49 per month. Interest is charged to the loan account on a quarterly basis at the rate of 2.5% per annum.
8. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr G R Strange
64,500
( 44,500)
20,000
----
--------
--------
--------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr G R Strange
----
----
----
----