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Company No: 11863543 (England and Wales)

T&T PARTNERSHIP LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

T&T PARTNERSHIP LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

T&T PARTNERSHIP LIMITED

BALANCE SHEET

As at 31 March 2024
T&T PARTNERSHIP LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 852 565
852 565
Current assets
Stocks 207,196 107,005
Debtors 4 8,672 7,859
Cash at bank and in hand 87,284 224,581
303,152 339,445
Creditors: amounts falling due within one year 5 ( 203,116) ( 216,069)
Net current assets 100,036 123,376
Total assets less current liabilities 100,888 123,941
Creditors: amounts falling due after more than one year 6 ( 19,077) ( 29,122)
Provision for liabilities ( 162) ( 107)
Net assets 81,649 94,712
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 81,549 94,612
Total shareholders' funds 81,649 94,712

For the financial 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 financial statements of T&T Partnership Limited (registered number: 11863543) were approved and authorised for issue by the Board of Directors on 06 January 2025. They were signed on its behalf by:

L Thomas
Director
T&T PARTNERSHIP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
T&T PARTNERSHIP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

T&T Partnership Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 7 Middlegates, St. Agnes, TR5 0UH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery etc. 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2023 1,130 1,130
Additions 607 607
At 31 March 2024 1,737 1,737
Accumulated depreciation
At 01 April 2023 565 565
Charge for the financial year 320 320
At 31 March 2024 885 885
Net book value
At 31 March 2024 852 852
At 31 March 2023 565 565

4. Debtors

2024 2023
£ £
Other debtors 8,672 7,859

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,099 10,056
Trade creditors 34,457 16,854
CIS withheld 4,161 545
Taxation and social security 0 23,796
Other creditors 154,399 164,818
203,116 216,069

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 19,077 29,122

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
50 Ordinary A shares of £ 1.00 each 50 50
50 Ordinary B shares of £ 1.00 each 50 50
100 100