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REGISTERED NUMBER: 10178768 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024

FOR

FRANCIS TERRY & ASSOCIATES LTD

FRANCIS TERRY & ASSOCIATES LTD (REGISTERED NUMBER: 10178768)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FRANCIS TERRY & ASSOCIATES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: N F Q Terry
M J Terry





REGISTERED OFFICE: Unit 6 Ash House
Vale View Business Units
Crown Lane South
Ardleigh, Colchester
Essex
CO7 7PL





REGISTERED NUMBER: 10178768 (England and Wales)





ACCOUNTANTS: Richard Sexton & Co LLP
3 Manor Road
Colchester
Essex
CO3 3LU

FRANCIS TERRY & ASSOCIATES LTD (REGISTERED NUMBER: 10178768)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 32,215 29,116

CURRENT ASSETS
Stocks 3,197 2,193
Debtors 5 325,122 248,845
Cash at bank 914,388 426,799
1,242,707 677,837
CREDITORS
Amounts falling due within one year 6 644,584 390,154
NET CURRENT ASSETS 598,123 287,683
TOTAL ASSETS LESS CURRENT
LIABILITIES

630,338

316,799

PROVISIONS FOR LIABILITIES 8,050 7,280
NET ASSETS 622,288 309,519

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 622,188 309,419
SHAREHOLDERS' FUNDS 622,288 309,519

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

FRANCIS TERRY & ASSOCIATES LTD (REGISTERED NUMBER: 10178768)

BALANCE SHEET - continued
31 MAY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2024 and were signed on its behalf by:




N F Q Terry - Director



M J Terry - Director


FRANCIS TERRY & ASSOCIATES LTD (REGISTERED NUMBER: 10178768)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Francis Terry & Associates Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Office equipment - 15% on reducing balance
Computer equipment - 25% on reducing balance

Government grants
Government Grants in relation to expenditure are credited when the expenditure is charged to the profit and loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Work in progress
Turnover which had not been invoiced at the balance sheet date is shown as work in progress.

FRANCIS TERRY & ASSOCIATES LTD (REGISTERED NUMBER: 10178768)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 10 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 June 2023 13,257 14,422 2,786
Additions - - -
At 31 May 2024 13,257 14,422 2,786
DEPRECIATION
At 1 June 2023 8,513 9,803 1,599
Charge for year 710 690 180
At 31 May 2024 9,223 10,493 1,779
NET BOOK VALUE
At 31 May 2024 4,034 3,929 1,007
At 31 May 2023 4,744 4,619 1,187

Office Computer
equipment equipment Totals
£    £    £   
COST
At 1 June 2023 19,501 35,723 85,689
Additions 4,617 6,102 10,719
At 31 May 2024 24,118 41,825 96,408
DEPRECIATION
At 1 June 2023 11,329 25,329 56,573
Charge for year 1,920 4,120 7,620
At 31 May 2024 13,249 29,449 64,193
NET BOOK VALUE
At 31 May 2024 10,869 12,376 32,215
At 31 May 2023 8,172 10,394 29,116

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 147,482 83,133
Work in progress 145,456 104,811
Other debtors 9,000 9,000
Prepayments and accrued income 23,184 51,901
325,122 248,845

FRANCIS TERRY & ASSOCIATES LTD (REGISTERED NUMBER: 10178768)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 3,510 2,552
Corporation tax 227,850 83,100
Social security and other taxes 148,412 79,052
Other creditors 588 1,193
Directors' current accounts 122,376 202,079
Accruals and deferred income 141,848 22,178
644,584 390,154

7. RELATED PARTY DISCLOSURES

During the year, total dividends of £290,000 (2023 - £420,000) were paid to the directors .

8. ULTIMATE CONTROLLING PARTY

The company is under the control of N F Q Terry and M J Terry who together own 100% of the issued share capital