5 false false false false false false false false false false true false false false false false false No description of principal activity 2023-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 512,738 512,738 512,738 xbrli:pure xbrli:shares iso4217:GBP 04472433 2023-07-01 2024-06-30 04472433 2024-06-30 04472433 2023-06-30 04472433 2022-07-01 2023-06-30 04472433 2023-06-30 04472433 2022-06-30 04472433 core:PlantMachinery 2023-07-01 2024-06-30 04472433 core:MotorVehicles 2023-07-01 2024-06-30 04472433 bus:Director1 2023-07-01 2024-06-30 04472433 core:PlantMachinery 2023-06-30 04472433 core:MotorVehicles 2023-06-30 04472433 core:PlantMachinery 2024-06-30 04472433 core:MotorVehicles 2024-06-30 04472433 core:WithinOneYear 2024-06-30 04472433 core:WithinOneYear 2023-06-30 04472433 core:AfterOneYear 2024-06-30 04472433 core:AfterOneYear 2023-06-30 04472433 core:ShareCapital 2024-06-30 04472433 core:ShareCapital 2023-06-30 04472433 core:RetainedEarningsAccumulatedLosses 2024-06-30 04472433 core:RetainedEarningsAccumulatedLosses 2023-06-30 04472433 core:CostValuation core:Non-currentFinancialInstruments 2024-06-30 04472433 core:Non-currentFinancialInstruments 2024-06-30 04472433 core:Non-currentFinancialInstruments 2023-06-30 04472433 core:PlantMachinery 2023-06-30 04472433 core:MotorVehicles 2023-06-30 04472433 bus:SmallEntities 2023-07-01 2024-06-30 04472433 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 04472433 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 04472433 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 04472433 bus:FullAccounts 2023-07-01 2024-06-30 04472433 core:OfficeEquipment 2023-07-01 2024-06-30 04472433 core:OfficeEquipment 2023-06-30 04472433 core:OfficeEquipment 2024-06-30
COMPANY REGISTRATION NUMBER: 04472433
TCL DEVELOPMENTS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 June 2024
TCL DEVELOPMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
30 June 2024
2024
2023
Note
£
£
£
FIXED ASSETS
Tangible assets
5
48,489
58,500
Investments
6
512,738
512,738
-----------
-----------
561,227
571,238
CURRENT ASSETS
Stocks
26,667
10,000
Debtors
7
4,599
23,594
Cash at bank and in hand
221,408
151,770
-----------
-----------
252,674
185,364
CREDITORS: amounts falling due within one year
8
94,266
63,948
-----------
-----------
NET CURRENT ASSETS
158,408
121,416
-----------
-----------
TOTAL ASSETS LESS CURRENT LIABILITIES
719,635
692,654
CREDITORS: amounts falling due after more than one year
9
13,480
27,556
PROVISIONS
Taxation including deferred tax
12,122
14,625
-----------
-----------
NET ASSETS
694,033
650,473
-----------
-----------
TCL DEVELOPMENTS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 June 2024
2024
2023
Note
£
£
£
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
693,933
650,373
-----------
-----------
SHAREHOLDERS FUNDS
694,033
650,473
-----------
-----------
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 30th June 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 .
These financial statements were approved by the board of directors and authorised for issue on 21 January 2025 , and are signed on behalf of the board by:
Mr T Lowe
Director
Company registration number: 04472433
TCL DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30th JUNE 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 Stonesby House, Stanmore Drive Haverbreaks, Lancaster, LA1 5BL, United Kingdom.
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. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery
-
15% reducing balance
Motor vehicles
-
20% reducing balance
Computer equipment
-
33% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 5 (2023: 6 ).
5. TANGIBLE ASSETS
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1st July 2023
6,344
100,433
2,342
109,119
Additions
2,000
2,000
--------
-----------
--------
-----------
At 30th June 2024
6,344
102,433
2,342
111,119
--------
-----------
--------
-----------
Depreciation
At 1st July 2023
5,251
43,275
2,093
50,619
Charge for the year
164
11,765
82
12,011
--------
-----------
--------
-----------
At 30th June 2024
5,415
55,040
2,175
62,630
--------
-----------
--------
-----------
Carrying amount
At 30th June 2024
929
47,393
167
48,489
--------
-----------
--------
-----------
At 30th June 2023
1,093
57,158
249
58,500
--------
-----------
--------
-----------
6. INVESTMENTS
Other investments other than loans
£
Cost
At 1st July 2023 and 30th June 2024
512,738
-----------
Impairment
At 1st July 2023 and 30th June 2024
-----------
Carrying amount
At 30th June 2024
512,738
-----------
At 30th June 2023
512,738
-----------
7. DEBTORS
2024
2023
£
£
Other debtors
4,599
23,594
--------
---------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
15,250
17,485
Corporation tax
41,793
12,090
Social security and other taxes
18,568
15,262
Other creditors
18,655
19,111
---------
---------
94,266
63,948
---------
---------
9. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Other creditors
13,480
27,556
---------
---------
10. RELATED PARTY TRANSACTIONS
The company was under the control of Mr and Mrs Lowe throughout the current and previous period. Mr and Mrs Lowe are directors and majority shareholders. Mr and Mrs Lowe have a director's current account which is disclosed within creditors. This account has remained in credit throughout the current period.