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COMPANY REGISTRATION NUMBER: NI072800
T & A Limited
Unaudited Financial Statements
For the year ended
30 April 2024
T & A Limited
Financial Statements
Year ended 30 April 2024
Contents
Page
Director's report
1
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
2
Statement of income and retained earnings
3
Statement of financial position
4
Notes to the financial statements
6
T & A Limited
Director's Report
Year ended 30 April 2024
The director presents his report and the unaudited financial statements of the company for the year ended 30 April 2024 .
Director
The director who served the company during the year was as follows:
Mr T O'Hagan
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 10 January 2025 and signed on behalf of the board by:
Mr Terence O'Hagan
Company Secretary
Registered office:
81 Cottage Road
Lurgan
Co. Armagh
N Ireland
BT67 9LP
T & A Limited
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of T & A Limited
Year ended 30 April 2024
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 30 April 2024, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
HENRY MURRAY & COMPANY LTD. Chartered Accountants
23 Church Place, Lurgan, Co. Armagh. N. Ireland BT66 6EY
10 January 2025
T & A Limited
Statement of Income and Retained Earnings
Year ended 30 April 2024
2024
2023
Note
£
£
Turnover
317,132
853,965
Cost of sales
531,995
367,858
---------
---------
Gross (loss)/profit
( 214,863)
486,107
Administrative expenses
54,578
1,168
---------
---------
Operating (loss)/profit
( 269,441)
484,939
Interest receivable
3,230
803
---------
---------
(Loss)/profit before taxation
5
( 266,211)
485,742
Taxation on ordinary activities
( 53,013)
94,596
---------
---------
(Loss)/profit for the financial year and total comprehensive income
( 213,198)
391,146
---------
---------
Dividends paid and payable
( 10,000)
Retained earnings at the start of the year
610,874
229,728
---------
---------
Retained earnings at the end of the year
397,676
610,874
---------
---------
All the activities of the company are from continuing operations.
T & A Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
675
466
Current assets
Stocks
38,358
16,150
Debtors
7
250,842
94,898
Cash at bank and in hand
702,594
587,025
---------
---------
991,794
698,073
Creditors: amounts falling due within one year
8
593,793
86,665
---------
---------
Net current assets
398,001
611,408
---------
---------
Total assets less current liabilities
398,676
611,874
---------
---------
Net assets
398,676
611,874
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
397,676
610,874
---------
---------
Shareholders funds
398,676
611,874
---------
---------
These financial statements have been prepared 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'.
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
T & A Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 10 January 2025 , and are signed on behalf of the board by:
„„„„„„„„„„„„„„„„„„„...
Mr Terrence O'Hagan
Company registration number: NI072800
T & A Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 81 Cottage Road, Lurgan, Co. Armagh, BT67 9LP, N Ireland.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. 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 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:
Equipment
-
20% straight line
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Particulars of employees
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
169
117
----
----
6. Tangible assets
Equipment
Total
£
£
Cost
At 1 May 2023
907
907
Additions
378
378
-------
-------
At 30 April 2024
1,285
1,285
-------
-------
Depreciation
At 1 May 2023
441
441
Charge for the year
169
169
-------
-------
At 30 April 2024
610
610
-------
-------
Carrying amount
At 30 April 2024
675
675
-------
-------
At 30 April 2023
466
466
-------
-------
7. Debtors
2024
2023
£
£
Trade debtors
118,769
27
Other debtors
132,073
94,871
---------
--------
250,842
94,898
---------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
7,099
Trade creditors
586,007
1,005
Corporation tax
94,596
Social security and other taxes
4,142
6,785
Other creditors
( 3,455)
( 15,721)
---------
--------
593,793
86,665
---------
--------
9. Director's advances, credits and guarantees
There was an overdrawn balance on the director's current account brought forward of £94,871. This has been repaid in full. Interest was charged on the overdrawn balance at the official rate.
10. Related party transactions
Tergan Properties Limited is a company jointly controlled by the director. There is a net balance due to Tergan Properties Limited from the company of £16,015 at the year end in relation to expenses paid on its behalf during the year.