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TT RIGGING LIMITED

Registered Number
06727858
(England and Wales)

Unaudited Financial Statements for the Year ended
30 September 2024

TT RIGGING LIMITED
Company Information
for the year from 1 October 2023 to 30 September 2024

Directors

TAYLOR, Jonathan
THOMAS, Mark Antony

Registered Address

16 Vancouver Wharf
Hazel Road
Southampton
SO19 7BN

Registered Number

06727858 (England and Wales)
TT RIGGING LIMITED
Balance Sheet as at
30 September 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets413,89915,512
13,89915,512
Current assets
Stocks37,54052,240
Debtors5157,152119,441
Cash at bank and on hand9177,648
195,609179,329
Creditors amounts falling due within one year6(94,708)(101,894)
Net current assets (liabilities)100,90177,435
Total assets less current liabilities114,80092,947
Creditors amounts falling due after one year7(12,500)(21,278)
Net assets102,30071,669
Capital and reserves
Called up share capital22
Profit and loss account102,29871,667
Shareholders' funds102,30071,669
The financial statements were approved and authorised for issue by the Board of Directors on 18 December 2024, and are signed on its behalf by:
THOMAS, Mark Antony
Director
Registered Company No. 06727858
TT RIGGING LIMITED
Notes to the Financial Statements
for the year ended 30 September 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Plant and machinery-5
Fixtures and fittings25-
Vehicles15-
Office Equipment25-
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees

20242023
Average number of employees during the year44
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Tangible fixed assets

Total

£
Cost or valuation
At 01 October 2360,283
Additions989
At 30 September 2461,271
Depreciation and impairment
At 01 October 2344,771
Charge for year2,602
At 30 September 2447,372
Net book value
At 30 September 2413,899
At 30 September 2315,512
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables52,77427,268
Other debtors104,37889,746
Prepayments and accrued income-2,427
Total157,152119,441
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables16,69319,335
Bank borrowings and overdrafts13,70311,140
Amounts owed to related parties16,10014,607
Taxation and social security4,16914,311
Other creditors22,89840,526
Accrued liabilities and deferred income21,1451,975
Total94,708101,894
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts12,50021,278
Total12,50021,278
Long term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
8.Related party transactions
Other creditors include the following Director Loan accounts at the 30th September 2024 : Mr M A Thomas £ 6,216 ( 2023 - £ 6,383 ) Mr J Taylor £ 9,884 ( 2023 - £ 8,223 )