Silverfin false false 30/06/2024 01/07/2023 30/06/2024 Hamish Renton 01/06/2011 Kate Marie Renton 23/08/2011 28 January 2025 The principal activity of the Company during the financial year was that of an advertising agency. 07654941 2024-06-30 07654941 bus:Director1 2024-06-30 07654941 bus:Director2 2024-06-30 07654941 2023-06-30 07654941 core:CurrentFinancialInstruments 2024-06-30 07654941 core:CurrentFinancialInstruments 2023-06-30 07654941 core:Non-currentFinancialInstruments 2024-06-30 07654941 core:Non-currentFinancialInstruments 2023-06-30 07654941 core:ShareCapital 2024-06-30 07654941 core:ShareCapital 2023-06-30 07654941 core:RetainedEarningsAccumulatedLosses 2024-06-30 07654941 core:RetainedEarningsAccumulatedLosses 2023-06-30 07654941 core:LeaseholdImprovements 2023-06-30 07654941 core:Vehicles 2023-06-30 07654941 core:OfficeEquipment 2023-06-30 07654941 core:LeaseholdImprovements 2024-06-30 07654941 core:Vehicles 2024-06-30 07654941 core:OfficeEquipment 2024-06-30 07654941 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-06-30 07654941 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-06-30 07654941 bus:OrdinaryShareClass1 2024-06-30 07654941 bus:OrdinaryShareClass2 2024-06-30 07654941 bus:OrdinaryShareClass3 2024-06-30 07654941 core:WithinOneYear 2024-06-30 07654941 core:WithinOneYear 2023-06-30 07654941 core:BetweenOneFiveYears 2024-06-30 07654941 core:BetweenOneFiveYears 2023-06-30 07654941 2023-07-01 2024-06-30 07654941 bus:FilletedAccounts 2023-07-01 2024-06-30 07654941 bus:SmallEntities 2023-07-01 2024-06-30 07654941 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 07654941 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 07654941 bus:Director1 2023-07-01 2024-06-30 07654941 bus:Director2 2023-07-01 2024-06-30 07654941 core:LeaseholdImprovements core:TopRangeValue 2023-07-01 2024-06-30 07654941 core:Vehicles 2023-07-01 2024-06-30 07654941 core:OfficeEquipment core:BottomRangeValue 2023-07-01 2024-06-30 07654941 core:OfficeEquipment core:TopRangeValue 2023-07-01 2024-06-30 07654941 2022-07-01 2023-06-30 07654941 core:LeaseholdImprovements 2023-07-01 2024-06-30 07654941 core:OfficeEquipment 2023-07-01 2024-06-30 07654941 core:CurrentFinancialInstruments 2023-07-01 2024-06-30 07654941 core:Non-currentFinancialInstruments 2023-07-01 2024-06-30 07654941 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 07654941 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 07654941 bus:OrdinaryShareClass2 2023-07-01 2024-06-30 07654941 bus:OrdinaryShareClass2 2022-07-01 2023-06-30 07654941 bus:OrdinaryShareClass3 2023-07-01 2024-06-30 07654941 bus:OrdinaryShareClass3 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 07654941 (England and Wales)

TEEPEE LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

TEEPEE LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

TEEPEE LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 June 2024
TEEPEE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 61,567 73,625
61,567 73,625
Current assets
Debtors 4 101,836 221,747
Cash at bank and in hand 157,979 178,577
259,815 400,324
Creditors: amounts falling due within one year 5 ( 192,790) ( 181,149)
Net current assets 67,025 219,175
Total assets less current liabilities 128,592 292,800
Creditors: amounts falling due after more than one year 6 ( 27,126) ( 57,821)
Provision for liabilities ( 9,338) ( 11,321)
Net assets 92,128 223,658
Capital and reserves
Called-up share capital 7 100 99
Profit and loss account 92,028 223,559
Total shareholders' funds 92,128 223,658

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Teepee Limited (registered number: 07654941) were approved and authorised for issue by the Board of Directors on 28 January 2025. They were signed on its behalf by:

Hamish Renton
Director
TEEPEE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
TEEPEE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 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

Teepee 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 Hra Global, 104a Reddenhill Road, Torquay, TQ1 3NT, 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 £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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 Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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 at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Leasehold improvements 4 years straight line
Vehicles 25 % reducing balance
Office equipment 3 - 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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

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

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

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 Statement of Financial Position 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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 12 11

3. Tangible assets

Leasehold improve-
ments
Vehicles Office equipment Total
£ £ £ £
Cost
At 01 July 2023 11,374 58,018 86,347 155,739
Additions 0 8,996 11,912 20,908
Disposals 0 0 ( 15,011) ( 15,011)
At 30 June 2024 11,374 67,014 83,248 161,636
Accumulated depreciation
At 01 July 2023 5,687 19,651 56,776 82,114
Charge for the financial year 2,844 14,932 15,190 32,966
Disposals 0 0 ( 15,011) ( 15,011)
At 30 June 2024 8,531 34,583 56,955 100,069
Net book value
At 30 June 2024 2,843 32,431 26,293 61,567
At 30 June 2023 5,687 38,367 29,571 73,625

4. Debtors

2024 2023
£ £
Trade debtors 94,285 150,109
Amounts owed by related parties 0 12,000
Amounts owed by directors 0 45,533
Prepayments and accrued income 7,551 14,105
101,836 221,747

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 10,000 5,704
Trade creditors 10,486 5,650
Amounts owed to directors 55,663 0
Accruals and deferred income 19,350 92,718
Taxation and social security 81,233 75,933
Obligations under finance leases and hire purchase contracts 4,209 0
Other creditors 11,849 1,144
192,790 181,149

There are no amounts included above in respect of which any security has been given by the small entity.

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

2024 2023
£ £
Bank loans 9,167 29,167
Obligations under finance leases and hire purchase contracts 17,959 28,654
27,126 57,821

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
85 Ordinary shares of £ 1.00 each (2023: 89 shares of £ 1.00 each) 85 89
10 Ordinary B shares of £ 1.00 each 10 10
5 Ordinary C shares of £ 1.00 each (2023: nil shares) 5 0
100 99

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 30,000 30,000
between one and five years 22,500 52,500
52,500 82,500

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 1,943 1,144

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Owed by/(to) the directors (55,968) 45,533

Interest is charged on overdrawn balances at the HMRC approved rate of 2.25%, and the balance is repayable on demand.