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Registered number: 08665662
Tieval Limited
Unaudited Financial Statements
For The Year Ended 31 August 2024
Alliance Accountants Ltd
19 Gloucester Road
Ross on Wye
Herefordshire
HR9 5LQ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 08665662
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 27,138 90,707
Tangible Assets 5 61,207 26,910
Investments 6 53,777 53,777
142,122 171,394
CURRENT ASSETS
Stocks 7 52,871 68,777
Debtors 8 176,148 657,635
Cash at bank and in hand 424,344 295,070
653,363 1,021,482
Creditors: Amounts Falling Due Within One Year 9 (241,417 ) (386,639 )
NET CURRENT ASSETS (LIABILITIES) 411,946 634,843
TOTAL ASSETS LESS CURRENT LIABILITIES 554,068 806,237
PROVISIONS FOR LIABILITIES
Deferred Taxation (14,917 ) (6,727 )
NET ASSETS 539,151 799,510
CAPITAL AND RESERVES
Called up share capital 10 3 3
Revaluation reserve 11 - 48,400
Profit and Loss Account 539,148 751,107
SHAREHOLDERS' FUNDS 539,151 799,510
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Page 2
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Dawn Boaden
Director
07/02/2025
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Tieval Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08665662 . The registered office is 12 Blackthorn Close, Ross-On-Wye, HR9 7JT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are internally generated R&D. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets are amortised to the profit and loss account over its estimated economic life of 10 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 10% Straight Line
Plant & Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 20% Straight Line
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2023: 10)
9 10
4. Intangible Assets
Other Intellectual Property Total
£ £ £
Cost
As at 1 September 2023 500,000 135,688 635,688
As at 31 August 2024 500,000 135,688 635,688
Amortisation
As at 1 September 2023 450,000 94,981 544,981
Provided during the period 50,000 13,569 63,569
As at 31 August 2024 500,000 108,550 608,550
Net Book Value
As at 31 August 2024 - 27,138 27,138
As at 1 September 2023 50,000 40,707 90,707
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5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 September 2023 5,500 19,907 - 19,509 44,916
Additions - 15,113 21,317 16,152 52,582
As at 31 August 2024 5,500 35,020 21,317 35,661 97,498
Depreciation
As at 1 September 2023 4,400 1,284 - 12,322 18,006
Provided during the period 550 8,434 4,263 5,038 18,285
As at 31 August 2024 4,950 9,718 4,263 17,360 36,291
Net Book Value
As at 31 August 2024 550 25,302 17,054 18,301 61,207
As at 1 September 2023 1,100 18,623 - 7,187 26,910
6. Investments
Other
£
Cost
As at 1 September 2023 53,777
As at 31 August 2024 53,777
Provision
As at 1 September 2023 -
As at 31 August 2024 -
Net Book Value
As at 31 August 2024 53,777
As at 1 September 2023 53,777
7. Stocks
2024 2023
£ £
Materials 52,871 68,777
8. Debtors
2024 2023
£ £
Due within one year
Trade debtors 170,148 219,600
Amounts owed by participating interests - 402,496
Other debtors 6,000 35,539
176,148 657,635
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9. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 47,737 69,488
Other creditors 188,696 210,187
Taxation and social security 4,984 106,964
241,417 386,639
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 3 3
11. Reserves
Revaluation Reserve
£
As at 1 September 2023 48,400
Transfer to profit and loss (48,400 )
As at 31 August 2024 -
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