Terry Waldron Limited 01195280 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is the design, manufacture and sale of jewellery Digita Accounts Production Advanced 6.30.9574.0 true 01195280 2023-06-01 2024-05-31 01195280 2024-05-31 01195280 core:AcceleratedTaxDepreciationDeferredTax 2024-05-31 01195280 core:CurrentFinancialInstruments 2024-05-31 01195280 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 01195280 core:FurnitureFittingsToolsEquipment 2024-05-31 01195280 core:LandBuildings 2024-05-31 01195280 bus:SmallEntities 2023-06-01 2024-05-31 01195280 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 01195280 bus:FilletedAccounts 2023-06-01 2024-05-31 01195280 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 01195280 bus:RegisteredOffice 2023-06-01 2024-05-31 01195280 bus:Director3 2023-06-01 2024-05-31 01195280 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 01195280 core:FurnitureFittings 2023-06-01 2024-05-31 01195280 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 01195280 core:LandBuildings 2023-06-01 2024-05-31 01195280 countries:EnglandWales 2023-06-01 2024-05-31 01195280 2023-05-31 01195280 core:FurnitureFittingsToolsEquipment 2023-05-31 01195280 core:LandBuildings 2023-05-31 01195280 2022-06-01 2023-05-31 01195280 2023-05-31 01195280 core:AcceleratedTaxDepreciationDeferredTax 2023-05-31 01195280 core:CurrentFinancialInstruments 2023-05-31 01195280 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 01195280 core:FurnitureFittingsToolsEquipment 2023-05-31 01195280 core:LandBuildings 2023-05-31 iso4217:GBP xbrli:pure

Registration number: 01195280

Prepared for the registrar

Terry Waldron Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2024

 

Terry Waldron Limited

(Registration number: 01195280)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

10,016

10,682

Current assets

 

Stocks

6

77,925

72,891

Debtors

7

5,794

26,317

Cash at bank and in hand

 

104,308

42,531

 

188,027

141,739

Creditors: Amounts falling due within one year

8

(62,729)

(54,065)

Net current assets

 

125,298

87,674

Total assets less current liabilities

 

135,314

98,356

Deferred tax liabilities

4

(2,504)

(2,671)

Net assets

 

132,810

95,685

Capital and reserves

 

Called up share capital

100

100

Retained earnings

132,710

95,585

Shareholders' funds

 

132,810

95,685

For the financial year ending 31 May 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 February 2025 and signed on its behalf by:
 

S J Waldron
Director

   
     
 

Terry Waldron Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
14A The Green
Broadway
Worcestershire
WR12 7AJ

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

 

Terry Waldron Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

Over the terms of the lease

Fixtures and fittings

15% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Terry Waldron Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

4

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Difference between accumulated depreciation and capital allowances

2,504

2,504

2023

Liability
£

Difference between accumulated depreciation and capital allowances

2,671

2,671

 

Terry Waldron Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

 

5

Tangible assets

Leasehold improvements
£

Furniture, fittings and equipment
 £

Total
£

Cost

At 1 June 2023

24,719

62,085

86,804

Additions

-

999

999

At 31 May 2024

24,719

63,084

87,803

Depreciation

At 1 June 2023

24,719

51,403

76,122

Charge for the year

-

1,665

1,665

At 31 May 2024

24,719

53,068

77,787

Carrying amount

At 31 May 2024

-

10,016

10,016

At 31 May 2023

-

10,682

10,682

 

6

Stocks

2024
£

2023
£

Raw materials and consumables

77,925

72,891

 

7

Debtors

2024
£

2023
£

Amounts owed by related parties

665

21,839

Prepayments

5,129

4,478

5,794

26,317

 

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

3,321

3,798

Trade creditors

 

2,316

697

Taxation and social security

 

54,838

45,674

Accruals and deferred income

 

2,254

3,896

 

62,729

54,065

 

Terry Waldron Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

 

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Director's loan account

3,321

3,798

 

10

Related party transactions

Transactions with directors

At 31 May 2024, T J Waldron was owed £3,321 (2023: £3,789) by the company and S J Waldron owed the company £665 (2023: £21,839), in the form of directors' loan accounts. The loans are unsecured, interest free and repayable on demand.