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Registration number: 14086180

Tally Oak Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Tally Oak Limited
(Registration number: 14086180)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Tally Oak Limited
(Registration number: 14086180)

Company Information

Director

Mr E P Thompson

Registered office

1 Colleton Crescent
Exeter
Devon
EX2 4DG

Accountants

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

Tally Oak Limited
(Registration number: 14086180)

Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,210,635

2,128,459

Current assets

 

Stocks

5

30,368

-

Debtors

6

35,725

37,952

Cash at bank and in hand

 

208,348

326,651

 

274,441

364,603

Creditors: Amounts falling due within one year

7

(2,537,265)

(2,506,983)

Net current liabilities

 

(2,262,824)

(2,142,380)

Total assets less current liabilities

 

(52,189)

(13,921)

Creditors: Amounts falling due after more than one year

7

(1,842)

-

Provisions for liabilities

(17,749)

(7,567)

Net liabilities

 

(71,780)

(21,488)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(71,880)

(21,588)

Shareholders' deficit

 

(71,780)

(21,488)

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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 February 2025
 

 

Tally Oak Limited
(Registration number: 14086180)

Balance Sheet as at 31 May 2024

.........................................
Mr E P Thompson
Director

 

Tally Oak Limited
(Registration number: 14086180)

Notes to the Unaudited 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:
1 Colleton Crescent
Exeter
Devon
EX2 4DG

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 that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The director acknowledges the net liabilities at the balance sheet date. Included in creditors due within one year is a loan from another company that is repayable on demand, however, post year end this amount was released from the charge and is no longer due. Even disregarding this, if it were not for this balance the company would be solvent. The financial statements have therefore been prepared on a going concern basis.

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.

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 deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Tally Oak Limited
(Registration number: 14086180)

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

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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Land and buildings

Land: not depreciated; buildings: 2% straight line

Plant and Machinery

25% straight line

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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.

 

Tally Oak Limited
(Registration number: 14086180)

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

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 subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Tally Oak Limited
(Registration number: 14086180)

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

4

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2023

2,103,544

46,868

2,150,412

Additions

47,620

97,077

144,697

Disposals

-

(10,000)

(10,000)

At 31 May 2024

2,151,164

133,945

2,285,109

Depreciation

At 1 June 2023

14,910

7,043

21,953

Charge for the year

19,035

33,486

52,521

At 31 May 2024

33,945

40,529

74,474

Carrying amount

At 31 May 2024

2,117,219

93,416

2,210,635

At 31 May 2023

2,088,634

39,825

2,128,459

Included within the net book value of land and buildings above is £2,117,219 (2023 - £2,088,634) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other stocks

30,368

-

 

Tally Oak Limited
(Registration number: 14086180)

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

6

Debtors

2024
£

2023
£

Other debtors

26,648

9,133

Prepayments and accrued income

9,077

28,819

Total current trade and other debtors

35,725

37,952

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

2,500,000

2,500,000

Other creditors

 

32,614

4,583

Accrued expenses

 

3,730

2,400

Deferred income

 

921

-

 

2,537,265

2,506,983

2024
£

2023
£

Due after one year

Deferred income

1,842

-

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

2,500,000

2,500,000

Included in loans and borrowings is £2,500,000 on which security has been given by way of a fixed charge over the assets of the company.

9

Non adjusting events after the financial period

Post the date of the balance sheet, the loan and the attached charge has been released.