Registered number
01335586
TARNWEST LIMITED
Filleted Accounts
30 September 2024
TARNWEST LIMITED
Registered number: 01335586
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 33,142 37,942
Current assets
Stocks 82,000 80,000
Debtors 4 146,399 143,448
Investments held as current assets 5 50,250 50,250
Cash at bank and in hand 115,446 106,727
394,095 380,425
Creditors: amounts falling due within one year 6 (137,625) (89,905)
Net current assets 256,470 290,520
Total assets less current liabilities 289,612 328,462
Creditors: amounts falling due after more than one year 7 (216,510) (271,507)
Net liabilities 73,102 56,955
Capital and reserves
Called up share capital 100 100
Profit and loss account 73,002 56,855
Shareholders' funds 73,102 56,955
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Alex Daulby
Director
Approved by the board on 18 February 2025
TARNWEST LIMITED
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
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).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
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.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2023 129,852
Additions 1,047
At 30 September 2024 130,899
Depreciation
At 1 October 2023 91,910
Charge for the year 5,847
At 30 September 2024 97,757
Net book value
At 30 September 2024 33,142
At 30 September 2023 37,942
4 Debtors 2024 2023
£ £
Trade debtors 132,040 128,653
Other debtors 14,359 14,795
146,399 143,448
5 Investments held as current assets 2024 2023
£ £
Fair value
Unlisted investments 50,250 50,250
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 33,524 72,889
Taxation and social security costs 14,318 8,781
Other creditors 89,783 8,235
137,625 89,905
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 17,370 27,446
Other creditors 199,140 244,061
216,510 271,507
8 Other information
TARNWEST LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Unit 24 Irlam Business Centre
Soapstone Way
Manchester
Lancashire
M44 6GP
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