Company registration number 04742333 (England and Wales)
TS CONVERTING EQUIPMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
TS CONVERTING EQUIPMENT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
TS CONVERTING EQUIPMENT LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
259,782
218,275
Investments
5
667
667
260,449
218,942
Current assets
Stocks
1,859,075
1,247,361
Debtors
6
1,072,278
1,281,776
Cash at bank and in hand
2,019,218
2,544,839
4,950,571
5,073,976
Creditors: amounts falling due within one year
7
(2,859,297)
(3,817,676)
Net current assets
2,091,274
1,256,300
Total assets less current liabilities
2,351,723
1,475,242
Creditors: amounts falling due after more than one year
8
(92,896)
(37,118)
Provisions for liabilities
(25,621)
(25,807)
Net assets
2,233,206
1,412,317
Capital and reserves
Called up share capital
800
800
Capital redemption reserve
50
50
Profit and loss reserves
2,232,356
1,411,467
Total equity
2,233,206
1,412,317
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
TS CONVERTING EQUIPMENT LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 February 2025 and are signed on its behalf by:
Mr T Self
Director
Company registration number 04742333 (England and Wales)
TS CONVERTING EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information
TS Converting Equipment Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ts Converting, Albemarle Road, Taunton, Somerset, TA1 1BJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
straight line over the remainder of the lease term
Plant and equipment
25% and 15% reducing balance
Fixtures and fittings
25% reducing balance
Computers
25% and 33% reducing balance and 33% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
TS CONVERTING EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
TS CONVERTING EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
33
34
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
490,778
46,722
Adjustments in respect of prior periods
-
(33,295)
Total current tax
490,778
149,541
Deferred tax
Origination and reversal of timing differences
(186)
25,303
Total tax charge
490,592
174,844
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2023
20,818
410,177
430,995
Additions
119,470
119,470
Disposals
(43,468)
(43,468)
At 31 May 2024
20,818
486,179
506,997
Depreciation and impairment
At 1 June 2023
15,148
197,572
212,720
Depreciation charged in the year
2,082
62,975
65,057
Eliminated in respect of disposals
(30,562)
(30,562)
At 31 May 2024
17,230
229,985
247,215
Carrying amount
At 31 May 2024
3,588
256,194
259,782
At 31 May 2023
5,670
212,605
218,275
TS CONVERTING EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
667
667
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
286,370
795,001
Other debtors
785,908
486,775
1,072,278
1,281,776
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
343,992
426,553
Amounts owed to group undertakings
1,000
Taxation and social security
541,887
206,616
Other creditors
1,972,418
3,184,507
2,859,297
3,817,676
Other creditors include hire purchase and finance lease obligations of £21,696 (2023: £10,165) which are secured on the assets to which they relate.
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
92,896
37,118
Other creditors include hire purchase and finance lease obligations of £92,986 (2023: £37,118) which are secured on the assets to which they relate.