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COMPANY REGISTRATION NUMBER: 05183230
TESSMILL LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 May 2024
TESSMILL LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2024
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
TESSMILL LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
Director
S McMullan
Registered office
Tower House
Lucy Tower Street
Lincoln
England
LN1 1XW
Accountants
Streets LLP
Chartered accountants
Tower House
Lucy Tower Street
Lincoln
Lincolnshire
LN1 1XW
TESSMILL LIMITED
STATEMENT OF FINANCIAL POSITION
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
519,498
503,230
Current assets
Stocks
102,500
102,500
Debtors
6
216,608
198,479
----------
----------
319,108
300,979
Creditors: amounts falling due within one year
7
587,303
527,490
----------
----------
Net current liabilities
268,195
226,511
----------
----------
Total assets less current liabilities
251,303
276,719
Creditors: amounts falling due after more than one year
8
157,254
142,168
Provisions
Taxation including deferred tax
37,194
35,076
----------
----------
Net assets
56,855
99,475
----------
----------
TESSMILL LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 May 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
56,755
99,375
---------
---------
Shareholders funds
56,855
99,475
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 21 January 2025 , and are signed on behalf of the board by:
S McMullan
Director
Company registration number: 05183230
TESSMILL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Tower House, Lucy Tower Street, Lincoln, LN1 1XW, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents the value of all work done during the period, exclusive of Value Added Tax. Turnover is recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the sale have been transferred to the customer.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
All fixed assets are initially recorded at cost. Freehold property is subsequently stated at valuation. The valuation basis is open market value for their existing use. Surpluses arising from valuations are taken direct to the revaluation reserve. Deficits are eliminated against any revaluation reserve in respect of the related income generating unit with any excess, to the extent that it represents an impairment, being charged to the profit and loss account. Surpluses or deficits realised on the disposal of an asset are transferred from the revaluation reserve to the profit and loss account reserve.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
10% straight line
Plant & machinery
-
10% reducing balance
Fixtures & fittings
-
10% reducing balance
Equipment
-
10% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are valued at the lower of cost and net realisable value, on a first-in-first-out basis, after making due allowance for obsolete and slow moving items. Cost is based on purchase price.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are recognised at fair value, with any subsequent changes to fair value recognised in profit or loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 7 ).
5. Tangible assets
Freehold property
Long leasehold property
Plant & machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Jun 2023
175,000
51,000
450,217
15,000
2,620
693,837
Additions
52,830
703
53,533
----------
---------
----------
---------
-------
----------
At 31 May 2024
175,000
51,000
503,047
15,703
2,620
747,370
----------
---------
----------
---------
-------
----------
Depreciation
At 1 Jun 2023
32,321
156,216
1,000
1,070
190,607
Charge for the year
4,666
30,985
1,459
155
37,265
----------
---------
----------
---------
-------
----------
At 31 May 2024
36,987
187,201
2,459
1,225
227,872
----------
---------
----------
---------
-------
----------
Carrying amount
At 31 May 2024
175,000
14,013
315,846
13,244
1,395
519,498
----------
---------
----------
---------
-------
----------
At 31 May 2023
175,000
18,679
294,001
14,000
1,550
503,230
----------
---------
----------
---------
-------
----------
Included within freehold land and buildings is land to the value of £175,000 which is not subject to depreciation.
Tangible assets held at valuation
Freehold property at Woodland Drive, Alma Park Road, Grantham, NG31 9SR was revalued on 29 December 2016 by Pygott & Crone, 24 Wide Bargate, Boston, PE21 6RX, on an existing use value basis.
6. Debtors
2024
2023
£
£
Trade debtors
25,360
45,441
Other debtors
191,248
153,038
----------
----------
216,608
198,479
----------
----------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
30,097
26,625
Trade creditors
144,727
291,503
Social security and other taxes
24,187
12,541
Other creditors
388,292
196,821
----------
----------
587,303
527,490
----------
----------
The following liabilities disclosed under creditors falling due within one year are secured by the company:
2024 2023
£ £
Bank Loan and overdrafts (Secured on the assets of the company) 22,404 24,291
Hire Purchase agreements (Secured on the assets concerned) 30,961 23,156
--------- ---------
53,365 47,447
--------- ---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
87,319
80,882
Other creditors
69,935
61,286
----------
----------
157,254
142,168
----------
----------
The bank loan, which is repaid by monthly instalments, carries a market rate of interest rate.
The following liabilities disclosed under creditors falling due after more than one year are secured by the company.
2024 2023
£ £
Bank loans and overdrafts (Secured on the assets of the company) 87,318 80,882
Hire purchase agreements (Secured on the assets concerned) 69,936 61,286
---------- ----------
157,254 142,168
---------- ----------
9. Related party transactions
Included within Other Debtors, totalling £41,369, are amounts owed from DBM Construction Limited, a company registered in England & Wales, number 07717539. The controlling party of DBM Construction Limited is a close family member of the controlling party of Tessmill Limited. The controlling party of Tessmill Limited is also the Director and Shareholder of DBM Plant Hire Limited, a company registered in England & Wales, number 09984801. At the year end an amount included within Other Debtors totalling £24,500 was owed from DBM Plant Hire Limited.
10. Controlling party
The ultimate controlling party is S McMullan . No transactions with related parties were undertaken such as are required to be disclosed in accordance with FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.