5 false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 05693888 2023-03-01 2024-05-31 05693888 2024-05-31 05693888 2023-02-28 05693888 2022-03-01 2023-02-28 05693888 2023-02-28 05693888 2022-02-28 05693888 core:PlantMachinery 2023-03-01 2024-05-31 05693888 core:FurnitureFittings 2023-03-01 2024-05-31 05693888 core:MotorVehicles 2023-03-01 2024-05-31 05693888 bus:Director1 2023-03-01 2024-05-31 05693888 core:PlantMachinery 2023-02-28 05693888 core:FurnitureFittings 2023-02-28 05693888 core:MotorVehicles 2023-02-28 05693888 core:PlantMachinery 2024-05-31 05693888 core:FurnitureFittings 2024-05-31 05693888 core:MotorVehicles 2024-05-31 05693888 core:WithinOneYear 2024-05-31 05693888 core:WithinOneYear 2023-02-28 05693888 core:UKTax 2023-03-01 2024-05-31 05693888 core:UKTax 2022-03-01 2023-02-28 05693888 core:ShareCapital 2024-05-31 05693888 core:ShareCapital 2023-02-28 05693888 core:RetainedEarningsAccumulatedLosses 2024-05-31 05693888 core:RetainedEarningsAccumulatedLosses 2023-02-28 05693888 core:PlantMachinery 2023-02-28 05693888 core:FurnitureFittings 2023-02-28 05693888 core:MotorVehicles 2023-02-28 05693888 bus:Director1 2023-02-28 05693888 bus:Director1 2024-05-31 05693888 bus:Director1 2022-02-28 05693888 bus:Director1 2023-02-28 05693888 bus:Director1 2022-03-01 2023-02-28 05693888 bus:SmallEntities 2023-03-01 2024-05-31 05693888 bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-05-31 05693888 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-05-31 05693888 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-05-31 05693888 bus:FullAccounts 2023-03-01 2024-05-31
COMPANY REGISTRATION NUMBER: 05693888
Taps and Tubs Limited
Filleted Unaudited Financial Statements
31 May 2024
Taps and Tubs Limited
Statement of Financial Position
31 May 2024
31 May 24
28 Feb 23
Note
£
£
Fixed assets
Tangible assets
6
18,485
27,221
Current assets
Stocks
11,100
10,220
Debtors
7
94,306
5,725
Cash at bank and in hand
560,383
514,309
---------
---------
665,789
530,254
Creditors: amounts falling due within one year
8
124,338
113,734
---------
---------
Net current assets
541,451
416,520
---------
---------
Total assets less current liabilities
559,936
443,741
Provisions
3,512
6,805
---------
---------
Net assets
556,424
436,936
---------
---------
Capital and reserves
Called up share capital
2
1
Profit and loss account
556,422
436,935
---------
---------
Shareholders funds
556,424
436,936
---------
---------
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 period 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 period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Taps and Tubs Limited
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 25 January 2025 , and are signed on behalf of the board by:
Mr R A Groce
Director
Company registration number: 05693888
Taps and Tubs Limited
Notes to the Financial Statements
Period from 1 March 2023 to 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 TML House, 1a The Anchorage, Gosport, Hampshire, PO12 1LY, 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
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery
-
25% straight line
Fixtures and fittings
-
25% straight line
Motor vehicles
-
25% straight line
Equipment
-
33% straight line
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 5 (2023: 5 ).
5. Tax on profit
Major components of tax expense
Period from
1 Mar 23 to
Year to
31 May 24
28 Feb 23
£
£
Current tax:
UK current tax expense
50,191
33,294
Deferred tax:
Origination and reversal of timing differences
( 3,293)
650
--------
--------
Tax on profit
46,898
33,944
--------
--------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 March 2023
6,461
2,685
43,652
5,126
57,924
Additions
191
191
Disposals
( 4,000)
( 4,000)
-------
-------
--------
-------
--------
At 31 May 2024
6,461
2,685
39,652
5,317
54,115
-------
-------
--------
-------
--------
Depreciation
At 1 March 2023
2,498
2,323
21,212
4,670
30,703
Charge for the period
1,598
130
5,303
420
7,451
Disposals
( 2,524)
( 2,524)
-------
-------
--------
-------
--------
At 31 May 2024
4,096
2,453
23,991
5,090
35,630
-------
-------
--------
-------
--------
Carrying amount
At 31 May 2024
2,365
232
15,661
227
18,485
-------
-------
--------
-------
--------
At 28 February 2023
3,963
362
22,440
456
27,221
-------
-------
--------
-------
--------
7. Debtors
31 May 24
28 Feb 23
£
£
Trade debtors
42,339
Other debtors
51,967
5,725
--------
-------
94,306
5,725
--------
-------
8. Creditors: amounts falling due within one year
31 May 24
28 Feb 23
£
£
Trade creditors
25,035
48,403
Corporation tax
58,001
33,294
Social security and other taxes
29,002
15,019
Other creditors
12,300
17,018
---------
---------
124,338
113,734
---------
---------
9. Director's advances, credits and guarantees
During the period the director entered into the following advances and credits with the company:
31 May 24
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr R A Groce
( 3,094)
46,235
43,141
-------
--------
--------
28 Feb 23
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr R A Groce
( 997)
( 2,097)
( 3,094)
----
-------
-------