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Registered number: 12044949
TYM ENGINEERING LTD
Unaudited Financial Statements
For The Year Ended 30 June 2024
JC ACCOUNTS LTD
THE LOFT
HILL END FARM
LANGLEY
HERTS
SG4 7PT
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12044949
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 13,045 17,235
13,045 17,235
CURRENT ASSETS
Debtors 5 34,951 40,374
Cash at bank and in hand 141 1,189
35,092 41,563
Creditors: Amounts Falling Due Within One Year 6 (23,595 ) (20,900 )
NET CURRENT ASSETS (LIABILITIES) 11,497 20,663
TOTAL ASSETS LESS CURRENT LIABILITIES 24,542 37,898
Creditors: Amounts Falling Due After More Than One Year 7 (14,994 ) (22,540 )
NET ASSETS 9,548 15,358
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account 9,547 15,357
SHAREHOLDERS' FUNDS 9,548 15,358
Page 1
Page 2
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Miss RACHEL WATTS
Director
05/03/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
TYM ENGINEERING LTD is a private company, limited by shares, incorporated in England & Wales, registered number 12044949 . The registered office is THE LOFT, HILL END FARM, LANGLEY, HERTS, SG18 8GW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 25
Leasehold 25
Plant & Machinery 25
Motor Vehicles 25
Fixtures & Fittings 25
Computer Equipment 25
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: 1)
- 1
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 July 2023 512 28,799 3,211 628 33,150
As at 30 June 2024 512 28,799 3,211 628 33,150
Depreciation
As at 1 July 2023 193 14,708 828 186 15,915
Provided during the period 80 3,523 477 110 4,190
As at 30 June 2024 273 18,231 1,305 296 20,105
Net Book Value
As at 30 June 2024 239 10,568 1,906 332 13,045
As at 1 July 2023 319 14,091 2,383 442 17,235
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,123 2,858
Prepayments and accrued income (1,572 ) -
Other debtors - 10,690
Other debtors (1) - 17,720
Other debtors (2) - 9,106
Other taxes and social security 35,400 -
34,951 40,374
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors (1 ) (2 )
Other loans - 1,668
Corporation tax 3,962 6,470
VAT 19,634 11,192
Accruals and deferred income - 1,572
23,595 20,900
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 10,048 13,665
Corporation tax 4,946 8,875
14,994 22,540
Page 4
Page 5
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
Page 5