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REGISTERED NUMBER: 05337777 (England and Wales)









Financial Statements

for the Year Ended 31 March 2024

for

Terence Firrell Limited

Terence Firrell Limited (Registered number: 05337777)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Terence Firrell Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: T W Firrell





REGISTERED OFFICE: 28 Church Road
Stanmore
Middlesex
HA7 4XR





REGISTERED NUMBER: 05337777 (England and Wales)





ACCOUNTANTS: Parker Cavendish
Chartered Accountants
28 Church Road
Stanmore
Middlesex
HA7 4XR

Terence Firrell Limited (Registered number: 05337777)

Statement of Financial Position
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Property, plant and equipment 5 427 1,032
427 1,032

CURRENT ASSETS
Inventories 7,500 7,500
Debtors 6 41,181 50,023
48,681 57,523
CREDITORS
Amounts falling due within one year 7 (81,467 ) (63,640 )
NET CURRENT LIABILITIES (32,786 ) (6,117 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(32,359

)

(5,085

)

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (32,459 ) (5,185 )
SHAREHOLDERS' FUNDS (32,359 ) (5,085 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 5 March 2025 and were signed by:





T W Firrell - Director


Terence Firrell Limited (Registered number: 05337777)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Terence Firrell Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25%-33% straight line basis

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Terence Firrell Limited (Registered number: 05337777)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 27,000
AMORTISATION
At 1 April 2023
and 31 March 2024 27,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
and
fittings
£   
COST
At 1 April 2023
and 31 March 2024 13,176
DEPRECIATION
At 1 April 2023 12,144
Charge for year 605
At 31 March 2024 12,749
NET BOOK VALUE
At 31 March 2024 427
At 31 March 2023 1,032

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 5,450 8,490
Other debtors 803 4,936
Directors' current accounts 20,283 20,532
Tax 12,087 13,305
Prepayments 2,558 2,760
41,181 50,023

Terence Firrell Limited (Registered number: 05337777)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,987 10,309
Trade creditors - 31
Tax 167 51
Social security and other taxes 27,115 14,848
VAT 18,924 18,324
Other creditors 4,558 3,387
Accrued expenses 19,716 16,690
81,467 63,640

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
T W Firrell
Balance outstanding at start of year 20,532 16,452
Amounts advanced 3,498 16,530
Amounts repaid - (12,450 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 24,030 20,532