Company Registration No. SC422961 (Scotland)
Tg Energy Services Limited
Unaudited accounts
for the year ended 31 May 2024
Tg Energy Services Limited
Unaudited accounts
Contents
Tg Energy Services Limited
Company Information
for the year ended 31 May 2024
Directors
G A Olley
J Olley
D Ashcroft
Company Number
SC422961 (Scotland)
Registered Office
T G Energy Services Ltd
6a York Street
Aberdeen
Aberdeenshire
AB11 5DD
Scotland
Tg Energy Services Limited
Statement of financial position
as at 31 May 2024
Tangible assets
40,092
4,701
Cash at bank and in hand
20,171
11,942
Creditors: amounts falling due within one year
(405,442)
(274,571)
Net current assets
255,882
275,225
Total assets less current liabilities
295,974
279,926
Provisions for liabilities
Other provisions
-
(1,200)
Net assets
295,974
278,726
Called up share capital
100
100
Profit and loss account
295,874
278,626
Shareholders' funds
295,974
278,726
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 11 March 2025 and were signed on its behalf by
G A Olley
Director
Company Registration No. SC422961
Tg Energy Services Limited
Notes to the Accounts
for the year ended 31 May 2024
Tg Energy Services Limited is a private company, limited by shares, registered in Scotland, registration number SC422961. The registered office is T G Energy Services Ltd, 6a York Street, Aberdeen, Aberdeenshire, AB11 5DD, Scotland.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the
directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Turnover represents the value of goods sold and services provided during the year, stated net of value added
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
Over 6 years
Plant & machinery
Over 3 to 5 years
Motor vehicles
Over 4 years
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
Tg Energy Services Limited
Notes to the Accounts
for the year ended 31 May 2024
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;
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;
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 differences.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
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Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At cost
At 1 June 2023
-
23,518
28,495
52,013
Additions
45,387
-
-
45,387
At 31 May 2024
45,387
23,518
28,495
97,400
At 1 June 2023
-
22,442
24,870
47,312
Charge for the year
5,295
1,076
3,625
9,996
At 31 May 2024
5,295
23,518
28,495
57,308
At 31 May 2024
40,092
-
-
40,092
At 31 May 2023
-
1,076
3,625
4,701
Amounts falling due within one year
Trade debtors
610,770
507,471
Other debtors
12,383
12,383
Tg Energy Services Limited
Notes to the Accounts
for the year ended 31 May 2024
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Creditors: amounts falling due within one year
2024
2023
Trade creditors
131,076
194,945
Taxes and social security
72,101
13,075
Other creditors
202,265
66,551
7
Operating lease commitments
2024
2023
At 31 May 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
12,000
12,000
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Transactions with related parties
Dividends totalling £111,740 (2023 - £23,400) were paid in the year in respect of shares held by the company's directors.
No amounts were advanced to the directors during the year. As at 31 May 2024, the company was due to the directors amounts totalling £98,548 (2023 - £33,048). These amounts are interest free with no set repayment terms.
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Average number of employees
During the year the average number of employees was 5 (2023: 5).