REGISTERED NUMBER: |
TONG ENGINEERING GROUP LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
17 JULY 2023 TO 31 JULY 2024 |
REGISTERED NUMBER: |
TONG ENGINEERING GROUP LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
17 JULY 2023 TO 31 JULY 2024 |
TONG ENGINEERING GROUP LIMITED (REGISTERED NUMBER: 15007251) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 17 JULY 2023 TO 31 JULY 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 | to | 5 |
TONG ENGINEERING GROUP LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 17 JULY 2023 TO 31 JULY 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
5 Resolution Close |
Endeavour Park |
Boston |
Lincolnshire |
PE21 7TT |
TONG ENGINEERING GROUP LIMITED (REGISTERED NUMBER: 15007251) |
STATEMENT OF FINANCIAL POSITION |
31 JULY 2024 |
Notes | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 |
NET LIABILITIES | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The directors acknowledge their 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 were approved by the Board of Directors and authorised for issue on |
TONG ENGINEERING GROUP LIMITED (REGISTERED NUMBER: 15007251) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 17 JULY 2023 TO 31 JULY 2024 |
1. | STATUTORY INFORMATION |
Tong Engineering Group Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
As at the financial position date, the company had net liabilities of £2,358 and is dependent on the support of the directors. The costs incurred to date represent pre-trading expenditure. The directors have indicated a clear awareness of this and consider that the accounts should be prepared on a going concern basis. |
Preparation of consolidated financial statements |
The financial statements contain information about Tong Engineering Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Financial instruments |
The company has chosen to adopt the FRS102 1A in respect of financial instruments. |
Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Taxation |
Taxation for the period 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. |
TONG ENGINEERING GROUP LIMITED (REGISTERED NUMBER: 15007251) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 17 JULY 2023 TO 31 JULY 2024 |
2. | ACCOUNTING POLICIES - continued |
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 period 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. |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each reporting year end date. If such indication exists, the recoverable amount of the asset or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the income statement unless the asset is carried at a revalued amount where the impairment loss is recognised in the revaluation reserve. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was NIL. |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
Additions |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
£ |
Other creditors |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
Ordinary Shares | £1 | 1 |
TONG ENGINEERING GROUP LIMITED (REGISTERED NUMBER: 15007251) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 17 JULY 2023 TO 31 JULY 2024 |
9. | CONTINGENT LIABILITIES |
The company has a cross guarantee in place with Tong Engineering Limited and Terry Johnson Limited to secure the bank borrowings, which were £1,565,677 at the statement of financial position date. As security, the bank has a fixed and floating charge over all assets of the company. |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the period ended 31 July 2024: |
£ |
Balance outstanding at start of period |
Amounts advanced |
Amounts repaid |
Amounts written off | - |
Amounts waived | - |
Balance outstanding at end of period |