1 April 2023 v2025.15.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP098058292023-04-012024-07-31098058292024-07-31098058292023-03-3109805829core:WithinOneYear2024-07-3109805829core:WithinOneYear2023-03-3109805829core:ShareCapital2024-07-3109805829core:ShareCapital2023-03-3109805829core:RetainedEarningsAccumulatedLosses2024-07-3109805829core:RetainedEarningsAccumulatedLosses2023-03-3109805829bus:Director12023-04-012024-07-3109805829bus:RegisteredOffice2023-04-012024-07-3109805829core:OfficeEquipment2023-04-012024-07-3109805829core:MotorVehicles2023-04-012024-07-31098058292022-04-012023-03-3109805829core:PlantMachinery2024-07-3109805829core:PlantMachinery2023-04-0109805829core:PlantMachinery2023-04-012024-07-3109805829core:PlantMachinery2023-03-3109805829core:CostValuation2023-04-0109805829core:CostValuation2024-07-310980582912023-04-012024-07-3109805829countries:EnglandWales2023-04-012024-07-3109805829bus:AuditExemptWithAccountantsReport2023-04-012024-07-3109805829bus:PrivateLimitedCompanyLtd2023-04-012024-07-3109805829bus:SmallEntities2023-04-012024-07-3109805829bus:FullAccounts2023-04-012024-07-31
Company registration number:
09805829
Taran Business Solutions Ltd
Unaudited Filleted Financial Statements for the period ended
31 July 2024
Taran Business Solutions Ltd
Report to the board of directors on the preparation of the unaudited statutory financial statements of Taran Business Solutions Ltd
Period ended
31 July 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Taran Business Solutions Limited for the period ended 31 July 2024, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the director of Taran Business Solutions Limited. Our work has been undertaken solely to prepare for your approval the financial statements of Taran Business Solutions Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Taran Business Solutions Limited and its director for our work or for this report.
It is your duty to ensure that Taran Business Solutions Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Taran Business Solutions Limited. You consider that Taran Business Solutions Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Taran Business Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Proud Goulbourn Accountants Limited
Chartered Accountants
Office 16, Hamilton Davies House
117c Liverpool Road
Cadishead
Manchester
M44 5BG
United Kingdom
Date:
13 March 2025
Taran Business Solutions Ltd
Statement of Financial Position
31 July 2024
31 Jul 202431 Mar 2023
Note££
Fixed assets    
Tangible assets 5
1,266
 
10,221
 
Investments 6
320,000
 
320,000
 
321,266
 
330,221
 
Current assets    
Debtors 7
268,280
 
257,947
 
Cash at bank and in hand
62,275
 
60,806
 
330,555
 
318,753
 
Creditors: amounts falling due within one year 8
(54,135
)
(64,519
)
Net current assets
276,420
 
254,234
 
Total assets less current liabilities 597,686   584,455  
Provisions for liabilities
(279,072
)
(279,072
)
Net assets
318,614
 
305,383
 
Capital and reserves    
Called up share capital
1
 
1
 
Profit and loss account
318,613
 
305,382
 
Shareholders funds
318,614
 
305,383
 
For the period ending
31 July 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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 income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
13 March 2025
, and are signed on behalf of the board by:
B Thomas
Director
Company registration number:
09805829
Taran Business Solutions Ltd
Notes to the Financial Statements
Period ended
31 July 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Pencefn
,
Sarnau
,
Bala
,
LL23 7LG
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis.. The financial statements are prepared in sterling, which is the functional currency of the entity.

Changes in accounting estimates

On the advice of Counsel no inflationary provision will be made in these accounts or in the 2025 accounts in respect of the pension provision due to the volatility in the rate of inflation and bank rates.

Revenue Recognition

The financial statements have been prepared on the historical cost basis.
.

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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Office equipment
25% straight line
Motor vehicles
25% 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.

Financial Instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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. See note above for change in accounting estimates

Defined contribution pension plan

There were no additional contributions in 2024 and 2023

Retirement Benefits

The company provides pension benefits for senior employees, under the terms of the pension contracts entered into with senior employees, fixed sums are provided now in order to provide pension benefits to the individuals upon their retirement. The pension contracts allow for an annual increase in respect of indexation over and above the initial contracted amount. Although under section 28 of FRS102 this pension arrangement is regarded as being a defined benefit scheme, the directors consider that it does not bear any of the hallmarks of a defined benefit scheme as the company's contributions are fixed until the point of retirement at which point any further contributions or annual increases cease.
The number of directors to whom benefits are accruing under this pension agreement is 1 (2023: 1)
The contributions and potential liabilities of the company in respect of the pension agreement are fixed at least until the date of retirement of the employee which is over 6 years from the year end date.
The director is also of the opinion that the liability as disclosed in the financial statements represents the full and final amount which could be expected at this stage, to be paid in the future rto settle the pension agreement liabilities.

4 Average number of employees

The average number of persons employed by the company during the period was
1
(2023:
1.00
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 April 2023
and
31 July 2024
37,729
 
Depreciation  
At
1 April 2023
27,508
 
Charge
8,955
 
At
31 July 2024
36,463
 
Carrying amount  
At
31 July 2024
1,266
 
At 31 March 2023
10,221
 

6 Investments

Other investments other than loansOther investmentsTotal
£££
Cost      
At
1 April 2023
250,000
 
70,000
 
320,000
 
At
31 July 2024
250,000
 
70,000
 
320,000
 
Impairment      
At
1 April 2023
and
31 July 2024
-   -   -  
Carrying amount      
At
31 July 2024
250,000
 
70,000
 
320,000
 
At 31 March 2023
250,000
 
70,000
 
320,000
 

7 Debtors

31 Jul 202431 Mar 2023
££
Trade debtors
49,115
 
54,093
 
Other debtors
219,165
 
203,854
 
268,280
 
257,947
 

8 Creditors: amounts falling due within one year

31 Jul 202431 Mar 2023
££
Taxation and social security
47,935
 
60,319
 
Other creditors
6,200
 
4,200
 
54,135
 
64,519
 

9 Director's advances, credit and guarantees

The director's loan at the end of last financial was £79,279 which was repaid within 9 months of the year end.